On 30 August 2023, LONGi Green Energy Technology Co., Ltd. (LONGi)(601012.SH) the PV giant released its financial report for the first half of 2023.

According to the report, LONGi achieved operating income of 64.652 billion yuan, an increase of 28.36%. Net profit attributable to shareholders of listed companies was 9.178 billion yuan, an increase of 41.63%, of which net profit attributable to shareholders of listed companies excluding non-recurring gains and losses was 9.060 billion yuan, an increase of 41.46%. The comprehensive gross profit margin was 19.08%, while the weighted average return on net assets was 13.69%.

In the first half of 2023, LONGi’s net profit growth far outpaced revenue growth, and its net profit in the second quarter exceeded 5.5 billion yuan, the best performance in history, maintaining its leading position in the market. It stated that the growing demand for PV installation, the rapid expansion of polysilicon capacity and the gradual reduction of costs led to LONGi’s net profit increase in H1 2023.

Meanwhile, in the first half of 2023, LONGi’s monocrystalline silicon wafer shipments reached 52.05GW, of which 22.98GW was sold and 29.07GW was self-supplied. And its monocrystalline cell shipments reached 31.50GW, of which 3.28GW was sold and 28.22GW was captive. Its monocrystalline module shipments reached 26.64GW, of which 26.49GW was sold and 0.15GW was self-used. In addition to LONGi, JA Solar, JinkoSolar, TCL Zhonghuan, AIKO and Keenstar all achieved output growth, which greatly boosted the development of the industry.

In the first half of 2023, with the release of Hi-MO 7, a new high performance module based on HPDC technology, LONGi has formed a product portfolio of “Hi-MO 5+ Hi-MO 7” for the large-scale solar power plant market and Hi-MO 6 for the distributed PV market to achieve diversified solutions for all solar energy scenarios.

LONGi remains at the forefront of innovation in cutting-edge PV technologies. From 2012 to the first half of 2023, the company invested more than 20 billion yuan in R&D, the highest in the industry. During the reporting period, a new record conversion efficiency of 33.5% was achieved by its perovskite silicon tandem cell on commercial CZ wafers, confirmed by the European Solar Test Installation (ESTI), a European reference laboratory for the calibration of photovoltaic (PV) devices and the verification of their energy production.

The company claims that a number of high-efficiency cell technologies and products are in the development, preparation and pilot stages, and that LONGi is promoting the mass production of high-efficiency quality products for commercial purposes at low cost.