PV giant LONGi announced on 16 January 2025 that it estimated a net loss attributable to shareholders of the listed company of 8.2 billion to 8.8 billion yuan (US$1.119 billion to 1.201 billion) in 2024, with a net loss of 8.3 billion to 8.9 billion yuan (US$1.133 billion to 1.215 billion) after deducting non-recurring gains and losses.

According to public data, in the first three quarters of 2024, LONGi lost 2.35 billion yuan, 2.893 billion yuan and 1.261 billion yuan respectively, so its loss in the fourth quarter of 2024 is estimated to be around 1.695 to 2.295 billion yuan.

LONGi stated that the loss was mainly due to the extremely low percentage of its BC 2.0 product production in 2024, while the prices and gross margins of PERC and TOPCon products continued to decline. In addition, the opening rate of its production capacity was limited and technology iteration led to an increase in the provision for asset impairment. At the same time, the company’s investments in silicon companies incurred a loss in 2024, resulting in a loss from operations.

This is the first time since 2013 that LONGi has posted an annual loss. As the top PV manufacturer in the industry, LONGi has repeatedly posted record high net profit margins for many years. In 2022, its net profit was 14.812 billion yuan, and in 2023, it was 10.751 billion yuan.In 2020 to 2022, LONGi was the top module manufacturer in the global ranking for three consecutive years.

（Picture: Veer）