#Silicon Wafers

LONGi Green Energy: A Real Transition, Not Yet a Real Turnaround

LONGi Green Energy is a former monocrystalline-wafer champion pivoting its integrated solar manufacturing business toward back-contact (BC) modules and, since a January 2026 acquisition, early-stage energy storage. In 2025 revenue fell 14.8% to CNY 70.35bn with a CNY 6.42bn attributable net loss, wafers ran a negative 5.30% gross margin, and only the power-station segment stayed solidly profitable, even as BC module shipments reached 22.87GW and rose to 8.34GW of the 12.62GW shipped in the first quarter of 2026. Rating Hold: the balance sheet still holds CNY 53.35bn of cash against CNY 35.20bn of debt, but at CNY 13.12 the stock already prices in a successful transition that the financials have not yet delivered.