What happened
Longi Green Energy released its 2026 semi-annual report on August 30, posting revenue of 27.045 billion yuan. BC module sales reached 19.55 GW, up 125% year on year, with the share of total module shipments rising to above 65%.
Overseas module sales grew more than 26% year on year, pushing the overseas share of module revenue above 65%. Americas, Europe and Asia-Pacific saw module sales increases of over 36%, 34% and 20%, respectively, and cumulative energy storage signed orders exceeded 3 GWh.
The company said domestic PV installations fell sharply in the period, with new installations at 72.07 GW, down 66% year on year, due to electricity market reform uncertainty, grid constraints and a high comparison base from last year's rush to install.
Why it matters
The results show a company adapting to a weak industry cycle by shifting its product mix toward high-value BC technology and overseas markets, rather than relying on volume growth in a domestic market where demand has temporarily contracted.
While the broader industry still faces oversupply and thin margins, Longi's gross margin turned positive year on year and improved by more than two percentage points, suggesting that structural improvements are beginning to offset cyclical pressures.
Longi's push into energy storage and its strong patent portfolio in BC technology and perovskite tandem cells could provide additional buffers as the industry works through capacity elimination and awaits a demand recovery.
Key facts
BC module sales reached 19.55 GW in H1 2026, up 125% year on year, accounting for over 65% of module shipments.
Overseas module revenue share jumped to above 65%, with Americas module sales up over 36%, Europe up over 34%, and Asia-Pacific up over 20%.
Domestic new PV installations in H1 2026 totaled 72.07 GW, down 66% year on year.
Cumulative energy storage signed orders exceeded 3 GWh in H1 2026.
Longi's self-developed silicon-perovskite tandem solar cell efficiency reached 35.5%, certified by ESTI.
What to watch next
Whether domestic PV demand stabilizes after the policy-driven adjustment, or continues to be dampened by grid curtailment and project economics uncertainty.
How quickly industry capacity reduction proceeds under 'anti-involution' policies and market forces, and whether oversupply in the supply chain begins to ease.
Whether Longi can maintain its overseas momentum and storage order growth as it relies more on international markets and next-generation technology for long-term competitiveness.