Shanghai, Jan 19, 2026, 09:11 GMT+8 — Premarket
- LONGi projected a net loss between 6.0 billion and 6.5 billion yuan for 2025, according to a filing.
- Shanghai-listed Class A shares ended at 18.73 yuan, marking a 1.24% increase.
- Traders are closely eyeing the open, focusing on how changes in solar pricing and export policies will impact 2026 margins.
LONGi Green Energy Technology Co., Ltd.’s Class A shares on the Shanghai exchange are set to open Monday under a new earnings warning. The solar panel maker warned of a net loss for the full year 2025, citing ongoing pressure from soft prices and rising costs.
The company forecasted a net loss attributable to shareholders — the key figure for common investors — between 6.0 billion and 6.5 billion yuan, according to preliminary, unaudited data. It also anticipated a loss excluding non-recurring items ranging from 6.8 billion to 7.4 billion yuan, improving from a 2024 loss of 8.592 billion yuan.
LONGi shares ended Friday at 18.73 yuan, rising 1.24%. Investors watch this stock closely as a barometer for whether the solar price slump has bottomed out or is merely taking a breather. 1
The filing outlined a familiar squeeze for the sector: oversupply kept utilization rates depressed, even as overseas trade barriers and domestic power-market reforms created additional hurdles. LONGi also flagged a steep jump in silver paste and polysilicon costs in the fourth quarter, weighing on wafers, cells, and modules.
Management once again focused on back-contact (BC) cells—a design that shifts electrical contacts to the rear—as its strategy to escape the price war. Second-generation BC products reached expected yields in mass production, the company said, with shipments on the rise. Meanwhile, efforts to develop a base-metal process aimed at cutting silver use advanced toward scaling up capacity.
“The photovoltaic industry has entered a deep adjustment phase,” Qu Fang, an investment adviser at Wanlian Securities, told Securities Daily. He noted that technical innovation and differentiation are now the key paths forward. “Competition must shift its focus from price back to technology and product value,” said Jiang Chenyi, an analyst at Shanghai Metals Market. 2
In China’s solar supply chain, LONGi isn’t the only one grappling with losses amid fierce price competition. Fellow producers like JA Solar and TCL Zhonghuan have recently reported full-year losses too, highlighting just how widespread the slump is. 3
Policy shifts again. China’s finance ministry along with the State Taxation Administration announced that value-added tax export rebates for photovoltaic and related products will be scrapped starting April 1, 2026. This move could disrupt export pricing and timing throughout the sector. 4
Wang Bohua, honorary chairman of the China Photovoltaic Industry Association, warned that the rebate change “has eroded the low-cost advantage of directly exporting PV modules” and could drive companies to ramp up overseas production as a way to dodge trade restrictions. 5
For traders, the key takeaway is how sharply investors react to another year of losses. This forecast is still preliminary and unaudited. The final picture depends heavily on module prices, the trajectory of material costs, and how swiftly companies can trim capacity without sparking fresh discounting.
The first hurdle arrives with the Shanghai open. Investors will then look out for additional sector profit warnings throughout the week and any indications that demand is being rushed ahead of the April 1 export-rebate deadline.
