Industry Notes

Industry Notes / Solar / Chapter 4 of 12 · Side-by-side

LONGi and CATL: the money went to batteries

Same energy narrative—profit pool is not in modules

What is still unclear?

Write what you still want explained. Questions go to the author and are not shown publicly.

LONGi

  • 2026H1 net about −RMB 34 to −38 bn
  • Q1 module gross margin ~−1.2% (third-party)
  • Market cap ~RMB 95 bn (Jul 2026)
  • Valuation: negative PE, PB ~1.8×

CATL

  • 2026H1 net about +RMB 433 bn (+42%)
  • Blended gross ~24%; storage systems ~24%
  • Global EV battery share ~40%
  • Trillion-class market cap; dividends and buybacks

One side still loses with a ~RMB 100 bn market cap; the other prints ~RMB 433 bn H1 profit and a trillion-class cap. The gap is demand mix, margin, and share—not the word “new energy”.

Source：隆基 2026H1 预告；宁德时代 2026H1 业绩公告

Research notes, not investment advice.