Industry Notes

Industry Notes / Solar / Chapter 3 of 12 · Bar

LONGi after an 80% decline

Eleven losing quarters—priced on a liquidation anchor

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RMB bn
2025 net profit
−64.2
2026H1 guide midpoint
−36

2025 net profit about −RMB 64 bn; 2026H1 guidance about −34 to −38 bn. Market cap is down more than 80% from the 2021 peak. BC may be right, but the market waits for a quarterly module profit print.

Source：隆基绿能 2025 年报、2026 半年报预告（临 2026-038）

Research notes, not investment advice.