Chinese PV Industry Brief: Longi ships 17 GW of back-contact modules in 2024

Longi says it shipped 17 GW of back-contact modules in 2024 and cut its net loss to CNY 8.62 billion ($1.18 billion), citing tighter inventory control, cost reductions, and higher investment returns.

Longi said its net loss for 2024 totaled CNY 8.62 billion, down from a profit of CNY 10.75 billion in 2023, as annual revenue fell 36.2% to CNY 82.58 billion. The company blamed industry overcapacity, price wars, and cash flow stress, with Chairman Zhong Baoshen calling 2024 “the most challenging year since the company went public.” In the first quarter of 2025, Longi reported CNY 13.65 billion in revenue, down 22.8% year on year, and a narrowed net loss of CNY 1.44 billion, due to improved inventory management, cost control, and investment income. Revenue from its silicon wafer and rod business dropped 66.5% to CNY 8.21 billion with a negative gross margin of 14.3%, while solar cell and module revenue declined 33.1% to CNY 66.33 billion, with a 6.3% gross margin. Its power station business grew 67.4% to CNY 6.34 billion with a 35.1% gross margin. Longi shipped more than 17 GW of back-contact modules in 2024 and aims to raise the share of back-contact products to more than 25% of total shipments in 2025, narrowing the cost gap with tunnel oxide passivated contact (TOPCon) to CNY 0.05/W.

JA Solar posted a net loss of CNY 4.66 billion in 2024 – its first-ever annual loss – on a 14% drop in revenue to CNY 70.12 billion. That compares with a CNY 7.04 billion profit in 2023. Fourth-quarter losses accounted for 89.6% of the full-year shortfall. JA Solar cited a supply-demand imbalance, collapsing product prices, and asset impairment provisions. Despite growing module shipments to 79.44 GW (including 1.544 GW for self-use), revenue declined due to falling prices. Its debt ratio rose to a record 74.7% by year-end, with total debt at CNY 47.47 billion, and short-term liabilities making up more than half. The company expects a weak market recovery in 2025 and plans to cap module capacity at 100 GW, prioritize n-type products, and maintain over 80% vertical integration.

Daqo New Energy recorded an unaudited net loss of $71.8 million in the first quarter of 2025, down from $180.2 million in the fourth quarter of 2024, on revenue of $123.9 million. The company expects to produce 110,000 metric tons to 140,000 metric tons of polysilicon in 2025.

The China Nonferrous Metals Industry Association (CNMIA) said polysilicon prices continued to fall despite weak trading activity. N-type re-invested material averaged CNY 39,200 per ton, down 2.73% from the previous week, while n-type granular silicon averaged CNY 37,000 per ton, down 2.63%. P-type polysilicon dropped 2.12% to CNY 32,300 per ton. As buyers held off ahead of the May Day holiday, inventories at producers rose. Some suppliers are considering production cuts to adapt to weak post-holiday demand, with output expected to hold near 100,000 tons in May.