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

In 2024, Longi reported shipping 17 GW of back-contact modules and reducing its net loss to CNY 8.62 billion ($1.18 billion) through improved inventory management, cost cuts, and higher investment returns. Longi’s annual revenue dropped 36.2% to CNY 82.58 billion due to industry overcapacity and price competition. The first quarter of 2025 saw Longi’s revenue at CNY 13.65 billion, down 22.8% year on year, with a narrowed net loss of CNY 1.44 billion. JA Solar also faced challenges in 2024, posting a net loss of CNY 4.66 billion, its first ever, on a 14% revenue decline to CNY 70.12 billion. DE> EUR recorded a net loss of $71.8 million in Q1 2025, down from $180.2 million in Q4 2024, on revenue of $123.9 million. Polysilicon prices continued to fall, with buyers holding off ahead of the May Day holiday, leading to rising inventories and potential production cuts by suppliers.