LONGi publishes annual report for 2022 and 1Q23

By LONGI

(Machine translation)

Xian, China | April 27, 2023 - LONGi Green Energy Technology, a leading global renewable energy company, has released its annual report for the 2022 and 2023 quarters. According to the financial report, the company achieved revenue of RMB 128.998 million in 2022, which represents an interannual increase of 60.03%. It is the first time that LONGi's annual revenue has broken the 100 billion RMB barrier.

In the first quarter of 2023, LONGi's revenue reached RMB 28,319 million, up 52.35% from last year. In the report, LONGi announced that its 2023 revenue is expected to exceed RMB 160 billion.

LONGi's net profit in 2022 attributable to shareholders of the listed company was RMB 14,812 million, up 63.02% year-on-year. Its net profit attributable to shareholders of the listed company, after deducting non-recurring gains and losses, was RMB 14,414 million, up 63.31% year-on-year.

The report shows that by 2022, LONGi has produced a total of 85.06GW of monocrystalline silicon wafers, including 42.52GW for external sales and 42.54GW for internal use, consistently ranking first in global wafer shipments. of monocrystalline silicon for nine consecutive years. In 2022, LONGi produced 46.76GW of monocrystalline silicon modules, including 46.08GW for external sales and 0.68GW for internal use, steadily ranking first in global module shipments and market share for three consecutive years.

During the reporting period, LONGi's net cash flow from operating activities was RMB 24.37 billion, an increase of 97.77% year-on-year. The company's money funds were RMB 54.372 million, accounting for 38.96% of total assets, up 86.38% year-on-year.

From 2020 to 2022, LONGi's asset-liability ratio was 59.38%, 51.31% and 55.39% respectively. The company adheres to a prudent business philosophy and maintains a reasonable asset-liability ratio. And the weighted average net return on assets of the company is 27.23%, 21.45% and 26.95% respectively.

From its IPO in 2012 to September 2022, LONGi has invested more than RMB 18 billion in R&D. As of the end of 2022, the company obtained 2,132 patents. LONGi now has a team of 4,036 employees for R&D and technological innovation, which represents 6.66% of its entire global workforce.

During the reporting period, LONGi has set a new world record for p-type HJT silicon solar cell efficiency at 26.81%, certified by the Institut für Solarenergieforschung Hameln (ISFH). And the peak mass production efficiency of its innovative Hi-MO 6 product exceeds 23.2%. LONGi has made continuous breakthroughs in the industrialization of new high-efficiency solar cells, the R&D of original module technologies, and the transformation of industrial achievements.

By the end of 2022, LONGi's production capacity of single crystal silicon wafers, cells and modules will have reached 133GW, 50GW and 85GW, respectively.

The report also shows that LONGi has accelerated digital transformation and the development of smart manufacturing. With the transformation and updating of its manufacturing units and production lines, the company has reduced costs and improved its efficiency.

The company has also announced its targets for 2023, with the company's production capacity for monocrystalline silicon wafers expected to increase to 190GW, monocrystalline silicon cells expected to increase to 110GW, and monocrystalline silicon modules to be expects it to expand to 130GW.

In terms of product shipments, LONGi is expected to reach 130GW of monocrystalline silicon wafers (including internal use) and 85GW of monocrystalline silicon modules (including internal use).

LONGi stated that the company had achieved sustained and stable growth, ensuring product delivery, and that the company had proactively shouldered the pressure of rising raw material costs. With the expansion of production capacity and the increase in the production of silicon materials, the prices of silicon materials in the industrial chain have returned to normal levels. The company is expected to achieve good results in 2023.

For international markets, LONGi said the company has increased investment and accelerated the construction and upgrading of high-efficiency production lines in China, to meet the increasingly diversified needs of customers. The company has also optimized its investment internationally, including increasing investment in its production base in Kuching in Malaysia and completing the upgrade of its production base in Vietnam. The company is working to improve its production and exploitation capabilities on an international scale in order to meet the growing market demand outside of China.

About LONGi

Founded in 2000, LONGi has set out to be the world's leading solar technology company, focused on customer-oriented value creation to achieve all-scenario energy transformation.

With the mission of "Utilizing the Best of Solar Power to Build a Sustainable World", LONGi has been dedicated to technological innovation and has established five business lines, covering wafers, mono-silicon cells and modules, distributed generation for commercial and industrial use, green energy solutions and hydrogen equipment. The company has honed its capabilities to provide renewable energy and, more recently, has also embraced green hydrogen products and solutions to achieve global zero-carbon growth. www.longi.com