Lianhe Ratings Affirms Longi Green Energy’s AAA Rating and Stable Outlook

Lianhe Credit Rating Co., Ltd. has affirmed its AAA long-term credit rating on Longi Green Energy Technology Co., Ltd. and on the 'Long 22 Convertible Bond', with a stable outlook. Despite industry oversupply and continued losses, the rating reflects the company's vertical integration, strong cash reserves, and accessible financing channels.

Source: 上交所

Longi Green Energy Technology Co., Ltd. has had its corporate credit and a convertible bond affirmed at the highest rating by Lianhe Credit Rating Co., Ltd. In a follow-up report dated June 26, 2026, the agency maintained the company's long-term issuer rating at AAA and assigned the same AAA to the outstanding 'Long 22 Convertible Bond', with a stable outlook.

The rating reflects Lianhe's assessment of Longi's operational and financial risks. The report notes that Longi retains significant advantages in vertical integration, cash reserves, and financing access. In 2025, its silicon wafer and module shipments remained among the global leaders, but intense competition in the photovoltaic manufacturing industry led to falling product prices and low capacity utilization. Total operating revenue declined year-on-year to RMB 70.347 billion, and comprehensive gross margin narrowed sharply, resulting in a total loss of RMB 7.562 billion, though the loss narrowed from the previous year.

Financial data show the company's total assets were stable at approximately RMB 153.8 billion, with cash and cash equivalents reaching RMB 58.023 billion. The debt-to-asset ratio rose from 59.83% to 64.43%, yet remained relatively low for the sector. Operating cash flow turned positive in 2025, reaching a net inflow of RMB 4.359 billion, and with ample credit lines, the company maintained strong financial flexibility. Notable changes include the resignation of Li Zhenguo as general manager in May 2025 and the appointment of Zhong Baoshen to the role, as well as the acquisition of a stake in Suzhou Jingkong Energy Technology Co., Ltd. in January 2026, marking the company's entry into the energy storage sector.

Regarding the 'Long 22 Convertible Bond' with an outstanding balance of approximately RMB 6.995 billion, Lianhe noted that cash-type assets provide very strong coverage, and that the bond has entered its conversion period, which could reduce repayment pressure if holders exercise their conversion rights. The report also highlights ongoing risks from industry supply-demand imbalances, technological iteration, and overseas trade policies.