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Investing.com -- Longi Green Energy Technology reported a wider first-half net loss on Sunday as weak demand, overcapacity and pricing pressure continued to weigh on China’s solar industry, Bloomberg reported.
Longi posted a net loss of 3.68 billion yuan ($547 million) for the six months through June, compared with a loss of 2.57 billion yuan a year earlier.
The result was within the company’s previously indicated range of 3.4 billion yuan to 3.8 billion yuan.
The deeper loss follows similar results from other major Chinese solar manufacturers, reflecting an industry downturn that has lasted more than two years.
Shrinking domestic demand has combined with persistent overcapacity and aggressive price competition to pressure margins across the sector. Chinese producers are also facing a tougher overseas trade environment.
Longi has responded by expanding beyond its traditional solar business. The company moved into energy storage late last year, seeking to benefit from growing global demand for battery systems.
Cost pressures have also been a concern. Volatile silver prices during the first half pushed solar manufacturers to reduce their use of the metal, with Longi among companies working on alternatives.
Bloomberg Intelligence analyst Chia Chen said before the results that a return to profitability would depend on Longi moving toward silver-free production and growing its energy storage operations.
The outlook for Chinese solar manufacturers remains challenging as the industry works through excess capacity and weak pricing. Any improvement in profitability will likely depend on tighter supply discipline, lower input costs and stronger demand across both domestic and overseas markets.