According to LONGi’s recently released 2017 annual financial report, total R&D expenditure in 2017 almost doubled to RMB 1.1 billion (US$175.7 million), up 96.67% from US$89.2 million in 2016.

LONGi reported total revenue of RMB 16.362 billion (US$2.59 billion) in 2017, up almost 42% from the previous year. Therefore, R&D spending accounted for 6.77% of revenue in 2017.

However, one of the key metrics is that LONGi surpassed perennial top ranked R&D spenders, First Solar and SunPower, respectively, by a significant margin. Both US headquartered companies cut R&D spending in 2017, the first time for SunPower in four years, while First Solar trimmed R&D spending for the third consecutive year.

In contrast, LONGi has increased R&D spending for six years in row and has maintained a high-level of R&D investment over the last four years.

Initially, LONGi was a dedicated monocrystalline ingot and wafer producer but notably since 2015, the company started production of monocrystalline solar cells and modules. Focused on high-efficiency PERC (Passivated Emitter Rear Cell) technology, R&D spending almost doubled each year since 2016.

First Solar remains the leader in R&D spending on a cumulative basis, reaching over US$1.11 billion between 2007 and 2017.

SunPower remains second ranked at over US$663 million in the same time period. However, LONGi has jumped ahead of several other PV manufacturers to take the third ranked position with over US$390 million in cumulative R&D spending since 2012.