The performance of organic photovoltaics is largely dependent on the balance of short-circuit current density (JSC) and open-circuit voltage (VOC). For instance, the reduction of the active materials’ optical bandgap, which increases the JSC, would inevitably lead to a concomitant reduction in VOC. Here, we demonstrate that careful tuning of the chemical structure of photoactive materials can enhance both JSC and VOC simultaneously. Non-fullerene organic photovoltaics based on a well-matched materials combination exhibit a certified high power conversion efficiency of 12.25% on a device area of 1 cm2. By combining Fourier-transform photocurrent spectroscopy and electroluminescence, we show the existence of a low but non-negligible charge transfer state as the possible origin of VOC loss. This study highlights that the reduction of the bandgap to improve the efficiency requires a careful materials design to minimize non-radiative VOC losses. Materials design rules play a key role in enabling high performance in organic photovoltaics. Here the authors achieve 12.25% efficiency on 1 cm2 non-fullerene solar cells by tuning the side chains’ branching point and the fluorine substitutions in donor and acceptor materials.