Core Viewpoint - Longi Green Energy reported a significant reduction in net losses for the first nine months of the year, indicating a potential recovery despite ongoing challenges in the photovoltaic industry [1][2]. Financial Performance - For Q3 2025, Longi Green Energy's revenue was 18.101 billion yuan, a decrease of 9.78% year-on-year, with a net loss of 834 million yuan. For the first three quarters, revenue totaled 50.915 billion yuan, down 13.10% year-on-year, with a net loss of 3.403 billion yuan [1]. - The company achieved a reduction in net losses, with a cumulative net profit attributable to the parent company decreasing by approximately 48% year-on-year from January to September [1]. Market Strategy - The company aims to achieve breakeven in Q4 2025, focusing on increasing the revenue share of BC products and scenario-based products to improve operational performance [2]. - Longi Green Energy's monthly BC production is approximately 2.5 GW, with expectations for gradual increases. By the end of 2025, the HPBC2.0 battery capacity is projected to exceed 60% [2]. Sales and Production - From January to September, Longi Green Energy sold 38.15 GW of silicon wafers and 63.43 GW of battery modules, with BC module sales reaching 14.48 GW [3]. - In the first half of 2025, driven by a domestic market rush, BC component sales accounted for about 55% in the domestic market and 45% in overseas markets [2]. Market Outlook - The management anticipates that the photovoltaic market demand in 2026 will remain close to this year's levels, with significant growth facing considerable pressure. Demand is expected to stabilize in China, Europe, and the U.S., while notable increases may occur in regions with electricity shortages [3].

10月30日，隆基绿能大宗交易成交50万股，成交额1075.5万元，占当日总成交额的0.1%，成交价21.51 元，较市场收盘价21.51元持平。 | 反票垫五1品 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 交易日期 | 证券简称 | 证券代码 | 成交价(元) 成交金额(万元) 成交量( *) 买入营业部 | | | 卖出营业部 | 是否为专场 | | 025-10-30 | 障基绿能 | 601012 | 21.51 50 | 1075.5 | 公司或者對學家 | 用意表清透露股份 | 3 | ...

Core Viewpoint - Longi Green Energy has demonstrated resilience in a challenging photovoltaic industry by leveraging its BC technology to navigate through price wars and achieve significant operational improvements, despite not being profitable in the current period [1][2]. Financial Performance - For the first nine months of 2025, the company reported a revenue of 50.915 billion yuan, with Q3 revenue reaching 18.101 billion yuan, marking a significant reduction in losses over two consecutive quarters [1]. - The net profit attributable to the parent company decreased by approximately 48% year-on-year, indicating a strong recovery momentum [1]. Sales and Production - The company achieved external sales of silicon wafers totaling 38.15 GW and battery modules of 63.43 GW from January to September [1]. - BC component sales reached 14.48 GW during the same period, with HPBC 2.0 product sales experiencing rapid growth [1][2]. Cash Flow and Financial Resilience - The net cash flow from operating activities turned positive, reflecting effective cash flow management, supported by over 51.3 billion yuan in cash reserves [2]. - This financial strength provides ongoing liquidity security for the company's operations [2]. Market Strategy - In the first half of 2025, BC component sales were approximately 55% in the domestic market and 45% in overseas markets, with a notable premium for BC products in Europe [2]. - The company plans to increase the sales proportion of BC products in Europe as HPBC 2.0 production capacity rises, aiming to enhance profitability and avoid low-end market traps [2]. Product Innovation - The second-generation BC components have a conversion efficiency of 24.8% and a stable yield of over 97%, while the newly launched HIBC components achieve a production efficiency of 25.9% and power output exceeding 700W [2]. - The company is focusing on building a high-value product system centered around HPBC technology to drive market transformation and overcome industry challenges [3]. Strategic Partnerships - Longi Green Energy has signed a contract with Shanghai Electric for the supply of 400 MW of components based on BC technology for the Fengxian offshore photovoltaic project, highlighting the technology's advantages in complex marine environments [3].

隆基绿能公告，第三季度营收为181.01亿元，同比下降9.78%；净利润亏损8.34亿元。前三季度营收为 509.15亿元，同比下降13.10%；净利润亏损34.03亿元。 (本文来自第一财经) ...

Investment Rating - The industry investment rating is "Overweight" indicating a positive outlook for the photovoltaic sector [4]. Core Insights - The photovoltaic industry is experiencing significant price recovery and profit restoration due to supply-side reforms, particularly in the polysilicon segment, which is crucial for the entire supply chain [4]. - A joint platform involving 17 major companies is expected to be established by the end of 2025, aimed at addressing supply-side issues and preventing disorderly expansion in the industry [4]. - The third quarter of 2025 saw notable profit recovery for companies like Daqo New Energy and GCL-Poly Energy, marking an end to a prolonged period of losses [4]. Summary by Sections Industry Overview - The photovoltaic sector is undergoing supply-side reforms with a focus on polysilicon, which is essential for controlling costs and profit distribution across the supply chain [4]. - The establishment of a joint platform is a key step in addressing the oversupply and price wars that have plagued the industry [4]. Market Performance - Following the announcement of the joint platform, the photovoltaic sector saw a significant stock price increase, with companies like LONGi Green Energy and Trina Solar reaching new highs [2][4]. - The price recovery in the polysilicon market has led to improved profitability for several companies, indicating a positive trend for the industry [4]. Investment Recommendations - The report suggests focusing on polysilicon companies such as Tongwei Co., Daqo New Energy, and GCL-Poly Energy as key investment opportunities [4]. - Additionally, companies in the BC segment like Aiko Solar and LONGi Green Energy are highlighted for their potential independent market performance [4]. - As the supply-side reforms progress, attention is also drawn to auxiliary material companies like Foster and Xinyi Glass, which may benefit from the overall recovery in the sector [4].

Group 1 - The company Longi Green Energy reported a third-quarter revenue of 18.101 billion yuan, a year-on-year decrease of 9.78% [2] - The net profit for the third quarter was a loss of 834 million yuan [2] - For the first three quarters, the company's revenue was 50.915 billion yuan, reflecting a year-on-year decline of 13.10% [2] - The net profit for the first three quarters was a loss of 3.403 billion yuan [2]

关于 2025 年第三季度计提资产减值准备的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 隆基绿能科技股份有限公司（以下简称"公司"）第六届董事会 2025 年第三 次会议审议通过了《关于 2025 年第三季度计提资产减值准备的议案》，具体情况 如下： | 股票代码:601012 | 股票简称:隆基绿能 | | 公告编号:临 | 2025-083 | 号 | | --- | --- | --- | --- | --- | --- | | 债券代码:113053 | 债券简称:隆 转债 | 22 | | | | 隆基绿能科技股份有限公司 公司对有减值迹象的资产进行了减值测试，于 2025 年 7-9 月拟计提减值准 备 89,429.98 万元，主要包括存货因主要产品价格下降而计提跌价准备 53,493.08 万元，固定资产计提减值准备 34,604.07 万元，在建工程计提减值准 备 657.88 万元，无形资产计提减值准备 638.71 万元，合同资产计提减值准备 36.24 万元。 1 三、计提减值准备对公司财务状 ...

| 股票代码:601012 | 股票简称:隆基绿能 | 公告编号:临 | 2025-084 | 号 | | --- | --- | --- | --- | --- | | 债券代码:113053 | 债券简称:隆 | 22 | 转债 | | 隆基绿能科技股份有限公司 关于召开 2025 年第三季度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 会议召开时间：2025 年 11 月 10 日（星期一）10:00-11:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： http://roadshow.sseinfo.com/） 会议召开方式：网络文字互动 投资者可于2025年11月3日（星期一）至2025年11月7日（星期五）16:00 前登录上证路演中心网站首页点击"预征集问答"栏目，根据活动时间选中本次 活 动 或 通 过 隆 基 绿 能 科 技 股 份 有 限 公 司 （ 以 下 简 称 " 公 司 " ） 邮 箱 longi-board@ ...

隆基绿能科技股份有限公司 第六届董事会 2025 年第三次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 隆基绿能科技股份有限公司（以下简称"公司"）第六届董事会 2025 年第三 次会议于 2025 年 10 月 30 日以通讯表决的方式召开，会议由董事长钟宝申先生 召集。会议应出席董事 9 人，实际出席董事 9 人。本次会议符合《公司法》《公 司章程》的相关规定，所形成的决议合法有效。经与会董事审议和投票表决，会 议决议如下： 一、审议通过《2025 年第三季度报告》 具体内容请详见公司同日披露的《2025 年第三季度报告》。 本议案已经公司第六届董事会审计委员会 2025 年第三次会议全体委员事前 审议通过，并同意提交公司董事会审议。 | 股票代码:601012 | 股票简称:隆基绿能 | 公告编号:临 | 2025-082 | 号 | | --- | --- | --- | --- | --- | | 债券代码:113053 | 债券简称:隆 22 转债 | | | | 二、审议通过《关于 2025 年第 ...

Core Viewpoint - Longi Green Energy reported a significant reduction in losses for the first three quarters of 2023, with a net profit loss of 834 million yuan, reflecting a year-on-year decrease in losses by approximately 48% [1] Financial Performance - The company achieved a total revenue of 50.915 billion yuan in the first three quarters, with third-quarter revenue reaching 18.101 billion yuan [1] - The net cash flow from operating activities turned positive by the end of the third quarter, supported by over 51.3 billion yuan in cash reserves, indicating financial resilience during a weak industry cycle [1] Sales and Production - Longi Green Energy sold 38.15 GW of silicon wafers and 63.43 GW of battery modules from January to September 2023, with BC module sales reaching 14.48 GW [1] - The HPBC 2.0 product line showed rapid growth in production and sales, highlighting the company's competitive advantage through differentiation [1] Market Strategy - In the first half of 2025, domestic sales of BC components accounted for approximately 55% of total sales, while overseas sales made up about 45% [2] - The company plans to increase the sales proportion of BC products in the European market, leveraging the premium pricing advantage of its products [2] Product Efficiency - The second-generation BC components have a conversion efficiency of 24.8% and a stable yield of over 97% [2] - The newly launched HIBC components have achieved a production efficiency of 25.9% and a power output exceeding 700W, positioning them among the highest efficiency industrial photovoltaic products globally [2]