| 证券代码：601012 | 证券简称：隆基绿能 | 公告编号：2025-052 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 股东减持股份计划公告 本公司董事会、全体董事及相关股东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： 股东持股的基本情况：截至本公告披露日，HHLR 管理有限公司（HHLR Management Pte. Ltd.，使用"HHLR 管理有限公司-中国价值基金（交易所）" 账户，以下简称"HHLR"）持有隆基绿能科技股份有限公司（以下简称"公司"） 股份 416,460,085 股，占公司总股本的 5.50%。 减持计划的主要内容：HHLR 拟自本公告披露之日起 15 个交易日后的 3 个月内，通过集中竞价交易方式减持其持有的公司股份不超过 37,890,248 股（即 不超过公司总股本的 0.50%），减持期间，如公司发生送红股、转增股本、增发 新股、配股或注销回购股份等导致总股本变动的事项的，股东拟减持的比例不 ...

| 股票代码:601012 | 股票简称:隆基绿能 | 公告编号:临 | 2025-051 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 3、因公司实施2022年年度利润分配方案，"隆22转债"转股价格由58.84 元/股调整为58.44元/股，转股价格调整实施日期为2023年6月19日（具体情况请 详见公司2023年6月13日披露的相关公告）。 关于"隆 22 转债"预计满足转股价格向下修正条件的 提示性公告 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。 一、可转债发行上市概况 经中国证券监督管理委员会"证监许可[2021]3561号"文核准，公司于2022 年1月5日公开发行了7,000万张可转债，每张面值100元，发行总额700,000.00 万元，期限6年。票面利率第一年为0.20%、第二年为0.40%、第三年为0.80%、第 四年为1.20%、第五年为1.60%、第六年为2.00%。经上海证券交易所自律监管 ...

隆基绿能（601012）公告，截至本公告披露日，HHLR管理有限公司持有隆基绿能科技股份有限公司股 份4.16亿股，占公司总股本的5.50%。HHLR拟自公告披露之日起15个交易日后的3个月内，通过集中竞 价交易方式减持不超过3789.02万股，即不超过公司总股本的0.50%。减持期间，如公司总股本发生变 动，减持数量将相应调整。减持原因为基金投资运作需求。 ...

Core Viewpoint - Longi Green Energy has maintained a market value that surpasses the combined total of its three main competitors, Jinko, Trina, and JA Solar, despite the downturn in the photovoltaic industry, largely due to its substantial cash reserves of 50 billion and advancements in BC technology [1][2]. Group 1: Company Performance and Strategy - Longi Green Energy has initiated significant organizational reforms, including a drastic reduction in workforce from 75,000 to 37,853, marking a 50% decrease, which is unprecedented in the photovoltaic industry [6][7]. - The company has acknowledged past failures, particularly the HPBC generation, and is now focusing on cost control and efficiency improvements to regain its competitive edge [9][10]. - Longi's marketing strategy for BC technology has involved a substantial investment of 7.82 billion in promotional expenses, which is 80% higher than the previous year and significantly more than its competitors [30][20]. Group 2: Market Position and Competitiveness - Longi's market share has been eroded due to aggressive competition and strategic missteps, leading to a decline in its dominance in the silicon wafer market [19][20]. - The company has faced challenges in maintaining its leadership position, with its technology lagging behind competitors in certain areas, particularly in BC and TOPCon technologies [38][39]. - Despite setbacks, Longi's financial stability, bolstered by its cash reserves, positions it to endure market fluctuations and invest in future technologies [20][40]. Group 3: Future Outlook - Longi is at a crossroads, needing to balance aggressive technological advancements with prudent financial management to avoid repeating past mistakes [40][41]. - The company is encouraged to explore new avenues such as energy storage and innovative power systems while leveraging its historical cost advantages in the solar supply chain [40].

| 股票代码:601012 | 股票简称:隆基绿能 | | 公告编号:临 2025-050 | 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 关于提供担保的进展公告 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： 被担保人：隆基绿能科技股份有限公司（以下简称"公司"）的全资及 控股子公司。 提供担保金额：近期公司及全资、控股子公司间发生新增担保金额合计 人民币44,491.61万元（外币担保金额根据2025年5月末汇率折算为人民币，如无 特别说明，本公告中金额币种均为人民币）。 截至2025年5月31日，公司及子公司已提供的担保金额累计为238.55亿元， 占公司最近一期经审计归母净资产39.17%。其中：公司及合并报表范围内子公司 之间的担保金额为235.04亿元，公司及子公司对外提供担保金额为3.51亿元。 是否有反担保：本次新增担保事项无反担保。 对外担保逾期的累计数量：0 风险提 ...

Core Viewpoint - Longi Green Energy has reported a decline in photovoltaic product prices since May 2025, attributing this to the end of the domestic photovoltaic rush and changes in terminal demand, with prices stabilizing at previous low levels [1] Group 1: Photovoltaic Market Dynamics - The company acknowledges that the photovoltaic market demand was in a relatively off-season from January to February 2025, leading to prices falling below production costs, which significantly impacted the gross margin in Q1 2025 [1] - Longi Green Energy has implemented a strict production model based on sales, adjusting component production schedules according to market demand and order situations, maintaining controllable overall inventory [1] Group 2: HPBC2.0 Product Development - The HPBC2.0 product has seen increased customer recognition globally, with cumulative orders significantly rising since the beginning of the year, over 50% of which are from overseas clients [2] - The production cost of HPBC2.0 components is currently slightly higher than that of TOPCon products, but it is expected to be comparable by the end of 2025 [2] - The yield rate for the currently operational HPBC2.0 battery production lines is around 97% [2] - Longi Green Energy aims to achieve a production capacity of 50GW for HPBC2.0 batteries and components by the end of 2025, with about 50% of the new capacity coming from the transformation of existing production lines [2] Group 3: Market Distribution and Strategy - In 2024, Longi Green Energy's component shipment distribution aligns with global market demand, with China accounting for approximately 55% of the company's external sales, while overseas markets are primarily in Asia (21%) and Europe (16%) [3] - The company’s 5GW component joint venture factory in the U.S. has reached full production, and the lower anti-dumping tariffs in Malaysia compared to other Southeast Asian markets allow continued exports to the U.S. without adjusting shipment targets [3] - Longi Green Energy maintains a cautious approach to capacity expansion amid ongoing industry transformations and currently has no plans to expand overseas production capacity [3] Group 4: Hydrogen Energy Business - The hydrogen energy sector is still in its early stages, with large-scale terminal demand expected to take time to develop, but the long-term growth logic remains unchanged under the carbon neutrality context [4] - The company is focusing on research and innovation in hydrogen technology, aiming to enhance the performance of hydrogen equipment products and expand its global market presence [4] - Since 2025, Longi Green Energy has secured electrolyzer orders from domestic and international clients, gradually building its brand influence in the global market [4]

公开资料显示，大晟新能源成立于2023年9月，专注于异质结、钙钛矿/异质结叠层的技术研 发与产品制造，面向全球市场提供高效可靠、高性价比的太阳能光伏电池与组件，以及贯穿光伏电 站全生命周期的整体解决方案。 2023年11月，大晟新能源智能制造基地项目正式签约浙江安吉经济开发区，2024年2月，大 晟新能源与迈为股份举行异质结电池设备采购合同签约仪式。根据协议约定，大晟新能源将向迈为 股份采购1.2GW高效晶硅异质结电池整线生产设备，应用于公司浙江安吉异质结制造电池项目一期 工程。2024年7月，大晟新能源与上市企业乐通股份、东方江峡产投签署战略合作框架协议，拟在 安吉联合成立研究院，专注于钙钛矿/HJT叠层电池技术的研发及在新能源领域展开更为广泛的合 作。2025年2月20日，上市企业乐通股份在接受投资者提问时表示：公司目前持有合资公司大晟新 能源12.5%的股权，控股股东大晟资产持有35.5%的股权。根据协议，公司有权在大晟新能源项目 投产及销售稳定后以"原价加合理利息"的方式受让大晟资产30.5%的股权，届时将实现对大晟新能 源的并表。 3、 Heliene美国第三条组件产线投运 产能增至1.3GW 1、 ...

曾经的全球最大光伏企业隆基绿能，迎来管理层巨震。 公司实控人李振国决定辞去董事、总经理及法定代表人职务，彻底离开管理一线，联合创始人钟宝申则全权接手，从二人"唱双簧"到后者"一肩挑"。 去年隆基绿能暴亏近90亿元，垫底全行业，股价自历史最高点计算跌去80%。曾经狂热的清洁能源投资者们，体验了一把从逐梦到梦碎的惨痛过程。5年 时间，经历了一个"催生4000亿，毁灭4000亿"的轮回，放眼整个A股历史都极为罕见。 行业龙头的掌舵人此时选择退居二线，信息含量巨大——经历了双碳战略烈火烹油般的巅峰期后，如今光伏全产业链正在忍受全行业亏损的极端局面，急 需一场供给侧压缩，对于技术的升级更是渴求。 陕西户籍的隆基股份，自嘲是一群"土包子理工男"创业公司，内部崇尚工程师文化，李振国更是科研带头人。在其带领下，通过降低成本和提升转化效 率，一举将行业内长期不被看好的单晶硅变为业界主流。 30年来，光伏技术几经更迭，技术路线的变革见证着企业间的成王败寇与大浪淘沙。跌宕起伏之间，隆基一度凭此折桂登顶。这一次，光伏产业新一轮技 术变革的关键档口，隆基再次当起了"非主流"，引爆了路线之争。 眼下李振国再次投身研发工作，其中释放的信号 ...

Investment Rating - The report maintains a "Buy-B" rating for Longi Green Energy (601012.SH) [4] Core Views - The company's performance has been negatively impacted by declining prices across the industry chain, with a significant drop in revenue and net profit in 2024. However, there is an expectation that the company's BC product shipment ratio will exceed 25% by 2025 [1][4] Financial Performance Summary - In 2024, the company achieved revenue of 82.58 billion yuan, a year-on-year decrease of 36.2%, and a net profit attributable to shareholders of -8.62 billion yuan, down 180.2% year-on-year. For Q1 2025, revenue was 13.65 billion yuan, down 22.8% year-on-year and 43.1% quarter-on-quarter, with a net profit of -1.44 billion yuan, an increase of 38.9% year-on-year and 32.0% quarter-on-quarter [1][2] - The company's silicon wafer revenue in 2024 was 8.21 billion yuan, down 66.5% year-on-year, with a shipment of 108.46 GW. The revenue from modules and batteries was 66.33 billion yuan, down 33.1% year-on-year, with a battery module shipment of 82.32 GW [2] - The gross margins for silicon wafers and battery modules in 2024 were -14.3% and 6.3%, respectively, reflecting a year-on-year decline of 30.2 percentage points and 12.1 percentage points [2] Product and Technology Development - Longi Green Energy is a leading company in BC technology, with its HPBC 1.0 production line being upgraded to N-type HPBC 2.0 technology, achieving a battery yield of approximately 97%. The company expects its BC component shipments to reach 17.33 GW in 2024, a year-on-year increase of 191%, and 4.32 GW in Q1 2025 [3] - By the end of 2025, the company's BC production capacity is projected to increase to 50 GW, with an expected shipment ratio of BC products exceeding 25% for the year [3]

Investment Rating - The report maintains a "Buy-B" rating for the company [3][6] Core Views - The company's performance has been negatively impacted by declining prices across the industry chain, with a significant drop in revenue and profit margins [4][5] - The company is expected to increase its BC product shipment ratio to over 25% by the end of 2025, driven by advancements in technology and production capacity [5] Financial Performance Summary - In 2024, the company achieved revenue of 82.58 billion yuan, a year-on-year decrease of 36.2%, and a net profit attributable to shareholders of -8.62 billion yuan, a year-on-year decline of 180.2% [3][4] - For Q1 2025, the company reported revenue of 13.65 billion yuan, down 22.8% year-on-year and 43.1% quarter-on-quarter, with a net profit of -1.44 billion yuan, an increase of 38.9% year-on-year and 32.0% quarter-on-quarter [3][4] - The company's silicon wafer revenue in 2024 was 8.21 billion yuan, down 66.5% year-on-year, while the revenue from modules and batteries was 66.33 billion yuan, down 33.1% year-on-year [4] Production and Capacity Insights - The company shipped 17.33 GW of BC modules in 2024, a year-on-year increase of 191%, and 4.32 GW in Q1 2025 [5] - By the end of 2025, the company's BC production capacity is expected to reach 50 GW, with the second-generation BC capacity projected to increase to 35 GW by mid-2025 [5] Earnings Forecast - The expected EPS for 2025, 2026, and 2027 are -0.28 yuan, 0.32 yuan, and 0.60 yuan respectively, with corresponding PE ratios of -51.0, 45.3, and 23.9 [6][8]