是否有反担保：公司全资子公司为户用分布式光伏业务客户贷款提供的 保证金13.00万元由经销商提供反担保，本次新增其他担保事项无反担保。 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"）的全资子 公司、户用分布式光伏业务客户。 提供担保金额：近期公司及全资子公司间发生新增担保金额合计人民币 112,818.19万元（外币担保金额根据2025年8月末汇率中间价折算为人民币，如 无特别说明，本公告中金额币种均为人民币）；全资子公司为户用分布式光伏业 务客户新增保证金担保金额13.00万元。 截至2025年8月31日，公司及子公司已提供的担保金额累计为263.70亿元， 占公司最近一期经审计归母净资产43.30%。其中：公司及合并报表范围内子公司 之间的担保金额为260.14亿元，公司及子公司对外提供担保金额为3.56亿元。 对外担保逾期的累计数量：0 风险提示：本次新增担保包括担保对象最近一期资产负债率超过70%的情 形，敬请投资者注意相关风险。 | 股票代码:601012 | 股票简称:隆基绿能 | | 公告编号:临 2025-078 | 号 | | --- | --- | --- | -- ...

Core Insights - The Zhongzheng Photovoltaic Industry Index (931151) has seen a strong increase of 2.94% as of September 3, 2025, with significant gains in constituent stocks such as Sungrow Power (300274) up 15.26% and Longi Green Energy (601012) up 2.81% [1][3] - The Photovoltaic ETF Fund (516180) has risen by 2.82%, with a latest price of 0.69 yuan, and has accumulated a total increase of 4.66% over the past two weeks [1] - The index reflects the overall performance of listed companies in the photovoltaic industry chain, selecting up to 50 representative stocks [1] Index Composition - As of August 29, 2025, the top ten weighted stocks in the Zhongzheng Photovoltaic Industry Index account for a total of 56.14% of the index [1] - The top ten stocks by weight include: - Sungrow Power (300274) with a weight of 10.51% - Longi Green Energy (601012) with a weight of 9.97% - TCL Technology (000100) with a weight of 9.42% - TBEA Co., Ltd. (600089) with a weight of 6.99% - Tongwei Co., Ltd. (600438) with a weight of 5.24% [3]

截至13:44，A股大面积回调，随着反内卷的持续深入落实，光伏板块逆市大涨，费率最低档的光伏龙头ETF（516290）涨超2%，成交额激增近5000万元， 资金连续3日加仓"反内卷"核心板块，光伏龙头ETF（516290）近3日连续吸金，聪明资金持续青睐作为反内卷先锋的光伏板块！ | 序号 | 代码 | 名称 | 申万一级行业 | 现价 | 涨跌幅 | 成交额 | 估算板重 ▼ | | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | 300274 | 阳光电源 | 电力设备 | 113.35 | 13.75% | 120.01亿 | 12.63% | | 2 | 601012 | 陸其绿能 | 电力设备 | 17.08 | 2.03% | 33.76亿 | 9.14% | | 3 | 000100 | TCL科技 | 电子 | 4.33 | -1.81% | 14.92亿 | 8.69% | | ব | 600089 | 看不用】 | 电力设备 | 14.17 | -1.19% | 7.66 Z | 6.85% | | 5 | 600438 | 通威 ...

证券研究报告 | 公司动态点评 2025 年 09 月 03 日 隆基绿能（601012.SH） 前期布局迎收获，硅片组件亏损收窄 | 财务指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 129,498 | 82,582 | 67,635 | 81,919 | 95,436 | | 增长率 yoy（%） | 0.4 | -36.2 | -18.1 | 21.1 | 16.5 | | 归母净利润（百万元） | 10,751 | -8,618 | -4,190 | 2,763 | 4,836 | | 增长率 yoy（%） | -27.4 | -180.2 | 51.4 | 165.9 | 75.0 | | ROE（%） | 15.1 | -14.1 | -7.3 | 4.7 | 7.8 | | EPS 最新摊薄（元） | 1.42 | -1.14 | -0.55 | 0.36 | 0.64 | | P/E（倍） | 12.0 | -15.0 | -30.9 | 46.8 ...

Core Viewpoint - The photovoltaic industry is experiencing a "de-involution," with a focus on when Longi Green Energy Technology Co., Ltd. can achieve profitability, which is a key concern for the market [1] Financial Performance - Longi Green Energy reported a net loss of 2.569 billion yuan in the first half of the year, a significant reduction in losses by 2.661 billion yuan compared to the same period last year [1] - The company aims to achieve breakeven in the fourth quarter of this year, driven by an increase in revenue from BC products and scenario-based products [2] Product Strategy - The company plans to increase the revenue share of BC products and scenario-based products, which is seen as crucial for improving its financial situation [2] - The sales volume of the second-generation BC products was only 4 GW in the first half of the year, with a target of exceeding 10 GW in the fourth quarter [2] Market Trends - The "de-involution" effect in the photovoltaic industry is becoming evident, with prices of silicon materials and wafers rising since early July [2] - The market sentiment is positive, contributing to the recent price increases in silicon wafers [2] Technological Advancements - Longi Green Energy has made significant progress in technology, with the HIBC battery technology ready for large-scale production, achieving a power output of over 700W and an efficiency of 25.9% [4] - The company is focused on reducing non-silicon costs by over 10% annually, leveraging advanced technologies to drive cost reduction and efficiency improvements [4] Market Positioning - The company aims to enhance the sales proportion of BC products in the European market, targeting over 80% in the distributed market and an overall composite share exceeding 60% in the European market next year [3] - The company believes that the clearing of excess capacity in the photovoltaic sector will depend on technological advancements and encouraging advanced production capacity [3]

Core Viewpoint - The photovoltaic industry is experiencing a "de-involution" effect, with a focus on when Longi Green Energy Technology Co., Ltd. will achieve profitability. The company aims to reach breakeven by the fourth quarter of this year, driven by an increase in the revenue share of BC products and scenario-based products [1][2]. Group 1: Financial Performance - Longi Green Energy reported a net loss of 2.569 billion yuan in the first half of the year, a significant reduction in losses by 2.661 billion yuan compared to the same period last year [1]. - The company anticipates a 40% quarter-on-quarter increase in revenue by the second quarter of 2025, benefiting from strong domestic demand and declining costs of key products [1]. Group 2: Product Strategy - The company aims to increase the sales volume of its second-generation BC products to over 10 GW in the fourth quarter, which is expected to have a direct impact on profitability [1]. - The gross margin target for BC products is currently 10% higher than that of TOPCon products, with a significant premium in the European market [2]. Group 3: Market Trends - The prices of silicon materials and wafers have been rising since early July, reflecting a positive market sentiment driven by the "de-involution" policy [2]. - Companies with advantages in technology, product quality, and service are expected to be more competitive in the market as the "de-involution" continues [2]. Group 4: Technological Advancements - Longi Green Energy has achieved scale production conditions for HIBC battery technology, with a component efficiency of 25.9%, making it the highest efficiency industrial photovoltaic product globally [4]. - The company is actively exploring cost reduction strategies, expecting to maintain a non-silicon cost reduction rate of over 10% annually [4]. - Advanced technologies such as laser patterning and composite passivation are being applied to drive cost reduction and efficiency improvements [4].

Core Viewpoint - Longi Green Energy aims to achieve breakeven in its main business by the fourth quarter of 2025, primarily driven by the increased production capacity of its new generation BC (Back Contact) battery technology [4][6]. Financial Performance - In the first half of 2025, Longi Green Energy reported revenue of 32.813 billion yuan, a year-on-year decrease of 14.83%, with a net loss of 2.569 billion yuan, although this represented a reduction in losses by 2.661 billion yuan compared to the previous year [4]. - The company achieved a revenue of 19.16 billion yuan in the second quarter of 2025, a quarter-on-quarter increase of approximately 40%, with a net loss of 1.133 billion yuan, narrowing losses by 21% [5]. - The total asset impairment loss decreased significantly from 5.78 billion yuan in the first half of the previous year to 1.17 billion yuan in the current year [4]. Production Capacity and Product Strategy - The production capacity of BC products is expected to exceed 60% of the company's total capacity by the end of 2025, up from approximately 20% in the first half of the year [4][5]. - The company plans to enhance its gross margin by increasing the proportion of BC products, which are currently more expensive but offer higher power output compared to mainstream TOPCon products [8]. Market Context and Competitive Position - The global market for photovoltaic installations saw a year-on-year growth of 106% in the first half of 2025, with Longi Green Energy ranking second among the top ten suppliers, shipping 39.57 GW of components [5]. - The company reported the lowest loss among the top five photovoltaic component companies, with a total loss of 15.931 billion yuan in the first half of 2025 [5]. Cost Management and Future Outlook - The company anticipates that the reduction in metal costs will be realized in the first and second quarters of the following year, with silver paste costs being a significant non-silicon cost component [7]. - Longi Green Energy is focusing on increasing the proportion of scenario-based products, which cater to diverse applications such as building-integrated photovoltaics and offshore photovoltaics, to differentiate itself in the market [8].

就营收而言，光伏组件"四巨头"今年上半年合计营收1196亿元，同比下降28%。与去年下半年相比，环比下降24.9%。总 体来看，营收延续下滑。 | | 光伏组件"四巨头"上半年营业收入变化(单元:万元) | | | | --- | --- | --- | --- | | 公司名称 | 2024年下半年 | 2025年上半年 | 环比 | | 隆基绿能 | 4405357. 02 | 3281314. 64 | -25.52% | | 天合光能 | 3731364. 31 | 3105610. 27 | -16. 77% | | 晶科能源 | 4521993. 89 | 3183127. 84 | -29. 61% | | 晶澳科技 | 3276416. 60 | 2390454. 77 | -27.04% | | 合计 | 15935131. 82 | 11960507. 52 | -24. 94% | 具体到各家公司： 隆基绿能上半年录得营收328.13亿元，同比下降14.83%。较去年下半年，环比下降25.52%。 天合光能上半年录得营收301.56亿元，同比下降27.72%。较去年下半年，环比下降16. ...

行家说储能 全球光伏组件四巨头中，此前唯一未涉足储能业务的企业，如今计划进军储能业务。 近日，据界面新闻消息，隆基绿能已参股苏州精控能源，并正与另一家储能企业就潜在收购事项进行接触，相关事宜尚在商榷中。 ▋ 为何此时切入储能？ 在光伏组件"四巨头"中，与天合光能、晶科能源、晶澳科技较早切入储能业务不同，隆基绿能主要是发展氢能赛道。 2024年，在被问及为何未直接介入储能业务时，隆基绿能董事长钟宝申回应称，这是因为判断无法在储能市场中有绝对的竞争力。但不是不做，而是转向和 储能公司合作。 今年 2 月，时任隆基绿能总经理李振国在隆基成立 25 周年演讲中曾表示，隆基将积极探索与储能的结合方案。"隆基会继续往后延展场景化应用，包括跟 储能结合、发展氢氨醇等业务"。 5月14日，隆基绿能成立全资子公司武威储威新能源，经营范围涵盖了储能技术服务。当月26日，隆基绿能宣布李振国辞去总经理职务，转而担任中央研究 院院长转攻研发，钟宝申接棒执掌经营。这一人事调整，被外界视为隆基绿能加速推进光储融合战略的重要信号。 据悉，早在2018年，作为隆基技术路线奠基人，李振国就提出"光伏+储能将成为终极能源解决方案"，并主导建设了缅 ...

Core Viewpoint - The article highlights the significant impact of Lanzhou University and its alumni on the global photovoltaic (PV) industry, particularly through the success of Longi Green Energy, which has become a leader in the solar energy sector over the past decades [4][5][20]. Group 1: Longi Green Energy's Achievements - Longi Green Energy, founded by three alumni from Lanzhou University, has achieved the highest cumulative shipment of monocrystalline silicon wafers globally over the past decade and has consistently ranked among the top two in module shipments for the last six years [4][5]. - The company has set world records for silicon cell conversion efficiency, reaching 27.3% in May 2024, and has broken a 36-year monopoly on efficiency records held by overseas brands [11][20]. Group 2: China's Dominance in the PV Industry - China dominates the global PV industry, with over 90% market share in polysilicon, silicon wafers, solar cells, and modules [5][20]. - In 2024, China produced 839 TWh of solar energy, leading the world in solar power generation [6]. Group 3: Technological Innovations and Strategic Choices - Longi's decision to pursue monocrystalline technology over the more common multicrystalline route was pivotal, as it allowed the company to maintain a cost advantage in electricity generation despite the higher initial investment [11][20]. - The shift in focus to monocrystalline technology occurred during a period of rising prices for multicrystalline materials, which ultimately benefited Longi as competitors struggled [11][20]. Group 4: Lanzhou University's Role - Lanzhou University has produced numerous influential figures in the PV industry, contributing to its reputation as a breeding ground for talent in this sector [12][20]. - The university's strategic focus on physics, chemistry, and materials science has fostered a strong foundation for its alumni to excel in the PV field [17][20]. Group 5: Future Innovations and Sustainability - Lanzhou University is actively involved in developing new technologies, such as a hybrid photovoltaic-thermal power generation system and innovative methods for hydrogen production, which aim to enhance energy efficiency and sustainability [21][23]. - The university's research teams are also exploring ecological restoration methods in conjunction with PV installations, promoting both energy generation and environmental conservation [24][26].