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]

Investment Rating - The report rates the photovoltaic industry as "Overweight," indicating an expectation for the industry to outperform the overall market [4]. Core Insights - The establishment of a joint platform involving 17 major companies is expected to accelerate supply-side reforms in the polysilicon sector, which is crucial for addressing the industry's overcapacity and price wars [4]. - The "anti-involution" initiative has led to significant price recovery and profit restoration across the industry, with companies like Daqo New Energy and GCL-Poly Energy reporting a return to profitability in Q3 2025 [4]. - The report suggests that the joint platform will be completed by the end of 2025, supported by top-level policies, industry self-discipline, and technological advancements, which will further stabilize prices and profits [4]. Summary by Sections Industry Overview - The photovoltaic industry is experiencing a significant shift with the formation of a joint platform aimed at addressing supply-side issues, particularly in polysilicon production [4]. - The industry has faced severe price competition leading to losses, but recent collaborative efforts are expected to restore profitability [4]. Company Analysis - Key companies to watch include: 1. Polysilicon leaders: Tongwei Co., Daqo New Energy, and GCL-Poly Energy [4]. 2. Companies with independent alpha performance: Aiko Solar and LONGi Green Energy [4]. 3. Companies in auxiliary materials: Foster and Xinyi Glass, which are expected to benefit from the overall recovery in the sector [4]. Financial Metrics - The report includes a valuation table for key companies, highlighting their market capitalization and projected net profits for 2025 and beyond [5]. - For instance, Tongwei Co. has a market cap of 112 billion yuan with a projected net profit of -5.23 billion yuan for 2025, while Daqo New Energy is projected to recover to a profit of 1.36 billion yuan in 2026 [5].

Financial Performance - The company's operating revenue for Q3 2025 was approximately ¥18.10 billion, a decrease of 9.78% compared to the same period last year[4]. - The total profit for the period was a loss of approximately ¥1.42 billion, with a year-to-date loss of approximately ¥7.83 billion, reflecting the impact of intense competition in the photovoltaic industry[4][8]. - The net profit attributable to shareholders for Q3 2025 was a loss of approximately ¥834 million, compared to a loss of ¥1.26 billion in the same period last year, indicating a reduction in losses by about 34%[4][8]. - Total operating revenue for the first three quarters of 2025 was ¥50.91 billion, a decrease of 13.2% compared to ¥58.59 billion in the same period of 2024[20]. - Net profit for the first three quarters of 2025 was a loss of ¥3.45 billion, an improvement from a loss of ¥6.52 billion in 2024, indicating a 47.1% reduction in losses[22]. - The company reported a total comprehensive loss of ¥3.54 billion in 2025, compared to a loss of ¥6.61 billion in 2024, indicating a 46.5% reduction in comprehensive losses[22]. Cash Flow - The net cash flow from operating activities for the year-to-date period was approximately ¥1.82 billion, a significant improvement from a cash outflow of approximately ¥8.37 billion in the previous year[4][8]. - Cash flow from operating activities generated a net inflow of ¥1.82 billion in 2025, a significant recovery from a net outflow of ¥8.37 billion in 2024[25]. - The company's cash flow from operating activities for the first three quarters of 2025 showed a net decrease of CNY 1,347,829,484.69, compared to a decrease of CNY 5,366,777,930.35 in the same period of 2024[26]. - The company reported a total cash outflow from operating activities of CNY 102.51 billion, compared to CNY 88.66 billion in the previous period[34]. Assets and Liabilities - The total assets at the end of the reporting period were approximately ¥153.97 billion, an increase of 0.74% from the end of the previous year[5]. - The company's total liabilities were RMB 96.13 billion, up from RMB 91.44 billion at the end of 2024[17]. - The company's total assets of the company as of September 30, 2025, amounted to CNY 89,570,458,071.78, up from CNY 82,563,514,716.98 at the end of 2024, indicating a growth of 8.1%[28]. - The company's total liabilities increased to CNY 31,201,596,958.57 as of September 30, 2025, compared to CNY 27,834,852,204.27 at the end of 2024, reflecting a rise of 12.7%[29]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 698,502, indicating a stable shareholder base[10]. - The equity attributable to shareholders decreased by 5.77% to approximately ¥57.38 billion compared to the end of the previous year[5]. - The company's total equity as of September 30, 2025, was CNY 58,368,861,113.21, an increase from CNY 54,728,662,512.71 at the end of 2024, representing a growth of 6.0%[30]. Operational Efficiency - The company has focused on enhancing management efficiency and cost control, leading to improved operational performance[13]. - The company's cash flow management and gross margin have improved, with losses narrowing quarter by quarter[13]. - The company's inventory as of September 30, 2025, was CNY 334,630,422.20, significantly higher than CNY 149,032,006.88 at the end of 2024, marking an increase of 124.5%[27]. Earnings and Expenses - The company reported a basic earnings per share of -¥0.11 for Q3 2025, an improvement from -¥0.17 in the same period last year[4]. - Basic earnings per share for the first three quarters of 2025 were -¥0.45, an improvement from -¥0.86 in 2024[22]. - Research and development expenses for the first three quarters of 2025 were CNY 733,317,884.17, an increase of 8.8% from CNY 674,211,778.95 in the same period of 2024[30]. - The company's financial expenses for the first three quarters of 2025 were CNY 331,937,021.25, a significant increase from CNY 6,151,488.88 in the same period of 2024[30].

Core Viewpoint - Longi Green Energy reported a decline in revenue and a net loss for the third quarter, indicating challenges in the current market environment [1] Financial Performance - The company's revenue for the third quarter was 18.101 billion yuan, a year-on-year decrease of 9.78% [1] - The net profit for the third quarter was a loss of 0.834 billion yuan [1] - For the first three quarters, the total revenue was 50.915 billion yuan, reflecting a year-on-year decline of 13.10% [1] - The net profit for the first three quarters was a loss of 3.403 billion yuan [1]

Market Overview - The photovoltaic equipment sector experienced a decline of 0.24% on October 30, with the leading stock, Micro导纳米, falling significantly [1][2] - The Shanghai Composite Index closed at 3986.9, down 0.73%, while the Shenzhen Component Index closed at 13532.13, down 1.16% [1] Stock Performance - Notable gainers in the photovoltaic equipment sector included: - 阿特斯 (Artes) with a closing price of 16.25, up 9.50% and a trading volume of 2.2543 million shares, totaling 3.672 billion yuan [1] - 隆基绿能 (LONGi Green Energy) closed at 21.51, up 3.46% with a trading volume of 4.9254 million shares, totaling 10.674 billion yuan [1] - Conversely, significant decliners included: - 微导纳米 (Micro导纳米) which closed at 52.47, down 8.19% with a trading volume of 137,900 shares, totaling 732 million yuan [2] - 艾罗能源 (Airo Energy) closed at 71.13, down 7.78% with a trading volume of 107,100 shares, totaling 762 million yuan [2] Capital Flow - The photovoltaic equipment sector saw a net outflow of 4.537 billion yuan from institutional investors, while retail investors contributed a net inflow of 3.768 billion yuan [2][3] - Specific stocks with notable capital flows included: - 安彩高科 (Anhui Ankai) with a net inflow of 31.5499 million yuan from institutional investors [3] - 艾罗能源 (Airo Energy) had a net inflow of 70.3969 million yuan from retail investors [3]

Core Insights - The second session of the Fourth International Investment Alliance for New Energy was successfully held, focusing on global high-quality development paths and opportunities in the new energy sector [1][2] - The alliance has incubated over 40 GW of projects since its establishment, providing strong support for global new energy development [1] - The conference emphasized the importance of rational management, win-win cooperation, innovation, and sustainable development in the new energy industry [1][3] Group 1: Industry Contributions - The New Energy International Investment Alliance is recognized as China's first full-chain platform for international cooperation in the new energy sector, significantly contributing to the international market expansion and the green "Belt and Road" initiative [2] - In 2024, Chinese companies signed 314 new overseas renewable energy projects with a total contract value of $41.21 billion, with over half completed by alliance members [2] - The solar industry is entering a new phase focused on high quality, intelligence, and systematization, with companies like Sungrow committed to technological innovation and optimizing energy structure [2][3] Group 2: Collaborative Efforts - Companies like Chint Group are actively collaborating within the alliance to enhance technological innovation, expand overseas markets, and strengthen international cooperation for mutual benefits [2] - Longi Green Energy emphasizes technological innovation and international collaboration to support global clean energy transition and achieve carbon neutrality goals [3] - The alliance members collectively released the "High-Quality Development Initiative," aiming to build a modern new energy system characterized by safety, efficiency, cleanliness, intelligence, and collaboration [3]