Longi(SH:601012) Chang Jiang Shang Bao·2025-05-27 23:22Core Viewpoint - The resignation of Longi Green Energy's general manager, Li Zhenguo, marks a significant leadership change amid a challenging period for the solar industry, with the company facing its first annual loss since 2013 [1][2][9]. Company Overview - Li Zhenguo, the founder and actual controller of Longi Green Energy, has resigned to focus on research and technology management, while his daughter, Li Shuxuan, is expected to take a prominent role in the company [2][3][5]. - Longi Green Energy will hold a shareholders' meeting on June 30, 2024, to elect Li Shuxuan as a non-independent director [2][5]. Financial Performance - In 2024, Longi Green Energy reported a revenue of 825.82 billion yuan, a decrease of 36.23% year-on-year, and a net loss of 86.18 billion yuan, marking the first annual loss since 2013 [9]. - The company's revenue from components and battery products accounted for approximately 80.32% of total revenue in 2024 [8]. - In the first quarter of 2024, Longi Green Energy's revenue was 136.52 billion yuan, down 22.75% year-on-year, with a net loss of 14.36 billion yuan [9]. Industry Context - The solar industry is undergoing unprecedented adjustments, characterized by increased supply and declining prices, leading to widespread losses among companies [9]. - Despite strong global demand for solar installations, with an estimated 530 GW added in 2024 (up 36% year-on-year), the industry faces significant operational pressures due to supply-demand imbalances and trade barriers [9]. Research and Development Focus - Longi Green Energy is committed to advancing its BC technology, with R&D investments exceeding 50 billion yuan in 2024 [2][10]. - The company has successfully mass-produced its HPBC 2.0 battery technology, achieving a production efficiency of 24.8%, the highest in the world for mass production [10]. - From 2022 to 2024, Longi Green Energy's total R&D investment reached 198.77 billion yuan, reflecting its focus on innovation and technology leadership [10].