Longi(SH:601012) Xi Niu Cai Jing·2025-05-30 09:43Core Viewpoint - Longi Green Energy Technology Co., Ltd. is undergoing significant management changes as founder Li Zhenguo resigns from his positions to focus on research and technology management, while the company faces severe financial challenges in the photovoltaic industry [1][3]. Management Changes - Li Zhenguo has resigned as director, general manager, and legal representative, transitioning to focus on R&D and technology management as the head of the Central Research Institute and Chief Technology Officer [1][3]. - Chairman Zhong Baoshan will take over as general manager and legal representative following Li's resignation [3]. - Li Zhenguo's daughter, Li Shuxuan, has been nominated as a non-independent director candidate for the sixth board, bringing new energy to the management team [3]. Financial Performance - In 2024, Longi Green Energy reported revenue of 82.58 billion yuan, a decrease of 36.23% compared to the previous year [4]. - The company experienced a net loss of 8.62 billion yuan, with a non-recurring net loss of 8.75 billion yuan [4]. - For Q1 2025, revenue was 13.65 billion yuan, down 22.75% year-on-year, with a net loss of 1.44 billion yuan and a non-recurring net loss of 1.98 billion yuan [3][4]. R&D Investment - Despite financial pressures, Longi Green Energy's R&D investment reached 5.01 billion yuan in 2024, accounting for 6.07% of its revenue, making it one of the two A-share photovoltaic companies with R&D spending exceeding 5 billion yuan [4]. - Li Zhenguo has expressed strong confidence in the BC technology, likening its significance to the previous transformation brought by monocrystalline technology, albeit with higher technical challenges [4]. Future Outlook - The company is under scrutiny to see if it can leverage its ongoing R&D investments and BC technology to recover from its current challenges [5].