Longi(SH:601012) Zheng Quan Shi Bao Wang·2025-07-01 06:27Core Viewpoint - Longi Green Energy held its 2024 annual shareholder meeting on June 30, where all proposals were approved by shareholders, including a board restructuring and updates on production capacity and industry challenges [1][2]. Group 1: Board Restructuring - The most significant agenda item was the restructuring of Longi Green Energy's board, with five non-independent directors and three independent directors elected, resulting in a new board of nine members [1]. - Founder Li Zhenguo confirmed his exit from the board to focus on research, while his daughter Li Shuxuan joined the new board and was appointed to the nomination committee [1]. - Chairman and CEO roles will be consolidated under Zhong Baoshan, who indicated that internal operations will remain consistent despite the changes in titles [1]. Group 2: Production Capacity and Industry Insights - Longi Green Energy's BC second-generation product output reached 2 GW in June, with expectations to increase to 3 GW in September and 4 GW in November, aiming for a total annual capacity of 50 GW by year-end [2]. - Current operational rates include a 60% utilization for silicon wafers, full production for batteries, and a 70-75% utilization for modules [2]. - The company is navigating industry challenges, emphasizing the need for market-driven solutions versus government interventions for industry consolidation [2]. Group 3: Future Business Directions - Hydrogen energy is a key focus for Longi Green Energy, driven by global decarbonization needs, although it remains in a growth phase due to high costs and the necessity for a supportive regulatory environment [2]. - The company is also exploring perovskite technology, acknowledging existing technical challenges and setting ambitious targets for efficiency and reliability, with a potential market entry around 2030 [2].