Longi(SH:601012) Chang Jiang Shang Bao·2025-07-15 23:13Core Viewpoint - The photovoltaic industry remains in a downturn, with Longi Green Energy ("the company") still facing losses but significantly reducing its losses compared to the previous year [1][4]. Financial Performance - For the first half of 2025, the company expects a net profit loss of between 24 billion to 28 billion yuan, which represents a reduction in losses of 24.43 billion to 28.43 billion yuan compared to the same period last year, achieving a reduction rate of approximately 50% [1][4]. - In the first quarter of 2025, the company reported a revenue of 136.52 billion yuan, a year-on-year decrease of 22.75%, with net profit losses of 14.36 billion yuan and 19.83 billion yuan for net profit excluding non-recurring items, marking a reduction in losses of 38.89% and 18.03% respectively [4][8]. - The company anticipates a net profit loss for the second quarter of 2025 to be between 9.64 billion to 13.64 billion yuan, and for net profit excluding non-recurring items to be between 12.17 billion to 16.17 billion yuan, indicating a reduction in losses compared to the same period last year [5][6]. Operational Strategies - The company has increased its focus on customer-centric products and services, leading to growth in component sales despite the competitive environment causing market prices to fall below cost levels [1][6]. - The company has implemented cost-cutting measures, resulting in a significant reduction in asset impairment losses, which decreased by 23.88 billion yuan in the first quarter of 2025 [7][6]. Shareholder Confidence - Chairman Zhong Baoshan has expressed confidence in the company's future, having reduced his salary by over 10 million yuan in 2024 and actively increasing his stake in the company through the secondary market, with plans to invest no less than 1 billion yuan in 2025 [2][11]. - The company has seen an increase in institutional investment, with the "Shanghai-Hong Kong Stock Connect" increasing its holdings by 85.43 million shares, raising its stake to 5.70%, making it the second-largest single shareholder [3][11]. Technological Advancements - The company is focusing on optimizing its production capacity and has introduced the HPBC2.0 advanced production technology, expecting to exceed 50GW in production capacity by the end of 2025 [10]. - The company has launched HIBC technology, which combines the advantages of HJT and BC technologies, significantly enhancing component efficiency, with mass production conditions already in place [10].