Longi(SH:601012) Xin Lang Cai Jing·2025-08-23 03:06Core Viewpoint - Longi Green Energy Technology Co., Ltd. reported a revenue of 32.8 billion yuan for the first half of 2025, a decrease from 38.53 billion yuan in the same period last year, indicating challenges in the photovoltaic industry due to falling product prices [1] Financial Performance - Revenue for H1 2025: 32.8 billion yuan, down from 38.53 billion yuan year-on-year [1] - Government subsidies accounted for 465 million yuan in H1 2025 [1] - Net loss for H1 2025: 2.569 billion yuan, improved from a net loss of 5.23 billion yuan in the same period last year [1] - Non-recurring net loss for H1 2025: 3.3 billion yuan, compared to 5.264 billion yuan in H1 2024 [1] - Asset-liability ratio: 60.72% [1] - Interest-bearing debt ratio: 21.45% [1] Business Operations - Longi Green Energy's product segments include monocrystalline silicon wafers, battery modules, distributed photovoltaic solutions, global green photovoltaic building solutions, ground photovoltaic solutions, and green hydrogen equipment [1] - Silicon wafer shipment volume for H1 2025: 52.08 GW (of which 24.72 GW for external sales) [1] - Battery module shipment volume for H1 2025: 41.85 GW (with 39.57 GW for modules) [1] Shareholding Structure - As of June 30, 2025, major shareholders include: - Li Zhenguo: 14.08% - Hong Kong Central Clearing Limited: 5.62% - Hillhouse Capital's HHLR Management Limited: 5.43% [1] - The shareholding structure remained relatively stable compared to March 31, 2025 [1] Hillhouse Capital's Actions - Hillhouse Capital reduced its stake in Longi Green Energy to below 5% by selling 37,557,175 shares at an average price between 14.88 yuan and 16.62 yuan per share, realizing 583 million yuan in cash [5] - The reduction in shareholding allows Hillhouse more flexibility for future divestments [5] - Despite the reduction, Hillhouse's investment in Longi Green Energy has resulted in a significant unrealized loss of at least 8 billion yuan [6]