隆基绿能2025年中报简析：亏损收窄

Core Viewpoint - Longi Green Energy reported a narrowing loss in its 2025 interim financial results, with total revenue declining and net profit improving year-on-year despite ongoing challenges in the solar industry [1] Financial Performance - Total revenue for the first half of 2025 was 32.813 billion yuan, a decrease of 14.83% compared to 38.529 billion yuan in 2024 [1] - The net profit attributable to shareholders was -2.569 billion yuan, an improvement of 50.88% from -5.231 billion yuan in the previous year [1] - In Q2 2025, total revenue was 19.161 billion yuan, down 8.12% year-on-year, while net profit was -1.133 billion yuan, up 60.66% [1] - Gross margin was -0.82%, a decrease of 110.66% year-on-year, while net margin was -7.92%, an increase of 41.83% [1] Cost and Expenses - Total selling, administrative, and financial expenses amounted to 1.773 billion yuan, accounting for 5.4% of revenue, a decrease of 24.65% year-on-year [1] - Operating cash flow per share improved by 92.45% to -0.06 yuan, while earnings per share increased by 50.72% to -0.34 yuan [1] Asset and Liability Changes - Cash and cash equivalents decreased by 9.51% to 49.303 billion yuan, while accounts receivable increased by 16.41% to 11.908 billion yuan [1] - Interest-bearing debt rose by 18.77% to 24.735 billion yuan [1] Investment and Market Position - The company has faced significant challenges, with a historical median ROIC of 15.67% over the past decade, and a particularly poor ROIC of -9.7% in 2024 [4][5] - Analysts expect a net profit of -2.138 billion yuan for 2025, with an average earnings per share estimate of -0.28 yuan [5] Fund Holdings - The largest fund holding Longi Green Energy is the Huatai-PB CSI Photovoltaic Industry ETF, with a current scale of 9.984 billion yuan and a recent net value increase of 2.42% [6]