Longi(SH:601012) Di Yi Cai Jing·2025-09-01 12:10Core Viewpoint - The company is focused on improving the gross margin of its BC products, with a strong emphasis on cost reduction and operational efficiency to achieve profitability in its main business by Q4 2025 [1][2]. Financial Performance - In the first half of 2025, the company reported revenue of 32.813 billion yuan and a net loss of 2.569 billion yuan, significantly reducing the loss from 5.231 billion yuan in the same period last year [1]. - The company experienced a year-on-year reduction in losses by 2.661 billion yuan, primarily due to improved operational efficiency leading to a significant decrease in sales and management expenses, which fell by 37% and 23% respectively [2]. Product Development and Efficiency - The company is currently producing approximately 2.5 GW of BC products per month, with plans for gradual monthly increases [2]. - The company’s BC second-generation products have a competitive edge, boasting a 30W efficiency advantage over TOPCon products, with expectations of maintaining a 20W to 30W advantage even with future enhancements to TOPCon technology [2]. - As of September, the proportion of BC products in the company's order structure has rapidly increased, with over 50% in most regions [2]. Production Capacity - As of the reporting period, the company has a self-owned battery capacity of 24 GW for HPBC2.0, with production gradually commencing in Shaanxi and ongoing projects in Weibei [3]. - In the first half of 2025, the company achieved a silicon wafer shipment of 52.08 GW (with external sales of 24.72 GW) and a battery module shipment of 41.85 GW, including approximately 4 GW of BC second-generation modules with a conversion efficiency of 24.8% and a yield exceeding 97% [3].