隆基绿能董事长钟宝申：今年四季度扭亏

Core Viewpoint - Longi Green Energy aims to achieve breakeven in its main business by the fourth quarter of 2025, primarily driven by the increased production capacity of its new generation BC (Back Contact) battery technology [4][6]. Financial Performance - In the first half of 2025, Longi Green Energy reported revenue of 32.813 billion yuan, a year-on-year decrease of 14.83%, with a net loss of 2.569 billion yuan, although this represented a reduction in losses by 2.661 billion yuan compared to the previous year [4]. - The company achieved a revenue of 19.16 billion yuan in the second quarter of 2025, a quarter-on-quarter increase of approximately 40%, with a net loss of 1.133 billion yuan, narrowing losses by 21% [5]. - The total asset impairment loss decreased significantly from 5.78 billion yuan in the first half of the previous year to 1.17 billion yuan in the current year [4]. Production Capacity and Product Strategy - The production capacity of BC products is expected to exceed 60% of the company's total capacity by the end of 2025, up from approximately 20% in the first half of the year [4][5]. - The company plans to enhance its gross margin by increasing the proportion of BC products, which are currently more expensive but offer higher power output compared to mainstream TOPCon products [8]. Market Context and Competitive Position - The global market for photovoltaic installations saw a year-on-year growth of 106% in the first half of 2025, with Longi Green Energy ranking second among the top ten suppliers, shipping 39.57 GW of components [5]. - The company reported the lowest loss among the top five photovoltaic component companies, with a total loss of 15.931 billion yuan in the first half of 2025 [5]. Cost Management and Future Outlook - The company anticipates that the reduction in metal costs will be realized in the first and second quarters of the following year, with silver paste costs being a significant non-silicon cost component [7]. - Longi Green Energy is focusing on increasing the proportion of scenario-based products, which cater to diverse applications such as building-integrated photovoltaics and offshore photovoltaics, to differentiate itself in the market [8].