Longi(SH:601012) Zheng Quan Shi Bao Wang·2025-10-30 11:51Core Insights - Longi Green Energy reported a revenue of 50.915 billion yuan and a net loss of 3.403 billion yuan for the first nine months of 2025, with a third-quarter revenue of 18.101 billion yuan and a net loss of 834 million yuan, marking a reduction in losses for two consecutive quarters [1] - The company achieved external sales of silicon wafers at 38.15 GW and solar cell modules at 63.43 GW during the same period, with BC module sales reaching 14.48 GW, indicating a rapid growth in HPBC 2.0 product sales [1] - Despite the competitive pricing pressure in the photovoltaic industry, Longi Green Energy managed to reduce its unit manufacturing costs and other expenses, resulting in a nearly 48% year-on-year reduction in net loss attributable to the parent company [1] Financial Performance - For the first nine months of 2025, Longi Green Energy's net cash flow from operating activities turned positive, ensuring liquidity for the company's operations [1] - The company's cash reserves reached 51.3 billion yuan, providing a strong financial foundation [1] Market Position and Strategy - In the first half of 2025, approximately 55% of Longi Green Energy's BC module sales were in the domestic market, while 45% were in overseas markets, with a notable premium for BC products in Europe [2] - The company plans to increase the sales proportion of BC products in Europe as the production capacity of HPBC 2.0 technology products rises, aiming to enhance profitability and avoid low-end market traps [2] - Longi Green Energy's second-generation BC modules have a conversion efficiency of 24.8% and a stable yield of over 97%, with the HIBC module achieving a production efficiency of 25.9% and power output exceeding 700W, making it one of the highest efficiency industrial photovoltaic products globally [2] Recent Developments - Longi Green Energy signed a contract with Shanghai Electric for the supply of 400 MW of BC technology-based modules for the Fengxian No. 1 offshore photovoltaic project, which exclusively uses BC technology for its initial bidding [2]