Longi(SH:601012) Ren Min Wang·2025-10-31 03:01Core Insights - Longi Green Energy reported significant revenue growth and improved financial performance in Q3 2025, with a total revenue of 50.915 billion yuan from January to September, and Q3 revenue reaching 18.101 billion yuan, marking a substantial reduction in losses over two consecutive quarters [1] Financial Performance - The company achieved a total external sales volume of silicon wafers of 38.15 GW and battery components of 63.43 GW from January to September [1] - The net cash flow from operating activities turned positive, with cash reserves exceeding 51.3 billion yuan [1] Product Sales and Market Strategy - In the first half of 2025, driven by a domestic market surge, the sales of BC components were approximately 55% in the domestic market and 45% in overseas markets [1] - The chairman revealed that BC products have a significant premium advantage in the European market, and the company plans to increase the sales proportion of BC products in Europe as HPBC 2.0 production capacity rises [1] Product Efficiency and Technology - The second-generation BC components have a conversion efficiency of 24.8% and a stable yield of over 97% [1] - The newly launched HIBC components have achieved a mass production efficiency of 25.9%, with power output exceeding 700W [1] - As production capacity in regions like Tongchuan and Xixian gradually comes online, production costs are expected to decrease further [1] New Contracts and Projects - Longi Green Energy recently signed a contract for the Shanghai Electric Fengxian No. 1 offshore photovoltaic project, supplying 400 MW of components based on BC technology, with supply already initiated [2] - All initial bidding shares for Shanghai's offshore photovoltaic projects adopted the BC technology route [2]