Longi(SH:601012) Xin Lang Cai Jing·2025-11-28 06:30Core Insights - The company reported a revenue of 50.915 billion yuan for the first three quarters of 2025, a year-on-year decrease of 13.10%, with a net profit attributable to shareholders of -3.403 billion yuan, showing a reduction in losses compared to the previous year [1] - The company is acquiring a controlling stake in Suzhou Jingkong Energy Technology Co., Ltd., which specializes in lithium-ion battery energy storage systems, indicating a strategic move into the energy storage sector [2] - The photovoltaic industry is experiencing a "de-involution" trend, which is expected to improve pricing and profitability across the supply chain [2] Financial Performance - For Q3 2025, the company achieved a revenue of 18.101 billion yuan, down 9.78% year-on-year and 5.53% quarter-on-quarter, with a net profit of -0.834 billion yuan, showing significant reduction in losses compared to the previous quarter [1] - The company sold 11.26 GW, 13.46 GW, and 13.43 GW of silicon wafers in the first three quarters, and 16.93 GW, 24.92 GW, and 21.58 GW of battery modules, indicating stable sales performance [1] Strategic Moves - The acquisition of approximately 61.9998% voting rights in Jingkong Energy will allow the company to control the energy storage business, enhancing its product offerings in this growing market [2] - A significant launch event for energy storage solutions was held in London, showcasing the company's strategic direction in energy storage [2] Industry Outlook - The ongoing "de-involution" policies in the photovoltaic industry are expected to stabilize prices and improve profitability, which could benefit the company [2] - The company is projected to see revenue growth from 65.434 billion yuan in 2025 to 96.332 billion yuan in 2027, with net profits expected to turn positive by 2026 [3]