Core Viewpoint - Longi Green Energy has significantly reduced its losses in the second quarter, raising questions about whether it can achieve a turnaround in the second half of the year amid challenges in the photovoltaic industry [1] 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% [1] - The company recorded a net loss attributable to shareholders of 2.57 billion yuan, an increase in loss of 50.88% year-on-year [1] - The net loss after deducting non-recurring items was 3.304 billion yuan, reflecting a year-on-year increase of 37.38% [1] - The second quarter's net loss narrowed to approximately 350 million yuan, a decrease of nearly 21% compared to the first quarter [1] Cost Management - Longi Green Energy achieved loss reduction through efficiency improvements and cost-cutting measures [1] - Sales expenses and management expenses decreased by 37% and 23% year-on-year, respectively [1] - A significant reduction in asset impairment losses also contributed to the decrease in losses [1] Market Outlook - Since the beginning of the third quarter, the price of N-type silicon wafers has increased by at least 24% compared to the previous quarter [1] - The market is focused on whether Longi Green Energy can deliver its best performance since the beginning of the current photovoltaic downcycle and confirm the bottom of the cycle [1]

Core Viewpoint - Longi Green Energy's revenue decreased in the first half of 2025 due to the photovoltaic industry's capacity clearing, low-price competition, and weak installation demand, resulting in continued net losses [2][3]. Financial Performance - In the first half of 2025, Longi Green Energy achieved revenue of 32.813 billion yuan, a year-on-year decrease of 14.83%, with a net loss attributable to shareholders of 2.57 billion yuan, an increase in loss of 50.88% year-on-year [2]. - The company's net loss narrowed to approximately 350 million yuan in the second quarter, a decrease of nearly 21% compared to the first quarter, indicating signs of stabilization [2][3]. - The second quarter saw a revenue of 19.161 billion yuan, a year-on-year decrease of 8.12% but a quarter-on-quarter increase of 40.35%, with a net loss of 1.133 billion yuan, reflecting a year-on-year increase of 60.66% [3][4]. Cost Management - Longi Green Energy managed to reduce losses by improving efficiency and cutting costs, with sales and management expenses decreasing by 37% and 23% year-on-year, respectively [2][4]. - The total sales and management expenses amounted to 2.18 billion yuan, down 28.9% from 3.067 billion yuan in the previous year [4]. Market Conditions - The photovoltaic industry is currently experiencing an "L-shaped" cycle bottom, with the price of N-type silicon wafers increasing by at least 24% since the third quarter [2][6]. - The supply-side reform in the photovoltaic sector is ongoing, with production cuts being implemented to alleviate market supply pressure and stabilize prices [4][6]. Demand Dynamics - Demand for photovoltaic products has been weak following a surge in April, with the market remaining cautious and the acceptance of higher prices by end-users being low [7]. - Longi Green Energy is advancing the mass production of BC (Back Contact) batteries to create a differentiated competitive advantage amid uncertain demand recovery [7][8]. Production Capacity - The company shipped approximately 4 GW of BC components during the reporting period, with its HPBC2.0 battery capacity reaching 24 GW, gradually commencing production [8].

Core Viewpoint - Longi Green Energy's revenue decreased in the first half of the year due to the photovoltaic industry's capacity clearance, low-price competition, and weak installation demand, resulting in continued net losses [1][2][3] Financial Performance - In the first half of the year, Longi Green Energy achieved revenue of 32.813 billion yuan, a year-on-year decrease of 14.83%, with a net loss attributable to shareholders of 2.57 billion yuan, an increase in loss of 50.88% year-on-year [1] - The company's net loss narrowed to approximately 350 million yuan in the second quarter, a decrease of nearly 21% compared to the first quarter, indicating signs of stabilization [1][2] - The second quarter saw a revenue of 19.161 billion yuan, a year-on-year decrease of 8.12% but a quarter-on-quarter increase of 40.35%, with a net loss of 1.133 billion yuan, reflecting a year-on-year and quarter-on-quarter increase in loss of 60.66% and 21.1% respectively [2][3] Operational Efficiency - Longi Green Energy managed to reduce its sales and management expenses by 37% and 23% respectively, contributing to the reduction in losses [1][3] - The total sales and management expenses for the first half were 2.18 billion yuan, down 28.9% from 3.067 billion yuan in the same period last year [3] Market Dynamics - The average price of N-type silicon wafers increased by at least 24% in the third quarter compared to the previous quarter, raising market expectations for Longi Green Energy's performance [1][4] - The photovoltaic industry is currently in an "L-shaped" cycle bottom, and whether Longi Green Energy can confirm the bottom of the cycle in the third quarter is a key focus for the market [4] Supply and Demand Factors - The reduction in production and changes in demand are critical factors affecting the performance of photovoltaic manufacturers in the third and fourth quarters [5] - The Ministry of Industry and Information Technology and other departments have emphasized the need for stricter control over low-price sales and to stabilize the market [5] - Despite recent policy advancements, terminal demand remains weak, leading to a cautious market atmosphere among downstream sectors [5][6] Technological Advancements - Longi Green Energy continues to advance the mass production of BC (Back Contact) batteries, aiming to replace PERC capacity and create a competitive advantage [6] - The company expects that by the end of the year, the high-efficiency capacity of its upgraded HPBC2.0 batteries will exceed 60%, completing the product structure upgrade [6]