在装机需求滑落与产业链价格低迷的背景下，隆基绿能依靠提效降费实现减亏。上半年，公司销售费 用、管理费用分别同比下降37%、23%，资产减值损失的大幅减少也是减亏的原因之一。 截至上周，三季度以来N型硅片价格至少环比上涨24%，隆基绿能是否能在本季度交出本轮光伏下行周 期以来的最好业绩表现并确认周期底部，是市场接下来的关注焦点。 【#隆基绿能二季度减亏显著#，#隆基绿能下半年能否打出翻身一仗#？】受光伏行业产能出清、低价竞 争、装机需求低迷影响，隆基绿能（601012.SH）上半年增收不增利，净利润续亏。 近日，隆基绿能发布2025年半年度报告，公司上半年实现营收328.13亿元，同比减少14.83%，归母净利 润亏损25.7亿元，同比增长50.88%，扣非后归母净利润亏损33.04亿元，同比增长37.38%，较去年同期 的亏损幅度已显著收窄。其中，第二季度单季净亏损收窄至约3.5亿元，环比第一季度减少近21%，释 放出企稳信号。 ...

受光伏行业产能出清、低价竞争、装机需求低迷影响，隆基绿能（601012.SH）上半年增收不增利，净 利润续亏。 近日，隆基绿能发布2025年半年度报告，公司上半年实现营收328.13亿元，同比减少14.83%，归母净利 润亏损25.7亿元，同比增长50.88%，扣非后归母净利润亏损33.04亿元，同比增长37.38%，较去年同期 的亏损幅度已显著收窄。其中，第二季度单季净亏损收窄至约3.5亿元，环比第一季度减少近21%，释 放出企稳信号。 在装机需求滑落与产业链价格低迷的背景下，隆基绿能依靠提效降费实现减亏。上半年，公司销售费 用、管理费用分别同比下降37%、23%，资产减值损失的大幅减少也是减亏的原因之一。 截至上周，三季度以来N型硅片价格至少环比上涨24%，隆基绿能是否能在本季度交出本轮光伏下行周 期以来的最好业绩表现并确认周期底部，是市场接下来的关注焦点。 提效降费，二季度环比减亏 财报显示，上半年，隆基绿能实现硅片出货量52.08GW（对外销售24.72GW），同比增长17.2%，电池 组件出货量41.85GW（其中组件出货量39.57GW），同比增长23.08%。 光伏行业上半年在供需失衡背景下同质 ...

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]