Overview - Zhejiang Bangjie Holdings Group Co., Ltd. has established a joint venture named Jiangshan Bangjie New Energy Technology Co., Ltd. to implement a 16GW N-type high-efficiency battery cell and a 16GW large-size photovoltaic silicon wafer cutting project [1][12] - The joint venture agreement was signed between Bangjie New Energy Technology Co., Ltd. and Chuzhou Xinlian New Energy Equity Investment Partnership (Limited Partnership) with a registered capital of RMB 1.62 billion [1][12] Investment and Financial Structure - The joint venture's registered capital is RMB 1.62 billion, with Bangjie New Energy contributing RMB 820 million (50.62%) and Xinlian Fund contributing RMB 800 million (49.38%) [1][12] - The first phase of the capital contribution is RMB 162 million, with subsequent contributions based on project progress [1] Share Transfer and Reduction - Due to unfavorable market conditions, the joint venture will repurchase all shares held by Xinlian Fund through a directed capital reduction, with a total exit price of RMB 85.8739726 million [3][12] - The repurchase will be executed following the approval of the board and shareholders, with independent directors confirming the fairness of the transaction [4][12] Financial Performance - The joint venture has reported significant losses, with a total profit of -RMB 15.298 million for the year ending March 31, 2025 [7] - The total assets of the joint venture were approximately RMB 141.98 million as of December 31, 2024, with total liabilities of RMB 6.23 million [6][7] Regulatory Compliance - The transaction is classified as a related party transaction and does not constitute a major asset restructuring, thus not requiring approval from regulatory authorities [5][12] - The company will follow legal procedures for the capital reduction and ensure compliance with relevant regulations [12][14] Strategic Decision - The decision to terminate the Jiangshan high-efficiency photovoltaic battery cell and large-size silicon wafer cutting project was made based on changes in the photovoltaic market environment, allowing the company to focus resources on its core business [12][14] - The company aims to optimize resource allocation and enhance long-term development interests through this strategic move [12][14]

Overview of Overseas Business - The company has concentrated its overseas business in regions such as the United States, Europe, Japan, South Korea, and Southeast Asia, with products sold to nearly 200 countries and regions globally. In 2024, overseas component shipments accounted for approximately 57.8% of total shipments, while overseas sales represented 68.6% of total revenue [2][3]. Sales Performance by Region - Sales revenue for different regions in 2024 was as follows: Europe: 13.702 billion yuan, Americas: 22.432 billion yuan, Asia-Pacific: 13.654 billion yuan, and other regions: 11.360 billion yuan. The gross profit margins for these regions were 7.35%, 26.21%, 0.23%, and 24.60%, respectively, showing significant variations compared to the previous year [2][3]. Customer Analysis - The company is required to disclose detailed information about its top five customers in each region, including customer names, main businesses, countries, cooperation duration, and sales specifics. This includes whether they are new major customers and any relationships with the company or its controlling shareholders [2][3]. Gross Margin Variations - The gross margin for the company’s products showed significant changes across regions. The gross margin in Europe and Asia-Pacific decreased, while it increased in the Americas and other regions. This was attributed to variations in sales prices and unit costs, with the Americas maintaining higher sales prices due to existing contracts and local demand [5][6]. Cost Structure and Material Prices - The overall cost structure of the company showed a downward trend in 2024, primarily due to a significant drop in the prices of key raw materials such as silicon, photovoltaic glass, and encapsulation films. The direct material costs accounted for a substantial portion of total costs, with direct materials making up 65.65% of the total cost structure [6][7]. Market Demand and Trade Policies - The company anticipates a slight increase in global installation demand in 2025, with emerging markets continuing to grow. However, demand in Europe is expected to weaken, while the Americas and Asia-Pacific markets show positive trends. Trade policies, particularly in North America and India, have a significant impact on market access and costs [6][7]. Competitive Positioning - The company has maintained a leading position in the photovoltaic industry by continuously improving its product efficiency and technology, particularly with its N-type TOPCon technology. The average efficiency of mass-produced batteries and the introduction of innovative photovoltaic modules have further solidified its competitive edge [7].

Core Viewpoint - Longi Green Energy announced a management change, with General Manager Li Zhenguo resigning to focus on R&D and technology management, while Chairman Zhong Baoshan will take over as General Manager [1][2]. Group 1: Management Changes - Li Zhenguo will concentrate on his role as the head of the Central Research Institute and Chief Technology Officer, overseeing the company's R&D system and cutting-edge technology initiatives [2]. - Zhong Baoshan, who has been involved in strategic decision-making and capital operations, will now also manage the company's operations following this adjustment [2][3]. Group 2: Company Performance - Longi Green Energy reported a revenue of 82.582 billion yuan for 2024, a year-on-year decrease of 36.23%, and a net loss attributable to shareholders of 8.618 billion yuan, compared to a profit of 10.751 billion yuan in the previous year, indicating a significant shift from profit to loss [3]. - The decline in performance is attributed to industry supply-demand mismatches, leading to a substantial drop in product prices and gross margins across the industry [4]. - In Q1 2025, Longi reported a net loss of 1.436 billion yuan, an improvement from a net loss of 2.35 billion yuan in the same period last year [4].