Core Viewpoint - Longi Green Energy demonstrates resilience and strategic adjustment in a challenging photovoltaic industry, focusing on differentiated value competition through BC technology and innovative management practices [1][3]. Financial Performance - For the first three quarters of 2025, Longi Green Energy achieved a revenue of 50.915 billion yuan, with Q3 revenue reaching 18.101 billion yuan, marking a significant reduction in losses over two consecutive quarters [1]. - The company reported a net profit attributable to the parent company that decreased by approximately 48% year-on-year, indicating a strong recovery momentum despite not achieving profitability during the reporting period [1]. Sales and Market Strategy - In the first nine months, the company sold 38.15 GW of silicon wafers and 63.43 GW of battery components, with BC component sales reaching 14.48 GW [1]. - The domestic market accounted for about 55% of BC component sales, while the overseas market represented approximately 45%, with a notable premium for BC products in Europe [2]. Product Development and Innovation - Longi's second-generation BC components have a conversion efficiency of 24.8% and a stable yield of over 97%, with the newly launched HIBC components achieving a production efficiency of 25.9% and power exceeding 700W [2]. - The company is focusing on high-value product systems centered around HPBC technology to navigate the shift from homogeneous price competition to differentiated value competition [3]. Strategic Partnerships - Longi Green Energy has signed a contract to supply 400 MW of BC technology-based components for the Shanghai Electric Fengxian No. 1 offshore photovoltaic project, highlighting the technology's advantages in complex marine environments [3].

Core Viewpoint - Longi Green Energy has demonstrated resilience in a challenging photovoltaic industry by leveraging its BC technology to navigate through price wars and achieve significant operational improvements, despite not being profitable in the current period [1][2]. Financial Performance - For the first nine months of 2025, the company reported a revenue of 50.915 billion yuan, with Q3 revenue reaching 18.101 billion yuan, marking a significant reduction in losses over two consecutive quarters [1]. - The net profit attributable to the parent company decreased by approximately 48% year-on-year, indicating a strong recovery momentum [1]. Sales and Production - The company achieved external sales of silicon wafers totaling 38.15 GW and battery modules of 63.43 GW from January to September [1]. - BC component sales reached 14.48 GW during the same period, with HPBC 2.0 product sales experiencing rapid growth [1][2]. Cash Flow and Financial Resilience - The net cash flow from operating activities turned positive, reflecting effective cash flow management, supported by over 51.3 billion yuan in cash reserves [2]. - This financial strength provides ongoing liquidity security for the company's operations [2]. Market Strategy - In the first half of 2025, BC component sales were approximately 55% in the domestic market and 45% in overseas markets, with a notable premium for BC products in Europe [2]. - The company plans to increase the sales proportion of BC products in Europe as HPBC 2.0 production capacity rises, aiming to enhance profitability and avoid low-end market traps [2]. Product Innovation - The second-generation BC components have a conversion efficiency of 24.8% and a stable yield of over 97%, while the newly launched HIBC components achieve a production efficiency of 25.9% and power output exceeding 700W [2]. - The company is focusing on building a high-value product system centered around HPBC technology to drive market transformation and overcome industry challenges [3]. Strategic Partnerships - Longi Green Energy has signed a contract with Shanghai Electric for the supply of 400 MW of components based on BC technology for the Fengxian offshore photovoltaic project, highlighting the technology's advantages in complex marine environments [3].