Core Viewpoint - Longi Green Energy (601012.SH) is actively researching and focusing on perovskite tandem solar cell technology, achieving a significant milestone in efficiency [1] Group 1: Technological Advancements - The company announced that its self-developed large-area (260.9 cm²) silicon-perovskite tandem solar cell achieved a conversion efficiency of 33%, setting a new global record for large-area perovskite tandem cells [1] - The technology team is concentrating on mass production processes and component product development, making substantial progress in product reliability [1]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance despite current challenges [4][6]. Core Insights - The company reported a revenue of 32.813 billion yuan for H1 2025, a year-on-year decrease of 14.83%, with a net profit attributable to shareholders of -2.569 billion yuan, although the loss margin has narrowed compared to previous periods [1]. - The company has increased its silicon wafer shipment by 17.19% year-on-year to 52.08 GW, and battery module shipments grew by 23.09% to 41.85 GW, indicating a strong market presence and growth in key segments [2]. - By the end of 2025, it is expected that the high-efficiency HPBC2.0 battery production capacity will exceed 60%, with the company maintaining a leading position in the industry through advanced technology [3]. Summary by Sections Financial Performance - For H1 2025, the company achieved a revenue of 32.813 billion yuan, down 14.83% year-on-year, and a net profit of -2.569 billion yuan, with the loss margin narrowing [1]. - The Q2 2025 revenue was 19.161 billion yuan, a decrease of 8.12% year-on-year, with a net profit of -1.133 billion yuan, also showing a reduction in loss [1]. Product and Market Development - The company has focused on high-value customers and niche markets, achieving significant growth in overseas sales, particularly in Spain, Australia, and Romania, with silicon wafer exports increasing by over 70% year-on-year [2]. - The HPBC2.0 technology has reached a mass production yield of 97% and a conversion efficiency of 24.8%, with expectations for high-efficiency production capacity to exceed 60% by the end of 2025 [3]. Operational Efficiency - The company has improved operational efficiency significantly, with sales and management expenses decreasing by 37% and 23% respectively in H1 2025, while maintaining a strong cash reserve of 49.303 billion yuan and a debt ratio of 60.72% [4].

Financial Performance - The company achieved a revenue of 4.213 billion yuan, a year-on-year decrease of 13.48% [2] - The net profit attributable to shareholders was 394 million yuan, down 14.59% year-on-year [2] - The gross profit margin increased from 26.92% in the same period last year to 33.74% [2] Semiconductor Sector Strategy - The company has established a strategic layout in the semiconductor field, focusing on three key technology platforms: vacuum, laser, and precision equipment [3] - The rapid progress is attributed to a differentiated development path, targeting areas with less competition and collaborating with customers on key technological nodes [3] - The company emphasizes future technology trends in its product differentiation strategy, particularly in selective etching and atomic layer deposition [4] Selective Etching Applications - Selective etching is widely used in 3D flash memory, DRAM, and advanced logic applications [5] - The company's selective etching technology minimizes physical damage and meets customer demands for precision and low-damage etching processes [5] HJT Battery Technology - The company is making significant progress in HJT battery technologies, with goals to achieve an average power of 780W and a maximum power close to 800W by the end of the year [6] - The silver content in HJT battery back-side paste has been reduced to below 15%, with plans to transition to pure copper paste without a seed layer [8] Future Trends in Photovoltaics - The company anticipates a shift towards silver-free or low-silver technologies in battery cell back-side materials [8] - HJT technology is seen as advantageous in overseas markets due to its high automation and manufacturing yield [8] - The company believes that silicon-based perovskite tandem solar cells represent a sustainable development direction for the photovoltaic industry [8]