隆基绿能致力于成为全球最具价值的太阳能科技公司，以"善用太阳光芒，创造绿能世界"为使命，秉 承"稳健可靠、科技引领"的品牌定位，聚焦科技创新，构建了单晶硅片、电池组件、分布式光伏解决方 案、地面光伏解决方案、氢能装备等业务板块，形成了支撑全球零碳发展的"绿电"+"绿氢"产品矩阵和 综合解决方案。 本报讯 （记者殷高峰）11月18日，隆基绿能科技股份有限公司（以下简称"隆基绿能"）在上海证券交 易所发行2025年面向专业投资者公开发行科技创新绿色公司债券（高成长产业债）（第一期）（债券简 称：GK隆基01），国信证券担任牵头主承销商、簿记管理人和受托管理人，中金公司担任联席主承销 商。本期债券发行规模14.8亿元，期限为3+2年，票面利率2.89%，为全国首单民企科技创新绿色公司债 券。 本期债券亦属于高成长产业债。为保护投资者权益和促进债券交易，隆基绿能在信息披露增强条款、投 资者保护特别条款等方面均做出了特别安排，充分体现了高成长产业债"更可靠的信息披露""更活跃的 市场交易""更有效的市场定价""更畅通的投融交流"和"更多元的投资者结构"五大特点。 隆基绿能相关负责人表示，本次科技创新绿色公司债券的成功发 ...

Core Insights - Longi Green Energy, a major player in the photovoltaic industry, has finalized its strategic plan to enter the energy storage sector [1] - The acquisition of Suzhou Jingkong Energy Technology Co., Ltd. has been disclosed, marking the transaction's entry into the public announcement phase [1] - Longi Green Energy aims to acquire approximately 61.9998% of the voting rights in Jingkong Energy through equity purchase, capital increase, and voting rights delegation [1] Company Overview - Longi Green Energy was established on February 14, 2000, in Xi'an, Shaanxi Province, and primarily engages in the production of monocrystalline silicon wafers, battery modules, distributed photovoltaic solutions, ground photovoltaic solutions, and hydrogen equipment [1] - Jingkong Energy specializes in lithium-ion battery energy storage systems and has a global presence, covering key regions such as mainland China, Europe, North America, and Australia [1] Market Performance - As of November 14, Longi Green Energy's stock price increased by 2.72%, closing at 21.88 yuan per share, with a total market capitalization of 165.8 billion yuan [2]

Core Viewpoint - Longi Green Energy Technology Co., Ltd. is acquiring approximately 61.9998% of the voting rights in Suzhou Jingkong Energy Technology Co., Ltd., which specializes in lithium-ion battery energy storage systems, indicating a strategic move to enhance its control and capabilities in the energy storage sector [4][5]. Group 1: Acquisition Details - Longi Green Energy signed an agreement to acquire shares and voting rights in Jingkong Energy, aiming to gain significant control over the company [3][4]. - Prior to the transaction, natural persons controlled 44.79% of Jingkong Energy's voting rights, while post-transaction, Longi Green Energy will hold 61.9998% [4][5]. - The acquisition is part of Longi Green Energy's broader strategy to expand its influence in the renewable energy market, particularly in energy storage solutions [4][5]. Group 2: Company Backgrounds - Longi Green Energy, established on February 14, 2000, in Xi'an, Shaanxi Province, is a publicly listed company on the Shanghai Stock Exchange, primarily engaged in monocrystalline silicon wafers, solar cell modules, and hydrogen equipment [4][5]. - Jingkong Energy, founded on September 17, 2015, in Suzhou, Jiangsu Province, focuses on lithium-ion battery energy storage systems and emphasizes self-research in core technologies [5][6]. - Jingkong Energy has recently entered a strategic partnership with Club Solar, an Australian energy company, to deploy a 2GWh residential energy storage system in the Australian market, showcasing its commitment to global market expansion [5][8].

Economic News - The Consumer Price Index (CPI) in October increased by 0.2% year-on-year and month-on-month, reversing a decline of 0.3% in the previous month, indicating improved supply-demand dynamics in certain domestic industries and positive changes in industrial producer prices [1] - The Ministry of Commerce announced adjustments to the management of the export of controlled chemicals, adding the US, Mexico, and Canada to the list of specific countries for export control [1] - The State-owned Assets Supervision and Administration Commission reported that central enterprises completed fixed asset investments exceeding 3 trillion yuan in the first three quarters, with emerging industries accounting for about 40% of the investments [1] - The Ministry of Industry and Information Technology emphasized the importance of innovation and collaboration in developing new technologies and products to support modern industrial systems [1] - The People's Bank of China conducted a 7-day reverse repurchase operation of 119.9 billion yuan at an interest rate of 1.40% [1] - The China Gold Association reported a 7.95% year-on-year decline in gold consumption in the first three quarters of 2025, with jewelry consumption down 32.5% [1] - Public funds have accelerated their investment in ETFs, with total ETF shares reaching 316 billion, an increase of 19.17% year-on-year [1] Company Insights - Fangzheng Technology plans to invest 1.364 billion yuan in the expansion of its artificial intelligence production base in Chongqing [6] - Longi Green Energy clarified that it is not directly involved in the silicon material sector, focusing instead on monocrystalline silicon wafers and hydrogen energy solutions [6] - Shanghai Xiba's executives are under investigation for suspected insider trading [6] - Visionox plans to raise no more than 2.937 billion yuan through a private placement [7] - Dingjie Smart's shareholder plans to reduce its stake by no more than 2.98% [7] Industry Analysis - The food and beverage industry is transitioning from a low win-rate to a high win-rate phase, with macroeconomic changes expected to drive demand [8] - High win-rate opportunities are concentrated in consumer goods, particularly in companies benefiting from new channels and product categories [9] - Hengyin Technology is positioned as a leader in smart banking solutions, leveraging a three-pronged strategy of smart terminals, AI algorithms, and ecosystem development [10] - The company has seen a recovery in revenue and profit due to international market expansion and cost reduction strategies [11] - The self-service terminal industry is projected to grow significantly, driven by policy support and technological advancements [12] - The company is expected to achieve net profits of 56 million, 79 million, and 90 million yuan from 2025 to 2027, reflecting a positive growth outlook [13]

Core Viewpoint - Longi Green Energy's chairman and general manager, Zhong Baoshen, clarified that the company does not directly participate in the silicon material segment of the supply chain, despite its involvement in various renewable energy sectors [1] Group 1: Business Segments - The company is engaged in multiple business areas, including monocrystalline silicon wafers, solar cell modules, distributed photovoltaic solutions, ground-mounted photovoltaic solutions, and hydrogen equipment [1] - Longi Green Energy aims to support global zero-carbon development through its "green electricity" and "green hydrogen" products and solutions [1]

Core Viewpoint - The recent silicon material storage plan has garnered significant attention in the industry, with Longi Green Energy's chairman, Zhong Baoshen, stating that the company is not directly involved in the silicon material segment [2] Group 1: Company Operations - Longi Green Energy's main business includes monocrystalline silicon wafers, battery modules, distributed photovoltaic solutions, ground photovoltaic solutions, and hydrogen equipment, contributing to global zero-carbon development through "green electricity" and "green hydrogen" products and solutions [2] - Although Longi Green Energy is not directly engaged in silicon material operations, it has chosen to invest in the silicon material sector through equity participation and joint ventures to mitigate cost pressures from silicon price increases in 2021 [2] Group 2: Industry Developments - The silicon material storage initiative is seen as a means to address supply-demand imbalances in the photovoltaic industry, with 17 leading companies reportedly forming a consortium to complete the initiative by the end of the year [2] - Longi Green Energy has invested in two silicon material companies under Tongwei Co., Ltd., holding 15% and 49% stakes in Sichuan Yongxiang New Energy Co., Ltd. and Yunnan Tongwei High-Purity Crystalline Silicon Co., Ltd., respectively [2] - Due to the recent decline in silicon prices, both of these companies have faced losses, with Longi Green Energy reporting over 1.3 billion yuan in losses from these joint ventures in its semi-annual report [3]

Company Overview - Longi Green Energy focuses on technological innovation, constructing business segments including monocrystalline silicon wafers, battery modules, distributed photovoltaic solutions, ground photovoltaic solutions, and hydrogen equipment, forming products and solutions that support global zero-carbon development with "green electricity" and "green hydrogen" [1] - The company has established production bases in China, Vietnam, and Malaysia, and sales offices in over 160 countries and regions, including the United States, Japan, India, Australia, the UAE, and Thailand [1] Energy Management Practices - Longi Green Energy monitors the efficiency of energy and resource usage, implementing various management documents such as the "Energy Management Manual" and "Energy Data Management Measures," and has established a leadership group for energy management led by the chairman [2] - The company conducts annual carbon verification and updates its greenhouse gas emission inventory, achieving third-party certification for five consecutive years [2] - Key measures include carbon emission accounting, energy management, and the construction of clean energy facilities, with the implementation of a comprehensive carbon emission data online management system [2] Energy Efficiency Initiatives - In 2024, Longi Green Energy will undertake 477 energy-saving technical transformation projects, expected to save approximately 426 million kWh of electricity annually, thereby reducing greenhouse gas emissions [2] - The company actively promotes energy-saving awareness and training among all employees, with specialized training for senior management [2] Zero Carbon Factory Development - In 2024, Longi Green Energy's Jiaxing base became the first zero-carbon factory in the industry, deploying a smart energy management system and advanced automated production equipment [3] - The unit product energy consumption at the Jiaxing base decreased by 24.6% year-on-year, with 26 energy-saving projects expected to save about 13 million kWh of electricity, equivalent to a reduction of 7,600 tons of carbon [3] - The rooftop solar power station at the Jiaxing base has a capacity of 17.03 MW, generating approximately 16 million kWh of electricity, accounting for 10.2% of total electricity consumption, resulting in a carbon reduction of 9,558 tons [3] Water Resource Management - Longi Green Energy focuses on the water footprint of its products, developing management plans to monitor water consumption intensity and exploring the construction of "zero discharge" factories [4] - In 2024, the company achieved a significant reduction in water consumption intensity across its production processes, particularly in the battery segment, with a decrease of 44.5% compared to 2023 [4] Expert Commentary - Longi Green Energy utilized 4.746 billion kWh of renewable electricity in 2024, resulting in a carbon reduction of over 2.54 million tons, with its Jiaxing base recognized as the first "lighthouse + zero carbon" factory in the photovoltaic industry [4]

Core Viewpoint - Longi Green Energy, a leading photovoltaic company, is beginning to expand into the energy storage sector by investing in Suzhou Jingkong Energy Technology Co., Ltd. and considering further acquisitions [1][5][8] Company Developments - Longi Green Energy has reportedly taken a stake in Suzhou Jingkong Energy, a company recognized for its innovative energy storage solutions and has been listed as a Tier 1 energy storage manufacturer by Bloomberg New Energy Finance [5][6] - The company is currently evaluating its energy storage business, but no definitive decisions have been made yet [2][14] Market Context - Longi Green Energy is the only major player among the top four global module manufacturers without an established energy storage business, while competitors like JinkoSolar and Trina Solar have been actively developing their energy storage segments [7][9] - The energy storage market is becoming increasingly competitive, with prices for projects hitting record lows, posing challenges for new entrants like Longi Green Energy [15] Financial Performance - Longi Green Energy has faced significant financial losses, reporting a net loss of 8.618 billion yuan in 2024 and a further loss of 1.436 billion yuan in Q1 of the same year [8] - Despite these losses, the company has shown some improvement, reducing its losses by 2.661 billion yuan in the first half of the year compared to the same period in 2024 [8] Strategic Focus - While Longi Green Energy is exploring energy storage, it has primarily focused on hydrogen energy development, which has not yet achieved commercial viability [11][14] - The company aims to integrate energy storage with its existing photovoltaic solutions, emphasizing the trend of "solar plus storage" [10][12]

Core Viewpoint - Longi Green Energy Technology Co., Ltd. reported a revenue of 32.8 billion yuan for the first half of 2025, a decrease from 38.53 billion yuan in the same period last year, indicating challenges in the photovoltaic industry due to falling product prices [1] Financial Performance - Revenue for H1 2025: 32.8 billion yuan, down from 38.53 billion yuan year-on-year [1] - Government subsidies accounted for 465 million yuan in H1 2025 [1] - Net loss for H1 2025: 2.569 billion yuan, improved from a net loss of 5.23 billion yuan in the same period last year [1] - Non-recurring net loss for H1 2025: 3.3 billion yuan, compared to 5.264 billion yuan in H1 2024 [1] - Asset-liability ratio: 60.72% [1] - Interest-bearing debt ratio: 21.45% [1] Business Operations - Longi Green Energy's product segments include monocrystalline silicon wafers, battery modules, distributed photovoltaic solutions, global green photovoltaic building solutions, ground photovoltaic solutions, and green hydrogen equipment [1] - Silicon wafer shipment volume for H1 2025: 52.08 GW (of which 24.72 GW for external sales) [1] - Battery module shipment volume for H1 2025: 41.85 GW (with 39.57 GW for modules) [1] Shareholding Structure - As of June 30, 2025, major shareholders include: - Li Zhenguo: 14.08% - Hong Kong Central Clearing Limited: 5.62% - Hillhouse Capital's HHLR Management Limited: 5.43% [1] - The shareholding structure remained relatively stable compared to March 31, 2025 [1] Hillhouse Capital's Actions - Hillhouse Capital reduced its stake in Longi Green Energy to below 5% by selling 37,557,175 shares at an average price between 14.88 yuan and 16.62 yuan per share, realizing 583 million yuan in cash [5] - The reduction in shareholding allows Hillhouse more flexibility for future divestments [5] - Despite the reduction, Hillhouse's investment in Longi Green Energy has resulted in a significant unrealized loss of at least 8 billion yuan [6]

Core Viewpoint - Longi Green Energy Technology Co., Ltd. is recognized for its contributions to green energy and social responsibility, with its chairman receiving an award for outstanding contributions to the construction of socialism with Chinese characteristics [1] Group 1: Company Overview - Longi Green Energy was established in 2000 and is a leading global solar technology company, as well as a key player in the photovoltaic industry in Shaanxi [1] - The company’s business includes monocrystalline silicon wafers, battery modules, distributed photovoltaic solutions, ground photovoltaic solutions, green photovoltaic building solutions, and green hydrogen equipment [1] Group 2: Innovation and Research - Longi Green Energy has a strong focus on innovation, with its research center in Xi'an being referred to as the "brain of photovoltaics" [2] - The company has set world records in solar photovoltaic efficiency, including a 25.4% efficiency for HPBC2.0 components and a 27.81% efficiency for HIBC silicon batteries [2] - Longi Green Energy has invested approximately 5 billion yuan in R&D in 2024, accounting for 6.1% of its annual revenue, with total R&D investment exceeding 32 billion yuan from 2012 to 2024 [4] Group 3: Market Position and Achievements - Longi Green Energy has maintained the highest cumulative shipment of monocrystalline silicon wafers globally over the past decade, with over 30% of all installed solar power systems using its silicon wafers [4] - The company has established manufacturing bases in countries such as Vietnam, Malaysia, and the United States, with operations in over 160 countries and regions [4] Group 4: Social Responsibility - Longi Green Energy actively engages in social responsibility initiatives, including the establishment of the "Longi 1% Fund" for charitable causes and support for rural revitalization and education [5] - The company has received honors such as the "Humanitarian Medal" from the Chinese Red Cross for its contributions to society [5]