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]