Core Viewpoint - Longi Green Energy reported a significant reduction in net losses for the first nine months of the year, indicating a potential recovery despite ongoing challenges in the photovoltaic industry [1][2]. Financial Performance - For Q3 2025, Longi Green Energy's revenue was 18.101 billion yuan, a decrease of 9.78% year-on-year, with a net loss of 834 million yuan. For the first three quarters, revenue totaled 50.915 billion yuan, down 13.10% year-on-year, with a net loss of 3.403 billion yuan [1]. - The company achieved a reduction in net losses, with a cumulative net profit attributable to the parent company decreasing by approximately 48% year-on-year from January to September [1]. Market Strategy - The company aims to achieve breakeven in Q4 2025, focusing on increasing the revenue share of BC products and scenario-based products to improve operational performance [2]. - Longi Green Energy's monthly BC production is approximately 2.5 GW, with expectations for gradual increases. By the end of 2025, the HPBC2.0 battery capacity is projected to exceed 60% [2]. Sales and Production - From January to September, Longi Green Energy sold 38.15 GW of silicon wafers and 63.43 GW of battery modules, with BC module sales reaching 14.48 GW [3]. - In the first half of 2025, driven by a domestic market rush, BC component sales accounted for about 55% in the domestic market and 45% in overseas markets [2]. Market Outlook - The management anticipates that the photovoltaic market demand in 2026 will remain close to this year's levels, with significant growth facing considerable pressure. Demand is expected to stabilize in China, Europe, and the U.S., while notable increases may occur in regions with electricity shortages [3].

Core Viewpoint - The photovoltaic industry is experiencing a "de-involution," with a focus on when Longi Green Energy Technology Co., Ltd. can achieve profitability, which is a key concern for the market [1] Financial Performance - Longi Green Energy reported a net loss of 2.569 billion yuan in the first half of the year, a significant reduction in losses by 2.661 billion yuan compared to the same period last year [1] - The company aims to achieve breakeven in the fourth quarter of this year, driven by an increase in revenue from BC products and scenario-based products [2] Product Strategy - The company plans to increase the revenue share of BC products and scenario-based products, which is seen as crucial for improving its financial situation [2] - The sales volume of the second-generation BC products was only 4 GW in the first half of the year, with a target of exceeding 10 GW in the fourth quarter [2] Market Trends - The "de-involution" effect in the photovoltaic industry is becoming evident, with prices of silicon materials and wafers rising since early July [2] - The market sentiment is positive, contributing to the recent price increases in silicon wafers [2] Technological Advancements - Longi Green Energy has made significant progress in technology, with the HIBC battery technology ready for large-scale production, achieving a power output of over 700W and an efficiency of 25.9% [4] - The company is focused on reducing non-silicon costs by over 10% annually, leveraging advanced technologies to drive cost reduction and efficiency improvements [4] Market Positioning - The company aims to enhance the sales proportion of BC products in the European market, targeting over 80% in the distributed market and an overall composite share exceeding 60% in the European market next year [3] - The company believes that the clearing of excess capacity in the photovoltaic sector will depend on technological advancements and encouraging advanced production capacity [3]