隆基曾计划海外募资200亿，彼时正值光伏上升周期 筹划三年的200亿境外融资，光伏巨头隆基绿能（601012.SH）突然踩下"急刹车"。 近日，隆基绿能发布公告表示，董事会审议通过《关于终止境外发行全球存托凭证事项的议案》，同意 公司终止境外发行全球存托凭证（Global Depository Receipts,以下简称"GDR"）并在瑞士证券交易所 （SIX Swiss Exchange）挂牌上市的计划。 对于终止的原因，隆基绿能表示，由于外部多方面因素发生变化，且公司关于本次发行上市的相关决议 有效期已经届满，公司根据实际情况与相关中介机构经过深入探讨和谨慎分析后，决定终止本次境外发 行全球存托凭证事项。 隆基绿能方面对南都湾财社记者表示，鉴于公司GDR项目启动较早，目前，原计划的GDR募投项目已 通过自有及自筹资金解决；公司目前尚无海外融资计划。 同时，也基于光伏行业彼时广阔的发展空间。根据中国光伏行业协会和灼识咨询数据统计，全球光伏新 增装机量由2018年的106.0GW增长至2022年的230.0GW，2018年至2022年复合年均增长率达到21.4%； 此外，预计全球光伏新增装机量将持续增长至20 ...

Core Viewpoint - The global energy transition is advancing, with the photovoltaic industry experiencing rapid growth, but facing challenges such as supply-demand adjustments and intensified market competition [1] Group 1: Company Performance - In 2024, the company achieved an operating revenue of 7.302 billion yuan, a year-on-year decrease of 38.42%, and a net profit attributable to shareholders of -2.697 billion yuan [1] - In the first quarter of 2025, the company reported an operating revenue of 1.657 billion yuan, a year-on-year decrease of 24.37%, and a net profit of -61.8758 million yuan, indicating a reduction in losses [1] Group 2: Strategic Direction - The reduction in net profit in the first quarter of 2025 was primarily due to the company's commitment to the N-type full industry chain strategy, focusing on cost reduction, efficiency enhancement, and technological innovation [2] - The company aims to leverage its full industry chain advantages to maintain core competitiveness amidst uncertainties influenced by supply-demand relationships, technological iterations, raw material costs, and policy environments [2] Group 3: Revenue Structure - In 2024, the company's main revenue sources were from silicon wafers, batteries, and modules, with silicon wafer revenue at 3.027 billion yuan, down 71.8%, while solar module and battery revenue reached 3.946 billion yuan, up 354.93% [2] Group 4: Asset Management - Since 2025, the company has begun to divest its silicon material assets, including the sale of a 49.9950% stake in Jiaxing Zhongping Guoyu and a 27.0737% stake in Inner Mongolia Xinyuan Silicon Material Technology for 1.245 billion yuan [3] - The company maintains its own silicon material production capacity to meet its silicon wafer production needs, with no reduction in overall production capacity [3] - As of the end of the first quarter, the company's asset-liability ratio was 58%, indicating a healthy financial status that allows for effective response to current industry conditions [3]