文 | 锦缎 低迷期中的隆基绿能(SH:601012)，迎来了难得的荣耀时刻——光伏军团市值瀑布杀之后，其市值仍然相当于晶科、天合和晶澳另三家 TOP4企业的总和。 原因无他，自然是因为其500亿货币资金储备，以及BC技术的加持。 特别是竞争对手TCL中环身陷泥沼，成了隆基"涨估值"的背景板，否则硅片大本营被持续偷家，怎样的后果着实不敢想。果然隆基的一半 优秀，是TCL中环衬托的。 当然，最为重要的是，隆基确实能"画饼"，这一点可能也让其虚涨了几斤肉——去年高达7.8亿的业务推广费，更是将隆基的"终局价值相 信空间"推向了顶点： 从过去166是终极尺寸的定义，到氢能战略的诗和远方，到神秘电池项目突然"暂停，再到HPBC一代溢价"四到六毛"的豪言壮语，及至如 今"BC2.0"的迷人愿景。可以说，隆基这几年走过的路，一半是在反思，一半则是在自我陶醉。 多少算是错有错着：回溯这几年，不幸中的万幸还在于，友商对隆基份额的蚕食，却让其愈发"保守"，加上对神秘电池的左右摇摆，让其 在资本贪婪时代并没有铸成"疯狂扩张"的大错。冥冥之中，隆基凭借强大的底子，犯下几次错误却不显得致命。 直至2024年，痛定思痛的隆基，终于开始 ...

在全球能源转型加速、光伏产业竞争日趋激烈的背景下，5月26日，隆基绿能（601012）(601012.SH)宣 布了高层人事调整。 公告显示，公司董事会于2025年5月23日收到李振国提交的书面《辞任报告》，李振国将专注于公司研 发和科技管理工作，申请辞去公司董事、总经理及法定代表人职务。 辞任后，李振国将继续担任公司中央研究院院长、科技管理中心首席技术官，带领团队聚焦光伏前沿技 术攻关，支持公司长期发展。 上述隆基绿能方面人士表示，"此次人事调整是隆基绿能面向行业新周期主动做出的战略适配。通过治 理架构优化，公司进一步升级管理优势，提升决策专业性；通过强化研发体系，则为应对技术变革与零 碳挑战储备核心能力"。 研发投入加码夯实技术护城河 隆基绿能相关负责人表示，此次变动不会影响日常经营，控股股东及实控人未发生变化，战略方向保持 连贯。据悉，隆基绿能的控股股东、实际控制人为李振国，李喜燕夫妇，两人直接持股比例合计 19.1%。 该人士表示，此次调整以优化公司治理结构、强化科技创新为核心目标，进一步明确了管理层分工与战 略方向。 治理架构升级护航战略执行效能 根据公告，隆基绿能已完成董事会审议程序，钟宝申正式兼 ...

Group 1 - The core point of the article is the issuance of convertible bonds by LONGi Green Energy Technology Co., Ltd., which aims to raise a total of RMB 7 billion through the issuance of 70 million convertible bonds, each with a face value of RMB 100 [1][4][10] - The bonds were approved by the China Securities Regulatory Commission and began trading on the Shanghai Stock Exchange on February 17, 2022 [1][4] - The bonds have a maturity period of six years, with an annual interest rate that increases from 0.20% in the first year to 2.00% in the sixth year [1][4][10] Group 2 - In 2024, LONGi Green Energy reported a revenue of RMB 82.58 billion, a decrease of 36.23% compared to 2023, and a net loss attributable to shareholders of RMB 8.62 billion [11][12] - The company faced challenges such as declining prices and gross margins for its PERC and TOPCon products, leading to increased asset impairment provisions [11][12] - The company’s total assets decreased by 6.78% to RMB 152.84 billion by the end of 2024 [11][12] Group 3 - The funds raised from the convertible bonds are intended for various investment projects, including the construction of high-efficiency solar cell production facilities [9][12] - As of December 31, 2024, the company had utilized RMB 426.85 million of the raised funds, with a portion allocated to projects that have been adjusted or delayed due to market conditions [12][13] - The company plans to adjust the timeline for certain projects, such as the Wuhu Phase II project, to June 2026 due to industry cyclicality and supply-demand mismatches [12][13]

Core Viewpoint - The photovoltaic industry is facing a significant downturn in 2024, with companies across the supply chain experiencing pressure due to falling prices and overcapacity, leading to widespread losses and asset impairment crises [1][3]. Industry Overview - The industry is currently in a cycle of overcapacity, with upstream silicon material prices plummeting and downstream component markets becoming saturated, causing prices to fall below cost [1]. - Many photovoltaic companies, including Longi Green Energy, have reported substantial losses, with Longi's revenue declining by 36.23% year-on-year in 2024 [1]. Company Strategy - Longi Green Energy has initiated a deep transformation in response to the crisis, focusing on product, cost, and capacity investments [1]. - The company has successfully ramped up its HPBC 2.0 production line, achieving a battery yield of 97% and scaling shipments in major global markets [1][7]. Financial Performance - In Q1 2025, Longi reported revenue of 13.652 billion yuan, with a significant reduction in losses, indicating a potential recovery as the industry cycle begins to turn [2][12]. - Longi maintains a healthy financial position with a debt ratio below 60% and cash reserves of 53.157 billion yuan, ensuring continued investment in R&D and market expansion [10]. Technological Advancements - Longi has established a strong position in BC technology, with over 400 patents related to BC battery components and achieving a world record efficiency of 25.4% for HPBC 2.0 modules [6][7]. - The company plans to increase its HPBC 2.0 production capacity to 50 GW by the end of 2025, with expectations for BC products to play a significant role in future growth [8][13]. Market Position - Longi has achieved significant market share in both domestic and international markets, with notable sales increases in emerging markets such as the Middle East and Pakistan [11]. - The company has also expanded into new business areas, including hydrogen energy and rural development projects, further diversifying its operations [11].