隆基绿能（601012.SH）2025 年半年报点评 盈利阶段性承压，坚定 BC 产品领先布局 2025 年 08 月 25 日 事件：2025 年 8 月 22 日，公司发布 2025 年半年报。2025H1，公司实现营 业收入 328.13 亿元，同比-14.83%；实现归母净亏损 25.69 亿元，较上年同 期减亏；实现扣非净亏损 33.04 亿元，较上年同期减亏。2025H1 公司拟计 提减值准备 11.67 亿元，包括存货跌价准备 7.61 亿元、固定资产减值准备 3.32 亿元、在建工程减值准备 0.49 亿元、合同资产减值准备 0.25 亿元。 2025Q2 公司实现营业收入 191.61 亿元，同比-8.12%，环比+40.35%；实 现归母净亏损 11.33 亿元，亏损环比收窄；实现扣非净亏损 13.21 亿元，亏 损环比收窄。 ➢ 坚定 BC 产品领先布局。2025H1，公司高价值 HPBC2.0 先进产能稳步 爬坡，量产组件转换效率高达 24.8%，产品签单量快速增长，2025H1 出货 约 4GW，畅销至中国、欧洲、亚太、拉美、中东非等 70 多个国家或地区。 公司持续推进 BC 产品 ...

8 月22 日公司发布2025 年中报，上半年公司实现收入328 亿元，同比-15%；归母净利润-25.69 亿元，同 比大幅减亏。其中Q2实现收入192 亿元，同比-8%，环比+40%；归母净利润-11.33 亿元，同比（24Q2 为-28.93 亿元）、环比（25Q1 为-14.36 亿元）均减亏。 经营分析 期间费用下降、减值减少带动亏损显著收窄。上半年公司实现硅片出货量52.08GW（对外销售 24.72GW）、同增17%，电池组件出货量41.85GW（其中组件出货量39.57GW）、同增23%。受光伏产 业链价格跌破成本的影响，公司毛利率仍处亏损状态，但公司凭借运营提效带动销售/管理费用分别同 比大幅下降37%/23%，同时资产减值大幅减少，上半年亏损较去年同期显著收窄。Q2 产业链抢装带动 价格回升，测算公司硅片、电池组件业务单位亏损收窄，公司销售毛利率环比修复3.4 PCT 至-0.8%。 "反内卷"有望推动产业链价格及盈利修复，财务稳健保障穿越周期。6 月底以来光伏行业"反内卷"扎实 推进，多晶硅、硅片、电池片等多个环节价格已上涨，8 月19 日六部委联合召开光伏产业座谈会，相关 光伏制造企业 ...

Core Viewpoint - The photovoltaic industry is facing significant challenges due to falling market prices below cost levels, leading to a situation where companies are increasing output without corresponding revenue growth. Longi Green Energy has managed to reduce losses significantly through operational efficiency improvements and technological innovation, particularly with its differentiated BC technology [1][2]. Industry Overview - In the first half of 2025, the national photovoltaic installed capacity increased by 212.21 GW, a year-on-year growth of 107%. However, the manufacturing sector is under pressure, with battery and module production growth rates dropping below 15%, and some segments like polysilicon and wafers experiencing negative growth. The industry is characterized by structural overcapacity and homogeneous competition, leading to a vicious cycle of "expansion-price reduction-loss" [2]. - The industry is currently in a state of overall loss, with frequent occurrences of low-price bidding and misleading power ratings disrupting market order and hindering technological innovation and sustainable development [2]. Company Performance - Longi Green Energy achieved an operating revenue of 32.813 billion yuan in the first half of 2025, significantly reducing losses by 2.661 billion yuan compared to the previous year. This improvement is attributed to a substantial decrease in sales and management expenses, as well as a reduction in asset impairment losses [1]. - The company shipped approximately 4 GW of its second-generation BC modules globally, particularly excelling in high-value markets such as Europe and Asia-Pacific [2]. Technological Innovation - Longi's HPBC 2.0 technology has reached full-scale production, with module conversion efficiency at 24.8% and a stable yield above 97%. The HIBC module has achieved a production efficiency of 25.9%, breaking the 700W power threshold, making it the highest efficiency industrial photovoltaic product globally [4]. - The company has invested significantly in R&D, holding over 3,500 patents, including 480 related to BC technology, covering key areas such as passivated contact technology and metallization [2][4]. Cost Reduction and Efficiency Improvement - Longi has implemented management streamlining and process efficiency improvements, resulting in a significant reduction in sales and management expenses by 37% and 23%, respectively. The company has also focused on agile product development, reducing inventory turnover days by 26 days [6]. - The company has maintained a high safety margin in financial reserves, with a debt-to-asset ratio of 60.72% and a interest-bearing debt ratio of 21.45%, showcasing its financial health and resilience in navigating industry challenges [7]. Policy and Market Direction - Recent government discussions have emphasized the need to regulate low-price competition and promote product quality, indicating a shift from quantity growth to quality breakthroughs in the photovoltaic industry. Longi Green Energy, with its differentiated BC technology, is positioned as a strong supporter of high-quality development in the sector [7].

每经编辑：张文瑜 8月22日，光伏企业上半年成绩单陆续揭榜。但受光伏行业主要产品市场销售价格跌破行业成本线的竞 争环境影响，光伏企业普遍经营亏损、增量不增收。 2025年上半年，隆基绿能公司实现营业收入328.13亿元，较上年同期大幅减亏26.61亿元，主要得益于运 营提效促进销售费用、管理费用大幅下降，以及资产减值损失的大幅减少。 持续刷新效率纪录 至暗时刻，技术创新成为破局的关键。隆基绿能凭借其领先的差异化BC技术，开启新一轮技术驱动。 BC组件差异化突围 2025年上半年，全国光伏新增装机212.21GW，同比增长107%。然而，制造端全面承压，电池、组件产 量增速降至15%以下，多晶硅、硅片甚至出现负增长，产业链价格持续探底，行业整体仍处于全面亏损 的艰难局面。 光伏行业的"内卷"，本质上是结构性产能过剩与同质化竞争的双重挤压。同质化技术的快速普及，虽推 动了效率提升，却也导致技术创新羸弱、产品差异缩小，企业纷纷陷入"扩产－降价－亏损"的恶性循 环。低价中标、虚假功率标注、以次充好等现象频发，严重扰乱了市场秩序，阻碍了行业技术创新与可 持续发展。 凭借BC技术的差异化优势，隆基绿能在全球市场脱颖而出。 ...

Core Viewpoint - Longi Green Energy has maintained a market value that surpasses the combined total of its three main competitors, Jinko, Trina, and JA Solar, despite the downturn in the photovoltaic industry, largely due to its substantial cash reserves of 50 billion and advancements in BC technology [1][2]. Group 1: Company Performance and Strategy - Longi Green Energy has initiated significant organizational reforms, including a drastic reduction in workforce from 75,000 to 37,853, marking a 50% decrease, which is unprecedented in the photovoltaic industry [6][7]. - The company has acknowledged past failures, particularly the HPBC generation, and is now focusing on cost control and efficiency improvements to regain its competitive edge [9][10]. - Longi's marketing strategy for BC technology has involved a substantial investment of 7.82 billion in promotional expenses, which is 80% higher than the previous year and significantly more than its competitors [30][20]. Group 2: Market Position and Competitiveness - Longi's market share has been eroded due to aggressive competition and strategic missteps, leading to a decline in its dominance in the silicon wafer market [19][20]. - The company has faced challenges in maintaining its leadership position, with its technology lagging behind competitors in certain areas, particularly in BC and TOPCon technologies [38][39]. - Despite setbacks, Longi's financial stability, bolstered by its cash reserves, positions it to endure market fluctuations and invest in future technologies [20][40]. Group 3: Future Outlook - Longi is at a crossroads, needing to balance aggressive technological advancements with prudent financial management to avoid repeating past mistakes [40][41]. - The company is encouraged to explore new avenues such as energy storage and innovative power systems while leveraging its historical cost advantages in the solar supply chain [40].

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].