根据公告，尽管业绩承压，隆基绿能仍持续以高价值、场景化解决方案为核心塑造差异化竞争优势，凭 借长期积累的领先产品、全球化渠道和品牌优势，组件产品市占率维持领先地位，高效BC二代产品良 率达成预期，出货量快速增长。 隆基绿能相关负责人表示，此次业绩亏损主要受制于产品价格持续低迷和成本压力。光伏企业去年的经 营环境依然严峻复杂。去年第四季度银浆、硅料等产品成本大幅上涨，显著推升了硅片、电池及组件产 品成本，使得企业经营进一步承压。 中化新网讯 1月18日，隆基绿能科技股份有限公司(以下简称隆基绿能)披露2025年业绩预告，预计2025 年归属于上市公司股东的净亏损为60亿至65亿元。值得关注的是，尽管2025年仍处于亏损状态，但相比 2024年亏损86.18亿元，隆基绿能业绩修复态势明显。 ...

Core Viewpoint - Longi Green Energy Technology Co., Ltd. is expected to report a net loss of between 6 billion to 6.5 billion yuan for the fiscal year 2025, indicating a challenging financial outlook for the company due to adverse market conditions and rising costs [2][5]. Group 1: Performance Forecast - The company anticipates a net loss attributable to shareholders of 6 billion to 6.5 billion yuan for the fiscal year 2025 [2][5]. - The expected net loss, excluding non-recurring gains and losses, is projected to be between 6.8 billion to 7.4 billion yuan [3][6]. - The performance forecast covers the period from January 1, 2025, to December 31, 2025 [4]. Group 2: Previous Year Performance - In the previous year, the company reported a net loss of 8.618 billion yuan, with a loss of 8.747 billion yuan when excluding non-recurring items [8]. - After retrospective adjustments for accounting policy changes, the net loss was reported as 8.592 billion yuan, with a loss of 8.722 billion yuan excluding non-recurring items [8]. Group 3: Reasons for Current Year Loss - The company faces a challenging operating environment due to supply-demand mismatches in the photovoltaic industry, ongoing low-price competition, and rising costs of silver paste and silicon materials [11]. - Despite these challenges, the company aims to maintain a competitive edge through high-value, scenario-based solutions and has achieved significant growth in product shipments [11]. - The company is also optimizing its global business layout in response to international trade conditions and enhancing its system solution capabilities through integrated solar and storage solutions [11].

Core Viewpoint - Longi Green Energy (601012.SH) is expected to report a net loss attributable to shareholders of 6 billion to 6.5 billion yuan for the year 2025, with a net loss excluding non-recurring gains and losses projected to be between 6.8 billion and 7.4 billion yuan [1] Industry Summary - The photovoltaic industry is facing a mismatch in supply and demand, with ongoing low-price competition leading to sustained low operating rates [1] - Domestic electricity market reforms are deepening, while overseas trade barriers are intensifying, creating a challenging and complex operating environment for photovoltaic companies [1] Company Summary - In the fourth quarter, the costs of silver paste and silicon materials surged significantly, which has increased the costs of silicon wafers, batteries, and module products, further pressuring the company's operations [1] - Due to persistently low product prices and cost pressures, the company's operational performance is expected to remain in the red for 2025 [1] - The company is focusing on high-value, scenario-based solutions to create a differentiated competitive advantage, leveraging its long-standing leading products, global channels, and brand strength [1] - The company maintains a leading market share in module products, achieving expected yield rates for its high-efficiency BC second-generation products, and has successfully scaled up production with rapid shipment growth [1] - The company has completed pilot testing for the technology that substitutes silver paste with cheaper metals and is beginning to construct large-scale production capacity [1] - The company is optimizing its global business layout in response to changes in international trade conditions and enhancing its system solution capabilities through coordinated solar and storage strategies, while continuously improving organizational efficiency and reinforcing sustainable development resilience [1]

Core Viewpoint - Longi Green Energy (601012.SH) expects a net loss attributable to shareholders of 6 to 6.5 billion yuan for the fiscal year 2025, with a net loss excluding non-recurring items projected to be between 6.8 to 7.4 billion yuan [1] Industry Summary - The photovoltaic industry is facing a mismatch in supply and demand, with ongoing low-price competition and low operating rates expected to persist in 2025 [1] - Domestic electricity market reforms are deepening, while overseas trade barriers are intensifying, creating a challenging operating environment for photovoltaic companies [1] Company Summary - In Q4, the significant increase in silver paste and silicon material costs has notably raised the costs of silicon wafers, batteries, and module products, further pressuring the company's operations [1] - Due to continued low product prices and cost pressures, the company's operational performance is expected to remain in the red for 2025 [1] - The company is focusing on high-value, scenario-based solutions to create a differentiated competitive advantage, maintaining a leading market share in module products [1] - The company has achieved expected yields for its second-generation high-efficiency BC products and is successfully scaling up production with rapid shipment growth [1] - The pilot test for the technology replacing silver paste with cheaper metals has been completed, and the company has begun scaling up production capacity [1] - The company is optimizing its global business layout in response to international trade conditions and enhancing its system solution capabilities through coordinated solar and storage strategies [1] - Continuous efforts are being made to improve organizational efficiency and strengthen sustainable development resilience [1]

Core Viewpoint - Yushu Technology has completed its IPO counseling work, indicating readiness for IPO application submission, with expectations of becoming one of the largest and most anticipated domestic technology IPOs in recent years [2][3] Group 1: IPO Progress - Yushu Technology's IPO counseling status has been updated to "counseling work completed," meeting the pre-application conditions for IPO [2] - The company plans to submit its IPO application documents between October and December 2025, along with detailed financial data [3] - The counseling was conducted by CITIC Securities, with legal and accounting support from Beijing DeHeng Law Offices and Rongcheng Certified Public Accountants, respectively [2] Group 2: Company Overview - Founded in 2016, Yushu Technology is a leading developer of humanoid and quadruped robots in China, known for its advanced motion control, perception systems, and intelligent algorithms [3] - The revenue structure for 2024 is projected to be approximately 65% from quadruped robots, 30% from humanoid robots, and 5% from component products [4] Group 3: Product Applications - About 80% of quadruped robots are used in research, education, and consumer sectors, while the remaining 20% are applied in industrial fields such as inspection and firefighting [5] - The company's humanoid robots are currently utilized solely for research, education, and consumer purposes [5] Group 4: Future Goals and Developments - The ultimate goal of Yushu Technology is to enable robots to perform complex tasks and integrate into daily life, although current technology is not yet fully capable [7] - The company is focusing on industrial robots for initial deployment due to higher safety requirements in household applications [7] - Yushu Technology is developing an intelligent emergency robot industrial park in collaboration with Ningbo Blue Cheng Emergency Industry Co., with a total investment of over 1.24 billion yuan [9]

Core Viewpoint - Yushu Technology has completed the IPO counseling process, but it is still in the acceptance phase and has not yet received the completion letter from the regulatory authority [2][4][5]. Group 1: IPO Counseling Process - Yushu Technology's IPO counseling has entered its final stage, but it is still awaiting acceptance from the Zhejiang Securities Regulatory Bureau [4][5]. - The counseling process includes several steps: filing for counseling, conducting related work, submitting a completion report, and obtaining an acceptance letter from the regulatory authority [4][5]. - The acceptance letter is crucial; without it, the counseling cannot be considered complete, and the company cannot proceed with the IPO application [5][6]. Group 2: Timeline and Expectations - Yushu Technology's counseling was officially accepted on July 18, 2025, and it has now entered the acceptance phase after nearly four months of counseling [5]. - There are currently 14 companies, including Yushu Technology, undergoing the counseling acceptance process, with many completing this phase in about six months [5]. - It is anticipated that Yushu Technology will likely receive the acceptance letter before December 2025, allowing it to submit its IPO application shortly thereafter [9][21]. Group 3: Company Background and Financials - Yushu Technology's actual controller, Wang Xingxing, holds a 34.76% stake in the company, with significant investments from well-known firms like Sequoia China, Tencent, and Alibaba [12][14]. - The company raised approximately 700 million yuan (about 100 million USD) in its last funding round, leading to a post-money valuation of around 12 billion yuan (approximately 1.7 billion USD) [14]. - There are varying reports on Yushu Technology's revenue, with estimates for 2023 and 2024 being around 200 million yuan and 400 million yuan, respectively, and net profits ranging from 10 million to 70 million yuan [16]. Group 4: Product Structure and Market Position - Yushu Technology's main products include quadruped robots, humanoid robots, and components, with sales contributing approximately 65%, 30%, and 5% to total revenue, respectively [17]. - The company has maintained profitability since 2020, with expectations for continued strong performance as it approaches its IPO [16]. Group 5: Underwriting and Future Prospects - CITIC Securities is the underwriting firm for Yushu Technology's IPO, deploying a large team of 24 members for the counseling process, indicating a strong commitment to the project [19][20]. - If Yushu Technology adheres to its timeline and submits its IPO application by the end of December 2025, it could potentially complete the listing by the second quarter of 2026 [21].

Core Viewpoint - Yushu Technology is nearing its IPO, becoming the first humanoid robot company listed in A-shares after completing 132 days of IPO counseling, with the status updated to "counseling acceptance" by CITIC Securities [2][3]. Group 1: IPO Counseling Process - During the counseling process, issues were identified regarding the planning of fundraising investment projects, which were not finalized at the beginning of the counseling period. The counseling team assisted the management in refining the investment project plan to align with future development needs [4]. - The company governance was initially lacking independent directors and specialized board committees. The counseling team helped establish a complete governance system, including the appointment of three independent directors and the formation of several board committees [5]. Group 2: Company Ownership and Market Position - The controlling shareholder and actual controller of Yushu Technology is Wang Xingxing, who directly holds 23.82% of the shares and controls an additional 10.94% through a partnership, totaling 34.76% [5]. - Yushu Technology was the first embodied intelligence enterprise to file for IPO this year, with a counseling agreement signed on July 7. The company aims to submit its listing application between October and December 2025 [6]. Group 3: Market Dynamics and Future Outlook - In 2024, the sales revenue distribution for Yushu Technology's products is projected to be approximately 65% for quadruped robots, 30% for humanoid robots, and 5% for components. Notably, 80% of quadruped robots are used in research, education, and consumer sectors, while humanoid robots are entirely focused on these areas [6]. - The embodied intelligence sector has seen a surge in financing activities this year, with several companies announcing funding rounds. Yushu Technology and other leading firms are initiating IPO plans amid this financing boom [7][8].

Core Viewpoint - Yushu Technology is actively preparing for its IPO, which is expected to be one of the largest and most well-known domestic technology company listings in China in recent years [3]. Group 1: Company Overview - Yushu Technology focuses on civil robotics, with its revenue structure in 2024 projected to be approximately 65% from quadruped robots, 30% from humanoid robots, and 5% from component products [4]. - About 80% of quadruped robots are used in research, education, and consumer fields, while the remaining 20% are applied in industrial sectors such as inspection and firefighting [4]. Group 2: IPO Preparation - Yushu Technology has completed its IPO counseling work with CITIC Securities, which confirms that the company has the necessary governance structure, accounting practices, and internal control systems to become a listed company [2]. - The company is expected to submit its listing application documents in the fourth quarter of this year [3]. Group 3: Product Development - On October 20, Yushu Technology launched the new generation full-size humanoid robot Unitree H2, which features a significant increase in joint flexibility from 19 to 31 joints, enhancing its movement capabilities by 63% [6]. - The founder of Yushu Technology, Wang Xingxing, stated that the H2 represents a shift from "moving machines" to "usable partners," aiming to serve safely and friendly [6]. Group 4: Industry Insights - Wang Xingxing highlighted that as AI technology advances, the dependency of robots on hardware performance will gradually decrease, suggesting that modern AI algorithms are more tolerant of hardware errors and inconsistencies [8]. - He emphasized that achieving embodied intelligence could bring robots closer to AGI (Artificial General Intelligence), which could perform a wide range of human-required tasks [8].

Core Insights - The China Securities Regulatory Commission (CSRC) disclosed the progress report of Yushu Technology's listing guidance work, indicating that the company is moving towards its IPO with the assistance of CITIC Securities as the guiding institution [1][2] Group 1: Listing Guidance Progress - Yushu Technology filed for listing guidance with the Zhejiang Securities Regulatory Bureau in July, with CITIC Securities as the guiding institution and Beijing Deheng Law Firm as the legal advisor [1] - The report highlights that during the guidance period, CITIC Securities conducted on-site due diligence, urged the company to operate in compliance, and communicated the latest regulatory updates [1][2] - The company is in the process of changing its name to "Yushu Technology Co., Ltd." following the approval at its fifth extraordinary general meeting in 2025 [1] Group 2: Company Governance and Development - The guidance team reported improvements in the company's governance structure and operational standards, indicating a positive trend in corporate governance [1] - The guidance work will continue with a focus on comprehensive due diligence, monitoring significant changes in the company, and ensuring compliance with the guidance plan [2] Group 3: Business Overview and Market Position - Yushu Technology plans to submit its listing application to the stock exchange between October and December 2025 [3] - In 2024, the sales revenue distribution for its products is projected to be approximately 65% for quadruped robots, 30% for humanoid robots, and 5% for component products, with 80% of quadruped robots used in research, education, and consumer sectors [3]

Core Viewpoint - The report outlines the progress of Yushu Technology's listing guidance work, indicating that the company is on track for its IPO application in late 2025, with ongoing improvements in corporate governance and operational compliance [1][2][3]. Group 1: Listing Guidance Progress - Yushu Technology filed for listing guidance with the Zhejiang Securities Regulatory Bureau in July 2023, with CITIC Securities as the guiding institution [1]. - The guidance work includes on-site due diligence, promoting standardized operations, and conveying the latest regulatory updates [1]. - The company is in the process of changing its name to "Yushu Technology Co., Ltd." following a resolution passed at its fifth extraordinary general meeting in 2025 [1]. Group 2: Future Work Arrangements - The next phase of guidance will involve comprehensive due diligence and continuous monitoring of significant changes within the company [2]. - The guidance team will focus on corporate governance, operational compliance, financial information, and business models to ensure orderly progress [2]. Group 3: Sales and Market Segmentation - Yushu Technology announced plans to submit its IPO application between October and December 2025 [3]. - In 2024, the sales revenue distribution for its products is projected to be approximately 65% for quadruped robots, 30% for humanoid robots, and 5% for component products [3]. - About 80% of quadruped robots are intended for research, education, and consumer markets, while the remaining 20% are for industrial applications such as inspection and firefighting [3].