Core Viewpoint - Longi Green Energy, a major player in the photovoltaic industry, is facing significant challenges amid a deep industry adjustment, highlighted by a recent share reduction announcement from its second-largest shareholder, Hillhouse Capital [1][2]. Group 1: Shareholder Actions - Hillhouse Capital's HHLR Management plans to reduce its holdings by up to 37.89 million shares, representing no more than 0.5% of Longi's total shares [3]. - Following this reduction, HHLR's shareholding will drop to just below 5%, which would exempt it from future disclosure requirements for further reductions [3]. - This marks HHLR's first reduction in its holdings since acquiring shares over four years ago, with the initial purchase price being 70 yuan per share, totaling approximately 15.84 billion yuan [3][4]. Group 2: Company Performance and Management Changes - Longi Green Energy has recently undergone significant management changes, with CEO Li Zhenguo resigning from his executive roles to focus on R&D and technology management [2][5]. - The company's market capitalization has plummeted to 109.7 billion yuan, only 20% of its peak value, reflecting a substantial decline in stock performance [2][5]. - Longi has reported a staggering loss of 8.618 billion yuan in 2024, marking its first loss in nearly a decade, attributed to intensified industry competition and declining product margins [6]. Group 3: Future Outlook - The company is expected to focus on the BC technology route, with Li Zhenguo expressing optimism that 2025 will be a pivotal year for BC production capacity [7]. - Market attention is on whether Longi can navigate through the current industry downturn by leveraging its commitment to BC technology [7].