光伏行业作为我国出口的新三样之一，曾凭借强大的竞争力占据全球80%的市场份额。 然而如今却陷入了严重的内卷，企业亏损严重，整个行业面临着巨大的挑战。 那么，光伏行业是如何走到这一步的？又该如何打破这种内卷局面？ 光伏行业的崛起 光伏行业的发展历程可谓是一部波澜壮阔的产业崛起史。 最早积极推动太阳能电池板商用的是日本，1994年，日本开始给用户提供太阳能光电补助。 虽然当时规模较小，生产成本高且发电效率低，但这为光伏产业的发展埋下了种子。 真正让太阳能电池板迎来第一次爆发的是德国。 2000年初，德国推出可再生能源法，实行固定上网电价补贴政策。 以市场价两倍的价格购买新能源，且持续20年。 这一政策吸引了大量企业涌入光伏生产赛道。 全球太阳能电池板产量开始以每年50%的速度增长，德国的太阳能板一度占到全球的一半。 看到德国在光伏领域取得的成功。 美国、意大利、西班牙等国家也纷纷效仿，大力补贴光伏产业。 与此同时，中国的光伏产业也开始起步。 当时，中国面临着多晶硅严重短缺的问题，不得不高价从海外进口。 但随着全球各国对新能源产业的补贴力度不断加大，中国也加入了这一行列。 2015年，中国推出可再生能源法，对光伏行 ...

Core Insights - The company reported a revenue of 32.813 billion yuan in the first half of 2025, a year-on-year decrease of 14.8%, and a net profit attributable to shareholders of -2.569 billion yuan, a reduction in losses of 50.9% year-on-year [1] - In Q2 2025, the company achieved a revenue of 19.161 billion yuan, a year-on-year decrease of 8.1%, but a quarter-on-quarter increase of 40.3% [1] - The company is focusing on enhancing its BC (Bifacial Cell) technology and expanding its production capacity to create a differentiated competitive advantage in a challenging market environment [3] Revenue and Profitability - The company experienced a significant reduction in losses in Q2 2025, with a net profit of -1.133 billion yuan, reflecting a year-on-year reduction in losses of 60.7% and a quarter-on-quarter reduction in losses of 21.1% [1] - The company's gross margin improved quarter-on-quarter, indicating signs of recovery in profitability [4] Production and Sales Performance - In the first half of 2025, the company shipped 52.08 GW of silicon wafers and 41.85 GW of battery components, with BC component shipments around 4 GW [2] - The company is actively working on the second generation of BC capacity and has begun production of HPBC2.0 battery capacity, which is expected to exceed 60% of total production by the end of 2025 [3] Technological Advancements - The company has developed the HIBC (High-Temperature and Low-Temperature Composite Passivation Back Contact) technology, achieving a component power output of over 700W and an efficiency of 25.9% [4] - The introduction of HPBC2.0 technology products is expected to enhance the company's market penetration and competitive edge [3] Future Outlook - The company forecasts net profits attributable to shareholders of -2.687 billion yuan in 2025, 2.752 billion yuan in 2026, and 5.088 billion yuan in 2027, indicating a potential recovery trajectory [4]

Core Viewpoint - The company, Longi Green Energy, aims to achieve profitability in its main business by the fourth quarter of 2025, driven by improved gross margins from its BC product line and reduced operational costs [2][3]. Financial Performance - In the first half of 2025, Longi Green Energy reported revenue of 32.813 billion yuan and a net loss of 2.569 billion yuan, significantly reducing losses compared to 5.231 billion yuan in the same period last year [2]. - The company experienced a year-on-year reduction in losses by 2.661 billion yuan, primarily due to enhanced operational efficiency leading to a substantial decrease in sales and management expenses, which fell by 37% and 23% respectively [3]. Product Development and Efficiency - The company is focusing on increasing the production capacity of its BC products, with a monthly output of approximately 2.5 GW, and plans to enhance this output gradually [3]. - Longi Green Energy's second-generation BC products have a conversion efficiency advantage of 30W over TOPCon products, ensuring a competitive edge even as TOPCon technology evolves [3]. - The proportion of BC products in the company's order structure is rapidly increasing, with over 50% in most regions by September [3]. Production Capacity - As of the reporting period, Longi Green Energy's self-owned HPBC2.0 battery capacity reached 24 GW, with production gradually commencing in various projects [4]. - In the first half of 2025, the company achieved a silicon wafer shipment volume of 52.08 GW, with 24.72 GW sold externally, and a battery module shipment volume of 41.85 GW, including approximately 4 GW of second-generation BC modules with a conversion efficiency of 24.8% and a yield exceeding 97% [4].

Group 1: Power Equipment - The AIDC sector continues to show strong sentiment, with companies disclosing new product developments such as SST and HVDC, leading to valuation premiums for new technologies [2] - The high demand for AIDC is expected to persist, with a focus on the release of high-pressure equipment and the extension of the high-pressure equipment boom cycle due to the Yaxia project [2] - Exports in the power transformer sector are projected to grow over 40% in the first half of 2025, driven by strong overseas demand [2] Group 2: Lithium Battery - Opportunities in the lithium battery sector arise from the upcoming peak season and unexpected growth in energy storage, with many stocks being key components of the ChiNext board [4] - The focus is on low-valuation leading companies with stable performance, as well as elastic stocks like 6F that are expected to see price increases [4] Group 3: Photovoltaics - The implementation of the Pricing Law supports the photovoltaic industry chain, ensuring that sales do not fall below full cost, thus providing strong price support [8] - From September, silicon material production and sales will be limited, with expectations for stable output and restricted sales, leading to a potential narrowing of losses for companies with sufficient inventory [8] - The industry's profitability is expected to improve, contingent on unexpected changes in supply and demand dynamics [8] Group 4: Energy Storage - Companies with strong performance in the energy storage sector are expected to maintain their momentum, supported by recent capacity pricing policies and favorable long-term demand from new energy sources [12] Group 5: Wind Power - The wind power sector has shown recovery in profitability, with most major turbine manufacturers entering a recovery phase, and turbine prices have increased by 5-10% since November 2024 [13] - Component manufacturers have reported significant growth in Q2, confirming the high demand in the industry [13] - The offshore wind sector is expected to see high growth in installations, driven by successful project advancements [13] Group 6: Hydrogen Energy - North American SOFC leaders are transitioning from 1GW to 2GW production capacity, with a strong outlook for stock price growth due to high visibility of future orders [15] - Long-term cost reductions in SOFC technology are anticipated to enhance its economic advantages, potentially increasing market penetration significantly [15] Group 7: Robotics - The human-shaped robot sector has seen a decline in short-term interest, but future developments are expected as new technologies and supply chains mature [15] - Domestic applications are anticipated to see growth as automation solutions are implemented in production lines, with significant developments expected by the end of 2025 [15]

Group 1 - The company has decided to cancel the supervisory board and amend its articles of association to enhance corporate governance and compliance with new regulations [2][3][39] - The supervisory board's functions will be transferred to the audit and risk control committee of the board of directors, and related rules will be abolished [2][3][39] - The amendments to the articles of association and related governance systems require approval from the shareholders' meeting [3][41] Group 2 - For the first half of 2025, the company achieved a revenue of 55.101 billion yuan and a net profit of 646 million yuan, representing a year-on-year growth of 12.62% [16][17] - The total import and export volume reached 6.14 billion USD, with exports amounting to 2.93 billion USD, a 14% increase year-on-year [16][17] - The company has focused on enhancing operational efficiency and optimizing its business structure to adapt to market changes [17][18] Group 3 - The company has implemented a "quality improvement and efficiency enhancement" action plan, which includes innovation-driven strategies and the development of new production capabilities [16][20] - The company has made significant progress in its shipbuilding and shipping business, achieving a profit of 750 million yuan, a 98% increase year-on-year [17][20] - The company has also expanded its presence in the outdoor power equipment sector, launching new products that enhance competitiveness [20][21] Group 4 - The company has committed to improving its corporate governance in line with regulatory requirements, focusing on the reform of the supervisory board and the enhancement of the board's decision-making capabilities [21][22] - The company has actively engaged in ESG practices, achieving a significant improvement in its ESG ratings [24][25] - The company has emphasized the importance of investor communication and transparency, receiving high ratings for its information disclosure practices [28][29] Group 5 - The company has proposed a cash dividend of 0.369 yuan per share, totaling approximately 482 million yuan, which accounts for 41.99% of the net profit attributable to shareholders for the year 2024 [26][27] - The company has maintained a consistent cash dividend policy since its restructuring, with cumulative cash dividends reaching 2.305 billion yuan [26][27] - The company ranks 52nd in the latest cash dividend list published by the China Listed Companies Association [26][27]

Investment Rating - The investment rating for Longi Green Energy is "Buy" (maintained) [1] Core Views - The report highlights that in Q2 2025, the company has reduced its losses compared to previous quarters, and the mass production of BC (Bifacial Cell) technology is progressing steadily [1][8] - The company is expected to face challenges due to intensified industry competition and declining prices for photovoltaic modules, leading to a downward adjustment in profit forecasts for 2025-2027 [8] Financial Performance Summary - Total revenue for 2023 is projected at 129,498 million RMB, with a slight increase of 0.39% year-on-year. However, a significant decline of 36.23% is expected in 2024, followed by a further decrease of 20.16% in 2025, before recovering in subsequent years [1][9] - The net profit attributable to shareholders is forecasted to be 10,751 million RMB in 2023, with a drastic loss of 8,618 million RMB in 2024 and a continued loss of 4,484 million RMB in 2025, before returning to profitability in 2026 and 2027 [1][9] - The earnings per share (EPS) is expected to be 1.42 RMB in 2023, dropping to -1.14 RMB in 2024 and -0.59 RMB in 2025, with a recovery to 0.41 RMB in 2026 and 0.96 RMB in 2027 [1][9] Production and Sales Insights - In the first half of 2025, the company produced 52.08 GW of silicon wafers and shipped 41.85 GW of battery modules, with Q2 shipments showing a significant increase [8] - The report indicates that the company’s second-generation BC technology is progressing well, with a production capacity of 24 GW by the end of Q2 2025 [8] Financial Health Indicators - The company maintains a healthy financial position with a debt-to-asset ratio of 60.72% and a low interest-bearing debt ratio of 21.45% as of the end of H1 2025 [8] - Operating cash flow for Q2 2025 was reported at 12.6 billion RMB, showing a significant improvement compared to previous quarters [8]

Core Insights - The global photovoltaic (PV) industry is facing cyclical challenges, yet companies with advanced technologies are achieving performance breakthroughs through innovation [1] - Despite overall industry pressure, companies like Longi Green Energy and Aiko Solar, which focus on Back Contact (BC) technology, have significantly narrowed their losses, highlighting the core value of new productive forces in industry transformation [1] Financial Performance - Longi Green Energy reported a net loss of 2.598 billion yuan in H1 2025, a reduction of approximately 50% compared to the same period last year; Q2 net loss improved to 1.162 billion yuan from Q1 [2] - Aiko Solar's performance was even more remarkable, with a net loss of 263 million yuan in H1 2025, an 85% reduction year-on-year, and a net profit of 37 million yuan in Q2 [2] - Aiko Solar's revenue reached 8.446 billion yuan in H1 2025, a year-on-year increase of 63.63%, with a significant improvement in cash flow from -3.293 billion yuan to 1.855 billion yuan [2] Market Position and Technology - BC technology has demonstrated strong market competitiveness, with BC components commanding a premium of 9-13% over TOPCon products in the domestic market and up to 114% in residential scenarios in Europe [4] - Aiko Solar's ABC component shipments reached 8.57 GW in H1 2025, a growth of over 400%, with over 40% of Q2 sales coming from overseas markets [4] - Longi Green Energy's BC second-generation components shipped 4 GW, achieving strong sales in over 70 countries, particularly in high-value markets like Europe and Asia-Pacific [4] Pricing and Cost Structure - The average bidding price for BC high-efficiency products was 0.749 yuan/W, compared to 0.696 yuan/W for TOPCon products, indicating a premium of only 5.3 cents/W for BC products [5] - Aiko Solar's overseas revenue was 3.625 billion yuan with a gross margin of 8.09%, while Longi Green Energy's overseas revenue was 12.41 billion yuan with a gross margin of 4.77% [6] Industry Trends - The PV industry is transitioning from price competition to value competition, driven by continuous technological breakthroughs and market applications of BC technology [7] - The industry is moving towards a strategic shift from "scale expansion" to "quality improvement," emphasizing the need for optimizing production capacity and encouraging technological innovation [7]

Report Industry Investment Rating - No relevant information provided Core Viewpoints - The 20GW component centralized procurement tender of Huadian Group has driven up the price of polysilicon. Although the industry has achieved certain results in "countering internal strife" and market sentiment has been boosted, the actual demand in the photovoltaic market remains weak, and only the improvement of the supply - demand structure can support market prices in the long term. Short - term polysilicon futures are recommended to take long positions at low levels, and futures speculation is advised to shorten the operation cycle and allocate a certain amount of options to control risks [1][2] Summary by Related Content Huadian Group Tender Information - On August 22, Huadian Group's centralized procurement of photovoltaic components for 2025 - 2026 opened. The project is divided into two sections. Section one purchases N - type TOPCon components with a scale of 18GW and a conversion efficiency requirement of ≥22.5%. Section two purchases N - type TOPCon, BC, and HIT components with a scale of 2GW and a conversion efficiency requirement of ≥23.8% [1] - In section one, the bid prices range from 0.646 to 0.751 yuan/W, with an average of 0.71 yuan/W. Only 5 out of 47 enterprises bid below 0.7 yuan/W. In section two, 26 enterprises participated in the tender, with bid prices ranging from 0.708 to 0.843 yuan/W and an average of 0.746 yuan/W [1] Market Situation Analysis - Compared with InfoLink's average prices of TOPCon components in the centralized and distributed markets on August 21 (0.67 yuan/W and 0.69 yuan/W respectively), the tender average prices have increased significantly. The industry has achieved certain results in "countering internal strife", but the follow - up project tender prices need to be monitored [2] - The actual demand in the photovoltaic market is still weak, and only the improvement of the supply - demand structure can support market prices in the long term. Although the newly installed photovoltaic capacity in July declined significantly, short - term polysilicon futures are recommended to take long positions at low levels, and futures speculation is advised to shorten the operation cycle and allocate a certain amount of options to control risks [2]

Report Summary 1. Industry Investment Ratings - The report gives an optimistic outlook for industrial silicon, stating that market sentiment is boosted, and suggests a strategy of "buying on dips" for polysilicon, which is expected to trade in a range [1]. 2. Core Views - The report analyzes the fundamentals of industrial silicon and polysilicon, including price, profit, inventory, and raw material costs, and believes that industrial silicon market sentiment is positive while polysilicon is in a range - bound pattern [1]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Futures Market**: Si2511 (industrial silicon) closed at 8,745 yuan/ton with a volume of 620,638 lots and an open interest of 279,381 lots; PS2511 (polysilicon) closed at 51,405 yuan/ton with a volume of 445,445 lots and an open interest of 142,397 lots [1]. - **Basis**: Industrial silicon's spot premium/discount varies with different benchmarks, and polysilicon's spot premium/discount (against N - type re - input) is - 2405 yuan/ton [1]. - **Price**: The price of Xinjiang 99 - silicon is 8450 yuan/ton, Yunnan Si4210 is 9850 yuan/ton, and polysilicon - N - type re - input material is 49000 yuan/ton [1]. - **Profit**: Silicon plant profits in Xinjiang and Yunnan are negative, at - 2556 yuan/ton and - 3251 yuan/ton respectively; polysilicon enterprise profit is - 15.7 yuan/kg [1]. - **Inventory**: Industrial silicon's social inventory is 54.3 million tons, enterprise inventory is 17.5 million tons, and total industry inventory is 71.8 million tons; polysilicon's manufacturer inventory is 24.9 million tons [1]. - **Raw Material Costs**: The prices of raw materials such as silicon ore, washed coal, petroleum coke, and electrodes are provided, with some showing no change recently [1]. - **Polysilicon (Photovoltaic)**: The prices of related products like silicon wafers, battery cells, components, and photovoltaic glass are given, with some prices rising and some falling [1]. - **Organic Silicon and Aluminum Alloy**: DMC price is 10750 yuan/ton with a negative profit of - 1225 yuan/ton; ADC12 price is 20450 yuan/ton, and the profit of recycled aluminum enterprises is - 260 yuan/ton [1]. 3.2 Macro and Industry News - On August 22, 2025, Huadian Group's 2025 - 2026 photovoltaic module centralized procurement was bid - opened. The first bid section for N - type TOPCon modules has a scale of 18GW with an average bid price of 0.71 yuan/W, and the second bid section for N - type TOPCon, BC, and HJT modules has a scale of 2GW with an average bid price of 0.746 yuan/W [1][3]. 3.3 Trend Intensity - The trend intensity of industrial silicon and polysilicon is both 1, indicating a neutral - to - slightly - positive outlook [3].

Core Viewpoint - The photovoltaic industry is facing significant challenges due to falling sales prices below cost levels, leading to widespread operational losses among companies, despite some improvements in specific firms like Longi Green Energy [1][2]. Group 1: Company Performance - Longi Green Energy reported a 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, primarily due to improved operational efficiency and reduced asset impairment losses [1]. - The company achieved a silicon wafer shipment of 52.08 GW and a battery module shipment of 41.85 GW during the same period, demonstrating strong sales performance despite industry-wide challenges [6]. Group 2: Technological Innovation - Longi Green Energy has leveraged its differentiated BC technology to stand out in the global market, with approximately 4 GW of BC second-generation modules shipped to over 70 countries, particularly excelling in high-value markets like Europe and Asia-Pacific [2][4]. - The company has invested heavily in R&D, holding over 3,500 patents, including 480 related to BC technology, which covers key areas such as passivated contact technology and metallization [2]. Group 3: Operational Efficiency - Longi Green Energy has significantly reduced sales and management expenses by 37% and 23% year-on-year, respectively, while also decreasing inventory turnover days by 26 days, indicating improved operational efficiency [6]. - The company maintains a healthy financial position with a debt-to-asset ratio of 60.72% and a debt ratio of 21.45%, showcasing resilience and risk management capabilities in a challenging market [6]. Group 4: Industry Context - The photovoltaic industry is currently experiencing structural overcapacity and homogeneous competition, leading to a cycle of price cuts and losses, which has been exacerbated by issues such as low-price bidding and misleading power ratings [2][4]. - Recent government discussions have emphasized the need for the industry to shift from quantity growth to quality breakthroughs, indicating a clear policy direction towards enhancing product quality and phasing out outdated capacity [6].