编者按： 2025 年，经济观察报以 " 我们的四分之一世纪 " 为年终特刊主题，旨在通过数十位时代亲历者的故事，共绘一幅属于这段岁月的集体记忆图谱。 2025年12月11日，美国纽约，在享有"能源奥斯卡"盛誉的普氏全球能源奖颁奖礼上，57岁的李振国荣膺"终身成就奖"，成为首位获此殊荣的中国企业家。与 此同时，他所创办的隆基绿能科技股份有限公司（下称"隆基"或者"隆基绿能"）也摘得"企业影响力奖"。"这份荣誉不仅属于我个人，更属于所有为隆基、 为全球能源转型不懈奋斗的同事与伙伴。"李振国说。 荣耀的背后，深藏着一场持续几十年的"破局"长征。 自1995年投身太阳能领域起，李振国便笃定于单晶硅技术的研发与攻坚。在那个光伏成本高昂、技术路线纷杂的年代，他选择了一条"少有人走的路"——坚 守单晶硅实验室。他始终怀抱一个朴素而坚定的愿景："让光伏成为最经济的能源"。其所推动的低碳技术，如今已成为行业广泛应用的基石。2025年8月， 李振国入选中国工程院院士增选有效候选人名单。 从早期技术受制于人、市场依赖海外，到一步步攻克关键技术、实现全产业链自主；从被视为"边缘选项"到成为全球能源转型的主流力量，李振国与隆基绿 能 ...

Summary of Longi Green Energy Technology Conference Call Company Overview - **Company**: Longi Green Energy Technology - **Industry**: Solar Energy, specifically focusing on monocrystalline wafer manufacturing and solar module production - **Market Cap**: Rmb160 billion (approximately US$22.5 billion) as of October 31, 2025 [7] Key Financial Highlights - **3Q25 Performance**: - Net loss narrowed to Rmb834 million, a 26% improvement QoQ [2] - 9M25 net loss totaled Rmb3.4 billion [2] - Gross Profit Margin (GPM) improved by 3.3 percentage points to 5% in 3Q25 [2] - Operating cash flow improved to Rmb1.8 billion in 9M25, a significant turnaround from a cash outflow of Rmb8 billion in 9M24 [2] - Impairment loss recorded at Rmb0.8 billion in 3Q25 [2] - Selling and management expenses decreased by 29% YoY due to effective cost control [2] Shipment and Production Insights - **Wafer Shipments**: Totaled 29-30 GW in 3Q25, with unit net profit recovering to breakeven [3] - **Module Shipments**: Reached 20 GW with an estimated unit loss of Rmb0.04/W [3] - **HPBC 2.0 Shipments**: Increased to 5.8 GW in 3Q25 from 2 GW in 2Q25, indicating a ramp-up in production [3] Technology and Market Position - **HPBC Technology**: - Expected to yield a 10% margin premium over Topcon once in mass production [4] - Longi aims for a 50% BC shipment mix by 2026, up from 20% in 1H25 [4] - **Industry Dynamics**: Anticipated policy tailwinds to curb overcapacity in the solar supply chain, including pricing controls and stricter technology standards [4] Valuation and Earnings Forecast - **Price Target**: Raised from Rmb20.2 to Rmb25.3 based on DCF methodology [5] - **Earnings Forecasts**: - 2025-27E EPS cut by 2-3% but lifted by 12-14% from 2028E onwards [5] - Expected ROE improvement from -7% in 2025E to 5-9% in 2026-27E [5] - **Current Valuation Metrics**: - P/B ratio at 2.3x, which is 1 standard deviation below historical average [5] Risks and Catalysts - **Risks**: - Slowing global solar demand and intense price competition [16] - **Catalysts**: - Positive policy developments expected to regulate pricing and production [18] Additional Insights - **Cash Position**: Longi maintains a strong net cash position of Rmb26.8 billion, providing a buffer during market downturns [9] - **Market Position**: Longi is well-positioned among peers due to its cost advantages and technology leadership, especially in the context of industry consolidation [11] Conclusion Longi Green Energy Technology is showing signs of recovery with improved cash flow and narrowing losses. The company's focus on high-margin HPBC technology and strong cash reserves position it favorably in the competitive solar energy market. The raised price target reflects optimism about future earnings potential, despite existing risks in the industry.