Core Viewpoint - Longi Green Energy has officially terminated its plan to issue Global Depositary Receipts (GDR) and list on the Swiss Stock Exchange, which was initially aimed at raising approximately 19.996 billion yuan for capacity expansion projects in multiple countries [2][3]. Group 1: GDR Termination - The termination of the GDR plan is closely related to Longi Green Energy's proactive adjustment of its development strategy and significant changes in the global photovoltaic trade environment [3]. - The company cited "changes in various external factors" and the expiration of relevant resolutions as reasons for the termination [2][3]. Group 2: Strategic Shift - Some overseas projects originally planned to be funded by the GDR have been stalled, indicating a deliberate slowdown in capacity expansion [3]. - Since 2024, the U.S. has canceled tariff exemptions on photovoltaic components imported from Southeast Asia, severely impacting export channels and leading to a halt in battery production in Vietnam [3]. Group 3: Focus on Technology - Longi Green Energy is shifting its focus from capacity expansion to technological upgrades and product differentiation, concentrating resources on next-generation battery technologies like HPBC (Back Contact) [3]. - The company has achieved a production yield of 97% for its HPBC 2.0 production line, with component efficiency reaching up to 24.8%, positioning it at the industry forefront [3]. Group 4: Financial Position - As of the end of Q2 2025, Longi Green Energy had nearly 50 billion yuan in cash, with a low asset-liability ratio and interest-bearing debt ratio compared to industry standards [4]. - On December 9, the company's stock closed at 18.20 yuan, up 0.66%, with a total market capitalization of approximately 137.9 billion yuan [4].