Core Viewpoint - Longi Green Energy reported a significant reduction in losses for the first three quarters of 2025, despite a decline in revenue due to intense competition in the photovoltaic industry [1][2]. Financial Performance - The company achieved total revenue of 50.915 billion yuan, a year-on-year decrease of 13.10% [1]. - The net profit attributable to shareholders was a loss of 3.403 billion yuan, improving from a loss of 6.486 billion yuan in the same period last year, representing a reduction in losses of 47.52% [1]. - Sequentially, the net profit loss decreased by 21.10% from Q1 to Q2 and by 26.39% from Q2 to Q3 [1]. Market Position and Strategy - Longi Green Energy's sales of silicon wafers reached 38.15 GW and battery modules 63.43 GW from January to September [2]. - The company’s BC components achieved cumulative sales of 14.48 GW, with HPBC2.0 products showing rapid growth [2]. - The domestic market accounted for approximately 55% of BC component sales, while the overseas market made up about 45% [2]. Technological Advancements - The second-generation BC components have a conversion efficiency of 24.8% and a stable yield of over 97% [3]. - The HIBC components have reached a mass production efficiency of 25.9%, with power output exceeding 700W, making them among the highest efficiency industrial photovoltaic products globally [3]. Strategic Partnerships and Projects - Longi Green Energy signed a contract to supply 400 MW of BC technology-based components for the Shanghai Electric offshore photovoltaic project [3]. - The choice of BC products for the first batch of offshore photovoltaic projects highlights the advantages of BC technology in complex marine environments [3].

Core Insights - Longi Green Energy reported significant revenue growth and improved financial performance in Q3 2025, with a total revenue of 50.915 billion yuan from January to September, and Q3 revenue reaching 18.101 billion yuan, marking a substantial reduction in losses over two consecutive quarters [1] Financial Performance - The company achieved a total external sales volume of silicon wafers of 38.15 GW and battery components of 63.43 GW from January to September [1] - The net cash flow from operating activities turned positive, with cash reserves exceeding 51.3 billion yuan [1] Product Sales and Market Strategy - In the first half of 2025, driven by a domestic market surge, the sales of BC components were approximately 55% in the domestic market and 45% in overseas markets [1] - The chairman revealed that BC products have a significant premium advantage in the European market, and the company plans to increase the sales proportion of BC products in Europe as HPBC 2.0 production capacity rises [1] Product Efficiency and Technology - The second-generation BC components have a conversion efficiency of 24.8% and a stable yield of over 97% [1] - The newly launched HIBC components have achieved a mass production efficiency of 25.9%, with power output exceeding 700W [1] - As production capacity in regions like Tongchuan and Xixian gradually comes online, production costs are expected to decrease further [1] New Contracts and Projects - Longi Green Energy recently signed a contract for the Shanghai Electric Fengxian No. 1 offshore photovoltaic project, supplying 400 MW of components based on BC technology, with supply already initiated [2] - All initial bidding shares for Shanghai's offshore photovoltaic projects adopted the BC technology route [2]

Core Viewpoint - Longi Green Energy has demonstrated resilience in a challenging photovoltaic industry by leveraging its BC technology to navigate through price wars and achieve significant operational improvements, despite not being profitable in the current period [1][2]. Financial Performance - For the first nine months of 2025, the company reported a revenue of 50.915 billion yuan, with Q3 revenue reaching 18.101 billion yuan, marking a significant reduction in losses over two consecutive quarters [1]. - The net profit attributable to the parent company decreased by approximately 48% year-on-year, indicating a strong recovery momentum [1]. Sales and Production - The company achieved external sales of silicon wafers totaling 38.15 GW and battery modules of 63.43 GW from January to September [1]. - BC component sales reached 14.48 GW during the same period, with HPBC 2.0 product sales experiencing rapid growth [1][2]. Cash Flow and Financial Resilience - The net cash flow from operating activities turned positive, reflecting effective cash flow management, supported by over 51.3 billion yuan in cash reserves [2]. - This financial strength provides ongoing liquidity security for the company's operations [2]. Market Strategy - In the first half of 2025, BC component sales were approximately 55% in the domestic market and 45% in overseas markets, with a notable premium for BC products in Europe [2]. - The company plans to increase the sales proportion of BC products in Europe as HPBC 2.0 production capacity rises, aiming to enhance profitability and avoid low-end market traps [2]. Product Innovation - The second-generation BC components have a conversion efficiency of 24.8% and a stable yield of over 97%, while the newly launched HIBC components achieve a production efficiency of 25.9% and power output exceeding 700W [2]. - The company is focusing on building a high-value product system centered around HPBC technology to drive market transformation and overcome industry challenges [3]. Strategic Partnerships - Longi Green Energy has signed a contract with Shanghai Electric for the supply of 400 MW of components based on BC technology for the Fengxian offshore photovoltaic project, highlighting the technology's advantages in complex marine environments [3].

Core Viewpoint - The photovoltaic industry is experiencing a recovery in prices after a period of significant losses, driven by a consensus on the necessity of "anti-involution" measures to stabilize the market and promote sustainable development [1][2][3] Price Stabilization and Market Recovery - Silicon material prices have rebounded, with multi-crystalline silicon and industrial silicon prices rising to 47,100 yuan/ton and 9,378 yuan/ton, reflecting increases of 36.9% and 7.26% respectively [2] - The average price of multi-crystalline silicon stabilized around 50,000 yuan/ton as of mid-September [2] - Silicon wafer prices have also shown recovery, with prices increasing from 0.9-1.0 yuan per piece in July to an estimated 1.45-1.75 yuan per piece by October [2] Industry Adjustments and Production Cuts - Leading companies have significantly reduced production, with New Special Energy's multi-crystalline silicon output dropping by approximately 77% year-on-year to 33,600 tons, and Daqo Energy's output decreasing by about 60% to 50,800 tons [3] - The overall domestic multi-crystalline silicon production fell by 44.1% year-on-year in the first half of 2025, totaling around 596,000 tons [3] Innovation and Differentiation - The industry recognizes the need for innovation to break the cycle of homogeneous competition, with leading firms like JinkoSolar and LONGi Green Energy achieving record efficiencies in their products [4] - JinkoSolar's N-type TOPCon high-efficiency module reached a conversion efficiency of 25.58%, while LONGi's BC cell technology achieved 24.8% efficiency [4] Financial Recovery of Companies - Companies focusing on BC technology have shown improved profitability, with Aiko Solar reducing its net loss to 238 million yuan in the first half of the year and achieving a net profit of 63 million yuan in the second quarter [5] - LONGi Green Energy reported a net loss of 2.569 billion yuan, a reduction of over 50% compared to the previous year [5] Recommendations for Sustainable Development - Industry participants advocate for coordinated efforts between government and enterprises to ensure a healthy and sustainable development cycle [7] - Specific measures are suggested to accelerate the exit of outdated production capacity, standardize local investment attraction behaviors, and support companies in expanding into international markets [7]