2025 年 8 月 25 日 公司研究 运营效率显著提升，预计 2025 年末 HPBC2.0 电池高效产能占比超 60% ——隆基绿能（601012.SH）2025 年中报点评 要点 事件：公司发布 2025 年中报，2025H1 实现营业收入 328.13 亿元，同比 -14.83%， 实现归母净利润-25.69 亿元，亏损幅度同比收窄；2025Q2 实现营业收入 191.61 亿元，同比-8.12%，实现归母净利润-11.33 亿元，同环比亏损幅度均有所收窄。 产品出货量有所提升，全球多个细分市场实现突破。 2025H1 公司加大一线资源与服务能力投入，硅片出货量同比增长 17.19%至 52.08GW（对外销售 24.72GW），电池组件出货量同比增长 23.09%至 41.85GW （其中组件出货量 39.57GW）。在光伏行业全球分散化趋势延续背景下公司在 海外聚焦高价值客户和细分市场，开展"分客户+分场景+分层次"的精准营销， 在西班牙、澳大利亚、罗马尼亚等高价值细分市场取得突破性增长，硅片海外销 量同比大幅增长 70%以上。 预计 2025 年末 HPBC2.0 电池高效产能占比超 60%， ...

——隆基绿能（601012.SH）2025 年中报点评 要点 事件：公司发布 2025 年中报，2025H1 实现营业收入 328.13 亿元，同比 -14.83%， 实现归母净利润-25.69 亿元，亏损幅度同比收窄；2025Q2 实现营业收入 191.61 亿元，同比-8.12%，实现归母净利润-11.33 亿元，同环比亏损幅度均有所收窄。 产品出货量有所提升，全球多个细分市场实现突破。 2025H1 公司加大一线资源与服务能力投入，硅片出货量同比增长 17.19%至 52.08GW（对外销售 24.72GW），电池组件出货量同比增长 23.09%至 41.85GW （其中组件出货量 39.57GW）。在光伏行业全球分散化趋势延续背景下公司在 海外聚焦高价值客户和细分市场，开展"分客户+分场景+分层次"的精准营销， 在西班牙、澳大利亚、罗马尼亚等高价值细分市场取得突破性增长，硅片海外销 量同比大幅增长 70%以上。 预计 2025 年末 HPBC2.0 电池高效产能占比超 60%，叠层技术保持行业领先。 2025 年 8 月 25 日 公司研究 运营效率显著提升，预计 2025 年末 HPBC2.0 电池 ...

Core Viewpoint - Longi Green Energy's revenue decreased in the first half of 2025 due to the photovoltaic industry's capacity clearing, low-price competition, and weak installation demand, resulting in continued net losses [2][3]. Financial Performance - In the first half of 2025, Longi Green Energy achieved revenue of 32.813 billion yuan, a year-on-year decrease of 14.83%, with a net loss attributable to shareholders of 2.57 billion yuan, an increase in loss of 50.88% year-on-year [2]. - The company's net loss narrowed to approximately 350 million yuan in the second quarter, a decrease of nearly 21% compared to the first quarter, indicating signs of stabilization [2][3]. - The second quarter saw a revenue of 19.161 billion yuan, a year-on-year decrease of 8.12% but a quarter-on-quarter increase of 40.35%, with a net loss of 1.133 billion yuan, reflecting a year-on-year increase of 60.66% [3][4]. Cost Management - Longi Green Energy managed to reduce losses by improving efficiency and cutting costs, with sales and management expenses decreasing by 37% and 23% year-on-year, respectively [2][4]. - The total sales and management expenses amounted to 2.18 billion yuan, down 28.9% from 3.067 billion yuan in the previous year [4]. Market Conditions - The photovoltaic industry is currently experiencing an "L-shaped" cycle bottom, with the price of N-type silicon wafers increasing by at least 24% since the third quarter [2][6]. - The supply-side reform in the photovoltaic sector is ongoing, with production cuts being implemented to alleviate market supply pressure and stabilize prices [4][6]. Demand Dynamics - Demand for photovoltaic products has been weak following a surge in April, with the market remaining cautious and the acceptance of higher prices by end-users being low [7]. - Longi Green Energy is advancing the mass production of BC (Back Contact) batteries to create a differentiated competitive advantage amid uncertain demand recovery [7][8]. Production Capacity - The company shipped approximately 4 GW of BC components during the reporting period, with its HPBC2.0 battery capacity reaching 24 GW, gradually commencing production [8].

Core Viewpoint - Longi Green Energy's revenue decreased in the first half of the year due to the photovoltaic industry's capacity clearance, low-price competition, and weak installation demand, resulting in continued net losses [1][2][3] Financial Performance - In the first half of the year, Longi Green Energy achieved revenue of 32.813 billion yuan, a year-on-year decrease of 14.83%, with a net loss attributable to shareholders of 2.57 billion yuan, an increase in loss of 50.88% year-on-year [1] - The company's net loss narrowed to approximately 350 million yuan in the second quarter, a decrease of nearly 21% compared to the first quarter, indicating signs of stabilization [1][2] - The second quarter saw a revenue of 19.161 billion yuan, a year-on-year decrease of 8.12% but a quarter-on-quarter increase of 40.35%, with a net loss of 1.133 billion yuan, reflecting a year-on-year and quarter-on-quarter increase in loss of 60.66% and 21.1% respectively [2][3] Operational Efficiency - Longi Green Energy managed to reduce its sales and management expenses by 37% and 23% respectively, contributing to the reduction in losses [1][3] - The total sales and management expenses for the first half were 2.18 billion yuan, down 28.9% from 3.067 billion yuan in the same period last year [3] Market Dynamics - The average price of N-type silicon wafers increased by at least 24% in the third quarter compared to the previous quarter, raising market expectations for Longi Green Energy's performance [1][4] - The photovoltaic industry is currently in an "L-shaped" cycle bottom, and whether Longi Green Energy can confirm the bottom of the cycle in the third quarter is a key focus for the market [4] Supply and Demand Factors - The reduction in production and changes in demand are critical factors affecting the performance of photovoltaic manufacturers in the third and fourth quarters [5] - The Ministry of Industry and Information Technology and other departments have emphasized the need for stricter control over low-price sales and to stabilize the market [5] - Despite recent policy advancements, terminal demand remains weak, leading to a cautious market atmosphere among downstream sectors [5][6] Technological Advancements - Longi Green Energy continues to advance the mass production of BC (Back Contact) batteries, aiming to replace PERC capacity and create a competitive advantage [6] - The company expects that by the end of the year, the high-efficiency capacity of its upgraded HPBC2.0 batteries will exceed 60%, completing the product structure upgrade [6]

Core Viewpoint - Longi Green Energy is focusing on enhancing product quality and addressing low-price competition in the photovoltaic industry, while maintaining its annual module shipment target of 80GW to 90GW for 2025 despite market challenges [1][2][3] Group 1: Industry Developments - The Central Financial Commission's sixth meeting emphasized the need to regulate low-price competition in enterprises and promote the exit of outdated production capacity in the photovoltaic sector [1] - The Ministry of Industry and Information Technology held a meeting with photovoltaic manufacturing companies to discuss the same issues of low-price competition and the need for quality improvement [1] - The photovoltaic industry has shown positive changes under policy guidance, with a noticeable recovery in silicon wafer prices from previous lows [1] Group 2: Company Performance and Strategy - Longi Green Energy reported a significant increase in module shipments in Q2 2025, driven by a customer-centric approach and the introduction of high-efficiency products like HPBC2.0 [1][3] - The company maintains its annual module shipment target of 80GW to 90GW, despite concerns about a potential downward revision due to a significant drop in domestic photovoltaic installations in June [1] - Longi Green Energy's HPBC2.0 battery production has reached a stable output of 2GW per month, with a production line yield of approximately 97% [2] Group 3: Market Outlook - The global photovoltaic market demand growth is expected to slow down starting in 2025, influenced by energy policy adjustments and trade barriers in traditional markets like China, Europe, and the U.S. [2] - Emerging markets such as the Middle East, Africa, and India are projected to maintain high growth rates due to energy transition strategies and rigid electricity demand [2] - Longi Green Energy's component factory in Indonesia is expected to remain unaffected by the U.S. anti-dumping investigation against photovoltaic products from Indonesia, as it is set to produce 1.6GW of capacity using HPBC2.0 technology [2] Group 4: Financial Performance - Longi Green Energy anticipates a net loss of 2.4 billion to 2.8 billion yuan for the first half of 2025, which represents a significant reduction in losses compared to the previous year [3] - The company has focused on increasing customer-oriented product and service investments, leading to growth in module sales despite a competitive environment where market prices fell below cost [3] - Internal operational management improvements have led to a rapid decrease in unit costs, selling expenses, management expenses, and asset impairment losses [3]

Core Viewpoint - Longi Green Energy (隆基绿能) aims to optimize its production capacity structure and expects to exceed 50GW in both HPBC2.0 battery and module production capacity by the end of 2025 [1] Group 1: Production Capacity and Technology - The company will focus on the replacement and upgrade of advanced HPBC2.0 production capacity this year [1] - By June 2025, Longi plans to officially launch HIBC technology and products at the Shanghai SNEC exhibition, with HIBC modules achieving a power output exceeding 700W and a mass production efficiency of 25.9% [1] - The power density of HIBC modules is reported to exceed 259W/㎡, indicating significant advancements in technology [1] Group 2: Market Position and Future Plans - Longi Green Energy has matured the conditions for large-scale mass production of HIBC battery technology [1] - Despite the advantages of perovskite tandem batteries in conversion efficiency, the technology is still in the research and development stage due to stability issues, and there are currently no mass production plans for this technology [1]

Core Viewpoint - Longi Green Energy has announced a leadership restructuring aimed at optimizing governance and enhancing technological innovation in response to the accelerating global energy transition and increasing competition in the photovoltaic industry [1][5]. Group 1: Leadership Changes - Li Zhenguo has submitted his resignation as the company's director, general manager, and legal representative to focus on research and technology management, while continuing as the president of the Central Research Institute and CTO [1][4]. - Zhong Baoshan has officially taken over as the general manager and legal representative, aiming to improve decision-making and execution efficiency through optimized management structure [2][3]. Group 2: Governance Structure Optimization - The company plans to introduce new board members, Yin Jianan and Zhou Zhe, to enhance its governance system and broaden decision-making perspectives [3]. - The internal management structure remains unchanged, with Zhong Baoshan continuing to oversee daily operations, customer cooperation, and supply chain management [3]. Group 3: R&D Focus and Investment - Longi Green Energy has significantly increased its R&D investment, with approximately 5 billion yuan allocated in 2024, representing 6.07% of its annual revenue [6]. - The company has achieved breakthroughs in areas such as BC batteries, perovskite tandem cells, and hydrogen equipment, reinforcing its commitment to technological leadership [7][8]. Group 4: Strategic Alignment - The leadership changes align with Longi Green Energy's long-term strategy of maintaining technological leadership through innovation and stable operations [5]. - The dual focus on strategic execution by Zhong Baoshan and technological breakthroughs led by Li Zhenguo is expected to drive long-term growth [8]. Group 5: Future Goals - Longi Green Energy aims to optimize its production capacity structure and expects to achieve 50 GW of HPBC 2.0 battery and module capacity by the end of 2025, with silicon wafer shipments projected at 120 GW [8]. - The "Solar for Solar" initiative proposed by Li Zhenguo emphasizes the importance of continuous innovation in materials and processes to achieve deep decarbonization in the photovoltaic industry [9].