Core Insights - The 18th International Solar Photovoltaic Exhibition in Shanghai showcased a significant increase in the presence of energy storage companies, indicating a growing trend towards integrated solar and storage solutions [1] - Major industry players like TCL Zhonghuan, JinkoSolar, and Tongwei showcased BC technology products, although most are still in the preparation stage for mass production [2][3] - The exhibition highlighted the trend of solar storage integration, with many companies presenting differentiated solar-storage solutions [6] Group 1: Technology and Product Innovations - BC technology products were prominently featured by industry giants, with TCL Zhonghuan planning to start mass production in Q3, while only a few companies like Longi Green Energy and Aiko Solar have achieved this [2] - TOPCon technology remains the mainstream product, accounting for over 70% of the global market, while BC technology is primarily targeted at price-insensitive regions like Northern and Western Europe [3] - New solar products such as solar tiles and flexible modules were introduced, with companies like Trina Solar and LONGi showcasing innovations that cater to aesthetic and functional needs [4][5] Group 2: Market Trends and Competition - The solar storage market is becoming increasingly competitive, with many solar companies diversifying into storage to improve profitability, as standalone solar products have been unprofitable [6] - Companies are exploring overseas markets due to saturation in the domestic market, with many reporting that international sales are more profitable [8][9] - The demand for storage solutions is rising, particularly in overseas markets, with companies like Suzhou Guding noting that 60% of their orders now come from abroad [8] Group 3: Challenges and Future Outlook - The solar industry is facing intense competition, leading to price wars that have affected profitability across the board, particularly in the component sector [10][11] - The solar glass industry is struggling with many companies operating at breakeven due to price pressures from the component market [11] - Despite the challenges, the overall demand for solar and storage solutions continues to grow, with companies adapting to market conditions and exploring new opportunities [7][10]

Report Industry Investment Rating - Not provided in the report Core Viewpoints - The silicon market is experiencing a situation of weak supply and demand, with high inventory pressure in the industry. There is no expectation of a price reversal, and silicon prices are expected to remain under pressure at low levels in the short term. However, considering that current silicon prices are already at an absolute low, the subsequent downward space may be relatively limited [1]. - The fundamentals of the polysilicon market are weak, with lower transaction prices. Given the high uncertainty of terminal installations and the short - term difficulty in resolving over - capacity issues, polysilicon prices are not expected to show an upward trend in the short term, and the strategy is mainly to short on rebounds [1]. Summary by Related Catalogs Industrial Silicon and Polysilicon Price Trends - Industrial silicon: The average price of non - oxygenated 553 (East China) remained flat at 8,100 yuan/ton, and the average price of 421 (East China) remained flat at 8,700 yuan/ton. The closing price of the futures main contract decreased by 0.80% to 7,415 yuan/ton. The price of N - type polysilicon material remained flat, and the closing price of the futures main contract decreased by 0.44% to 33,955 yuan/ton [1]. - Polysilicon: N - type dense material remained flat at 35.5 yuan/kg, polysilicon re - feed material remained flat at 33.5 yuan/kg, polysilicon dense material remained flat at 32 yuan/kg, and polysilicon cauliflower material remained flat at 30 yuan/kg [1]. Industry News - Dacheng New Energy's Anji Intelligent Manufacturing Base project is expected to be completed and put into operation. The project plans to build 4.8GW of high - efficiency heterojunction batteries and 7.2GW of battery component fully automatic intelligent production lines, with a total investment of 4.7 billion yuan [1]. - LONGi Green Energy expects the production cost of HPBC2.0 components to be similar to that of TOPCon by the end of 2025 and will form a production capacity of 50GW of HPBC2.0 batteries and components by the end of the year [1]. Investment Strategies Industrial Silicon - Supply side: Some silicon enterprises in the north have reduced production due to cost - price inversion. In the southwest production area, although the flood season is approaching, there is a lack of confidence in the future market, resulting in weak willingness to resume production. Overall, the start - up rate has decreased [1]. - Demand side: Polysilicon enterprises continue to reduce production, and the resumption of production may be postponed. The organic silicon industry has a strong willingness to reduce production to support prices, but demand is weak. Silicon - aluminum alloy enterprises purchase as needed, and the downstream has insufficient willingness to stock up at low levels [1]. - Overall: The silicon market has weak supply and demand, high inventory pressure, and no expectation of price reversal. Silicon prices are expected to remain under pressure at low levels in the short term, and the downward space may be limited. Continued attention should be paid to the production dynamics of silicon enterprises [1]. Polysilicon - Supply side: Silicon material enterprises continue to reduce production, and some may have new production capacity put into operation. It is expected that the output will remain within 100,000 tons [1]. - Demand side: The photovoltaic market is weak, with rising inventories of silicon wafers and silicon materials, and falling prices of silicon wafers, battery cells, and components. Market demand has slowed down, and market transactions are weak [1]. - Overall: The fundamentals are weak, and polysilicon transaction prices are lower. There is no expectation of an upward price trend in the short term, and the strategy is mainly to short on rebounds. Continued attention should be paid to changes on the supply side [1].

Core Viewpoint - Longi Green Energy, a major player in the photovoltaic industry, is facing significant challenges amid a deep industry adjustment, highlighted by a recent share reduction announcement from its second-largest shareholder, Hillhouse Capital [1][2]. Group 1: Shareholder Actions - Hillhouse Capital's HHLR Management plans to reduce its holdings by up to 37.89 million shares, representing no more than 0.5% of Longi's total shares [3]. - Following this reduction, HHLR's shareholding will drop to just below 5%, which would exempt it from future disclosure requirements for further reductions [3]. - This marks HHLR's first reduction in its holdings since acquiring shares over four years ago, with the initial purchase price being 70 yuan per share, totaling approximately 15.84 billion yuan [3][4]. Group 2: Company Performance and Management Changes - Longi Green Energy has recently undergone significant management changes, with CEO Li Zhenguo resigning from his executive roles to focus on R&D and technology management [2][5]. - The company's market capitalization has plummeted to 109.7 billion yuan, only 20% of its peak value, reflecting a substantial decline in stock performance [2][5]. - Longi has reported a staggering loss of 8.618 billion yuan in 2024, marking its first loss in nearly a decade, attributed to intensified industry competition and declining product margins [6]. Group 3: Future Outlook - The company is expected to focus on the BC technology route, with Li Zhenguo expressing optimism that 2025 will be a pivotal year for BC production capacity [7]. - Market attention is on whether Longi can navigate through the current industry downturn by leveraging its commitment to BC technology [7].

Core Viewpoint - Longi Green Energy has reported a decline in photovoltaic product prices since May 2025, attributing this to the end of the domestic photovoltaic rush and changes in terminal demand, with prices stabilizing at previous low levels [1] Group 1: Photovoltaic Market Dynamics - The company acknowledges that the photovoltaic market demand was in a relatively off-season from January to February 2025, leading to prices falling below production costs, which significantly impacted the gross margin in Q1 2025 [1] - Longi Green Energy has implemented a strict production model based on sales, adjusting component production schedules according to market demand and order situations, maintaining controllable overall inventory [1] Group 2: HPBC2.0 Product Development - The HPBC2.0 product has seen increased customer recognition globally, with cumulative orders significantly rising since the beginning of the year, over 50% of which are from overseas clients [2] - The production cost of HPBC2.0 components is currently slightly higher than that of TOPCon products, but it is expected to be comparable by the end of 2025 [2] - The yield rate for the currently operational HPBC2.0 battery production lines is around 97% [2] - Longi Green Energy aims to achieve a production capacity of 50GW for HPBC2.0 batteries and components by the end of 2025, with about 50% of the new capacity coming from the transformation of existing production lines [2] Group 3: Market Distribution and Strategy - In 2024, Longi Green Energy's component shipment distribution aligns with global market demand, with China accounting for approximately 55% of the company's external sales, while overseas markets are primarily in Asia (21%) and Europe (16%) [3] - The company’s 5GW component joint venture factory in the U.S. has reached full production, and the lower anti-dumping tariffs in Malaysia compared to other Southeast Asian markets allow continued exports to the U.S. without adjusting shipment targets [3] - Longi Green Energy maintains a cautious approach to capacity expansion amid ongoing industry transformations and currently has no plans to expand overseas production capacity [3] Group 4: Hydrogen Energy Business - The hydrogen energy sector is still in its early stages, with large-scale terminal demand expected to take time to develop, but the long-term growth logic remains unchanged under the carbon neutrality context [4] - The company is focusing on research and innovation in hydrogen technology, aiming to enhance the performance of hydrogen equipment products and expand its global market presence [4] - Since 2025, Longi Green Energy has secured electrolyzer orders from domestic and international clients, gradually building its brand influence in the global market [4]

Group 1 - The core point of the article is the issuance of convertible bonds by LONGi Green Energy Technology Co., Ltd., which aims to raise a total of RMB 7 billion through the issuance of 70 million convertible bonds, each with a face value of RMB 100 [1][4][10] - The bonds were approved by the China Securities Regulatory Commission and began trading on the Shanghai Stock Exchange on February 17, 2022 [1][4] - The bonds have a maturity period of six years, with an annual interest rate that increases from 0.20% in the first year to 2.00% in the sixth year [1][4][10] Group 2 - In 2024, LONGi Green Energy reported a revenue of RMB 82.58 billion, a decrease of 36.23% compared to 2023, and a net loss attributable to shareholders of RMB 8.62 billion [11][12] - The company faced challenges such as declining prices and gross margins for its PERC and TOPCon products, leading to increased asset impairment provisions [11][12] - The company’s total assets decreased by 6.78% to RMB 152.84 billion by the end of 2024 [11][12] Group 3 - The funds raised from the convertible bonds are intended for various investment projects, including the construction of high-efficiency solar cell production facilities [9][12] - As of December 31, 2024, the company had utilized RMB 426.85 million of the raised funds, with a portion allocated to projects that have been adjusted or delayed due to market conditions [12][13] - The company plans to adjust the timeline for certain projects, such as the Wuhu Phase II project, to June 2026 due to industry cyclicality and supply-demand mismatches [12][13]

Company and Industry Summary Company: JinkoSolar (晶科能源) Key Points 1. **Technology Upgrade Significance**: The power difference between leading and lagging TOPCon products has widened by 20-30W, which may lead to the elimination of lagging TOPCon production capacity. This technology upgrade is seen as a proactive measure to seek new opportunities [1][2][3] 2. **Production Capacity Upgrade**: By the end of the year, 40%-50% of JinkoSolar's TOPCon production capacity is expected to be upgraded, achieving power levels of 650-670W. The facilities in Shangrao and Shanxi, with capacities of several GW and 8GW respectively, have already completed upgrades [2][3] 3. **Current Power Levels**: The upgraded modules currently have a power output of 640-645W, with a target to reach 645-650W by June [2][3] 4. **Efficiency Improvement Methods**: This year, the main methods for efficiency improvement include edge passivation, 0BB, and MAX (back laser), which are expected to enhance power by 10-15W. Future methods planned for the next couple of years include invisible busbars, low-temperature battery technology, and stacking techniques [3] 5. **Introduction of Low-Cost Metals**: The evaluation of the R&D line has been completed, and the mass production line is expected to officially operate by mid-May. A comprehensive mass production assessment is scheduled for June, with plans to complete at least 1-2 workshop renovations and actual production within the year. It is anticipated that 20%-40% of production capacity will be introduced into actual mass production this year, with full product integration expected next year [3]

Core Viewpoint - Longi Green Energy, once hailed as the "king of photovoltaics," is currently navigating through a challenging period in the solar industry, facing significant losses due to supply-demand mismatches and price declines [1][3]. Financial Performance - Longi reported losses of 8.617 billion yuan for the fiscal year 2024 and 1.436 billion yuan for Q1 2025 [1]. - In 2024, the company’s operating costs were 76.44 billion yuan, a decrease of 27.54% year-on-year, with management expenses dropping to 3.43 billion yuan, down 30.22% from 4.915 billion yuan in 2023 [5]. Industry Context - The solar industry is experiencing its most challenging period in nearly a decade, with over 500 billion yuan in combined losses reported by 30 listed solar companies in 2024 [3]. - The market is characterized by intense competition and price declines, with many companies facing operational challenges, including production cuts and layoffs [4]. Strategic Initiatives - Longi has committed to developing BC technology as the mainstream for silicon solar cells over the next 5-6 years, launching several upgraded BC products in 2024 [1][7]. - The company has undergone organizational restructuring and efficiency reforms to enhance its operational capabilities and customer focus [5][6]. Market Position - Despite the industry's downturn, Longi remains a leader in global silicon wafer and module production, with shipments of 108.46 GW of silicon wafers and 82.32 GW of solar modules in 2024 [4]. - The company has accumulated orders of 30 GW for its HPBC series components, with a target of 80-90 GW in total shipments by 2025, expecting over 25% of that to be BC components [8][10]. Future Outlook - Longi's leadership anticipates a turnaround in 2025, with expectations of returning to profitability by Q3 2025, driven by advancements in BC technology and organizational improvements [12][14]. - The company is focusing on maintaining financial stability, with a debt ratio of 59.83% and cash reserves of 53.157 billion yuan, positioning itself favorably against competitors [6][14].

以下文章来源于钛媒体 ，作者胡珈萌 钛媒体 . 新鲜犀利的财经见闻，放眼国际的前沿技术，还有罕见披露的内幕消息。钛媒体 （www.tmtpost.com），引领未来商业与生活新知，一个投资者与创新者酷爱聚集的地方。还可下载钛 媒体App，24小时不间断更新和互动。 将投中网设为"星标⭐"，第一时间收获最新推送 厂商费劲心思，只为了在这波涨价中尽可能多赚点。 作者丨 胡珈萌 编辑丨 刘洋雪 来源丨钛媒体 抢装、抢货、抢生意、抢发内部政策…… 违规、伪装、违约、还能二次违约…… 近期的光伏行业异常活跃，一些"怪现象"也持续引发热议。 今年2月9日，国家发展改革委、国家能源局联合发布《关于深化新能源上网电价市场化改革 促进新 能源高质量发展的通知》（即业内所称"136号文"），全面推进新能源市场化改革。 不过，相对于未来市场化时代的前景，行业显然更关注政策的"及时雨"效果。 "136号文"设定了差价结算机制，以今年6月1日为限，此前投产的"老项目"（"存量项目"）的电价 会在市场化价格基础上补差价，此后的"新项目"（"增量项目"）全部市场化竞价。 再加之此前1月17日出台的《分布式光伏发电开发建设管理办法》，规定一 ...