On June 3, Longji Green released its record of investor relations activities in May. According to the content, Longji Green Energy responded to the photovoltaic market, company operation, product situation and other issues.
Faced with the continuous decline in the price of photovoltaic products since May, Longji Green Energy said: With the end of the domestic photovoltaic rush, the price of photovoltaic products began to fall under the influence of changes in terminal demand, and has now basically returned to the bottom of the previous period. Superimposed manufacturing links have begun to control the scale of output, and the price of photovoltaic products is expected to be basically stable in the short term. "
Regarding its HPBC2.0 component products, Longji Green Energy disclosed that the cumulative orders for this product have increased significantly compared with the beginning of this year, with more than 50% of the orders coming from overseas customers.". In terms of cost, the production cost of HPBC2.0 modules is slightly higher than that of TOPCon products at present, and the company expects that the production cost of HPBC2.0 modules will be close to that of TOPCon by the end of 2025 .
For the expansion plan of HPBC2.0, Longji Green Energy said that by the end of 2025, the company will form 50GW HPBC2.0 battery and component production capacity. About 50% of the new HPBC2.0 battery production capacity this year comes from the transformation of the original production line, including HPBC 1.0 battery production line and PERC battery production line.
As for the existing 30GW capacity of TOPCon battery, Longji Green Energy said that there is no transformation plan for the time being.
Regarding the overseas market, Longji Green Energy said: "Considering that the industry is still in a period of intense change, the company is generally cautious about capacity expansion and has no plans to expand overseas capacity for the time being." In
the U.S. market, although there are many policy changes in the U.S. market, Longji Green Energy said that its 5G W component joint venture factory in the U.S. has reached production capacity, and Malaysia's double anti-tariff is relatively low. It is expected that battery products can continue to be exported to the U.S., so it has not lowered the target of component shipments in the U.S. market this year.
The original text is as follows:
1. Since May 2025, the price of PV products has continued to decline. How to look forward to the subsequent price changes?
Answer: With the end of the rush to install PV products in China, the price of PV products has begun to fall due to changes in terminal demand, and has now basically returned to the vicinity of the previous bottom. The superimposed manufacturing links have begun to control the scale of output, and it is expected that the price of PV products will be basically stable in the short term.
2. Please introduce the change of component production schedule and inventory of the company?
Answer: Since the beginning of this year, the company has strictly implemented the mode of production based on sales, and timely adjusted the production schedule of components according to the changes in terminal market demand and the company's orders. At present, the overall inventory remains controllable.
3. What is the change of HPBC 2.0 product orders and the market situation?
Answer: With the further understanding of the performance of HPBC2.0 products by end customers, the customer recognition of the company's HPBC2.0 products in the global scope has been continuously improved since this year, and has been continuously converted into orders. At present, the cumulative orders of the company's HPBC 2.0 components have increased significantly compared with the beginning of this year. More than 50% of the orders came from overseas customers.
4. What is the current cost level and cost reduction target of HPBC 2.0 components?
Answer: At present, the production cost of HPBC 2.0 modules is slightly higher than that of TOPCon products. The company expects that the production cost of HPBC 2.0 modules will be close to that of TOPCon by the end of 2025.
5. HPBC 2.0 Capacity Expansion Plan? Distribution of transformation and new capacity in new capacity? Which production lines do the transformed production capacity come from? What is the existing capacity of TOPCon battery and its transformation plan?
Answer: According to the company's business objectives in 2025, by the end of 2025, the company will form a production capacity of 50GW HPBC2.0 batteries and modules. About 50% of the new HPBC2.0 battery production capacity this year comes from the transformation of the original production line, including HPBC 1.0 battery production line and PERC battery production line. TOPCon battery has a production capacity of 30GW, and there is no transformation plan.
6. What is the current yield level of HPBC 2.0 batteries?
Answer: The yield of the HPBC2.0 battery production line that has been put into production is about 97%.
7. Please introduce the distribution of the company's component shipments in each region in 2024?
Answer: The regional distribution of the company's component shipments in 2024 is basically consistent with the regional distribution of global market demand. As the world's largest photovoltaic market, China accounts for about 52% of the world's total annual installed capacity in 2024, so it is also the company's largest component shipment market. In 2024, the Chinese market accounted for about 55% of the company's external sales of components, while the overseas market was mainly concentrated in Asia (21%) and Europe (16%).
8. There are many policy changes in the US market. Has the company lowered its component shipment target in the US market this year?
Answer: The company's 5GW module joint venture factory in the United States has reached production capacity, and Malaysia's photovoltaic double anti-tariff is lower than other major markets in Southeast Asia, so it is expected that batteries can continue to be exported to the United States. Therefore, the company has not lowered its component shipment target in the US market this year. The company will also pay close attention to the changes in the relevant energy policies of the United States, and do a good job of assessment, analysis and response.
9. What are the reasons for the lower gross profit margin in the first quarter of 2025?
Answer: From January to February 2025, the PV market demand was in a relatively low season, and the price of the main industry chain basically dropped below the production cost, which had a significant impact on the gross profit margin in the first quarter of 2025.
10. Does the company have any plans to expand overseas production capacity?
Answer: Considering that the industry is still in a period of intense change, the company is generally cautious about capacity expansion and has no plans to expand overseas capacity for the time being.
11. Please introduce the development of the company's hydrogen energy business?
Answer: The hydrogen energy industry is currently in the early stage of industrial introduction, and it still takes time for the terminal demand to be scaled up. However, under the background of carbon neutralization, the long-term development logic of hydrogen energy industry has not changed, so the company is optimistic about the future development potential of hydrogen energy. At present, it focuses on the R & D and innovation of hydrogen energy technology , strives to improve the performance of hydrogen energy equipment products, and continuously develops the global market with high-quality products and services. Since 2025, the company has successively obtained orders from domestic and foreign customers such as Hebei Yanshan Iron and Steel Group and Messer Group, and gradually established brand influence in the global market.
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