Zhongji Innolight completes nearly 5 billion yuan buyback in 17 trading days; LONGi Green Energy sets new world record for silicon cell efficiency

ZJIC Completes Nearly 50 Billion Yuan Share Buyback

On the evening of September 24, ZJIC (HK3308) issued an announcement regarding the results of its share buyback and changes in share capital. According to the announcement, between September 1 and September 23, 2026, the company repurchased a total of 5.6531 million shares through centralized竞价 trading, accounting for 0.48% of the company's total share capital. The total amount paid was 49.97 billion yuan (excluding transaction fees). The share buyback has now been fully implemented.

On September 1 of this year, the company announced a plan to repurchase between 40 billion and 80 billion yuan of A-shares, with a repurchase price not exceeding 1,200 yuan per share, and a repurchase period of 12 months following the approval of the proposal. ZJIC completed the buyback in just 17 trading days.

The company stated that all repurchased shares will be used for equity incentive plans or employee stock ownership plans. If the company fails to implement the above purposes within 36 months after the completion of the share buyback, the unused portion will undergo relevant procedures for cancellation.

Public data shows that ZJIC's last share buyback was in 2022, with a repurchase amount of 301 million yuan. After a gap of three and a half years, the company has resumed buybacks, with the repurchase amount increasing more than tenfold.

In the first half of the year, ZJIC achieved a net profit attributable to the parent company of 13.651 billion yuan, a significant year-on-year increase of 214.7%. According to the semi-annual report, "retail tycoon" Zhang Jianping became the company's ninth-largest circulating shareholder. Based on the closing price on June 30, the market value of his holdings reached 7.537 billion yuan. As of the latest data, ZJIC's total market capitalization stands at 1.06 trillion yuan, with daily trading volume frequently ranking first among A-shares. The cumulative trading volume for the year has reached 4.83 trillion yuan.

LONGi Green Energy Sets New World Record for Crystalline Silicon Cell Efficiency

According to a release from LONGi Green Energy (601012), on September 24 local time, the company announced in Europe that its independently developed high-low temperature composite passivated back contact (HIBC) cell has achieved a photoelectric conversion efficiency of 28.29%, as certified by the Institute for Solar Energy Research Hamelin (ISFH) in Germany.

This marks the third time this year that LONGi has broken the world record for crystalline silicon cell efficiency, having previously raised the efficiency to 28.04%, 28.13%, and now 28.29%. The latest record approaches the technical ceiling, reaching 96.2% of the theoretical limit. Modules exceeding 700W, built on HIBC cell technology, were also unveiled, signaling the successful mass production of this cutting-edge technology.

Industry Context: Solar Sector Faces Deep Adjustment

In recent years, the photovoltaic industry has entered a deep adjustment cycle, with persistently weak demand in major global installation markets. On the demand side, growth in key markets has slowed and demand remains sluggish. According to a report by SolarPower Europe, global PV installations are expected to reach 664 GW in 2025, but decline to 612 GW (central scenario) in 2026—a drop of nearly 8% and the first contraction in over 20 years. On the supply side, under the guidance of "anti-involution" policies, low-end production capacity is being accelerated out of the market.

Against this backdrop, companies are accelerating product iteration toward higher efficiency and scenario-based applications, capturing market share with premium products and securing more market space for high-quality capacity.

Leading Companies Release Technological Breakthroughs

Including LONGi Green Energy, leading companies have successively released technological R&D results this year:

• Trina Solar (688599) announced in June that its independently developed, industry-standard 3.1m² perovskite/crystalline silicon tandem module achieved a full-area module efficiency of 29.2%, setting a new world record for tandem module power.
• Tongwei Co., Ltd. (600438) recently stated that its perovskite tandem technology R&D is progressing well. The company is currently advancing research on the industry's first 5MW-level fully automated perovskite/heterojunction tandem pilot line, with conversion efficiency at an industry-leading level.

Analyst View: Premium Capacity Premium Emerging

According to a research report by China Merchants Securities, amid subdued demand, the natural exit of supply and the push from "anti-involution" policies have led to a premium for high-quality capacity both domestically and internationally. The natural exit of leading capacity is a noteworthy event that could improve the supply-demand environment, leading to valuation and earnings recovery for related companies.

Nine PV Equipment Stocks See Net Profit Growth in H1

According to data from Securities Times · Data Bao, there are 73 listed companies in the A-share PV equipment sector (881279). In terms of performance, amid overall industry pressure, nine stocks achieved year-on-year growth in net profit attributable to the parent company in the first half of the year. These are mainly in the PV auxiliary materials segment (884305), with one company turning a loss into profit and 11 companies reducing losses year-on-year.

• Tongxiang Technology, Lianhong Xinke (003022), and Betterly (301697) all saw net profit attributable to the parent company increase by over 100% year-on-year in H1, all within the PV auxiliary materials segment. Tongxiang Technology reported a net profit of 48 million yuan, a year-on-year increase of 568.86%. The company stated that the rising price of copper in the first half of the year, combined with downstream price pass-through mechanisms, led to higher average product selling prices, offsetting the impact of reduced shipment volumes.

From a capital flow perspective, some PV equipment stocks have attracted foreign investment. Semi-annual report data shows that as of June 30, 22 stocks had QFII institutions among their top ten circulating shareholders. Based on the closing price on June 30, the total market value of these holdings reached 4.527 billion yuan. The top three were Sungrow Power (300274) at 1.524 billion yuan, TCL Zhonghuan (002129) at 739 million yuan, and Trina Solar (688599) at 347 million yuan.