光伏大厂，又“卷”死一家！

Core Viewpoint - The bankruptcy of GMB, the last large-scale solar glass manufacturer in Europe, signifies the collapse of the local photovoltaic industry chain, leaving Europe heavily reliant on imports for solar glass and other components [3][4][10]. Industry Overview - GMB's production capacity was 350 tons per day, primarily serving European photovoltaic module manufacturers [3]. - The bankruptcy of GMB is part of a broader trend of bankruptcies in the European solar industry, with significant players like Wacker Chemie and REC Silicon also exiting the market [4][5]. - The European solar supply chain is experiencing severe hollowing out, with upstream material production almost entirely vanished and only a few companies remaining in the battery and module production segments [9]. Key Factors Contributing to the Crisis - High energy costs in Germany, where industrial electricity prices are 2-4 times higher than in China, have significantly impacted the competitiveness of local manufacturers [10][12]. - The complex structure of electricity pricing in Germany, including various taxes and fees, contributes to the high costs faced by solar glass manufacturers [11]. - European policies aimed at reviving the manufacturing sector have been slow to materialize, lacking substantial financial support for operational expenditures [13]. Competitive Landscape - Chinese solar manufacturers have gained a competitive edge through economies of scale and deep integration of the supply chain, making it difficult for European companies to compete on price [14]. - The Chinese solar industry is currently facing its own challenges, entering a loss cycle, with significant financial losses reported in 2024 [15]. Future Outlook - The European solar industry is attempting to rebuild its supply chain through policy initiatives, but short-term recovery seems unlikely [9]. - A recent high-level meeting in China indicates a shift towards ending destructive price competition and focusing on innovation and value creation within the industry [16].