Sungrow Power Supply(SZ:300274) Di Yi Cai Jing·2025-07-25 09:18Core Viewpoint - The China Photovoltaic Industry Association has raised its forecast for installed capacity in 2025 from a range of 215GW-255GW to 270GW-300GW, despite challenges faced in the first half of the year [1] Group 1: Installed Capacity Forecast - The association's adjustment in the forecast is attributed to a solid foundation for photovoltaic project grid connection and strong certainty in installed capacity growth [1] - New policies have minimal impact on large-scale wind and solar projects, and stable demand is observed in provinces with mature market transactions [1] Group 2: Industry Performance and Challenges - In the first half of 2025, the production growth rate of battery cells and modules remained below 15%, while polysilicon and silicon wafer segments experienced negative growth [2] - The average prices of mainstream models in the four major segments of the photovoltaic industry have decreased significantly since 2020, with reductions of 88.3%, 89.6%, 80.8%, and 66.4% respectively [2] - The entire industry chain is facing unprecedented losses, with 31 A-share listed photovoltaic companies reporting a total net loss of 12.58 billion yuan in Q1 2025, a year-on-year increase of 274.3% [3] - Over 40 companies have announced delisting, bankruptcy, or mergers since 2024, indicating severe challenges in the industry [3] Group 3: Recommendations for Industry Stability - The industry is urged to strengthen self-discipline and adhere to industry rules to avoid pricing below cost, as suggested by industry leaders [3] - The association is committed to supporting comprehensive governance efforts and enhancing the standard system to curb vicious competition [3]