Zheng Quan Shi Bao Wang·2025-08-08 13:39Core Insights - The global total shipment volume of the top five battery manufacturers is projected to reach approximately 87.8 GW in the first half of 2025, representing a year-on-year growth of about 12.5% [1] - The top five manufacturers are Tongwei Co., Ltd., Zhongrun Guoneng, Yingfa Ruineng, Jietai Technology, and Aiko Solar, with only Yingfa Ruineng and Jietai Technology swapping positions compared to 2024 [1] - The market is witnessing a significant shift towards TOPCon technology, which accounted for 88.3% of shipments, while PERC and BC technologies had shares of approximately 11.2% and less than 1%, respectively [2] Company-Specific Developments - Zhongrun Guoneng continues to ship PERC battery cells from its Chinese production base while advancing technology upgrades and product iterations [1] - Yingfa Ruineng's N-type battery cell shipments ranked second globally, and the company began shipping BC battery cells in Q2 2025, becoming the first specialized battery manufacturer to export BC cells [1] - Aiko Solar primarily uses BC batteries for its own module products, with PERC still being the main product line, accounting for 70% of its shipments [1] Market Trends and Pricing Dynamics - The shipment of 210RN size TOPCon cells reached approximately 31.4% in the first half of 2025, a significant increase from about 8% in the same period last year, indicating rapid market acceptance [2] - The battery cell market experienced a price surge in March due to a domestic installation rush, with TOPCon prices briefly exceeding 0.3 yuan/W, but prices fell to historical lows of 0.23 to 0.24 yuan/W by early July [2] - The introduction of "anti-involution" measures is expected to provide positive signals for the industry, potentially alleviating the oversupply situation and guiding the market towards healthier operating levels [3] Future Outlook - While the policy effects and market recovery are anticipated to take time, the long-term outlook suggests that these measures could help battery manufacturers mitigate losses and improve operational structures [3] - The industry is at a transformative juncture, where companies that can effectively respond to challenges and enhance brand competitiveness will be better positioned to seize new growth opportunities [3]