Zhong Guo Hua Gong Bao·2025-12-30 03:51Core Insights - The recent ranking by Wood Mackenzie for the first half of 2025 highlights that JA Solar and Trina Solar are tied for the top position with scores of 91.7 and 91.6 respectively, indicating a competitive advantage through technological upgrades, capacity optimization, and market diversification amidst industry challenges [1][2] - Despite the top ten manufacturers accounting for 62% of global shipments, they collectively faced a net loss of $2.2 billion, showcasing a significant profitability challenge in the context of overcapacity and declining prices [1][2] Industry Performance - The global photovoltaic (PV) module industry is experiencing a stark contrast, with the top ten manufacturers achieving a total shipment of 224 GW, yet suffering a combined net loss of $2.2 billion, indicating that scale alone does not guarantee profitability [1][2] - The average capacity utilization rate for the top ten manufacturers stands at 70%, significantly higher than the 43% average for other manufacturers, with companies like Adani Solar and LONGi Green Energy achieving 100% utilization, reflecting superior operational management [2] New Classification System - Wood Mackenzie has introduced an "A-rated manufacturer" classification to establish new benchmarks for operational excellence and financing capability, shifting the focus from mere shipment volume to adherence to strict global procurement standards [2] - A total of 29 manufacturers from nine countries have been included in the A-rated list for the first half of 2025, providing downstream developers and asset owners with a clear risk mitigation tool [2] Market Trends - Non-Chinese manufacturers in the top ten maintained profitability in the first half of the year, primarily due to their focus on high-end and protected market segments, indicating that market diversification strategies are crucial for risk management in tightening global trade policies [2] - Looking ahead to 2026-2027, the PV module industry is expected to undergo a deep transformation, with technological upgrades driving the exit of inefficient capacities, as advanced technologies like TOPCon 3.0 and back-contact cells are expected to push mainstream module efficiency beyond the 25% threshold [3]