中国能源报·2025-12-16 11:36Core Viewpoint - The photovoltaic industry is undergoing a significant restructuring phase, transitioning from rapid growth to high-quality development, which will reshape the competitive landscape and lay the foundation for sustainable growth [2][3]. Industry Restructuring - Recent signals of restructuring in the photovoltaic sector have emerged, with companies like Bangjie Co. announcing operational difficulties and entering pre-restructuring processes. Other firms, including ST Lingda and King Kong Photovoltaics, have also disclosed bankruptcy or pre-restructuring news, indicating a trend towards industry consolidation [3][5]. - The photovoltaic industry has experienced unprecedented expansion, particularly in silicon materials and battery segments, leading to significant capacity accumulation. However, a mismatch between excessive capacity expansion and slowing demand growth is driving the need for restructuring [5][11]. - The restructuring process is not merely a "survival of the fittest" scenario but involves diverse pathways and objectives, including judicial restructuring for distressed companies and strategic mergers for stronger firms, facilitating resource reallocation within the industry [7][9]. Benefits of Restructuring - The restructuring efforts are expected to yield multiple benefits, such as fostering industry leaders, optimizing asset structures, and enhancing technological upgrades. This will also inject quality assets into the capital market, promote healthy investment cycles, and alleviate homogeneous competition [10][11]. - Major companies are leveraging this restructuring phase to consolidate their competitive advantages through mergers and acquisitions, as seen in Tongwei Co.'s planned acquisition of Runyang Co. to enhance efficiency and global capacity [9][10]. Future Outlook - The merger and acquisition activities in the photovoltaic sector are anticipated to remain active, potentially peaking in the next one to two years. This will accelerate the exit of outdated capacities and optimize the overall capacity structure, alleviating supply-demand imbalances [11]. - The industry is expected to see a significant increase in concentration, with resources and orders gravitating towards technologically advanced and financially robust leading enterprises. This shift will enhance China's photovoltaic industry's international competitiveness and sustainable development capabilities [11].