Core Insights - The photovoltaic industry in China is experiencing unprecedented deep adjustments, with companies facing significant operational losses and intensified "involution" competition, necessitating a shift from cost competition to value creation through technological innovation and strategic adjustments [1][2][3] Industry Performance - In 2024, the photovoltaic industry faced severe challenges, with a new installed capacity of 277.57 GW, a year-on-year increase of 28.3%. However, the industry saw a significant decline in revenue, with major companies like JinkoSolar reporting a revenue drop of 22.08% to 92.471 billion yuan, and LONGi Green Energy experiencing a 36.23% decline to 82.58 billion yuan [2] - The photovoltaic equipment sector reported a revenue of 927.1 billion yuan in 2024, reflecting a negative growth of 22.81%, with a net profit loss of 26.6 billion yuan, a year-on-year decline of 127.13% [2] Financial Struggles - The loss-making trend among photovoltaic companies is expanding, with cash flow crises becoming more pronounced. However, some companies like Sungrow reported a revenue increase of 50.92% to 19.036 billion yuan in Q1 2025, alongside a net profit growth of 82.52% [3] - Overall, the profit recovery across the photovoltaic industry chain remains limited, with companies still under operational pressure [3] Competitive Landscape - The industry is plagued by "involution" competition, characterized by price wars and patent disputes, leading to widespread losses across the supply chain. For instance, the price of monocrystalline silicon dropped from 65,000 yuan/ton at the beginning of 2024 to 40,000 yuan/ton by year-end [4] - The ongoing patent wars, such as the lawsuits between Trina Solar and Canadian Solar, further exacerbate competition, with claims reaching up to 1.058 billion yuan [4][6] Innovation and Future Strategies - To overcome current challenges, the photovoltaic industry must focus on technological innovation and diversify business models. Emphasizing high-efficiency battery technologies like PERC, HJT, and TOPCon is crucial for sustainable development [7] - Collaborative international expansion is emerging as a new model for the industry, involving upstream and downstream partnerships to mitigate risks in foreign markets and enhance competitiveness [8]

竞争有公平竞争和恶性竞争两种。前者会促进整个行业健康发展，消费者也可以从中获得更 多实惠；后者的效果则相反，不但会扰乱市场秩序、影响行业发展，损害结果最终还是要消 费者埋单。 要防止"内卷式"恶性竞争，首先，企业要增强自律意识并发挥行业协会作用。 一些行业和领域陷入"内卷式"竞争恶性循环，很容易导致企业创新面临瓶颈，不仅导致资源浪费、效率 低下等问题，更不利于产业结构优化升级，与发展新质生产力的要求背道而驰。 近来，"内卷式"恶性竞争成为了热词。 5月20日的新闻发布会上，国家发改委政策研究室副主任李超表示，一些企业陷入"内卷 式"竞争，有的以低价、超低价甚至以低于成本的价格销售，有的制假售假、以次充好。这 些都突破了市场竞争的边界和底线，扭曲了市场机制，扰乱了公平竞争秩序，必须加以整 治。 5月16日，国家市场监管总局党组书记、局长罗文在人民日报上发表署名文章指出：当前， 不少行业进入新旧动能转换与存量竞争阶段，低价、低质、低水平竞争现象日益蔓延，不正 当竞争、侵权假冒等违法行为多发高发，严重扭曲市场机制，损害市场公平竞争秩序。 5月19日，国家市场监管总局发布了十项整治"内卷式"竞争的措施，其中包括严厉查 ...