Core Viewpoint - The solar industry has reported significant losses in 2024, with major companies like TCL Zhonghuan, Longi Green Energy, Tongwei Co., and Aiko Solar facing substantial net losses. However, there are signs of improvement in Q1 2025 due to self-regulatory measures in the industry [1][2]. Group 1: Financial Performance of Major Companies - TCL Zhonghuan, Longi Green Energy, Tongwei Co., and Aiko Solar reported net losses of 9.818 billion, 8.618 billion, 7.039 billion, and 5.319 billion respectively in 2024, marking the highest losses in the industry [1]. - JinkoSolar, in contrast, achieved a net profit of 0.99 billion in 2024, but reported a loss of 1.39 billion in Q1 2025, indicating a year-on-year decline of 218.20% [2][4]. - JinkoSolar's revenue in 2024 was 92.47 billion, down 22.08% year-on-year, with a net profit decline of 98.67% [4]. Group 2: Market Dynamics and Competitive Landscape - The solar market is experiencing intensified competition, leading to a significant drop in product prices: polysilicon prices fell over 39%, silicon wafer prices over 50%, battery prices over 30%, and module prices over 29% in 2024 [5]. - JinkoSolar's strategy to maintain market share involved signing numerous low-price orders, which contributed to its losses, while competitors like Longi Green Energy adopted a "volume control for profit" strategy [8][9]. - The TopCon technology, which JinkoSolar initially capitalized on, has become increasingly commoditized, diminishing its pricing power and leading to a decline in profitability [10][13]. Group 3: Future Outlook and Strategic Considerations - JinkoSolar aims to balance shipment volume and profitability, projecting a component shipment target of 20-25 GW for Q2 2025, while maintaining its position as the leading component supplier with 92.9 GW shipped in 2024 [9][19]. - The competition between TopCon and emerging technologies like BC and HJT is expected to intensify, with BC technology anticipated to surpass TopCon in market share by 2026 [17][18]. - JinkoSolar is considering a shift towards TBC or perovskite tandem cells to regain competitive advantage, although the latter may not see large-scale production for several years [18].