21 January 2026 | 5:03PM CST Equity Research CHINA SOLAR Addressing key questions on pricing and landscape dynamic after prelim 4Q25 result; what to do from here? With recent news on stepped-up anti-monopoly regulation and preliminary 4Q25 results announcements by Tier 1 solar players at widening qoq losses, investor focus has centered around the pricing, cost and landscape outlook. In this report, we discuss i) Why leading players recorded widening losses in prelim 4Q25 result on the back of value chain pr ...