Summary of China Solar Industry Conference Call Industry Overview - **Industry**: China Solar Industry - **Current Situation**: Demand remains sluggish in December 2025, with various components of the solar supply chain showing mixed performance Key Points Polysilicon Market - **Price Stability**: The price of monograde polysilicon remained flat at Rmb52/kg as of December 1, 2025, with a 4% increase in inventory levels to 29.1kt week-over-week [2][3] - **Production Forecast**: Monthly polysilicon production is expected to increase by 4% month-over-month to below 120kt (52GW) in December due to mild production resumption [2] Wafer Market - **Price Decline**: N-type wafer prices fell by 1.7% to Rmb1.18/pc for M10 and 3.2% to Rmb1.50/pc for G12 week-over-week [3] - **Cell Prices**: TOPcon cell prices remained unchanged at Rmb0.285/W for both M10 and G12 [3] - **Module Prices**: Module prices also remained stable at Rmb0.69/W for TOPcon and Rmb0.76/W for back contact [3] - **Production Outlook**: December module production is projected to decline by 15% month-over-month to 43GW [3] Solar Glass Market - **Price Decrease**: Solar glass prices decreased by 2.0% for 2.0mm and 1.3% for 3.2mm week-over-week, now at Rmb12.25/sqm and Rmb19.25/sqm respectively [4] - **Inventory Increase**: Inventory levels increased by 5.9% week-over-week to 31.07 days [4] Installation and Export Data - **Installation Growth**: As of October 2025, total solar installation reached 252.9GW, marking a 39% year-over-year increase. However, October installations were down 38% year-over-year to 12.6GW despite a 30% month-over-month increase [5] - **Export Performance**: Solar cell and module exports totaled US$2.3 billion in October, up 4% year-over-year but down 19% month-over-month. The implied shipment volume was 23.6GW, reflecting a 6% year-over-year increase but a 20% month-over-month decline [5] - **Inverter Exports**: Solar inverter export value reached US$0.7 billion in October, up 3% year-over-year but down 5% month-over-month, with a significant drop in monthly export volume of 35% year-over-year and 16% month-over-month [5] Risks and Opportunities - **Downside Risks**: - Slower-than-expected growth in installed domestic renewable energy capacity - Larger-than-expected tariff cuts for renewable energy projects - Increased competition from other power resources due to future power reforms [22] - **Upside Risks**: - Faster-than-expected growth in installed domestic renewable energy capacity - Smaller-than-expected tariff cuts for renewable energy projects - Market share gains for solar energy compared to other power resources under future reforms [23] Conclusion The China solar industry is currently facing challenges with sluggish demand and price stability across various components. However, there are potential growth opportunities if domestic capacity increases and tariffs remain favorable. The market dynamics suggest a cautious outlook for the near term, with significant attention needed on production and export trends.