中国太阳能 -追踪盈利能力拐点：8 月出现组件价格上涨初步迹象，但鉴于供需展望恶化，可持续性存疑-China Solar_ Tracking profitability inflection_ Early sign of module price hike emerged in Aug, but sustainability in question given worsening SD outlook

25 August 2025 | 7:16PM CST China Solar: Tracking profitability inflection Early sign of module price hike emerged in Aug, but sustainability in question given worsening S/D outlook Our China Solar Profitability Tracker follows monthly supply/demand and inventory dynamics by sub-sector, and the spot prices/input costs implied cash GP & EBITDA margin trends for companies under our coverage. Key highlights in Aug MTD: Research | Equity Mengwen Wang +86(21)2401-8932 | mengwen.wang@goldmansachs.cn Goldman Sachs ...