Integrated enterprises (wafer-cell-module)  full costs drop to 0.733 RMB/W. Semi-integrated enterprises (cell-module) full cost increase to 0.728 RMB/W. Specialized enterprises full costs increase to 0.719 RMB/W.

Integrated enterprises (wafer-cell-module)  full costs drop to 0.733 RMB/W. Semi-integrated enterprises (cell-module) full cost increase to 0.728 RMB/W. Specialized enterprises full costs increase to 0.719 RMB/W.

【17.2% Surge in April Module Production Triggers Price Collapse? – SMM Analysis】According to SMM statistics, China's photovoltaic module production in March 2025 increased by 3.9% compared to February, with an industry operating rate of approximately 35.91%. P-type module production rose by 7.25%, accounting for 2.7% of total output, while N-type module production increased by 40.2% month-on-month, making up 97.3% of total output. The operating rate for domestic photovoltaic module production in March was about 49.94%.

Based on supply-demand balance calculations, the industry experienced slight destocking from January to February. However, in March, with the increase in operating capacity on the supply side, production rose sharply, while there was almost no growth on the demand side, shifting the balance back to surplus. Polysilicon enterprises with integrated silicon metal capacities have relatively large production scales. Large-scale silicon enterprises (with annual capacities of 100,000 mt or more) increased their supply share, offering greater supply stability compared to small and medium-sized silicon enterprises. The fundamentals of silicon metal are expected to remain characterized by strong supply and weak demand in the near term, keeping spot silicon metal prices at low levels in the short term.