[SMM Silicon-Based PV Morning Meeting Summary: Wafer Prices Drop Back Slightly, Overall Solar Cell Prices Continue to Decline] The market price of N-type 18X wafers is 0.93-0.95 yuan/piece, and the price of N-type 210RN wafers is 1.05-1.1 yuan/piece. The price of high-efficiency PERC182 solar cells (with an efficiency of 23.2% and above) is 0.275-0.295 yuan/W, and the mainstream quotation for Topcon183 solar cells (with an efficiency of 25% and above) is around 0.255-0.26 yuan/W. The mainstream transaction price for Topcon210RN is 0.265 yuan/W, with a quotation range of 0.26-0.27 yuan/W. The price of Topcon210 solar cells is around 0.275-0.28 yuan/W.

[SMM Analysis: Aluminum Prices Fluctuate at Highs with Weakening Demand Rigidity, and PV Frame Operating Rates Continue to Decline] This week, the operating rates of sampled PV frame enterprises continued to diverge. The operating rates of some leading enterprises in east China dropped to 70%. According to the SMM survey, some small and medium-sized enterprises in Anhui reported that their PV frame orders were mainly from existing long-established customers, and they had suspended taking orders from new customers. Meanwhile, the operating rates of small and outsourced enterprises in east China and Henan remained at a low level of 40%.

[SMM Weekly Review: Polysilicon Prices Weakened as Month-End Transactions Unfolded, with 210RN Cell Prices Testing Increases] This week, the price index for N-type polysilicon was 35.4 yuan/kg, with N-type recharging polysilicon priced at 35-38 yuan/kg and N-type mixed polysilicon at 31-36 yuan/kg, indicating a decline in polysilicon prices. Market transactions gradually picked up this week, with polysilicon prices ultimately falling in this round of order signing, and the price drop for mixed polysilicon was more pronounced. The average price of some orders containing broken materials fell below 30 yuan/kg. High-quality dense recharging polysilicon remained relatively resilient, with some orders holding firm at 35 yuan/kg after negotiation. There may still be orders signed subsequently. Currently, there are signs of stabilization in the wafer and cell sectors, which may provide some support for polysilicon prices (especially high-quality materials). However, some manufacturers' mixed polysilicon containing broccoli and coral materials may still have some room for downward adjustment.

[SMM Weekly Review: Module Prices Decline as EVA Offers Discounts for Shipments] This week, the price of PV-grade EVA ranged from 10,200 to 10,650 yuan/mt, the mainstream price range of EVA film was 13,000 to 13,200 yuan/mt, and the price range of EPE film was 14,500 to 15,000 yuan/mt.

[SMM Silicon-based PV Morning Meeting Summary: Production Schedule for Modules in May Expected to be Adjusted Downward Again, with Divergence in Solar Cell Size Market] Solar Cells: Orders for Topcon183 have decreased, with transaction prices falling; orders for Topcon210RN have increased due to distributed demand, with transaction prices rising. The overall price of cells is gradually entering a plateau phase, with minor fluctuations expected. Modules: The number of orders for distributed modules in May has decreased, with module companies implementing production cuts again at month-end. The production schedule for May is expected to be adjusted downward again.

On May 19, the National Enterprise Bankruptcy and Reorganization Case Information Network disclosed that CGN Solar Energy Development Co., Ltd. had applied to the Intermediate People's Court of Bortala Mongol Autonomous Prefecture, Xinjiang Uyghur Autonomous Region, for the bankruptcy of Bortala Mongol Autonomous Prefecture Mueller Sitong PV Power Generation Co., Ltd. The disclosure date was May 19, and the case number was (2025) Xin 27 Bankr. App. No. 1.

Recently, TaiyangNews released the May 2025 edition of the "TOP SOLAR MODULES Listing" report. This month's listing includes 50 solar modules from 32 companies that have achieved commercial mass production and shipment. The number of companies and products remains the same as last month, but the efficiency/ranking of two modules has changed.

On May 20, a tender announcement was issued for the procurement of PV module materials for the 9.5MWp Distributed PV Power Generation Energy-Saving Retrofit Project of Guangdong Shuangxing New Materials Group Co., Ltd. under China Southern Power Grid (second tender). The announcement indicates the scope and content of this tender: N-type bifacial double-glass monocrystalline silicon PV modules, with a single module power of ≥715Wp, totaling 3,988 modules, with a tentative capacity of 2,851.42kWp. Five PV modules will be delivered per MW as spare parts. If the quantity is less than one module, it will be rounded up to one module. The cost of spare parts is included in the total price. If other power models are required for the project, the actual negotiation between both parties shall prevail.