[SMM Analysis: Uncertainty During Policy Transition Period, Focus on Actual Production After the Holiday] In terms of PV extrusion, affected by the uncertainty during the policy transition period, the current production scheduling strategies of module enterprises have become more cautious. According to the SMM survey, due to the mismatch between the module production cycle and the grid connection deadline, current production orders cannot be completed and connected to the grid before the May 31 period. Coupled with the fact that follow-up policy transition documents have not yet been issued, downstream module producers have generally lowered their demand expectations for May orders by 10%. This week, the operating rates of top-tier PV extrusion enterprises have slightly declined, mainly shifting to execute production schedules for newly signed orders in May. Relevant enterprises have no plans to halt production during the Labour Day holiday and will maintain normal production.

① Zhong Baoshen, Chairman of the company, stated that the ability to turn losses into profits is highly correlated with the industry situation, and the company aims to return to the break-even point by Q3 this year. ② Zhong Baoshen predicted that by 2026, with the adaptation and adjustment of the power system to the integration of new energy, the company is expected to return to a growth state. However, it will not return to the growth rate of 40% to 50% seen in previous years, but rather to an increase of around 10%.

[SMM Weekly Review: Prices of Key PV Segments Fell in April, Main Material Producers to Implement Production Cuts in May] This week, the mainstream transaction prices for N-type recharging polysilicon in the market were 37-44 yuan/kg, while those for N-type dense polysilicon were 36-40 yuan/kg. The price index for N-type polysilicon. This week, polysilicon prices continued to decline, with the overall sentiment in the polysilicon market remaining weak. The center of transaction prices continued to move downward, with the transaction prices between some top-tier polysilicon enterprises and traders falling by approximately 4 yuan/kg compared to the quotes in early March. In May, some polysilicon enterprises may introduce new production capacity, but several enterprises are also expected to implement production cuts. Overall, polysilicon production schedules are anticipated to decline on a MoM basis in May.

①During the downturn in the PV industry, second- and third-tier PV film enterprises encountered profitability challenges, with multiple enterprises experiencing negative gross profit margins in this business segment. ②Some industry insiders stated that their operational focus has shifted towards cash flow management, adopting the principle of "no unnecessary transactions" and selectively conducting business while ensuring the safety of funds.

[SMM Weekly Review: Weakened Demand Leads to Sharp Decline in EVA Prices] This week, the price of PV-grade EVA ranged from 11,000 to 11,700 yuan/mt, with the average price falling by nearly 280 yuan/mt WoW. Prices of foam-grade and cable-grade EVA also declined significantly. The pace of transactions slowed down, and there was a strong wait-and-see sentiment in the market.

[SMM Silicon-Based PV Morning Meeting Summary] Polysilicon: Yesterday, the mainstream transaction prices of N-type recharging polysilicon were 37-44 yuan/kg, and the N-type polysilicon price index was 37.3 yuan/kg. This week, the price center of polysilicon continued to experience a slight downward shift, with some transactions occurring in the market at generally weak prices. A few top-tier enterprises sold goods to term traders, with prices also falling compared to the quotes in early April. Wafer: The market prices for N-type 18X wafers were 1-1.05 yuan/piece, and for N-type 210RN wafers, they were 1.18-1.1 yuan/piece. The market prices of wafers continued to pull back, with "daily price changes" observed, and overall market sentiment remained weak.

①On the premise of balancing shipment scale and profitability, Jinko Solar expected module shipments to be between 20GW and 25GW in Q2; ②Looking back at 2024, the global PV industry continued to advance amidst a complex environment of demand growth and price fluctuations.

①On the premise of balancing shipment scale and profitability, Jinko Solar expected module shipments to be between 20GW and 25GW in Q2; ②Looking back at 2024, the global PV industry continued to advance amidst a complex environment of demand growth and price fluctuations.