[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.

On May 21, Sinopec Zhenhai Refining & Chemical Co., Ltd. reissued a tender (the first reissue) for the framework tender of flexible PV modules [for projects such as on-site distributed PV power generation (Phase II)], and the tender announcement for PV modules was released. The announcement indicated that the quantity of flexible PV modules for the framework tender [for projects such as on-site distributed PV power generation (Phase II)] was 23,835 sets.

①After a period of explosive performance growth, with changes in the PV market conditions, Hongyuan Green Energy incurred a loss of 2.697 billion yuan in 2024, marking its largest loss since going public. ②The company adheres to an integrated layout, believing that it can effectively mitigate systemic risks arising from sharp price declines in a single segment, and will not trade or sell its own polysilicon capacity. ③The company believes that self-regulated production cuts are conducive to the industry's recovery, and it is waiting for opportunities to emerge after the turning point.