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.

[SMM Silicon-based PV Morning Meeting Summary] Silicon Metal: Yesterday, the futures Si2507 contract was in the doldrums, breaking below 8,000 yuan/mt during the day. The most-traded contract closed at 7,940 yuan/mt yesterday, down 2.3%. Polysilicon: Yesterday, the mainstream transaction prices for N-type recharging polysilicon were 36-39 yuan/kg, and the N-type polysilicon price index was 36.25 yuan/kg. Market transactions gradually picked up, with polysilicon prices declining. The transaction prices for dense polysilicon from some large manufacturers tended towards 35 yuan/kg. Wafer: At the beginning of the week, wafer market prices slightly decreased, showing a weak trend. Small manufacturers lowered their quotes for large orders, but some leading manufacturers gradually strengthened their stance to stand firm on quotes. High-purity Quartz Sand: This week, the transaction prices for spot orders of imported high-purity quartz sand from domestic traders declined. Additionally, negotiations on long-term contract prices have begun recently, and the subsequent performance of quartz sand prices is expected to be mainly downward.

According to SMM estimates, with the gradual commissioning of new capacities for recycled silver recovery, China's annual recycled silver production is expected to exceed 5,000 mt by 2025. This growth is primarily driven by the accumulation and development of silver recycling capacities in regions such as Hunan, Guangdong, and Zhejiang, which have become important bases for recycled silver recovery nationwide.

US PV manufacturer SEG Solar has announced the official launch of Phase I of its first 2GW solar cell production plant in Indonesia. The plant will mass-produce SEG's independently developed high-efficiency n-type solar cells, with an average conversion efficiency of 26.4%. The initial construction phase includes a total of four production lines utilizing screen printing technology, equipped with double-sided alternating printing equipment. The average production cycle time for a single cell is 0.75 seconds. SEG stated that this speed is 20% faster than the traditional industry standard.

[SMM Silicon-based PV Morning Meeting Summary: Wafer Prices Continue to Weaken, Solar Cell Inventory Up 76.56% WoW] Wafer: The market price of N-type 18X wafers is 0.93-0.95 yuan/piece; the price of 210R wafers is 1.05-1.1 yuan/piece. Wafer prices continue to weaken, with some major manufacturers maintaining their quotes, while individual smaller manufacturers have lowered their quotes for large orders. Solar Cell: Module manufacturers adjust their procurement needs based on their own production schedules, leading to a decrease in orders and an increase in solar cell inventory, up 76.56% WoW.