[SMM Announcement] Notice on the Addition of "TOPCon, BC, HJT PV Module Cost Index" Price Points

Dear User,
Greetings!

As the global energy structure transformation continues to deepen, the PV industry has entered a new phase of large-scale expansion and high-quality iterative development, with diversified technology routes and varied module categories becoming normalized features of industry development. Affected by long-term profitability under pressure across the industry and wild swings in upstream raw and auxiliary material prices, the weight of cost factors in the pricing mechanism of the PV module market has continued to increase.

To accurately characterize the cost levels of various segmented technology routes, further enhance market price transparency and horizontal comparability, effectively alleviate information asymmetry in the industry, and optimize market transaction efficiency, SMM, after thorough industry survey and optimization of its index system, will officially launch three new PV module cost index price points for TOPCon, BC, and HJT starting from April 30, 2026.

The price points released this time are intended for upstream and downstream enterprises to reference current module cost fluctuations, providing market participants with a cost-based pricing reference. Details are as follows:

Price Point Names:

1. TOPCon183 PV Module Cost Index

2. TOPCon210 PV Module Cost Index

3. TOPCon210R PV Module Cost Index

4. BC210R PV Module Cost Index

5. HJT210 PV Module Cost Index

Price Description:

Price Type: PV Module Cost Index

Price Description: Module enterprises are classified into three types — integrated, semi-integrated, and specialized. The cost index is calculated by weighting the production proportions of the three enterprise types from the previous quarter, with weights updated quarterly. The accounting scope of this cost index model covers full costs, including fixed asset depreciation, three categories of period expenses, and other related expenditures.

Unit: Yuan/W

Release Time: 12:00 PM Beijing time on the fifth business day of each week; released earlier in the event of holidays.

SMM PV Research Team

Apr 2026