The latest international market trends-9.1

Price Trends: Rising Quotes Coexist with Weak Transaction Volumes

Recent PV module price signals are somewhat complex, primarily reflected in the following aspects:

Large-scale centralized procurement bids have rebounded: Huadian Group's recent 18GW centralized procurement bid for N-type TOPCon modules reached an average price of 0.7103 RMB/W, and bids from China Resources Power's candidate module buyers were concentrated in the 0.709-0.744 RMB/W range. These large-scale centralized procurement prices are significantly higher than the previous mainstream market transaction prices.

Cost-driven: Prices of upstream raw materials such as polysilicon have continued to rise since July (for example, the price of polysilicon n-type recycled feedstock rose from 34,700 RMB/ton at the beginning of July to 47,900 RMB/ton on August 27, an increase of over 38%), directly driving up module costs.

Policy Guidance: The Ministry of Industry and Information Technology, the National Development and Reform Commission, and other ministries and commissions jointly convened a symposium on the photovoltaic industry, clearly proposing to "curb low-price disorderly competition" and crack down on practices such as selling below cost. This has provided some policy support for module prices.

Actual market demand remains sluggish: Although leading manufacturers are attempting to maintain stable quotes, overall market activity is low, and module inventory pressure persists. Second- and third-tier manufacturers face significant pressure to meet shipment targets, with some even resorting to special orders or differentiated product models to boost sales. End-user demand, particularly in the distributed market, has not seen a significant recovery, and acceptance of higher-priced modules is limited.

Technological Breakthrough: Advances in High-Efficiency Modules

Technological progress is always exciting:

Perovskite technology moves toward commercial scale: China Huaneng has established the world's first 5MW commercial-grade perovskite photovoltaic demonstration base in Qinghai. This will help verify the performance and reliability of perovskite modules in real-world environments such as strong UV and high radiation, advancing their application from the laboratory to large-scale deployment.

Record-breaking cell efficiency: Yida New Energy has achieved a breakthrough in its DBC (n-type passivated back contact) cell technology. Tested by the National Center for Quality Inspection and Testing of Solar Photovoltaic Products (CPVT), the efficiency reached 27.77% (open-circuit voltage 745.7mV). This technology combines the advantages of TOPCon and BC technologies.

Continuous Innovation in Module Technology: Rito Solar and Kibing Group jointly released the "Light-Rigid Module Technology and Application White Paper," introducing lighter, more robust, and reliable module products designed to expand PV application scenarios, such as weight-sensitive or reliability-critical projects.

Market and Project Updates

There is also new news on the market and projects:

Leading Companies Consolidate Their Market Position: Hitech New Energy has once again retained its position as a Tier 1 Global PV Module Manufacturer on the Bloomberg New Energy Finance (BNEF) list, reflecting recognition of its comprehensive strength and bankability in the international market.

Project Bidding and Construction: The procurement of TOPCon photovoltaic modules and ancillary equipment for the 100MW integrated fishery-solar-storage demonstration project in Liuji Town, Yizheng City, under the China Power Construction Chengdu Institute has been completed and announced.

Summary and Outlook

Overall, the PV module market in early September 2025 is in a period of "game-playing":

Short-term: Rising upstream costs, policy adjustments, and bidding prices from large-scale centralized procurement have indeed supported module prices, leading some companies to attempt to push up prices.

Medium- to long-term: The sustainability and stability of prices remain to be seen. The key lies in whether end-market demand can be effectively unleashed and whether overcapacity can be effectively addressed.