Against the backdrop of global energy transition and carbon neutrality, the global photovoltaic new energy market is developing rapidly, and competition continues to intensify. Especially since 2025 , the battle between photovoltaic companies has intensified. Whether it's competing over technology routes, product strategies, pricing, or market share, the competition has become not just fierce, but brutal. Any increase in market share for any company inevitably comes at the cost of survival for others. Any misstep by leaders could mean the loss of orders and even their own niche in the industry.

Our discussions with manufacturers at various levels and levels within the industry reveal that no one's life is truly easy; everyone has their share of complaints. Especially since the industry initiative to "limit production, stabilize prices, and sell at or above recognized cost" has increased the pressure on small and medium-sized enterprises exponentially. After all, if their quotes are within 2 cents /W of the industry leader , customers will generally prefer the big brands, leaving them with fewer orders. This, in turn, increases their costs and reduces their resilience. We often talk about "industry pains," and they are bearing the brunt of this pain.

During the discussion, some company representatives expressed the hope that pricing authorities would incorporate shipment volume rankings into their cost assessments, creating a more differentiated approach and providing differentiated cost calculations , allowing lower-ranking companies a chance to secure some orders. This would help maintain employment while safeguarding local government trust in the photovoltaic industry. Other company representatives also frankly stated that for small and medium-sized enterprises, the current situation is like "cutting flesh with a blunt knife," and they hope for "a quick and decisive solution, even if it's just a blanket takeover like other links, it would be a relief."

In addition to the operational and survival pressures mentioned above for companies of varying sizes, sales and marketing leaders at several companies have shared another challenge with us : based on previous order prices, the adjusted supply price is likely to be lower than production costs, sometimes even lower than cash costs. The more they sell, the greater their losses. Furthermore, if they fail to deliver on time and are blacklisted, even if they manage to survive this industry downturn, the future outlook is highly bleak.

JinkoSolar maintained its top spot in module shipments, achieving over 41 GW of module sales even after excluding the battery component, demonstrating stable performance. LONGi, leveraging its advantages in the distributed solar market with BC modules and its competitive bidding capabilities, saw its market share increase, maintaining its second position. JA Solar and Trina Solar were closely separated, placing them in a tie for third place. Which company will ultimately prevail will require the release of their semi-annual reports in August .

The top four companies held a combined market share of over 46.5% in the first half of the year , a result no one expected. Including Tongwei and Chint, the top six companies hold over 60% of the market , with production capacity capable of directly meeting global demand. Meanwhile, the combined shipments of the companies in the bottom half of the list (numbers 16 to 30 ) account for only 11.2% . It's no wonder that some small and medium-sized enterprise leaders lament that achieving supply and demand balance in the industry requires more than simply squeezing out third- and fourth-tier companies. A graceful exit by larger companies is essential for the industry to regain its former glory. As the saying goes, the sparks of a clash between leading companies are enough to decimate smaller businesses.

Based on the shipment data and distribution we collected from our research, companies with a previously high domestic sales share saw significant quarter-over-quarter growth in the second quarter due to the rush to install devices. However, this is likely to decline in the third quarter, adding further uncertainty to next quarter's shipment rankings. As we all know, building brand reputation is not an overnight undertaking, and European and American customers are less sensitive to double-digit price differences. Winning recognition relies more on product and technological advantages.

It's worth noting that many companies (including some of the top-ranked ones) have already lowered their module shipment targets, focusing more on profits rather than simply shipment volume, setting an example for the industry. We also urge relevant companies in the industry to focus more on their long-term development, particularly profitability, cash flow, technological potential, and employee happiness, and avoid sacrificing more valuable elements in pursuit of short-term shipments. The core competitiveness of China's photovoltaic industry has always been more than just a series of cold, hard numbers.