On February 18, at the 2025 Photovoltaic Industry Annual Conference, Wang Bohua, Honorary Chairman of the China Photovoltaic Industry Association (CPIA), stated that China's polysilicon production has seen its first year-on-year decline since 2013, while silicon wafer production has experienced its first year-on-year drop since 2009.

At the conference, Wang Bohua presented a report titled "Analysis of Changes in China's Photovoltaic Industry Development." According to the report, from January to October 2025, China's polysilicon production reached approximately 1.113 million tons, down 29.6% year-on-year; silicon wafer production totaled about 567 GW, a decrease of 6.7% year-on-year. Solar cell production reached about 560 GW, up 9.8% year-on-year, while photovoltaic module production totaled about 514 GW, up 13.5% year-on-year.

From January to October 2025, China's new photovoltaic installed capacity reached 252.87 GW, a year-on-year increase of 39.5%. From January to May, the figure saw a year-on-year growth of 150%, while from June to October, it experienced a year-on-year decline of 46%.

In the second quarter of 2025, photovoltaic new installed capacity exceeded 150 GW, with May setting a record of nearly 93 GW.

The growth in the first half of the year was mainly attributed to the implementation of a new power grid reform bill in early June, which marked the end of the fixed feed-in tariff system, leading to accelerated grid connections for projects before the deadline. In May alone, photovoltaic new installed capacity approached a record of 100 GW, pushing the country's cumulative photovoltaic installed capacity beyond 1 TW.

In terms of exports, from January to October 2025, the export volumes of silicon wafers, cells, and modules grew by 8.3%, 91.4%, and 6% year-on-year, respectively. However, export values have declined year-on-year for two consecutive years. The export value of photovoltaic products from January to October decreased by 3.2% year-on-year.

Wang Bohua pointed out that in the second quarter of 2025, despite a sharp decline in demand, photovoltaic product prices remained generally stable. In November 2025, the average module price rose by 1.34%, with a slight year-on-year increase and basically flat month-on-month. As of the end of November, the average ex-factory polysilicon price increased by 34.4%, with a slight year-on-year rise and a 0.2% month-on-month uptick. The bidding price for photovoltaic modules rose by 1.26%, with increases both year-on-year and month-on-month. The average ex-factory module price increased by 1.34%, with a slight year-on-year rise and almost flat month-on-month.

Wang Bohua stated that the photovoltaic industry is in a transition period toward high-quality development, with enormous potential still on the demand side. However, the key tasks during this transition period are as follows: First, reject vicious price competition to lay a solid foundation for the industry's high-quality development.

Enterprises should further adhere to and participate in industry self-discipline, resolutely avoid brutal competition through prices below cost, and firmly oppose blind capacity expansion and production activities that violate market economy principles and laws and regulations.

Second, the application side should embrace the concept of high-quality development, which includes avoiding bids below full cost, further reducing unreasonable resource-related fees, and proactively adapting to new market dynamics.