GCL SI at TaiyangNews Reliable PV Module Design Conference on Nov. 6, 2025
The TaiyangNews Virtual Conference on Reliable PV Module Design, scheduled for November 6, 2025, brings together experts to discuss how reliable PV module design and mass production can be achieved amid the pressures of rapid innovation and significant costs.
Rojen Malachi, Technical Support Director, Europe at GCL SI, will speak on the topic: Fully Vertically Integrated Value Chain: GCL’s Commitment to Reliable Solar Energy.
Registration for the event is free and can be done here.
PV paste manufacturer Fusion Materials announced that it is planning to list its shares on the Hong Kong Stock Exchange (HKSE). According to the company’s filing, it is currently preparing the issuance of overseas shares (H-shares) and discussing specific listing arrangements with relevant intermediaries, though details have not yet been finalized.
Earlier, Fusion Materials released its Q3 2025 financial results, reporting revenues of RMB 4.21 billion, a year-on-year (YoY) increase of 37.38%. Its adjusted net profit for the period reached RMB 114.47 million, up 11.6%.
For the first 3 quarters, the company achieved total revenues of RMB 11.45 billion, up 8.29% YoY, while its adjusted net profit declined 37.42% to RMB 270.73 million. The company explained that its profitability was negatively impacted by increased competition and falling prices across the supply chain, despite higher cumulative revenue driven by increased sales orders.
ABC cell and module manufacturer AIKO announced that its ABC modules have been certified by 3 major third-party testing institutions, all showing a bifaciality above 80%. According to test results from the PV Testing Center of the China National Institute of Metrology (NIM), TÜV Rheinland, and the China National Center for Quality Supervision and Inspection of PV Products (CPVT), AIKO’s Stellar series module (2,382 × 1,134 mm) achieved bifaciality levels of 81.18%, 82.91%, and 82.49%, respectively.
The company noted that traditional back contact (BC) modules usually feature low bifaciality and limited rear-side power generation, while AIKO’s ABC modules, with bifaciality exceeding 80%, can deliver higher energy yields in utility-scale power plants by generating power from both sides.
On the financial side, AIKO recently reported a sharp narrowing of its adjusted net loss in Q3 2025, from RMB 1.13 billion in Q3 2024 to RMB 294.70 million this quarter (see China Solar PV News Snippets).
According to the latest data from China's New Energy Consumption Monitoring and Early Warning Center, the national solar power utilization rate in September dropped by 1.4 percentage points from August, reaching 95%. Wind power utilization also declined slightly to 95.4%. After peaking in July 2025, both solar and wind utilization rates have now decreased for 2 consecutive months in August and September.
For the first 9 months of the year, China’s cumulative solar and wind power utilization rates stood at 95% and 94.2%, respectively, down from 97.2% and 96.4% during the same period last year.
Solar cell equipment manufacturer Laplace reported declines in both revenue and profit in the third quarter of 2025. The company’s revenues for the quarter declined 28.5% YoY to RMB 1.26 billion, while its adjusted net profit fell 34.2% to RMB 135.70 million. In contrast, the company had achieved YoY growth in both these indicators during the first half of the year.
For 9M 2025, Laplace recorded total revenues of RMB 4.32 billion, roughly flat YoY. However, cumulative adjusted net profit for the period declined 9.35% to RMB 474.62 million, largely due to weak Q3 performance.
PV encapsulant film manufacturer HIUV reported an adjusted net loss of RMB 76.10 million for Q3 2025. The company’s quarterly revenue totaled RMB 236.81 million, down 58.03% from RMB 564.30 million in the same period last year. Although the company narrowed losses from the RMB 109.81 million reported last year, the decline in revenue was much sharper, indicating an expanded loss ratio relative to income.
For the first 9 months of 2025, HIUV’s total revenue dropped 57.62% YoY to RMB 869.94 million, with adjusted net loss amounting to RMB 210.98 million, compared to a loss of RMB 253.36 million reported in the same period last year.
Heterojunction (HJT) manufacturer Grand Sunergy reported an 80.13% YoY decline in Q3 2025 revenues to RMB 143.34 million. Its adjusted net loss of RMB 52.52 million for the period widened further from a loss of RMB 42.83 million in Q3 2024.
For 9M 2025, the company recorded revenues of RMB 450.00 million, down 57.79% YoY, and an adjusted net loss of RMB 151.71 million, roughly the same as the prior-year level.
Grand Sunergy’s main businesses include the production and sales of solar PV cells and modules, as well as EPC services for solar power plants. In October, the company announced plans to invest RMB 230.00 million to build a 10 GWh solid-state battery manufacturing facility, marking its entry into the energy storage sector. It, however, did not disclose any details on the status of this facility.
QW Solar, another HJT manufacturer, posted Q3 2025 revenues of only RMB 0.57 million, compared with RMB 59.92 million in the same period last year. Its adjusted net loss for the period totaled RMB 20.60 million.
For 9M 2025, revenues decreased 77.24% YoY to RMB 46.78 million, while adjusted net loss narrowed by about 20% to RMB 56.60 million.
According to management, the losses were mainly due to a sharp decline in PV business revenue, low capacity utilization, and fixed costs that could not be offset. Additional pressures came from liquidity shortages, default penalties, and litigation expenses related to overdue debts, as well as higher provisions for bad debts resulting from aging receivables. As of the end of September, the company’s shareholders’ equity stood at a negative RMB 1.05 million.
Solar laser equipment manufacturer DR Laser reported strong and stable performance despite a sluggish market environment. In Q3 2025, the company’s revenues increased 14.35% YoY to RMB 611.38 million, while its adjusted net profit rose 15.84% to RMB 149.30 million.
For the first 3 quarters of the year, DR Laser recorded revenues of RMB 1.78 billion, up 23.69% YoY, and an adjusted net profit of RMB 465.54 million, representing a 31.52% increase.