First, policy support continues to increase. At the beginning of 2025, the National Energy Administration issued the "Guiding Opinions on Accelerating the High-quality Development of Photovoltaic Power Generation", which clearly proposed to support technological innovation and market-oriented applications in the photovoltaic industry. Secondly, in 2024, the domestic new photovoltaic installed capacity reached 277GW, a year-on-year increase of 28%, exceeding market expectations. This trend may continue until 2025. As the global energy transition accelerates, the demand for photovoltaic market will continue to grow. In addition, the stabilization of prices in the photovoltaic industry chain and the continuous increase in overseas market demand are also positively repairing the capital market's expectations for the photovoltaic industry. According to the latest news released by the Silicon Industry Branch of the China Nonferrous Metals Industry Association, in the short term, under the tight balance of supply and demand of silicon wafers, prices are mainly stable; in the medium and long term, with the stimulation of demand at the beginning of the second quarter, component prices are expected to rise, driving up silicon wafer prices.

Looking back at 2024, the development of the photovoltaic industry can be described as volatile, and the "cold wind" of the market has made many companies tremble. According to incomplete statistics, as of December 31, 16 photovoltaic companies have declared bankruptcy throughout the year, and more than 20 photovoltaic factories have been involved in layoffs and shutdowns of production lines. Among them, there are market reasons and reasons for the companies themselves. At the Central Economic Work Conference held from December 11 to 12, 2024, it was mentioned that it is necessary to comprehensively rectify "evolutionary" competition and regulate the behavior of local governments and enterprises. Since October 2024, the China Photovoltaic Association has taken the lead in organizing companies at all levels to hold a few "self-discipline" meetings. The main players in the photovoltaic industry have reached a consensus on price limits and production limits and have begun to adjust.

At present, the homogeneity of photovoltaic products has not improved. As enterprises shift from capacity competition to product competition, enterprises without technological and cost advantages will face greater survival pressure. Under the influence of factors such as the capital winter, lack of brand premium, and poor overseas sales channels, the "fight" among second- and third-tier enterprises will be more intense. Against this background, mergers and reorganizations will become more frequent. "Although it is in the trough of the industry, photovoltaic technology has been fully developed, and it is also the best period for the development of technology itself." Some experts believe that technological innovation has always been the driving force for the rapid development of China's photovoltaic industry. In this round of industry cycle, the iteration of photovoltaic technology is still surging, and different technologies are shining. After the PERC era, TOPCon, xBC (also known as BC), HJT, perovskite single crystal and perovskite stacked cell technology have achieved rapid development.

Another way to get rid of "evolutionary" competition is to go overseas. At present, the global layout has become an important choice for photovoltaic companies to achieve long-term development, and the photovoltaic market is a global market, with overseas markets accounting for more than 60%. Benefiting from policy support and the economy of photovoltaic power generation, it is expected that the global photovoltaic installed capacity will increase by 15%-20% year-on-year in 2025. Among them, traditional markets such as China and Europe have entered a period of stable growth, while emerging markets such as the Middle East, South Asia, and Africa are actively promoting energy transformation. The demand for photovoltaics has increased significantly, which is expected to bring continuous momentum to the growth of global photovoltaic demand in 2025.

The actual effect will be seen in 2025. It can be predicted that the addition and expansion of photovoltaic manufacturing capacity will become difficult in 2025. It can be foreseen that in 2025, the measures of the "visible hand" to increase capacity regulation will take effect, and the clearance of capacity will see the real results. The most instructive is that the Central Economic Work Conference held in December 2024 also proposed that in 2025, the "involutionary" competition should be comprehensively rectified and the behavior of local governments and enterprises should be regulated. If we want to add a definition, 2025 can be defined as the "year of anti-involution implementation". I hope this storm will be more violent and more thorough!

For us, Multifit, we need to seize this opportunity and take advantage of the continuous expansion of the photovoltaic market to introduce our photovoltaic equipment and photovoltaic cleaning equipment to our potential customers, so that they can familiarize themselves with the performance and quality of our products, and ultimately place successful orders. And actively participate in domestic and international exhibitions, for example, at this year's 136th Canton Fair, we sent a luxurious lineup to participate in the exhibition. At this Canton Fair, we fully demonstrate our latest products to these potential customers and seize these opportunities that allow our end customers to experience our products for the first time.