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Affiliated companies will survive the photovoltaic winter and will continue for one year.
On November 26, the Ministry of Commerce of the People's Republic of China announced an investigation into potential retroactive anti-dumping duties on imported solar-grade polysilicon from the U.S., South Korea, and the EU. Industry insiders suggest that if such duties are imposed retroactively, they could significantly impact foreign polysilicon producers while indirectly benefiting domestic firms. However, despite government efforts to support the sector, many companies that once ventured into the photovoltaic industry have already exited. According to GTM Research, if China doesn't significantly boost its planned installed capacity for photovoltaic power generation over the next three years, an estimated 60% of current companies may abandon the industry.
For instance, numerous Chinese PV companies listed in the U.S. experienced losses in 2011, with revenue plummeting year-over-year. Trade disputes initiated by various countries to safeguard their own PV industries further chilled the sector. Companies that once invested heavily in polysilicon, battery cells, and solar power plants are now divesting or liquidating. Aerospace Electromechanical, for example, sold part of its Inner Mongolia Shenzhou Silicon holdings for 488 million yuan. Similarly, Vosges, known for home textiles, recently sold a stake in Bosch Solar for 4.5 million euros. Other firms like Effort PV and Affin PV have also scaled back operations.
Sunflower, another major player, announced plans to sell overseas power stations to improve its financial health. These divestitures reflect broader trends across the industry, where selling assets has become a common strategy to stay solvent. Yet, analysts argue that while these moves offer short-term relief, they don’t address underlying issues. Even global giants like Siemens and Bosch are reconsidering their involvement in PV.
Despite policy interventions, such as the State Grid’s recent proposal to support distributed PV projects, progress remains slow. Lin Boqiang of Xiamen University's Energy Economics Research Center predicts the industry’s downturn may persist for at least another year. He notes that consolidation and overcapacity issues will likely result in more casualties. Wang Shengsheng of Minsheng Securities recommends firms focus on enhancing core competencies and optimizing operational efficiency. With challenges mounting, the coming year will test the resilience of both domestic and international players in the PV market.