Guo Jin Securities' Yao Yao: After calculating the total cost of the main links of the industrial chain, the corresponding component price including tax is expected to be restored to 0.81 yuan/W.

On July 24, 2025, at the Symposium on the Development of the Photovoltaic Industry Supply Chain, Yao Yao, Chief Analyst of New Energy and Power Equipment Industry at Guojin Securities, stated that the solid promotion of "anti-insulation" in the photovoltaic industry is expected to drive the price recovery of the industry chain. Specifically, with the increase in transaction prices of polysilicon and the increase in prices of silicon wafers/cells, effective price transmission has been achieved in the upstream of the industry chain. Yao Yao predicts that the subsequent module prices will also follow the upward trend, and the overall prices of the industry chain will gradually move towards covering the full cost, with the corresponding module price after covering the full cost of the main links of the industry chain being approximately 0.81 yuan/W including taxes. It is noted that the latest prices given by industry institution InfoLink this week show that the price range of TOPCon double-glass modules is approximately 0.62 yuan/W to 0.72 yuan/W, with bulk delivery prices ranging from 0.64 yuan/W to 0.70 yuan/W.