Only with firm beliefs in mind can one go far.

The stronger the belief is, the farther the journey is.

Similar to the way great rivers flow with width and depth, the landscape of China's PV sector has witnessed a continuous evolution throughout 2024. The intensifying competition in the market and the increasing pressures to lower production capacity and inventory have resulted in significant adjustments, differentiation, and restructuring within the industry. This year is poised to be a pivotal moment in the transformation of China's PV sector.

2024 Tongwei Annual Keyword⑤

Confidence

Today, China's PV industry possesses the most comprehensive supply chain worldwide and has captured more than 85% of the market share. Its innovative technologies are driving global leadership in the sector, and the newly installed capacity accounts for over half of the world's total, making it surpass hydropower and become the nation's second-largest energy source. Since its modest start, China's PV sector has successfully shifted from following and catching up to taking the lead.

In this issue, we will focus on the keyword "Confidence" and further explore the future development potential of PV, fostering industry consensus and reinforcing our commitment to a prosperous future in solar energy.

Figures

that demonstrate the vast growth potential of the PV industry

The Renewables 2024 by the International Energy Agency indicates that from 2024 to 2030, over 5,500 GW of new installed capacity for renewable energy will be added globally, with solar energy installations exceeding 4,000 GW by 2030. China's PV power generation is set to lead the global renewable energy sector.

△ Tongwei Longpao "Integration of Fishery and PV" Base

From a macro perspective, more than half of the world's energy still comes from non-electric sources, with many countries, including China, having over 60% reliance on these sources. Under the background of carbon neutrality, almost all non-electric energy is fossil energy, which means that today's non-electric energy and fossil energy will all be converted into electric energy coming from green and clean power generation in the next 20 or 30 years. For instance, to achieve carbon neutrality by 2050 or 2060, China will require an annual installation of 500 million to 700 million kilowatts of PV capacity, or even more. Therefore, for an emerging industry with ample growth potential, the current tests and challenges are merely minor waves in the development process.

Voices

that underscore the world's high regard for China's PV sector

The development of an industry relies on appropriate and necessary competition, which serves as a source of market vitality and corporate momentum. It is precisely this competition that has enabled China to maintain its leading position in the global PV sector and propelled the rapid development of the entire industry. Thanks to this competitive spirit, China has successfully reduced the average cost of PV power generation projects worldwide by over 80%. Moreover, it has supplied more than 80% of the world's modules, thereby enriching the global clean energy supply. All these efforts have made a substantial contribution to the joint endeavors of all countries in combating climate change and improving human well-being.

△ Chairman Liu Hanyuan was interviewed by the media group during the 2024 the 7th China International PV and Energy Storage Industry Conference

During the 2024 the 7th China International PV and Energy Storage Industry Conference, Erik Solheim, former Under-Secretary-General of the United Nations praised China's PV industry as a great "gift" that China has given to all of humanity, making the world better. He emphasized that the global green transformation is inseparable from China's contributions. In 2023 alone, China's green production capacity accounted for two-thirds of the world's total. The price of solar energy has dropped by 90%. While countries like the U.S., Germany, Japan, and India have also made contributions, no other country has played such a crucial role in this development as China. This is a huge contribution to the world.

△ Erik Solheim, former Under-Secretary-General of the United Nations, attended the 2024 the 7th China International PV and Energy Storage Industry Conference and praised China's PV efforts

Sonia Dunlop, CEO of the Global Solar Council from the UK, expressed gratitude towards China's PV and energy storage industry during the conference, stating that China is "saving" the world with PV. She highlighted that the global installed capacity for PV power generation has reached a significant milestone of two terawatts. This achievement is attributed to the extensive work done by China's PV sector. It is China that has taken the lead in the global PV and energy storage manufacturing industries, bringing down the cost of PV by 90%. This has bestowed a great gift upon the world - affordable solar energy, which has created the conditions for the implementation of the relevant provisions of the Paris Agreement.

△ Sonia Dunlop, CEO of the Global Solar Council, attended the 2024 the 7th China International PV and Energy Storage Industry Conference and commended China's PV advancements

Facts

that illustrate the dynamic nature of China's PV sector

In ever-challenging times, confidence is essential to navigate the waves. Only with self-assurance can one earn the trust of others; only with a solid foundation can one have the confidence to be unyielding.

According to data from the General Administration of Customs, in 2024, China's PV product exports exceeded RMB 200 billion for the fourth consecutive year, leading the world in green trade. The latest figures from the National Energy Administration indicate that in 2024, China's PV installed capacity reached approximately 840 million kilowatts, maintaining a utilization rate of over 95%. Additionally, over 60 million kilowatts of new energy storage capacity has been established, with continuous innovations in new energy storage technologies and accelerated construction of a new power system, significantly enhancing the "green content" of energy. These vibrant statistics represent the resilience and confidence of China's PV sector in its ongoing development.

△ In 2024, PV power generation has become the second-largest power source in China

Today, the world is in a state of turmoil and chaos, and the global energy transition is facing multiple challenges. However, China is the main engine that continuously drives the world towards the goal of carbon neutrality, which injects more stability and certainty into the world's energy transition. Confidence in China's PV industry is directly related to confidence in the global energy transition.

△ In 2024, the Ground PV Power Station Project supplied by Tongwei was completed in Dorst, the Netherlands, which is the first N-type 210 large-size module project built in Europe

An article in The New York Times titled "What Happens if China Stops Trying to Save the World?" highlights that from 2019 to 2023, China's newly installed PV capacity increased more than sevenfold, while the global increase, excluding China, was less than onefold. This underscores China's increasingly critical role in the global energy transition. It is obvious that the world's perspective on China has shifted to discovering new intrinsic driving forces from China's strengths.

Confidence stems from technological innovation. The PV industry is characterized by continuous innovation and relentless competition among technologies. As one of the world's leading PV companies, Tongwei has established the first Global Innovation R&D Center and achieved significant results across various technological pathways. Tongwei's TNC-G12-66 model boasts a maximum output power of 763.4 watts, and the G12R-66 model reaches a maximum output power of 663.5 watts, both setting new industry power records. The independently developed THC 210 high-efficiency module has achieved a maximum output power of 776.2 watts, marking its ninth record-breaking achievement since 2023, reinforcing its leadership in the innovation and advancement of PV technology.

△ On October 30, 2024, Tongwei's independently developed THC 210 high-efficiency module set the power record for heterojunction modules for the ninth time

Confidence stems from a strong collaborative development force. "When hearts unite, even Mount Tai can be moved." Despite the challenges faced during the PV industry's downturn, the 2024 the 7th China International PV and Energy Storage Industry Conference proceeded as scheduled, featuring high-profile attendees, numerous exhibiting companies, and significant influence, even surpassing previous events. The total signed contracts have exceeded RMB 30 billion, showcasing the resilience and determination of the Chinese PV community.

△ Leaders' Dialogue at the 2024 the 7th China International PV and Energy Storage Industry Conference

Confidence arises from the encouragement of PV entrepreneurs. In October 2024, Chairman Liu Hanyuan attended CCTV's program Dialogue to engage with entrepreneurs and experts from the PV sector in an in-depth discussion on how the domestic PV industry can achieve sustained high-quality development under new circumstances. During the discussion, Chairman Liu Hanyuan emphasized that the development of the PV sector is just beginning; if we liken it to human growth, the challenges we face are also temporary. Therefore, we remain optimistic about the future. His insightful perspectives have garnered widespread attention within and outside the sector, significantly boosting confidence in PV development.

△ In October 2024, Chairman Liu Hanyuan joined PV entrepreneurs on CCTV's program Dialogue to discuss the industry's future

In challenging times, it is crucial to promote the spirit of entrepreneurship. In such a market economy context, in which the government consistently upholds policy guidance and ensures effective institutional mechanisms, all walks of society cherish the efforts of enterprises, and entrepreneurs rise from setbacks and push forward, we believe that achieving high-quality development in the sector is feasible, and the realization of the carbon peaking and carbon neutrality is truly filled with hope.

In 2025

Tongwei will focus on its core business

utilizing its developmental certainty

to navigate the uncertainties of changing circumstances

firmly grasping the initiative for the development

and making a positive contribution to the high-quality development of

the PV industry in China and the world.