Price Trends

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In October 2025, the volume of winning bids for solar modules in China (including shortlisted entries) reached 3.06 GW, with N-type modules accounting for nearly 70% of the total. Bidding prices ranged from 0.64 to 0.813 RMB/W, with the average price for TOPCon modules slightly increasing to 0.715 RMB/W. Delivery times were concentrated in October–November, mainly consisting of short-term, batch deliveries.

N-Type Modules Make Up Nearly 70%; Hebei Transportation Investment Group Contributes Over 1.2GW of Incremental Volume

According to incomplete statistics from EnergyTrend, the announced winning bid results and shortlisted candidates for solar modules in October 2025 totaled 3.06 GW, comprising 2.46 GW of finalized awards and 0.6 GW for the first-place winning candidates.

Among this total, the awarded scale (including shortlisted) explicitly designated as N-type modules reached 2.7GW, representing a high proportion of 67.5%. The three projects from Hebei Transportation Investment Group—the Chahannao'er Basin Management + Rural Revitalization Phase II in Zhangbei County, Shangyi County, and Kangbao County—contributed an incremental volume exceeding 1.2GW.
Bid Price Range 0.64-0.813 RMB/W; TOPCon Average 0.715 RMB/W

In October, China Energy Engineering Group's 17GW module centralized procurement project opened bids, with the overall bid price range for PV modules at RMB 0.64–0.813 per watt and an average price of RMB 0.72 per watt.

The lowest bid was submitted by Jiangdong Solar Energy in the 2025–2026 Base Station PV Module Equipment Procurement Project of China Tower Energy Hunan Branch. The highest bid was offered by Hunan Red Sun in the 4.06MW Distributed Photovoltaic Power Generation Project of Wuhan Baishazhou Waterworks.

From a technology route perspective, the bid price range for explicitly N-type modules was RMB 0.65–0.785 per watt, with an average price of RMB 0.719 per watt.

TOPCon Modules:
Bid price range: RMB 0.673–0.747 per watt, average price RMB 0.715 per watt. Despite weak terminal demand, supported by cost pressures and industry anti-vicious competition measures, the average bid price of TOPCon modules rose slightly, with overall price stability as the main trend.

HJT Modules:

Bid price range: RMB 0.716–0.785 per watt, average price RMB 0.735 per watt. Both the highest and lowest bids came from China Energy Engineering Group's 2025 annual centralized PV module procurement project. Additionally, on October 31, the winning candidate announcements for Shandong Huadian's 400MW distributed PV module procurement project in the eastern and western Shandong regions revealed that SPIC (State Power Investment Corporation) and Huasun ranked first and second with bids of RMB 0.731 per watt and RMB 0.723 per watt, respectively.

BC Modules:

Bid price range: RMB 0.716–0.754 per watt, average price RMB 0.739 per watt. The highest and lowest bids also originated from China Energy Engineering Group's 17GW procurement project, with Bid Sections 4 and 8 collectively procuring 2.75GW of BC modules.
Delivery Focus on October-November: Primarily Short-Term, Batch Deliveries
Based on the announced winning bids and shortlisted candidates for October, delivery periods are mostly concentrated in October and November, emphasizing short-term and batch deliveries.

• Several small projects explicitly require delivery within 10-30 days after the contract is signed.
• Hebei Transportation Investment Group's three projects in Zhangbei County, Shangyi County, and Kangbao County have unified delivery schedules: the first batch of 200 MWp modules is due in October 2025, with the remaining modules due in November 2025.
• China Huadian Shandong's 200 MW HJT modules require the final arrival date to be no later than November 15, 2025.

Source：EnergyTrend

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The price information provided by EnergyTrend is primarily a result of periodical survey of a pool of major manufacturers via telephone, questionnaires, and site visits. EnergyTrend cross-surveys major buyers and suppliers throughout the supply chain and strives to ensure all enclosed price information reflects actuality.

EnergyTrend takes a conservative attitude toward the enclosed price information. All surveyed manufacturers are to be kept anonymous and EnergyTrend will not respond to price enquiry about any individual manufacturer. All statistical numbers gathered are used to derive a particular price quote through weighted calculation.

With the historical contract price information in our database and capability of conducting fast and in-depth market analysis, EnergyTrend is equipped to provide both price trend and market intelligence to our valued members.

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