Closing 2025. This year, photovoltaic people stick to self-discipline and move forward in the cold winter of the industry. Fortunately,
the deep ploughing finally paid off. Since the second half of 2025, the price of the main photovoltaic industry chain has gradually stabilized and rebounded, the scope of enterprise losses has begun to narrow, and the industry has begun to show signs of recovery.
Enter 2026. Standing in the first year of the "15th Five-Year Plan", the leaders of many leading photovoltaic enterprises, such as Jingke, Tianhe and Longji, successively issued New Year's speeches, which also revealed the future development direction of each leader and provided guidance for the development of the photovoltaic industry. Zhong Baoshen, chairman
of Longji Green Energy,
broke the "path dependence" and insisted on "technological innovation"
on the evening of December 31, 2025. As a representative of China's photovoltaic industry, Zhong Baoshen, chairman of Longji Green Energy, delivered a speech. The current situation of the photovoltaic industry is described. In
his speech, Zhong Baoshen said that in the past year, the photovoltaic industry has entered a cold winter, the whole industry chain has suffered huge losses, and the business is under pressure. To describe the network hot stem is that the photovoltaic industry in the face of green transformation and the tide of carbon neutralization "should have been leisurely and skillful, but now it is in a hurry, rolling and climbing ".
"But the winter of the industry is not the end of the world, but the screening of a big wave of sand, but also an opportunity to break the situation and rebirth." Zhong Baoshen always believes that the photovoltaic track still has a long slope, thick snow and huge space.
Zhong Baoshen pointed out that In the past 20 years, the rapid iteration of photovoltaic industry technology and the continuous expansion of demand have promoted the continuous expansion of enterprise production capacity and the continuous influx of many new players, resulting in the imbalance between supply and demand; the slowdown of superimposed market growth has led enterprises to fall into price collapse and disorderly competition in order to compete for survival "tickets". However, it is obvious that the current industry scale dividend has disappeared, and the path of making profits by scale has failed.
Now the development of the industry has entered a new stage, where is the new path to break the situation? It is better to build new roads and open new roads than to squeeze their heads on the old roads.
He stressed that "the value of photovoltaic products should not only be reflected in the price, but also in the reliability and efficiency of the whole life cycle, the adaptability of different scenarios, and the value to customers."
Second, we should rely on "technological innovation" , which requires both bottom innovation and scene innovation. Zhong Baoshen pointed out that "generally speaking, the underlying technology innovation is difficult, large investment and high uncertainty, once successful, it is conducive to the establishment of barriers, while scenario innovation is conducive to expanding the scale of application and improving customer satisfaction."
In addition, Zhong Baoshen said in his speech, "The underlying essence of the photovoltaic industry is to continuously reduce the cost of electricity, which requires constantly breaking through the technical bottleneck of the photoelectric conversion efficiency of solar cells."
Jinko Energy Chairman Li Xiande
took the initiative to embrace space photovoltaic
on the evening of December 26, 2025, Jinko Energy Chairman Li Xiande issued a New Year's speech "2026, look up at the stars, down-to-earth". In his speech, Li Xiande made an outlook on the current hot "space photovoltaic".
Therefore, Li Xiande, chairman of JinkoSolar, believes that "space photovoltaic" is the only feasible long-term energy support for the realization of space computing power, deep space exploration and other cosmic scenarios. It is a new energy solution to solve the AI power shortage on the earth in the future and to realize the whole chain of "space power generation-wireless transmission-ground reception".
In addition, Li Xiande added in his speech, "Space photovoltaic is also the only non-one of the closed-loop energy paths for the future construction of lunar factories and lunar industrial systems." "Use local materials, mine metal silicon, aluminum, titanium and other minerals in space, produce photovoltaic panels, radiators and satellite frames in lunar factories, and then use solar-driven electromagnetic rail guns to throw finished AI satellites directly into orbit."
Finally, Li Xiande said, "In the future, Jinko will move towards Solar All Universe."
Trina Solar Chairman Gao Jifan
aims at space photovoltaic and speeds up the mass production
of perovskite. On December 30, 2025, Trina Solar Chairman Gao Jifan delivered a New Year's speech.
"In the past year, the photovoltaic industry has been deeply in the dilemma of the imbalance between supply and demand." Gao Jifan said frankly that if the industry wants to be reborn, it must face the problem with the courage of self-criticism and break the inertia with the determination of self-awakening .
First, the industry needs to further enhance the effectiveness of" anti-involution ". Promote industry self-discipline, realize production based on demand, deepen upstream and downstream synergy, improve the overall profit of the industry, and escort the healthy and sustainable development of the industry;
Second, it calls on the industry to work together to promote the coordinated development of technology research and development, intellectual property rights and industry standards, and to implement the concept of "protecting intellectual property rights is protecting innovation".
At the same time, Gao Jifan put forward three expectations for Trina Solar in 2026.
The first is to accelerate the commercialization process of mass production of perovskite and open a new era of space photovoltaic interstellar computing; the second is to actively promote the integration of green power and intelligent computing to support the development of artificial intelligence industry; Third, we should vigorously enhance the
of Trina Solar
, 2026, took root
inward. On December 31, 2025, Gao Haichun, co-chairman of Trina Solar, delivered a New Year's speech.
In his New Year's speech "2026, Take Root Inward", Gao Haichun said, "The photovoltaic industry is undergoing a profound value reconstruction." "What customers need is not a more efficient component, but a complete answer to whether they can take root in scenarios , solve real problems and deliver closed-loop value ."
Miao Qing said in his speech that The new energy industry is speeding up to the "blue sea of integration" , from "speed, capacity" to "system, coordination, integration", complex and integration has become the core theme.
In 2026, Yingli Group will continue to cultivate the terminal industry chain of photovoltaic market, consolidate the sustainable development of existing business, and focus on promoting the development of overseas microgrid system and the internationalization and upgrading of BIPV brand.
, Lu Kai, president of Zhengtai Anneng, said, In 2026, Zhengtai Aneng will consolidate and enhance the leading position of rural household photovoltaic in the integrated energy sector , and actively develop the business of urban household photovoltaic, balcony photovoltaic, off-grid solutions, industrial and commercial photovoltaic storage, centralized confluence and zero-carbon park;
In the comprehensive service sector , Zheng Tai'an will further enhance the management ability of the whole life cycle of power plant assets, and ensure the preservation and appreciation of customer power plant assets;
In addition, Zheng Tai'an will actively lay out virtual power plant aggregation business, electricity sales business and green certificate green power business .
The original text is as follows:
Zhong Baoshen, Chairman and General Manager of Longji Green Energy, gave a speech
on CCTV. Good evening,
everyone!
Recently, I often think of a saying: hit the water in the midstream, and the waves stop the boat. I recall that when I was young and studying in the northwest, I saw the Rapids and dangerous shoals of the Yellow River during the flood season. When the boat reached the midstream, it was either knocked over by the waves or paddled hard to break through the obstacles. Now the photovoltaic industry is in such a "middle stream".
In the past year, the photovoltaic industry has entered a "cold winter", the whole industry chain has produced huge losses, and the business of enterprises is under pressure. To use a recent Internet hot spot to describe, "should have been leisurely and skillful" in the face of green transformation and carbon neutralization tide, "now it is in a hurry, rolling and climbing". A friend told me that the photovoltaic industry has become a "cabbage", rolling layer by layer. Over the past
20 years, continuous technological innovation and investment in production capacity have reduced the cost of photovoltaic electricity by more than 90%, exceeding the most optimistic expectations inside and outside the industry. I often ask myself: How can we not solve the dilemma of our own development when we engage in photovoltaic energy to help the world solve the problem of energy transformation? People in the
industry are very worried and anxious, and the leaders and friends who care about China's photovoltaic industry are also very concerned and worried: What's wrong with photovoltaic industry and what to do in the future?
I always believe that the global green energy transformation has just begun, AI's thirst for energy has just begun, and the photovoltaic track is still long and snowy, with huge space. The winter of the industry is not the end of the world, but a big wave of screening, but also an opportunity to break the situation and rebirth. The core I want to share with you
today is "breaking the game". How can we find the right direction and break through the shackles at the critical moment of "hitting the water in the middle of the river" in the industry. To
break the situation, we must first break the "path dependence". Over the past 20 years, the technology of photovoltaic industry has been iterated rapidly, and the demand has continued to expand. Especially from 2020 to 2024, demand will increase from about 130 gigawatts to 530 gigawatts, with a compound annual growth rate of more than 40%. In this process, supply is tight and scale is profit. Promote the continuous expansion of enterprise production capacity and the influx of many new players, resulting in a serious imbalance between supply and demand, superimposed market growth slowed down, enterprises in order to survive, compete for survival "tickets", price collapse, disorderly stampede. The dividend of
industry scale growth disappears, the development path of obtaining more profits by scale fails, the industry development has entered a new stage, where is the new breakthrough path? From 2022 to 2024, when the industry's production capacity has increased by leaps and bounds, Longji has been questioned because it has not expanded its production substantially, so it has lost the first place in shipping. Over the past few years, Longji has been deeply insight into industry trends and customer needs, seeking breakthroughs, deep cultivation in the two directions of underlying technological innovation and scenario product innovation, launching new technologies, and launching scenario-based photovoltaic product solutions. Is it worth it
? It is better to build new roads and open new roads than to break their heads on old roads. The value of photovoltaic products should not only be reflected in the price of products, but also in the reliability and efficiency of the whole life cycle, in the adaptability of different scenarios, and in the value brought to customers.
In the stage of insufficient supply and capacity to make money, most people are making homogeneous products, many customer scenarios, but there is no targeted photovoltaic products and solutions to meet, Longji combines products with different structures of factories, saline-alkali beaches, off-grid islands and other scenarios to refine breakthroughs. Actively seek solutions to social problems such as limited
grid capacity, light and power abandonment, including complementing the energy storage industry chain through cooperation with precision control, and participating in solving the problems of green power regulation and consumption, but find new growth space.
This also marks our key upgrade from "providing photovoltaic products alone" to "providing stable and reliable green energy solutions". At the same time, it also makes me understand that breaking the situation is not to run on the original track, but to get rid of inertia and find new value coordinates. To
break the situation, we still need to rely on "technological innovation", which requires both bottom innovation and scene innovation. Generally speaking, the underlying technology innovation is characterized by high difficulty, large investment and high uncertainty, and once successful, it is conducive to the establishment of barriers; scenario innovation is conducive to expanding the scale of application and improving customer satisfaction. The underlying essence of the photovoltaic industry is to continuously reduce the cost of electricity, which requires constantly breaking through the technical bottleneck of the photoelectric conversion efficiency of solar cells. After seven years of research and development of high-efficiency BC technology
, Longji has invested more than 10 billion yuan and applied for nearly 500 patents, which has made a great breakthrough in BC photovoltaic technology, and has become the most efficient conversion technology in the photovoltaic field, which can be mass-produced on a large scale, and has set up the underlying technical barriers to launch high-efficiency photovoltaic products based on this technology. It has become the first choice of value for customers in all walks of life with absolute efficiency and extreme safety. After more than five years of research and development and testing, Longji has innovatively launched LONGi Hi ROOF S integrated building-friendly photovoltaic roof solutions
to solve the long-term security risks such as leakage after installing photovoltaic on traditional roofs. It adopts the full bonding scheme, does not need to hit a nail, realizes the same life of all components, and has a comprehensive safety protection system. It solves the pain points and concerns of customers, promotes the real integration of photovoltaic and building, gains the trust of customers who have safety concerns about the installation of traditional photovoltaic, and expands the application market of photovoltaic.
In 2025, we will take a clear-cut stand of "anti-involution" and guide the industry from price competition to value competition. Longji still sticks to the bottom line of reliable quality and insists on winning customer trust and market competition with better products and services.
Some time ago, I saw a comment on the Internet: Longji's quality control is still trustworthy. This sentence makes us feel gratified, indicating that the market still has feedback on Longji's insistence.
Many friends ask me, now the economic pressure is great, the photovoltaic industry is so difficult, is there any hope for the future? The resilience of
China's economy has always been highlighted in adversity. Over the past few decades, we have built the most complete photovoltaic industry chain in the world from scratch, and the photovoltaic conversion efficiency has constantly refreshed the world record. The "new three" has become a new export advantage, which is a miracle in itself. At present, the state emphasizes the cultivation of new energy productivity and the promotion of high-end, intelligent and green development of the industry, which is the historical opportunity of the photovoltaic industry.
Dear friends, the test of "hitting the water in the midstream" is not only courage, but also wisdom and determination. The road to breaking the situation is never smooth, may encounter technical bottlenecks, may face market doubts, may experience short-term pain.
But please believe that we are engaged in a great cause-every clean electricity we produce is reducing the carbon emissions of the earth, and every technological innovation we promote is contributing to the global energy transformation. The value of this cause is worth sticking to and striving for.
At this point, I would like to give you a word from the bottom of my heart and share it with you: hit the water in the middle of the stream, innovate as an oar; break the situation and move forward, value pilotage. In the
new year, I hope we can all show the courage of "clearing the way in every mountain and building bridges in every water", and strive to paddle and bravely break the situation in the "midstream" of the photovoltaic industry.
Thank you all! The concept of time, for children, is a semester; for salaried, it is a month; for listed companies, it is a quarter; for the industry, it is a cycle; for entrepreneurs and entrepreneurs, it is a cognitive process; for my secretary, it is a year of nagging, it is time to hand in the "New Year's speech". As a matter of fact, I have been preparing this speech for half a year, constantly revising it, and knowing it by heart. It is not that cognitive insight has been able to beat time, but that between the beginning and the end, in the trend, there is a law of mountains and rivers, and there is a bright future.
In recent days, it has been flooded with hot spots by Musk. One is his plan to deploy a 100GW solar AI satellite energy network into space every year. That is to say, he wants to build a 100% solar-powered grid in space to provide sustainable energy for his space AI data center and AI robots. The second is that he liked Jinko's 27 on the X social platform. He responded to the description of the technology with a "really" "incredibly impressive". Two hot searches, let "space photovoltaic", which I planned to include in the New Year's speech half a year ago, want to leave to the end of the year and the beginning of the year, and everyone around the stove to cook tea, the topic of time folding down, at the moment, is very appropriate.
First of all, space photovoltaics, as its name implies, build photovoltaics outside the earth, in space and on multiple planets. Its core advantage lies in relying on non-attenuation, ultra-stable, 24-hour uninterrupted light source supply, annual power generation hours, energy density are 7-10 times higher than ground photovoltaic, that is to say, the average power generation of the same board in space is 7-10 times higher than that installed on the earth, breaking the bottleneck of intermittence and attenuation, in principle. Generate electricity all the time. This is the only feasible long-term energy support for the realization of space computing power, deep space exploration and other cosmic scenarios. It is a new energy solution to solve the AI power shortage on the earth in the future and to realize the whole chain of "space power generation-wireless transmission-ground reception".
More importantly, space photovoltaics are the only non-one of the closed-loop energy paths for the future construction of lunar factories and lunar industrial systems. Using local materials, mining metal silicon, aluminum, titanium and other minerals in space, producing photovoltaic panels, radiators and satellite frames in lunar factories, and then using solar-powered electromagnetic rail guns to throw finished AI satellites directly into orbit. Robots such as Optimus Prime, powered by space photovoltaic panels, will be the main labor force in the lunar factory. The industrial capacity and intelligent factory system accumulated by the Earth base will be replicated in the Moon base.
In an era of infinite computing power and infinite electricity, what we are discussing, what we are surging, what we are excited about, and what we are looking up to is not "the ability of globalization", but "the ability of the whole universe". The body is on the earth and the heart is in space.Our knowledge, experience, technology, belief and consciousness are connected by brain and computer, integrated into chips, brought into space, transplanted into robots, and they will become the best workers, the best engineers and the best CXO in Jinko Moon Factory.
2026 is the 20th anniversary of Jinko. In the past 20 years, we are All In Solar; today, we are Solar For All; in the future, we are Solar All Universe. I remember, at the 2024 annual meeting, Dany asked me, "We must be in the Musk Planet Project. Photovoltaics are the only source of electricity, the only source of energy, on all planets outside the Earth.". So the first ticket, the first group of guests, will definitely be given to Jinko. Boss, if Musk lets you take a group of people, will you take us? I said, "Can I not take you?" She asked General Manager Chen again, "He will take you there.". Will you go with him? This time, we go to space.
2026, you still let me, the yearning of the heart, tears, can not wait, even rolling and crawling to you. Gao Jifan, Chairman
of Trina Solar, delivered a speech:
There is always a mission and responsibility for those who pursue the light to move forward bravely to meet
the peak of the new era and shine the new journey. In front of us are the mountains and seas to be visited and the unwritten chapters; behind us are the figures side by side and the infinite scenery.
We are well aware that there is always a mission and responsibility that makes us persevere and grow tenaciously;
we firmly believe that the tempering on the way of chasing light makes us go forward bravely and meet at the peak! On behalf of the company, I would like to express my heartfelt thanks and sincere greetings to every striver who walks side by side.
Over the past year, the photovoltaic industry is still moving forward in challenges. I believe that the late-night meditation of many colleagues, like me, points to the same direction: at the critical moment, only by facing the problem with the courage of self-criticism and breaking the inertia with the determination of self-awakening, can we be reborn and truly realize the high-quality development of the industry. An industry elder
once lamented that "no industry is as stupid as our photovoltaic industry": knowing that there is a serious imbalance between supply and demand, many enterprises still do not control production capacity. But this year, with the full cooperation of all parties, new achievements have been made in the comprehensive rectification of "anti-involution" work! In the
new year, we call on the industry to work together to further promote the coordinated development of technology research and development, intellectual property rights and industry standards. We are willing to be the guardian of a healthy competitive ecology, truly implement the General Secretary's proposal that "protecting intellectual property rights is protecting innovation", and realize that "only innovators advance, only innovators are strong, and only innovators win".
We want to salute the industry!
We should also pay tribute to ourselves!
We take the lead in developing the industry's leading long life In the new year, Trina will accelerate the commercialization process of perovskite mass production and open a new era of space photovoltaic interstellar computing; We will actively promote the integration of green power and intelligent computing, support the rapid development of artificial intelligence, vigorously enhance the capacity of energy storage network construction, and promote the large-scale landing of green power to produce hydrogen ammonia alcohol, zero-carbon parks and green mining areas.. These are our first steps out of the trough, leading the industry to recover, and our responsibility to promote the strategy of "energy power". Dear Tianhe people, go forward bravely and meet at the peak! You see, the light never asks the length of winter, but shines and heats calmly. And so shall we-every one of us who chases the light! Happy New Year! Salute every striver! Over the past year, we have experienced sharp fluctuations in the market, endured the pains of transformation, and witnessed countless persistent figures under the lights of the night. It is the ordinary persistence in every post and the extraordinary responsibility in the face of difficulties every time, so that Tianhe can still move forward steadily in the wind and rain. What you pour with wisdom and sweat is not only the figures on the performance report, but also the skeleton and spirit of the company. It is because of your efforts that we are qualified to stand here today, not just to talk about how to "live", but to think about how to "live well" and "live differently". Today, let's leave the trenches for a while and think about what kind of future we are fighting for. When the rocket pierces the atmosphere, we are used to looking up. It seems that there is an answer hidden in the distance, which can untie all the knots under your feet. Musk said that the reason why he wanted to go to Mars was not just to "go further", but to hope that when humans think about the future, their hearts will not be so sad, which I can not forget for a long time. We are so persistent in looking into the distance, perhaps because of the reality under our feet, there is no place to place the feet that want to run. But if one day, we really stand on Mars, what will happen next? Will we open up a new way of civilization, or will we move the old playbook-competition, internal friction, expansion, endless catch-up-intact to another planet? Resources are never enough, competition never stops, the stage rotates, but the law repeats itself. If the human heart has not changed, then the inward wind will blow to Mars sooner or later. So what really determines the future is never "how far civilization can go", but: what is our civilization? 01 PART When we live as "comparatives" , I often reflect on myself in the past few years. What is the root of involution? Value comes from ranking, meaning comes from winning or losing, and life becomes a performance witnessed by others one after another. But comparison has no end. A win is just a ticket to the next game. Stop, and you're out. So we keep speeding up and tightening up. So much so that I have no time, or even dare, to think about the question: Who do I want to be? To really get out of the involution is not to "win", but to choose not to step into the arena built only for comparison. From finding the coordinates outward to establishing the axis inward. From "what other people think" to "what I really believe": what problems I want to solve, what I am willing to pay for it, and how I want to do it. A profound change takes place when a person or an organization begins to be driven by the real problems of the heart, rather than being pulled by external noise. He went from "contestant" to "creator.". From "being pushed by the wind" to deciding the direction of the wind. This is the inward path: it does not promise shortcuts, but it promises truth. It allows us to stand firm in the wind, see clearly in the fog, and keep our direction in the torrent. 02 PART Photovoltaic Mirror: The journey beyond the cycle will take back this vision and look at the photovoltaic industry. The ups and downs of the past few years are the epitome of this era. We are pushed to the top of the wave by the cycle, let the cycle get involved in the trough, forge more tough bones in the cycle, and see our limitations in the cycle. Every shock brings us closer to the essence; every adjustment brings us deeper strength. However, if every time we set out, we only want to rush higher on the same plane-then we are just carrying out a tragic and futile effort in the cycle of fate. This time, we don't just need to go through the cycle, we need to go beyond the cycle. From chasing the draught to creating the climate; from focusing on the opponent's chess moves to focusing on the source of demand; from overdrawing the future to laying the foundation for the future. The name of this road can be called "high-quality development", but its essence is to explore the life answer of "existence" on the basis of "survival". This requires us to answer the fundamental question: When all the uproar is over, what is the end of photovoltaic? The ultimate meaning of photovoltaics is to participate in answering the fundamental paradigm of life and energy in the next era of civilization. At the bottom of every leap since the birth of civilization has been a profound energy revolution. Today, we are standing at the historical intersection of carbon-based civilization and silicon-based civilization. Computing power, data and intelligence constitute the bones and muscles of the new civilization, and the bottom of all this is an unprecedented huge, sustained, stable and clean power. Electricity, like air and water in this era, is not a resource, but a prerequisite for the existence of civilization. This means that the meaning of our cause is undergoing a silent but magnificent transformation. It is no longer about providing a commodity, but about building the underlying foundation for a new form of civilization. 03 PART Comprehensive Solution: From "Photovoltaic Power Generation" to "Enabling the Future" The photovoltaic industry is undergoing a profound value reconstruction. What customers need is not a more efficient component, but a complete answer to whether they can take root in scenarios, solve real problems and deliver closed-loop value. The transformation of Tianhe's "comprehensive solution" is the essential response to this historic change. It means that we are getting from an excellent product supplier. A two-wheel driver that evolves into a "system-level product innovator and scenario solution builder": The first wheel driver: system thinking reshapes product innovation beyond providing a single component, energy storage, : Scenario Deepening to Build a Complete Solution We go deep into key scenarios, understand the real pain points of the terminal, and deliver closed-loop value: In the AI Computing Center, We build a highly reliable and flexible "green power + intelligent energy storage" green computing system. In mines and ports, we provide integrated off-grid and grid-connected energy solutions to adapt to complex environments, and realize remote monitoring, load forecasting and energy efficiency optimization through intelligent energy platforms. In the industrial park, we are the provider of intelligent coupling and energy efficiency optimization solutions for optical storage charging, providing continuous operation services for smart energy and enlarging the potential of assets. In a variety of family scenarios, the complete solution of light + storage + HEMS enables every ray of sunshine to be transformed into measurable and manageable family wealth. Each scenario solution must be deeply integrated: 1. Intelligent hardware: product portfolio optimized for scenarios; 2. System integration: complete closed-loop of hardware and software; 3. Intelligent operation: digital services such as virtual power plants and power trading; 4. Business model: flexible investment, construction and operation solutions; 5. This is not only a more complex road, but also a road from "competition" to "creation". Our strategy is definitely not to deal with the next year, but to redefine ourselves and the energy partners our customers need for the next decade or even the next form of civilization. 04 PART 2026: Complete an inward self-cultivation in the process of moving forward, and this transformation lies not only in the strategy, but also in the tempering of the collective mind. If this is a false life experience- it's about how we live with time-is it chasing the next quarter, or building the building blocks for the next 30 years? It's about how we define value-with the yardstick of trading, or the yardstick of creation? It is about how we place ourselves-is it a number in the cycle, or is it a responsibility in the process of civilization? If outward exploration defines the boundaries of the physical world, inward awakening will define who we are, why we exist, and how the world is different because of our existence. May in 2026, in every moment of quiet or noisy choice, we have the courage to choose the harder but more correct way-the way that leads to inner certainty and real contribution. When the tide of the industry recedes, what we leave behind should not only be short-term brilliance and abandoned production capacity, but also a fuller and more determined state of life. Thank you for your patience to see here, allow me to publish an article here, maybe idealistic, maybe illusory, but from my heart to my heart. Light chaser, this is the warmest and most lasting light we can emit. We will go down this road together. Miao Qing , Chairman of the Board of Directors of Yingli Group, Hehe Symbiosis to the Light Dear colleagues and friends from all walks of life, hello! At this wonderful moment of bidding farewell to the old and ushering in the new, on behalf of Yingli Group and Yingchen New Energy, I would like to extend my most sincere thanks and best wishes for the New Year to all colleagues and their families, as well as to friends from all walks of life who have trusted and supported us for a long time! Faced with the cyclical fluctuations of the industry and the complex challenges of the market, we have always adhered to the original mission of the green energy industry, opened up new space with new scenarios, opened up new models with new technologies, and handed in a solid answer by relying on the strategic layout of the market terminal industry chain and the unremitting efforts of all colleagues. This year, we have built a new path of energy transformation with "the power of new quality". As the world's leading provider of digital zero-carbon energy solutions, Yingchen New Energy's unique new model of "digital technology + whole industry chain services + multi-scenario landing" has achieved remarkable results, promoting key breakthroughs in new quality business. It has successfully obtained licenses for selling electricity in Hebei, Shaanxi and other four places, successfully landed a number of key projects, and steadily promoted the business of virtual power plants. Focus on the whole chain service of zero-carbon parks, take the lead in declaring provincial and national zero-carbon park projects, and create a number of zero-carbon benchmarks with industry demonstration effect. The 20,000-ton recycling and treatment center in North China completed the preliminary acceptance and was approved for ultra-long-term treasury bonds, becoming the core project of component recycling in the Beijing-Tianjin-Hebei region. "Jiasheng Optoelectronics" continues to lead the global BIPV field, launching the 14th generation of BIPV products. Business scale continued to rise, especially the roof tile products focusing on green urban renewal, and the market performance showed a geometric leap, showing strong market competitiveness. Accelerating the global layout, Singapore and other key overseas markets have achieved key breakthroughs, the influence of Europe, the Middle East and other markets has continued to increase, and the overseas market has steadily expanded. Relying on the National Key Laboratory of Photovoltaic Materials and Batteries, it has won the double honors of "Hebei Manufacturing Champion Enterprise" and "Hebei Industrial Design Center" to further consolidate its technological leadership in the field of BIPV. "Yunying Zhiwei" continued to consolidate the advantages of full-scene intelligent operation and maintenance, and the cumulative service volume exceeded 20 gigawatts. More than 30 renovation projects have been innovatively carried out, and businesses such as scenery and energy storage have leaped from traditional operation and maintenance to intelligent operation, customizing refined operation and maintenance schemes for special scenarios such as "photovoltaic + sewage treatment", and constantly enriching the ecological connotation of "operation and maintenance +" services. Editor-in-chief of the first county-level distributed photovoltaic intelligent operation and maintenance group standard in China, injecting new momentum into the standardized development of the industry. It has successfully obtained the qualification of electricity sales business in key regions such as Shandong and Hebei, and has landed in the benchmarking projects of virtual power plants at the city level in Shaanxi and the park level in Hebei. Relying on all-round digital technology and intelligent management strategy, it has made breakthroughs in the new track of integrated energy operation and promoted the further development of service areas. Press the fast forward button for the "going to sea" business. "Yingchen Technology UniGo" modular offshore solution has won wide acclaim from global customers with its innovative "modular system + full life cycle service" model. Upgrading and launching the micro-grid technology of light-storage-diesel synergy, landing in Southeast Asia, Africa, South America and other weak grid areas, injecting new vitality into the global energy green transformation. International cooperation has gone deep and solid, providing professional and technical training for 152 customers in 27 countries, and more than 50 projects have successfully landed, covering mining, agriculture, industry and commerce and other scenarios, making green a bright background for building a "the Belt and Road". This year, we use the "wing of science and technology" to enable the city to develop a new ecology. In our urban services sector, Ludao Science and Technology firmly implements the transformation orientation of "green city renewal, energy saving and carbon reduction operation service provider", and continues to innovate and explore in the fields of good house construction, green zero-carbon buil ding and park building, green building materials research and development, intelligent assembly construction and comprehensive operation services, and successfully enters the small and medium-sized science and technology enterprises in Hebei Province. With the millimeter-level precision application of building information model, intelligent maintenance, integration of optical storage and charging and other solutions, we will help the low-carbon and resilient development of urban and rural areas, and build a livable and industrial green home. This year, we gathered new forces of industrial synergy with an "open posture". We always uphold the concept of cooperation and symbiosis, build a new ecosystem of industrial synergy, deepen strategic cooperation with Huaneng New Energy, Jinneng Holdings, Malaysia NCT Century, EcoRise and other domestic and foreign partners, and achieve complementary resources and capacity co-construction in virtual power plants, BIPV and other fields; Successfully held the first Yingchen New Energy (Digital) Developers Conference, which brought together more than 500 industry elites to talk about the future and draw a new picture of the development of digital energy. We will actively promote photovoltaic and multi-energy to achieve all-round and deep-seated close linkage, unite development efforts in the wave of industry change, and continuously contribute wisdom and strength to the industry's "breaking the situation". This year, we wrote a new chapter of sustainable development with the "promise of responsibility". Responsibility is the constant background of Yingli Group's 39 years of intensive cultivation. We hosted the sixth technical training course for developing countries of the Ministry of Science and Technology, and trained more than 450 professional photovoltaic talents for more than 20 countries along the "the Belt and Road", so as to practice corporate social responsibility and big C ompanies with practical actions. In the continuous pursuit of breakthroughs and innovation, we have always anchored the modern enterprise management mode of "platform, digitalization and scientificalization", deepened the innovation of organization and process, implemented AI financial model, virtual power plant algorithm platform and other digitalization tools, improved management efficiency, enabled business innovation, and laid a solid foundation for the Group to move forward steadily in the changing situation. Looking back on 2025, every achievement embodies the wisdom and sweat of all colleagues, carries the trust and support of friends from all walks of life, and responds to the call and expectation of the green era. This year's steady progress is not only a confirmation of past efforts, but also a preparation for future development. Looking forward to 2026, the new energy industry is speeding up to the "blue ocean of integration", from "speed, capacity" to "system, collaboration, integration", compound and integration become the core theme, talents need both technical literacy and scenario awareness, enabling enterprises to build a new development pattern of ecological symbiosis on the basis of independent and steady growth. In the new year, Yingli Group will continue to cultivate the terminal industry chain layout of photovoltaic market, while consolidating the sustainable development of existing business, focus on promoting the development of overseas micro-grid system and the international upgrading of BIPV brand. Based on the demand of new power system construction, we should actively explore new scenarios of green energy, foster new momentum of high-quality development, and continuously strengthen the core competitiveness of enterprises. Although the road is long, the action is coming; although the task is difficult, the action will be successful. Let us take the light as the guide to anchor the direction of progress; take the combination as the force to develop the potential energy. In the new journey of global green energy, we will continue to move forward side by side to create a cleaner, smarter and win-win energy future! Lu Kai , president of Zhengtai'an Neng, took advantage of the situation to open a new situation, and Aneng set out again! As 2026 is approaching, on behalf of Zhengtai Anneng, I would like to express my heartfelt thanks and sincere wishes to the leaders at all levels, friends from all walks of life, partners at home and abroad, all fellow travelers who have long cared about and supported the development of the company, as well as more than 1.8 million families who trust us. Industry opportunities and changes are intertwined and symbiotic. This year, we have witnessed many "milestones" together. The electricity consumption of the whole society is expected to exceed 10 trillion kilowatt-hours for the first time, the consumption of non-fossil energy has doubled, and the installed capacity of new energy has historically exceeded that of thermal power, realizing the identity transformation from "supplementary energy" to "main energy". During the year, we also experienced a lot of "new changes". New energy bid farewell to "quantity and price guarantee" and entered the electricity market at full capacity; large-scale and high proportion of photovoltaic access led to increasing consumption pressure; new business forms and new models such as virtual power plants, green power direct connection and zero-carbon parks emerged at an accelerated pace, reshaping the new pattern of energy industry development. 2025 is also an extraordinary year for Zheng Tai'an Neng. Standing at the new starting point of the tenth anniversary, we are looking for new growth points in the changes, strengthening confidence in the strategic renewal, and handing in a brilliant answer. Focusing on business expansion, we have made steady progress and developed bravely. The main business was steady and steady, and the total number of household photovoltaic stations exceeded 1.8 million, ranking first in the industry in terms of market share. The pace of transformation was firm and strong, anchoring the strategic positioning of "global leader in integrated energy services", and continuing to expand the domestic and foreign business territory with "integrated energy + integrated services" as the starting point. To deepen coordination and cooperation, we will work together to move forward and seek common development. With cultural construction to build consensus, professional training to empower growth, and precise service to boost business, we have built a community of destiny and interests with more than 3900 agents; with all partners, from industry integration to party building and public welfare co-creation, we have built a multi-dimensional and three-dimensional win-win cooperation ecosystem, so that the development results can benefit a wider range of fields. To practice social responsibility, we stick to our original aspiration and stand up to our responsibilities. We will promote industrial assistance to improve quality and efficiency, with a cumulative income of more than 5 billion yuan for farmers, and promote rural employment of more than 200,000 people. We will actively explore innovative public welfare paths and promote the 2.0 upgrade of the "once electricity" public welfare fund from "blood transfusion" to "hematopoiesis" and from China to the world. We will continue to carry out the popular science activities of the "Light Chasing Plan" to inject lasting vitality into the green and low-carbon education of young people. For the first time, the state has put forward the idea of "building a strong energy country" to achieve the carbon peak by 2030. The increment of energy demand will be mainly met by non-fossil energy, and the proportion of new energy power generation will exceed 50%, becoming the main body of power installation. From the demand side, the penetration rate of computing power centers, electric vehicles and electrification of all kinds of equipment has been further increased, and the power supply is tightly balanced in the long run. The integration of photovoltaic and energy storage is the main starting point to achieve a powerful energy country. The goal of high-quality development of new energy is clear and the path is clear. Those uncertainties that seem on the surface and feel in the fog have a definite logic of development behind them. We should respond calmly in the process of change, take the initiative to seek change, be fearless of Rapids and dangerous shoals, dare to climb slopes and cross ridges, constantly accumulate "new" kinetic energy on the way forward, and plant "quality" soil. The infinite past takes the present as its destination, and the infinite future takes the present as its starting point. Facing the new year's journey, Zheng Tai'an will cooperate with partners from all walks of life to firmly transform, upgrade and innovate in the field of integrated energy services. In the integrated energy sector, we will consolidate and enhance the leading position of rural household photovoltaics, and actively develop the business of urban household photovoltaics, balcony photovoltaics, off-grid solutions, industrial and commercial photovoltaic storage and discharge, centralized confluence and zero-carbon parks. In the comprehensive service sector, we will further enhance the management ability of the whole life cycle of power plant assets, and ensure the preservation and appreciation of customer power plant assets. Positive layout of virtual power plant aggregation business, electricity sales business and green certificate green power business. We will increase investment in R & D of products, solutions and digital platforms, promote the full link integration of digital technologies such as artificial intelligence and source-network-load storage, activate data elements, and create integrated energy service solutions with differentiation and core competitiveness. Always adhere to customer-centered, market-oriented, and continue to build a mechanism guarantee for channel partners to become a community of destiny and interests. Service enables agents to transform and upgrade, helping partners to become bigger and stronger. Broaden the network of partners, gather all forces, build an industrial community of symbiosis and value sharing, and jointly promote the high-quality development of the industry. Actively participate in the wave of global energy transformation, rely on the "the Belt and Road" initiative to expand the territory of clean energy cooperation, promote China's green development program to the world and benefit the whole world; adhere to the original intention of public welfare, practice the concept of universal benefit, so that the development achievements of clean energy can cover a wider range of groups. With great ambition in mind, ride the wind to travel thousands of miles.
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