Sinovoltaics：2026年全球光伏组件制造商财务健康评级报告（第一版）（英文版）（19页）.pdf

1、REPORTSEDITION 1/2026ZERO RISK SOLAR&BESSWelcome to this Edition 1-2026 version of the SINOVOLTAICSPV Module Manufacturer Ranking Report.The Altman-Z Scores in this report has been calculated fromMarch 2023 until December 2025,and provide detailed insighthow the financial strength of PV manufacturer

2、s has evolvedover the past 3 years.2023-2025:rating ofPV modulemanufacturersworldwide60+*The trend column in the table reflects a comparison of the current quarter score to the previous one.*The trend column in the table reflects a comparison of the current quarter score to the previous one.*The tre

3、nd column in the table reflects a comparison of the current quarter score to the previous one.8*The trend column in the table reflects a comparison of the current quarter score to the previous one.December 2025910Sinovoltaics PV manufacturer ranking-Edition#1-2026Safe zoneGrey zoneDistress zoneSinov

4、oltaics PV manufacturer ranking-Edition#1-2026-Safe Zone11Sinovoltaics PV manufacturer ranking-Edition#1-2026-Grey Zone12Sinovoltaics PV manufacturer ranking-Edition#1-2026-Distress Zone13.14With a large number of companies in the GreyZone,how to interpret these scores whenselecting a manufacturer?W

5、hile ideally,a manufacturer is in the SafeZone,some companies have been consistentlyin the Grey Zone for years.Take for instance FIRST SOLAR.Heres anumber of Altman Z-Scores over the years:6.41 on Q1 2023 5.21 on Q2 2024 5.82 on Q3 2024 5.48 on Q4 2025 1516Currently stands at 5.48(Dec25)The PV modul

6、e sector continues to show improving financial stability,with 12manufacturers now classified in the safe zone,defined by Altman Z-scores of2.6 or higher,compared to 11 companies in the previous reporting period.This increase reflects a broader improvement in financial resilience acrossthe industry.A