According to statistics from Polaris Solar Photovoltaic Network based on publicly available information, over 900 photovoltaic module bidding projects were initiated throughout 2025, with a total disclosed bidding scale of 197.68 GW. This represents a 34% decline compared to the 299.58 GW module bidding in 2024.

PriceSeek analyzes polysilicon with a bearish score of -1.5. The article indicates that the bidding scale for photovoltaic modules in 2025 is 197.68 GW, a 34% year-on-year decrease from 2024, suggesting a significant weakening in demand within the photovoltaic industry. As polysilicon is a core raw material for photovoltaic modules, reduced demand will directly exert downward pressure on spot prices and increase the risk of oversupply.

Furthermore, recent data from the polysilicon futures market (e.g., the settlement price of the 2605 contract at 51,485 yuan/ton, a decrease of 4,345 yuan, with open interest declining by 7,106 lots) reflects a general downward trend in prices and shrinking trading volumes, indicating market expectations of weak future demand and bearish pressure on futures prices.

The score of -1.5 (significantly bearish) is assigned due to the substantial decline in bidding scale (34%) and supporting futures data confirming downward pressure, although this does not constitute an extreme event.