The Sinovoltaics PV Module Manufacturer Ranking Report Edition 3/2025 provides a comprehensive analysis of the financial strength of over 60 PV module manufacturers worldwide using the Altman-Z Score. This score has been calculated based on data spanning from September 2022 to June 2025. It gives insight into how the financial health of solar companies has evolved over these three years. The report categorizes manufacturers into three zones: Safe, Grey, and Distress, depending on their financial risk.
One key feature of the report is the trend column, which compares a company’s current Altman-Z Score with that of the previous quarter. This allows readers to assess not just the current financial status but also the directional trend of each company’s performance.
ETERBRIGHT (HIWIN) is highlighted as an example of a company consistently performing in the Grey Zone but showing stable and improving scores over time. Its score moved from 3.22 in Q3 2022 to 4.27 in Q1 2023, then slightly dropped to 3.96 in Q2 2024 and maintained a steady 3.98 in Q3 2024. This shows that although the company is not in the Safe Zone, it has maintained financial stability and could be considered a reliable option.
Other companies like DMEGC SOLAR, under DMEGC MAGNETICS GROUP, and PHONO SOLAR, part of SUMEC, have shown a similar pattern of consistent financial health. DMEGC SOLAR scored 4.31 in Q3 2022, then 3.88 in Q1 2023, dropped to 2.75 in Q2 2024, and rose slightly to 2.85 in Q3 2024. PHONO SOLAR had a score of 3.24 in Q3 2022, 3.18 in Q1 2023, and then decreased to 2.71 in Q2 2024 and 2.63 in Q3 2024. While not in the Safe Zone, these companies demonstrate a level of consistency that can be valuable in long-term planning.
The report also introduces SINOVOLTAICS’ proprietary technology called SELMA (Sinovoltaics EL Mass Analysis), an AI-driven electroluminescence testing software. SELMA aims to detect micro-cracks and other defects in PV cells, offering up to 99.9% accuracy and high-speed, real-time analysis. It can inspect all modules rather than just samples, identify up to 15 types of defects, and ensure defective modules are removed before shipping. This helps solar power plant operators boost performance and reduce risk.
In addition to SELMA, Sinovoltaics offers ZERO RISK SOLAR & BESS services, including laboratory testing for PV components tailored to specific countries and climate conditions. They have audited over 14,800 community PV and BESS factories and have over 15 years of experience working with PV and BESS manufacturing in Asia. Their lab has tested over 375 GWp, making them a trusted partner in the solar and energy storage industry.
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