1997年6月26日，美国退出《京都议定书》的第二天，克林顿政府宣布了“百万太阳能屋顶计划”，准备在2010年之前，在100万座建筑物上安装太阳能系统。看到这个消息，高纪凡义无反顾投入了光伏行业，他在家乡常州创立了全国、乃至全球最早一家光伏企业——天合光能。时年32岁的高纪凡并非光伏行业出生，他本硕都是化学专业，1988年毕业时才23岁，经过连续创业，到1997年，高纪凡的铝板幕墙公司已经做到了年增长率50%。在那个还没有多少人知道光伏的年代，高纪凡毅然放弃了高速增长的铝板幕墙转行光伏，这源于他对光伏行业的精准判断：太阳能技术的利用，其市场前景和社会效应都无可估量，太阳能在21世纪会大有作为。过去22年，高纪凡把天合带上了高原，带出了国门，带入了纽交所。如今，稳居全球光伏组件出货量前三的天合光能已正式启动回归A股进程，已经向上交所递交在科创板上市的申请材料。
光伏行业的三起三落 :2000年以来，光伏是发展速度最快的可再生能源，根据欧洲光伏联盟的数据，从2000年到2017年，全球累计装机容量从1.25GW增长至400GW，扩张320倍。与此同时，光伏也是典型的周期行业，2000年至今大致经历了三起三落。 
美国很早就提出了“百万屋顶计划”，但彼时美国市场并未很快启动，光伏行业的爆发始于以德国为首的欧洲市场。德国、西班牙等市场爆发带动全球光伏行业迎来向上周期。
 
德国早在1998年提出了十万屋顶计划，政府支付高额补贴，所以德国是光伏产业最早崛起的市场，2006年德国装机容量就已达到3.2GW，是同期中国装机容量的40倍。光伏产业大体分为“硅料、硅片—电池片、组件—装机系统”三大环节，国内光伏发展之初，由硅元素转化为多晶硅/单晶硅的硅料生产技术被国外垄断，硅料主要依赖进口，同时国内光伏下游应用较少，所以早期中国光伏企业主要是做中间环节。
2003年前后，英利、无锡尚德、天合光能等相继投产，成为中国第一批现代意义上的光伏组件生产企业。由于存在价格优势，中国光伏组件迅速占领全球市场。 
2003年至2007年间，中国光伏产业的平均增长率达到190%，2007年，中国晶体硅电池片和组件产量超过了日本和欧洲，成为世界第一大晶体硅电池组件生产国。 
2005年12月，无锡尚德在纽交所上市，创始人施正荣以150亿身价超越黄光裕登顶中国首富，光伏行业逐渐被大家所熟知。随后，天合、阿特斯、林洋、中电、晶澳等一批国内的光伏企业挂牌海外资本市场，到2008年底，中国有13家光伏企业完成海外上市。 
但是随着2008年金融危机爆发，光伏行业受到影响，多晶硅价格从2008年450美元/公斤的高位迅速暴跌。2009年至2010年，德国、意大利等国趁着成本下降开始抢装，不过这次“抢装潮”并未持续太久。 
受2011年末欧债危机爆发的影响，欧洲需求迅速萎缩，全球光伏发电新增装机容量增速放缓。这一年，全球装机量只有25GW，但光伏组件产量突破50GW，导致供需关系严重失衡。中国光伏行业前期产能增长过快，同时还遭受欧美“双反”调查，光伏制造业陷入阶段性产能过剩，产品价格大幅下滑，行业自2011年下半年开始进入低谷。在这期间，严重依赖出口的中国光伏企业损失惨重，江西赛维资不抵债，大批中小企业停产倒闭。曾经的光伏巨头无锡尚德因无法偿还70亿元银行贷款，在2013年3月进入破产重整阶段，无锡尚德的失败源于2010年开始对多晶硅的逆势投资。2013年，光伏行业终于迎来转机，同年7月，国务院发布《关于促进光伏产业健康发展的若干意见》，明确到2015年中国总装机容量要达到35GW以上（2012年底只有3GW），度电价补贴政策也正式启动。光伏行业在2013年下半年开始回暖。 
      中国、美国、日本等市场的高速发展推动全球光伏迎来新一轮向上周期，2013年至2018年，中国光伏发电新增装机容量连续六年世界排名第一，2017年中国光伏累计装机占全球的32%，刷新历史高位。截至2018年，中国光伏累计装机174GW，连续四年位居世界第一。
中国市场需求增长迅猛，国内光伏企业由出口导向型转变为内需导向型，严重依赖国外市场的局面得到大幅度改善。与2005年中国光伏电池组件产量的95%以上出口到海外相比，2015年国内市场自我消化率已经超过1/3。但是2018年，光伏行业再次遭遇挑战。这一年，国际贸易保护主义频频抬头，美国201法案对全球进口的光伏电池和组件征收30%的高额税收，为期4年，每年下浮5%；印度商务部启动防卫性关税（safeguard），对太阳能电池课征第一年25%的保护关税。国内方面，光伏行业遭到了531新政的严重冲击，新政直接叫停普通光伏电站，控制分布式光伏规模，降低补贴强度。531以来，中国光伏标杆电价较最高峰下调了30%-40%，光伏企业遭遇严峻挑战。 不过531新政也带来了一些积极作用，尤其是加快光伏发电平价上网的进程，今年以来，与平价上网相关的政策密集发布，青海、内蒙等少数地区基本实现了平价上网，若系统价格进一步下降20%，则全国绝大部分省份将迈向平价时代。平价上网虽然给行业带来了阵痛，但积极的一面是使光伏产业从政策驱动型加速转变为市场驱动型和技术驱动型。随着技术进步导致的成本持续下降和平价上网的实现，行业成长逻辑正逐渐摆脱对政策和补贴的依赖，一个新的、自发的十年高速成长期正在开启。开启平价上网后，未来发展前景空间巨大，光伏发电目前所占比重为2%左右，未来比重将会达到20%，有十倍空间。实际上，光伏发电的广阔前景不仅让行业参与者收益，对于我国的能源转型与革命同样意义重大。 
       近日，原中国石化董事长傅成玉表示，“在当今世界大形势下，中国的能源安全问题更加凸显，确保能源安全应当引起高度重视，采取切实措施和行动。”当务之急就是要加快可再生能源发展速度。根据《能源生产和消费革命战略(2016-2030)》的目标，到2030年，我国非化石能源发电量占全部发电量的比重力争达到50%。截至目前，全球已经有146个国家设定了可再生能源目标，美国圣地亚哥、丹麦确定了到2035年100%的电力来自于可再生能源供应的目标。一些知名的跨国企业已经实现或制定了100%的可再生能源使用目标。而在可再生能源中，光伏产业是我国为数不多的、可同步参与国际竞争并在产业化方面取得领先优势的行业，与高铁、大飞机、运载火箭一起成为中国新名片。在这张新名片里，全球光伏领先企业天合光能写下了浓墨重彩的一笔。 
天合光能成立之初，是计划建立一家光伏系统安装公司，专门为中国各地提供太阳能电站建设。2002年，天合成为第一家承担国家送电到乡“光明工程”的民营企业，一支工程技术团队在西藏昌都藏区翻雪山过草地建设光伏电站，被统称为“入藏十八勇士”。但在当时，中国与欧洲市场不可同日而语，2004年秋，高纪凡意识到要抓住海外光伏发电的机遇，必须向制造端延伸。2005年初，天合筹建了第一家光伏组件生产厂；2006年2月开始制造硅片，年末硅片产量达到28MW。这一年天合也成功叩开了美国资本市场的大门。
      在当时，用于制造硅片的多晶硅被炒到了天价，天合也曾动心要建上万吨产能的多晶硅厂，奠基仪式举行、投资协议都签了，但行业里一窝蜂似的疯狂反而让高纪凡冷静下来，他最终放弃了这个项目，转而专注于天合更有优势的电池、组件生产。这让天合在08-13年光伏大调整中躲过一劫，很多鼎盛一时的企业如无锡尚德、江西赛维都破产了，天合光能却在组件生产这条路上越走越远。2014年，天合光伏组件出货量达3.66GW，首次达到全球第一。根据IHS发布的数据，2018年全球组件出货量为104.3GW，天合光能占全球市场份额为6.84%，稳居全球组件出货量的前三名。2018年全球组件出货量TOP10中，全部都有中国背景，晶科是一家港资企业，阿特斯是一家华裔创办的加拿大企业，韩华是一家在中国的韩资企业，还有6家都是中国内资企业，光伏组件是少数能够由中国企业主导的行业。而在这个行业中，天合光能是当之无愧的巨头。根据2018年财报，天合、晶科、阿特斯在该年的营业收入分别为250.54亿元、250.43亿元和258.68亿元，三家公司的营收水平处在行业第一梯队，其他公司均未突破250亿元。公司在欧洲、美洲、亚洲的多个城市设立了区域总部或办事处，产品覆盖100多个国家和地区。公司积累了行业内较高的知名度，建立了优质的客户资源。公司在铸锭、切片、电池、组件等环节具备全流程的生产能力，目前已建立了多个GW级的生产基地，在越南、泰国等地具有生产能力，可以有效应对全球贸易保护等政策风险。公司生产基地周边集聚了30多家光伏生产配套企业，形成了一条整合完善的产业链。目前，公司主要业务包括光伏产品、光伏系统、智慧能源三大板块。对外提供光伏产品、光伏系统、智慧能源服务构成公司主要的盈利模式。光伏产品是天合传统的组件业务，包括单、多晶的硅基光伏组件的研发、生产和销售。公司深度整合PERC、N型、MBB组件、切半组件、双玻组件、双面组件等核心技术，根据全球不同的市场需求推出差异化的单、多晶组件产品。光伏系统包括电站业务及系统产品业务。随着国内市场的快速发展，光伏企业纷纷加快了项目开发建设的速度，以大型地面电站为主的市场快速增长。天合光能通过成立项目公司作为电站项目投资者，负责电站的开发与建设。 
       另外，公司也销售光伏系统产品，包括大型光伏电站系统产品、商用光伏系统产品与户用光伏系统产品。2016-2018年，公司系统产品销售收入从560万元增长到12亿元。智慧能源包括光伏发电及运维服务、智能微网及多能系统、能源云平台等业务。收入来源主要是光伏发电及运维服务，公司运营光伏电站发电取得电费收入，并提供维护服务。智能微网及多能系统、能源云平台等业务还在起步阶段。
 2016-2018年，公司光伏组件占主营业务收入的比例分别为93.04%、85.16%和59.81%。出现这样的变化，除了受行业政策、公司生产线技改、产品单位售价下降等因素外，还在于公司的战略定位逐渐向光伏智慧能源整体解决方案提供商延伸，目前已初显成效。531新政是光伏行业的一个转折点，其根本目的是加快光伏发电平价上网的进程。作为绿色能源，光伏发电只有在实现平价上网的目标后才能真正使其大规模替代化石能源成为可能。2008年时，我国光伏上网电价高达4元/度，国家补贴3.65元/度，补贴比例高达91.25%。今年4月28日，国家发改委《关于完善光伏发电上网电价机制有关问题的通知》规定：将纳入国家财政补贴范围的Ⅰ、Ⅱ、Ⅲ类资源区新增集中式光伏电站指导价分别确定为每千瓦时0.40元、0.45元、0.55元。近年来，我国光伏上网电价从4元/度降低至0.4元/度，其直接原因是光伏度电成本下降了90%。根据咨询机构BNEF数据统计，自2007年开始的十年时间内，光伏发电组件、光伏发电系统成本分别下降88.3%和91.6%，度电成本累计下降了约90%。 
光伏成本下降主要得益于光伏电池组件的转换效率持续提升。其中，电池片环节主要通过不断研发、应用更为高效的技术路线。晶硅电池作为主流的光伏电池，其技术方向包括单晶和多晶。过去光伏多使用多晶硅片，因为多晶硅片的价格比单晶硅片的价格更具有优势，不过从转换效率上来看，常规多晶量产组件产品转换效率在18.8%，而常规单晶效率在20-20.2%。近年来，随着金刚线切割技术的运用与推广，硅片成本大幅降低。但是金刚线切多晶硅片用常规制绒工艺后，反射率更高并有明显的线痕，严重降低电池效率。因此，在使用金刚线切割的多晶硅片制备光伏电池的过程中，需要增加一道表面制绒的工艺处理，即黑硅技术。单晶硅电池则通过提高拉速、连续投料等技术提高单位产出降低单位成本，近年来市场份额逐步增大，2018年单晶硅片的市场份额已经超高40%，中国光伏行业协会预计2019年将超过一半，其中N型单晶硅片的市场规模也将逐年提升。 
        单晶P型电池中PERC技术逐渐成为主流，叠加SE（选择性发射极）技术，电池效率逐渐提升。但是P型电池有其转换效率的极限，而N型电池成为未来高转换效率的方向，目前包括PERC、TOPCon（隧穿氧化钝化接触）、IBC（全背电极接触）、HJT（异质结）四种技术路径。 从全产业链来看，硅片、电池片、组件的价格虽然短期内会受供需等市场因素影响呈现波动趋势，但是长期在技术迭代驱动下不断下降。根据Solarzoom统计，国内光伏硅片、电池片、组件价格除2014年年初同比略增外，其他年度同比均呈下降趋势。天合光能的光伏组件功率及电池转换效率处于行业领先地位，在业内率先研发成功了以PERC电池、IBC电池、切半、MBB、双玻等为代表的电池及组件技术。 
天合建立了强大的研发团队。在外拥有包括被誉为“太阳能之父”的澳大利亚马丁·格林教授和来自德、日、美等国的顶尖光伏专家组成的学术委员团队；在内拥有以中国首批“外专千人计划”专家皮尔·沃林顿博士为首席科学家为核心的技术创新队伍。截至2019年3月31日，天合光能及其境内下属公司获颁专利证书的专利共有767项，其中发明专利284项，先后被国家知识产权局评为“国家知识产权优势企业”、“中国专利优秀奖”。公司拥有光伏科学与技术国家重点实验室及国家企业技术中心等创新平台，积累了一批具有自主知识产权的核心技术。
此外，公司还积极承担国家科研项目，包括2项国家973计划、5项国家863计划以及其他各类科研项目60余项，领衔参与全球光伏标准编制，代表中国首提IEC国际标准并正式发布。2011年至2018年期间，公司已经18次打破电池效率和组件功率的世界纪录。2019年5月27日，天合光能宣布其光伏科学与技术国家重点实验室所研发的高效N型单晶i-TOPCon太阳电池光电转换效率高达24.58%，创造了大面积TOPCon电池效率新的世界纪录。并且天合光能不断将新技术应用于产品，已推出了N型i-Topcon双面双玻高效组件，获得双项IEC标准认证，实现大规模量产，正面功率达425W，组件转换效率高达20.7%。天合光能不仅在电池转换效率上追求极限，其正在大力发展的分布式光伏，同样是推动平价上网的关键一环。所谓分布式光伏发电，是指在用户所在场地或附近建设运行，以用户侧自发自用为主、多余电量上网且在配电网系统平衡调节为特征的光伏发电设施。相比于集中式光伏，分布式光伏具有安装灵活、投入少、方便就近消纳的优点，有利于解决我国发电与负荷不一致的问题，同时大幅降低传输损失，减少对大电网的以来，并缓解电网的投资压力。我国“十三五”规划提出优化太阳能开发布局、优先发展分布式光伏发电，规划到2020年底国内分布式光伏要占到太阳能发电装机55%左右。 
天合光能布局分布式光伏发电，在户用光伏层面，推出直接服务与终端用户的标准化户用光伏解决方案——“天合富家”户用原装光伏系统。目前，公司已经拥有超过450家县级经销商，并继续发展全国的经销服务网络。为实现平价上网，公司在未来将加大投入，计划在科创板上市融资30亿元，总投资近60亿元投向三大项目，其中晶硅、太阳能电池和光伏组件技改及扩建项目是实现平价上网的关键环节。
本次技改及扩建项目的内容主要是改造和新建数条高效太阳能电池片生产线，并将相关技术导入公司光伏组件产品中；同时，通过进一步优化生产工艺，从而降低公司光伏组件的单位成本，实现平价上网的“最后一公里”。

On June 26, 1997, the day after the United States withdrew from the Kyoto Protocol, the Clinton administration announced the Million Solar Roof Initiative, a plan to install solar systems on one million buildings by 2010.Seeing this news, Gao Jifan invested in the photovoltaic industry without turning back. He founded Trina Solar Energy, the first photovoltaic enterprise in China and even in the world, in his hometown Changzhou.At the age of 32, Gao Jifan was not born in the photovoltaic industry. He majored in chemistry for both his bachelor's and master's degrees. He was only 23 when he graduated in 1988. In the era when few people knew about photovoltaic, Gao Jifan resolutely gave up the high-speed growth of aluminum curtain wall and switched to photovoltaic, which was due to his accurate judgment of the photovoltaic industry: the use of solar technology, its market prospects and social effects are immeasurable, solar energy will have a great impact in the 21st century. Over the past 22 years, Mr Gao has taken TRW to the plateau, out of China and into the New York Stock Exchange. Now, Trina Solar, which ranks among the top three in global PV module shipments, has officially started the process of returning to A-share market and submitted application materials to the Shanghai Stock Exchange for listing on the Science and Technology Innovation Board.

Three ups and downs in the PV industry: Since 2000, PV has been the fastest growing renewable energy source, with global cumulative installed capacity growing from 1.25GW to 400GW from 2000 to 2017, an expansion of 320 times, according to the European Photovoltaic Alliance. At the same time, photovoltaic is also a typical cycle industry, which has experienced roughly three ups and downs since 2000.

The US proposed the "Million Roof Plan" very early, but the US market did not take off very quickly. The explosion of photovoltaic industry began in Europe, led by Germany. Germany, Spain and other markets led to the global photovoltaic industry ushered in an upward cycle.

As early as 1998, Germany proposed a plan of 100,000 roofs, and the government paid high subsidies, so Germany was the earliest market to rise in the photovoltaic industry. In 2006, Germany's installed capacity reached 3.2GW, which was 40 times that of China in the same period. Photovoltaic industry can be divided into "silicon, wafers, cells, components -- installed system" of the three links, the early development of the domestic photovoltaic (pv), composed of silicon into polycrystalline silicon/silicon single crystal silicon material production technology by foreign monopoly, silicon material mainly rely on import, at the same time, the domestic photovoltaic downstream application is less, so the early China pv enterprises are mainly do the intermediate links.

Around 2003, Yingli, Wuxi Suntech and Trina Solar went into production one after another, becoming the first batch of photovoltaic module manufacturers in the modern sense in China. Due to the existence of price advantage, China's photovoltaic modules quickly occupy the global market.

From 2003 to 2007, the average growth rate of China's photovoltaic industry reached 190%. In 2007, the output of crystalline silicon cells and modules in China surpassed that of Japan and Europe and became the world's largest producer of crystalline silicon cell modules.

In December 2005, Suntech Wuxi was listed on the New York Stock Exchange, and its founder Shi Zhengrong surpassed Huang Guangyu to become the richest person in China with a net worth of 15 billion yuan. The photovoltaic industry has been gradually known to everyone. Subsequently, a number of domestic photovoltaic enterprises such as TRW, ATEX, Lin Yang, CLP Power and JA were listed in the overseas capital market. By the end of 2008, 13 Chinese photovoltaic enterprises had completed overseas listing.

However, as the financial crisis broke out in 2008, the photovoltaic industry was affected, and the price of polysilicon plummeted from the high of $450 / kg in 2008. In 2009-10, countries like Germany and Italy took advantage of falling costs, but the rush didn't last long.

Affected by the outbreak of the European debt crisis at the end of 2011, European demand shrank rapidly, and the growth rate of new installed capacity of global photovoltaic power generation slowed down. This year, the global installed volume was only 25GW, but the output of photovoltaic modules exceeded 50GW, resulting in a serious imbalance between supply and demand. In the early stage, the production capacity of China's photovoltaic industry grew too fast, and at the same time, it was also subject to the "double-counter" investigation in Europe and the United States. As a result, the photovoltaic manufacturing industry fell into the stage of overcapacity, and the product price dropped sharply. The industry began to hit a trough in the second half of 2011. During this period, Chinese photovoltaic enterprises, which were heavily dependent on exports, suffered heavy losses. Jiangxi SAV was insolvent, and a large number of small and medium-sized enterprises stopped production and closed down.Wuxi Suntech, a former photovoltaic giant, went into bankruptcy in March 2013 after failing to repay a bank loan worth 7 billion yuan. The company's failure stemmed from a countertrend investment in polysilicon that began in 2010. In 2013, the photovoltaic industry finally saw a turning point. In July of the same year, the State Council issued the "Several Opinions on Promoting the Healthy Development of the Photovoltaic Industry", which made it clear that China's total installed capacity should reach more than 35GW by 2015 (only 3GW by the end of 2012), and the electricity price subsidy policy was officially launched.The PV industry began to pick up in the second half of 2013.

The rapid development of China, the United States, Japan and other markets has driven the global PV industry to ushered in a new round of upward cycle. From 2013 to 2018, China's newly installed PV capacity ranked first in the world for six consecutive years. In 2017, China's cumulative installed PV capacity accounted for 32% of the global total, setting a new historical high. By 2018, China's cumulative installed PV capacity had reached 174GW, ranking first in the world for four consecutive years.

With the rapid growth of Chinese market demand, domestic photovoltaic enterprises have changed from export-oriented to domestic-demand-oriented, and their heavy dependence on foreign markets has been greatly improved. Compared with 2005, when more than 95 percent of China's PV module production was exported overseas, the self-digestibility of the domestic market has exceeded one third in 2015. But 2018 was another challenging year for the photovoltaic industry.This year, international trade protectionism frequently reared its head. The US Act 201 imposed a high tax of 30% on imported photovoltaic cells and modules from all over the world, with an annual decrease of 5% for four years. India's commerce ministry has launched a SafeGuard, introducing a 25% tariff on solar cells for the first year.Domestically, the photovoltaic industry was severely impacted by the 531 New Deal, which directly stopped ordinary photovoltaic power stations, controlled the distributed photovoltaic scale, and reduced the intensity of subsidies. Since May 31, China's photovoltaic benchmark electricity price has been reduced by 30%-40% compared with the peak, and photovoltaic enterprises have encountered severe challenges. 531 also brought some positive effects of the New Deal, however, especially accelerate the process of photovoltaic parity on the Internet, since this year, and affordable access to the Internet related policy dense release, qinghai, Inner Mongolia basically achieved parity in minority areas such as Internet access, further price fell by 20%, if the system is the most provinces will towards parity era. Although parity Internet has brought pain to the industry, but the positive side is that the photovoltaic industry from policy-driven accelerated change to market-driven and technology-driven. As costs continue to fall due to technological progress and affordable Internet access is realized, the industry growth logic is gradually getting rid of the dependence on policies and subsidies, and a new, spontaneous decade of high-speed growth is beginning. After opening the parity Internet, the future development prospect space is huge, the current proportion of photovoltaic power generation is about 2%, the future proportion will reach 20%, there is ten times the space.In fact, the broad prospect of photovoltaic power generation is not only beneficial to industry participants, but also of great significance to China's energy transformation and revolution.

     Recently, Fu Chengyu, former chairman of Sinopec, said, "China's energy security has become a more prominent issue under the current global situation. We should attach great importance to ensuring energy security and take concrete measures and actions." The most urgent task is to accelerate the development of renewable energy.According to the Strategy for a Revolution in Energy Production and Consumption (2016-2030), China aims to generate 50 percent of its electricity from non-fossil energy sources by 2030. So far, 146 countries have set renewable energy targets, with the US city of San Diego and Denmark aiming to generate 100% of their electricity from renewable sources by 2035. Some well-known multinationals have already achieved or set 100% renewable energy targets. In terms of renewable energy, photovoltaic industry is one of the few industries in China that can synchronously participate in international competition and gain a leading advantage in industrialization. It has become a new name card of China together with high-speed rail, large aircraft and carrier rocket.In this new business card, Trina Solar, the world's leading photovoltaic company, wrote a strong and colorful pen.

Trina started with a plan to set up a photovoltaic system installation company to build solar power stations across China.In 2002, TRW became the first private enterprise to undertake the "Bright Project" of national power transmission to the township. An engineering and technical team built photovoltaic power stations in the snow-covered mountains and grasslands in Tibetan Qamdo, Tibet, which is collectively known as the "Eighteen Warriors Into Tibet". But at the time, China and Europe were different markets, and in the fall of 2004, Gao Jifan realized that in order to take advantage of overseas photovoltaic opportunities, he would have to expand to the manufacturing side. In early 2005, TRW set up its first photovoltaic module manufacturing plant;Wafer manufacturing began in February 2006, and the wafer output reached 28MW by the end of the year. This year TRW also successfully opened the door of the US capital market.

At the time, used in the manufacture of silicon polysilicon fired by sky-high, trina has tempted to build tens of thousands of tons of polysilicon plant capacity, foundation stone laying ceremony held, the investment agreement signed, but industry systematically crazy calm unstoppable down instead, he finally gave up this project and have more advantages to focus Yu Tiange batteries, components production. This allowed TRW to avoid a disaster during the big photovoltaic adjustment from 2008 to 2013. Many prosperous enterprises, such as Wuxi Suntech and Jiangxi SAV, went bankrupt, while TRW went further and further on the road of module production. In 2014, TRW's PV module shipments reached 3.66GW, ranking first in the world for the first time.According to data released by IHS, the global component shipments in 2018 were 104.3GW, and Trina Solar accounted for 6.84% of the global market share, ranking firmly in the top three of the global component shipments. Among the TOP10 global module shipments in 2018, all of them have Chinese background. Jinko is a Hong Kong-owned company, Atez is a Canadian company founded by Chinese people, Hanwha is a Korean-owned company in China, and 6 are Chinese-owned enterprises. Photovoltaic modules are among the few industries that can be dominated by Chinese enterprises.In this industry, Trina Solar is the undoubted giant. According to the 2018 financial report, the operating income of TRW, Jinko and Atez in that year was 25.054 billion yuan, 25.043 billion yuan and 25.868 billion yuan respectively. The revenue level of the three companies was in the first echelon of the industry, while the other companies did not exceed 25 billion yuan.The company has set up regional headquarters or offices in many cities in Europe, America and Asia, and its products cover more than 100 countries and regions. The company has accumulated a high visibility in the industry, the establishment of quality customer resources.The company has the whole process production capacity in ingot, chip, battery, module and other links. At present, it has established a number of GW level production bases, and has production capacity in Vietnam, Thailand and other places, which can effectively deal with the policy risks of global trade protection. More than 30 photovoltaic production supporting enterprises are gathered around the production base of the company, forming an integrated and perfect industrial chain. At present, the company's main business includes photovoltaic products, photovoltaic systems, smart energy three sectors.The main profit model of the company is to provide photovoltaic products, photovoltaic systems and smart energy services. PV products are TRW's traditional module business, including the development, production and sales of single and polycrystalline silicon-based PV modules. The company deeply integrates PERC, N-type, MBB components, cut half components, double glass components, double-sided components and other core technologies, according to the different global market demand to launch differentiated single, polycrystalline components products. Photovoltaic system includes power plant business and system products business.With the rapid development of the domestic market, photovoltaic enterprises have accelerated the speed of project development and construction, and the market dominated by large ground power stations is growing rapidly. Trina Solar is responsible for the development and construction of the power station through the establishment of the project company as the investor of the power station project.

In addition, the company also sells PV system products, including large-scale PV power station system products, commercial PV system products and household PV system products. From 2016 to 2018, the sales revenue of the company's system products increased from 5.6 million yuan to 1.2 billion yuan.Smart energy includes photovoltaic power generation and operation and maintenance services, intelligent micro grid and multi-energy system, energy cloud platform and other businesses. The main sources of income are photovoltaic power generation and operation and maintenance services. The company generates electricity from photovoltaic power stations and provides maintenance services. Smart micro grid, multi-energy system, energy cloud platform and other businesses are still in the initial stage.

From 2016 to 2018, PV modules accounted for 93.04%, 85.16% and 59.81% of the company's main business revenue, respectively.Such a change, in addition to the industry policy, the company's production line technical transformation, product unit price drop and other factors, also lies in the company's strategic positioning gradually extended to the photovoltaic smart energy overall solution provider, has shown initial results. 531 New Deal is a turning point in the photovoltaic industry, its fundamental purpose is to speed up the process of photovoltaic power parity online.As a green energy, photovoltaic power generation only after achieving the goal of affordable Internet access can it really make its large-scale replacement of fossil energy become possible. In 2008, the on-grid price of photovoltaic power in China was as high as 4 yuan/kWh, and the state subsidy was 3.65 yuan/kWh, with the subsidy ratio as high as 91.25%. On April 28 this year, the National Development and Reform Commission on the perfect photovoltaic feed-in tariff mechanism related issues notice "provisions: will be included in the scope of the state financial subsidies Ⅰ, Ⅱ, Ⅲ new centralized resource area determined separately on the photovoltaic power station guidance price per kilowatt hour 0.40 yuan, 0.45 yuan and 0.55 yuan. In recent years, the on-grid price of photovoltaic power in China has been reduced from 4 yuan per kilowatt hour to 0.4 yuan per kilowatt hour, which is directly attributable to a 90% drop in the cost of photovoltaic per kilowatt hour.According to BNEF, a consultancy, the cost of photovoltaic modules and systems fell by 88.3% and 91.6%, respectively, in the 10 years since 2007, and the cost per kilowatt hour has fallen by about 90%.

The decrease in PV costs is mainly due to the continuous improvement in the conversion efficiency of PV cell modules.Among them, the battery link mainly through continuous research and development, the application of more efficient technical route. Crystalline silicon cell is the mainstream photovoltaic cell, its technical direction includes single crystal and polycrystalline.In the past, polycrystalline silicon wafers were mostly used for photovoltaic, because the price of polycrystalline silicon wafers was more competitive than that of monocrystalline silicon wafers. However, from the perspective of conversion efficiency, the conversion efficiency of conventional polycrystalline mass production modules was 18.8%, while that of conventional single crystals was 20-20.2%. In recent years, with the application and promotion of diamond wire cutting technology, the cost of silicon wafer has been greatly reduced.But the diamond wire cut polysilicon wafer with the conventional process, the reflectivity is higher and there are obvious line marks, seriously reduce the battery efficiency. Therefore, in the process of preparing photovoltaic cells with Diamond wire cut polycrystalline silicon sheets, a surface fleecing process, namely black silicon technology, needs to be added. In recent years, the market share of monocrystalline silicon wafers has increased gradually. In 2018, the market share of monocrystalline silicon wafers has been over 40%, and the China Photovoltaic Industry Association is expected to exceed half in 2019, among which the market size of N-type monocrystalline silicon wafers will also increase year by year.

Single crystal P cell in the PERC technology gradually become the mainstream, superposition SE (selective emitter) technology, battery efficiency gradually improved. However, the P-type battery has its limit of conversion efficiency, and the N-type battery has become the direction of high conversion efficiency in the future, which currently includes PERC, TOPCON (tunneling oxidation passivation contact), IBC (full back electrode contact), and HJT (heterojunction) four technical paths. From the perspective of the whole industrial chain, although the prices of silicon wafers, battery wafers and components will fluctuate under the influence of market factors such as supply and demand in the short term, they will continue to decline under the drive of technological iteration in the long term.According to the statistics of SolarZoom, the prices of domestic photovoltaic silicon wafers, cells and modules have shown a downward trend in other years, except for a slight year-on-year increase at the beginning of 2014. Trina solar photovoltaic module power and battery conversion efficiency in the industry leader, in the industry took the lead in the development of PERC battery, IBC battery, cut half, MBB, double glass as the representative of the battery and module technology.

TRW has built a strong research and development team.It has a team of academic committee members including Professor Martin Green from Australia, who is known as the "father of solar energy", and top photovoltaic experts from Germany, Japan, the United States and other countries. It has a technical innovation team with Dr. Pier Warrington, an expert of China's first "Thousand Talents Plan for Foreign Professionals" as the chief scientist at the core. As of March 31, 2019, Trina Solar and its domestic subsidiaries have obtained patent certificates for a total of 767 patents, including 284 invention patents. Trina Solar has been successively awarded as "National Intellectual Property Advantage Enterprise" and "China Patent Excellence Award" by the State Intellectual Property Office. The company has a number of innovation platforms such as the state key laboratory of photovoltaic science and technology and the national enterprise technology center, and has accumulated a number of core technologies with independent intellectual property rights.

In addition, the company also actively undertakes national scientific research projects, including 2 National 973 Program, 5 National 863 Program and more than 60 other kinds of scientific research projects. It takes the lead to participate in the compilation of global photovoltaic standards, and puts forward the IEC international standard on behalf of China for the first time and officially releases it. Between 2011 and 2018, the company has broken world records for battery efficiency and component power 18 times.On May 27, 2019, Trina Solar announced that its highly efficient N-type single crystal I-TOPCON solar cell, developed by the State Key Laboratory of Photovoltaic Science and Technology, has achieved a photoelectric conversion efficiency of 24.58%, setting a new world record for the efficiency of large-scale TOPCON cells. Trina Solar has been constantly applying new technologies to its products. It has launched N-type I-TOPCON double-sided double-glass high-efficiency components, which have been certified by double IEC standards and achieved mass production. The front power reaches 425W and the conversion efficiency of components reaches 20.7%.Trina Solar is not only pursuing the limit of battery conversion efficiency, but also developing distributed photovoltaic, which is also a key link to promote affordable Internet access. The so-called distributed photovoltaic power generation refers to the photovoltaic power generation facilities that are built and operated in or near the site where the user is located, dominated by spontaneous self-use of the user side, and characterized by excess electricity surfing the Internet and balance adjustment in the distribution network system.Compared with the centralized photovoltaic, distributed photovoltaic has the advantages of flexible installation, less investment and convenient nearby consumption, which is conducive to solving the problem of inconsistent power generation and load in China, while significantly reducing the transmission loss, reducing the large power grid, and easing the investment pressure on the power grid. China's "13th Five-Year Plan" proposes to optimize the layout of solar energy development and give priority to the development of distributed photovoltaic power generation. By the end of 2020, distributed photovoltaic power generation will account for about 55% of the installed solar power generation capacity in China.

Trina Solar distributed distributed photovoltaic power generation, in the household photovoltaic level, launched a direct service and end user of the standardized household photovoltaic solution -- "Trina Home" household original photovoltaic system. At present, the company has more than 450 distributors at the county level, and continues to develop a nationwide distribution service network.In order to achieve affordable Internet access, the company will increase investment in the future. It plans to raise 3 billion yuan by listing on the science and technology innovation board, and invest nearly 6 billion yuan in three major projects. Among them, the technological renovation and expansion projects of crystal silicon, solar cells and photovoltaic modules are the key links to achieve affordable Internet access.

The content of this technical renovation and expansion project is mainly to transform and build several high-efficiency solar cell production lines, and introduce the relevant technology into the photovoltaic module products of the company; At the same time, by further optimizing the production process, the unit cost of photovoltaic modules of the company can be reduced, and the "last kilometer" of affordable Internet access can be realized.