2009 Deep Research Report on Global and China Solar Cell and Module Industry by Towne tang

2009 Deep Research Report on Global and China Solar Cell and Module Industry

2009 Deep Research Report on Global and China Solar Cell and Module Industry Hard copy : 3800 USD Electronic copy (PDF) : 38000USD Hard and Electronic copy : 4000USD Pages: 488 Tables and figures :615 Published date :Dec 4, 2009 Publisher: QY Research Group Contact: Mr Zhang Dong 86-10-82945717 86-13811796901 sales@qyresearch.com Summary: 《2009 Deep Research Report on Global and China Solar Cell and Module Industry》was published by QYResearch solar energy research center in Dec 2009.It was a deep research report on global and china solar cell and solar module industry. In this report ， the following information was include： 2005~2013 Global and China Solar Cell/Module Productions Supply, Sales, Demand, Market, Status and Forecast Detail information of Global 28 Solar Cell/Module Vendors and China Local 31 Vendors Company Basic Information (products, income ， customers, materials& equipment ， capacity Expansion plans ，shareholders ，operation & Management Team etc 13 Items) Company financial information solar cell and solar modules （ production，Capacity，revenue，cost， Gross margin，Average selling price，average cost of sales etc） Company Upstream ，midstream， downstream information（Main contracts, partners，project and related information，main products ，production base and related information etc） Project development strategy was also introduced according supply and demand relationship，Manufacture Technology and Equipment Also analyse global and China solar cell and module development trend according Global PV industry development trend and related countires policies At last, QYResearch listed deep research conclusions according solar cell and module yesterday，today and tomorrow and also analyse new solar cell and module project feasibility via a special case. … In a word, it was a deep research report on global and china solar cell and module industry chain. And thanks to the global and China solar cell and module marketing or technology experts support during QYResearch solar cell and module research team survey and interviews.

QYResearch Mr. Zhangdong sales@qyresearch.com 13811796901 8610-82945717

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2009 Deep Research Report on Global and China Solar Cell and Module Industry

Table of Contents Chapter One Introduction 1.1 Purpose and Scope 1 1.2 Methodology 1

Chapter Two Solar Cell and Module Executive Summary 4 2.1 Definition of Solar Cell 4 2.2 Classification and Application 10 2.3 Industry Chain Structure 13 2.4 Difference in Single-Crystal Silicon，Multi-Crystal Silicon and a-Si thin film solar cell 2.5 Advocate solar power 16

Chapter Three Manufacture Technology and Equipment of Solar Cell 23 3.1 Manufacture Technology of Solar Cell in Lab overview 23 3.1.1 About Light absorption 23 3.1.2 About metallization technology 24 3.1.3 About PN-junction- forming technology 24 3.1.4 About surface and bulk passivation techniques 25 3.2 Manufacture Technology of Solar Cell in industrial overview 25 3.2.1 Characteristics of Industrial Production25 3.2.2 Screen printing and related techniques 25 3.3 Manufacture Technology of Solar Cell overview 27 3.4 Equipment and staffing of production line overview 35 3.5Global equipment industry analysis40 3.5.1 Situation and Analysis of International Solar Cell Equipment 40 3.5.2 Situation and Analysis of Homemade solar cell equipment 41 3.5.3 Global Solar cell equipment supplier 48 Chapter Four Solar Cell/Module Productions Supply, Sales, Demand, Market, Status and Forecast 55 4.1 Global PV Market Supply and Demand Overview 55 4.2 Global 13 major PV market area Status and Forecast 63 4.3 Global 27 Vendors Solar Cell/Module production and Capacity Overview 73 4.4 China Local 31 Vendors Solar Cell/Module production and Capacity Overview 75 4.5 About Solar cell 79 4.6 About Materials of Solar cell 83 4.7 Top three Vendors：First Solar，Q-cells and Suntech Strategic Analysis 85 4.8 Related policies of Solar cell Industry 91 Chapter Five Cell/Module Global Key Vendors(27units)

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2009 Deep Research Report on Global and China Solar Cell and Module Industry

5.1 First Solar （USA）92 5.2 Q-CELLS （Germany） 110 5.3 Sharp solar（Japan） 133 5.4 Suntech (China) 147 5.5 Yingli solar (China) 147 5.6 Kyocera solar（Japan） 147 5.7 JA Solar (China) 157 5.8 Motech (Taiwan) 157 5.9 Sunpower （USA） 173 5.10 SANYO Solar (Japan) 188 5.11 Trina Solar (China)199 5.12 Canadian Solar (China) 199 5.13 Solarfun (China) 199 5.14 Gintech (Taiwan) 199 5.15 REC Solar (Norway) 212 5.16 Neo Solar (Taiwan) 223 5.17 SolarWorld AG （Germany） 229 5.18 Isofoton (Spain) 242 5.19 Bosch Solar （Germany） 247 5.20 E-Ton Solar (Taiwan) 254 5.21 Nbsolar (China) 263 5.22 SCHOTT Solar （Germany） 263 5.23 Mitsubishi solar 273 5.24 China Sunergy (China) 281 5.25 BP Solar (English) 281 5.26 United Solar Ovonic （USA） 284 5.27 JETION SOLAR (China) 291 5.28 Changzhou Eging (China) 291 Chapter Six Cell/Module China Local Key Vendors (31units) 6.1 Wuxi Suntech 291 6.2 Yingli SOLAR 311 6.3 Hebei JA Solar 324 6.4 Trina Solar334 6.5 Canadian Solar 347 6.6 Solarfun 356 6.7 Ningbo Solar 365 6.8 China Sunergy 368 6.9 Jetion Solar 377 6.10 Changzhou Eging 380 6.11 Zhejiang Sunowe. 386 6.12 Jiangsu Eoplly392 6.13 Shanghai Topsola 407

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6.14 Jiangsu Sf-pv 409 6.15 Sshengzhen Topraysolar 413 6.16 Jiangsu tianbao-pv 428 6.17 Yunnan Tianda Photovoltaic 432 6.18 Wxsunpower 438 6.19 Chinalight Solar 444 6.20 Hopesolar 447 6.21 Ningbo UL Solar 451 6.22 Shanghai super-solar 456 6.23 Tianjin Jinneng Solar 459 6.24 Shanghai SSEC 462 6.25 Sopray Solar 467 6.26 Astronergy 469 6.27 Sun Valley 471 6.28 Perfectenergy 472 6.29 Dongguan CSG PVTech 474 6.30 Ningbo BEST Solar 478 6.31 LYSunergy 480 Chapter Seven Investment Project Business Plan and feasibility analysis Chapter Eight Research Conclusions

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Tables and Figures: Figure Solar Cell Industry Chain Structure 1 Table History of Solar Cell(1893-2009) 4 Table Four Majoy Achievements on Solar Cell Cost Reduction 6 Table Five Difficulties of Thin Film Solar Cell(About a-Si,CISe,CdTe)） 7 Figure Single Multi Crystal Cell and Module Pictures 7 Figure Principles of PV System 8 Table Five Technology Direction of Solar Cell Efficiency Improvement 10 Table Solar Cell Classification according Materials 10 Figure Solar Cell Classification according technology 11 Table production of Silicon solar cell overview 11 Table Manufacturing Technology of Thin Film Overview 12 Table Dye-sensitized solar cell（DSSC）overview 12 Table Tandem Cell overview 12 Table Application list of Solar Cell 13 Figure Solar Cell Industry Chain Stucture 13 Figure PV System Structure 14 Table Difference in Single-Crystal Silicon，Multi-Crystal Silicon and a-Si thin film solar cell 15 QYResearch Mr. Zhangdong sales@qyresearch.com 13811796901 8610-82945717

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Table Solar power system and its characteristics 16 Figure benefit of installed solar power systems 17 Table Applications of PV system 18 Table Types of PV technology 19 Table Types of PV system technology 19 Table About BIPV 20 Table About typical PV System 20 Table About Estimation of Solar Cell Annual Output 20 Table sunshine data of the all over the world 20 Table Influence factors of power output 21 Table About carbon emissions 21 Table About solar cell conversion efficiency 22 Table Difficulties of PV power and other solar power 22 Table About return cycle 22 Figure Solar Cell Manufacturing Process 27 Table Key Equipments of Solar Cell Manufacturing Process List 35 Figure German CT 40 MW Solar Cell Line Structure 37 Table 25MW Solar Cell （ Equipment, Price Vendor , process, Site requirements, Auxiliary facilities List, Employees , materials List, Examination and approval process） List 38 Table 2008 TOP 10 photovoltaic device suppliers（$M） 41 Figure Solar cell production flow chart 42 Table Domestic cleaning/flocking equipment market overview 42 Table Domestic diffusion furnace equipment market overview 43 Table Domestic TOP 5 Diffusion furnace equipment suppliers 43 Table Domestic Plasma etching machine equipment market overview 45 Table Domestic TOP 5 Plasma etching machine equipment suppliers 45 Table Domestic Remove phosphorus silica glass equipment market overview 46 Table Domestic PECVD equipment market overview 46 Table Domestic TOP 5 PECVD equipment suppliers 47 Table Global Solar Cell Equipment Supplier List 48 Table Global Etching Equipment Supplier List 49 Table Global Cleaning Equipment Supplier List 49 Table Global Diffusion Equipment Supplier List 50 Table Global Coating/Deposition Equipment Supplier List 51 Table Global Screen printing Equipment Supplier List 52 Table Global Inspecting/Testing Equipment Supplier List 52 Table Global Cutting/Scribing Equipment Supplier List 53 Figure 1998-2008 development of Global cumulative PV power installed（MW）per Region 55 Figure 1998-2008 development of the Global annual PV market（MW）per Region 56 Figure 2000-2013 Global annual PV market （ MW ） Outlook per Region (Policy-Driven scenario) 57 Figure 2008 Regional distribition of Global & European annual PV market57 Figure 2007-2009 Global PV power installed（MW）per Region 58 QYResearch Mr. Zhangdong sales@qyresearch.com 13811796901 8610-82945717

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Figure 2009-2013 European annual PV market（MW）Outlook (Policy-Driven scenario) 58 Figure 2009-2013 Global PV module Production （ MW ）， Production Capacity（MW），policy-driven scenario Market (MW)，moderate scenario Market (MW) 59 Figure 2000-2013 Global solar market （ MW ）， solar supply （ MW ）， Solar demand （MW）：Old outlook: Supply ramps and slowing demand growth lead to oversupply 60 Figure 2000-2009 Global solar market （ MW ）， solar supply （ MW ）， Solar demand （MW）：New outlook: Financial crisis exacerbates oversupply and limits market 60 Figure 2000-2013 Global solar market （ MW ）， solar supply （ MW ）， Solar demand （MW）：Long-term outlook: Price reductions increase demand and renew growth 61 Figure 2000-2013 Global total new solar installations （ MW ）， solar revenues （ US$ billion）：Long-term outlook: Price reductions increase demand and renew growth 61 Figure 2000-2013 Global solar market（MW），Capacity of top 15 companies （MW）, solar demand（MW） 62 Figure 2000-2013 Global total new solar installations （ MW ）， solar revenues （ US$ billion）：Long-term outlook: Supply and demand move into balance 62 Figure 2000-2009 Silicon supply（GW），Capacity c-Si（GW），Solar demand（GW） 63 Figure 1 Germany ： 2006-2013 Annual market （ MW ） & Projected cumulative PV power installed（MW） 63 Figure 2 United States ： 2006-2013 Annual market (MW) &Projected cumulative PV power installed (MW) 64 Figure 3 Spain ： 2006-2013 Annual market (MW) &Projected cumulative PV power installed (MW) 65 Figure 4 Japan ： 2006-2013 Annual market (MW) &Projected cumulative PV power installed (MW) 65 Figure 5 Italy ： 2006-2013 Annual market (MW) &Projected cumulative PV power installed (MW) 66 Figure 6 French ： 2006-2013 Annual market (MW) &Projected cumulative PV power installed (MW) 67 Figure 7 China ： 2006-2013 Annual market (MW) &Projected cumulative PV power installed (MW) 68 Figure 8 Belgian ： 2006-2013 Annual market (MW) &Projected cumulative PV power installed (MW) 69 Figure 9 Czech Republic ： 2006-2013 Annual market (MW) &Projected cumulative PV power installed (MW) 70 Figure 10 Portugal：2006-2013 Annual market (MW) &Projected cumulative PV power installed (MW) 70 Figure 11 Greece ：2006-2013 Annual market (MW) &Projected cumulative PV power installed (MW) 71 Figure 12 Indian ：2006-2013 Annual market (MW) &Projected cumulative PV power installed (MW) 72 Figure 13 South Korea ： 2006-2013 Annual market (MW) &Projected cumulative PV power installed (MW) 72 Table 2005-2013 Global 27 Vendors Solar Cell/Module Production (MW) 73 QYResearch Mr. Zhangdong sales@qyresearch.com 13811796901 8610-82945717

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Table 2005-2013 Global 27 Vendors Solar Cell/Module capacity (MW) 74 Figure 2005-2013 Global 27 Vendors Solar Cell/Module total Production (MW) and total 75 capacity (MW) Figure 2005-2013 Global 27 Vendors Solar Cell/Module production growth ， Capacity growth and Capacity utilization 75 Table 2005-2013 China Local 31 Vendors Solar Cell or Module Production (MW) and capacity (MW) 75 Figure 2005-2013 China Local 31 Vendors Solar Cell/Module total Production (MW) and total capacity (MW) 77 Figure 2005-2013 China Local 31 Vendors Solar Cell/Module production growth ， Capacity growth and Capacity utilization 78 Figure 2005-2009 main Solar cell industries in Taiwan 78 Figure 2004-2015 revenues（Billions of NTD） of solar industry in Taiwan 79 Table global 1999~2008 （ Poly c-Si ， Mono c-Si ， a-Si ， Ribbon-sheet cSi，CdTe，CIS）types of solar c cell market share 79 Figure Global 2006-2020 types of solar cell market Forecast 80 Figure 2008 cost of solar power in Europe (€/kWh) 80 Figure 2008~2020 cost of solar power in Europe (€/kWh) and market Forecast (TWh) 81 Figure 2009-2013 Global PV module Production Capacity(MW) Outlook – Crystalline technologies vs. Thin Film 81 Figure 2008-2013 Global Crystalline silicon system cost（$/W） 82 Figure 2008-2013 Global Cadmium telluride system cost（$/W） 82 Figure 2008-2012 global PV modules&balance of system average selling price（$/W） Figure 2008-2011 Global Installation/Demand 、 Cell/Module 、 Wafer 、 Silicon production（GW）and analyze 83 Figure Q3/08-Q3/09 Global Silicon、Wafer、Cell、Module、System、System Rol‘sPrice rate 83 Figure Q1/07-Q2/09 Global polysilicon market price（$/kg） and Contract price （$/kg） 84 Figure 2003-2009 Global history price（$/kg）of polysilicon 84 Figure 2009-2013 Global polysilicon ， wafer ， cell ， module （ c-Si+Thin film ） Production Capacity（MW）Outlook 85 Figure Q1/08-Q2/09 gross magin of top 3 solar cell suppliers 85 Figure First Solar Development strategy 86 Figure First Solar planning of reducing cost of PV module 86 Figure First Solar Product recovery mechanism 87 Figure First Solar planning of reducing cost of BOS 87 Figure First Solar Capacity expansion plan 88 Figure Q-Cells Development strategy 88 Figure Q-Cells Technical layout 88 Figure Suntech Development strategy 89 Figure Sunpower High conversion module and OEM 90 Table 2009 global Major Allowance measures for solar power 91 Table First SolarTable Company Basic Information (products, customers, materials& equipment，Expansion plans etc 13Items) 93 QYResearch Mr. Zhangdong sales@qyresearch.com 13811796901 8610-82945717

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Figure 2006-11-24~2009-11-24 First Solar Stock price of history 96 Figure First Solar Stock rating 97 Figure First Solar Q207~Q209 Net sales（m$）& operating income（%） 97 Figure First Solar Q208~Q209 TTM revenue（m$）、Debt/ EBITDA、EBITA margin、EBITA/ Int Expense（m$） 98 Figure First Solar 2006~2008 Solar thin film Modules Products sold （ MW ）， module cost（$/Watt），net sales（m$），net&operating income（m$） 98 Figure First Solar Q209 Solar thin film Modules Products sold （ MW ）， gross margin （ % ）， operating expense （ % ）， operating margin （ % ）， stock based comp（%），RONA% 99 Figure First Solar Q107~Q209 Solar thin film Modules Products sold（MW） 99 Figure 2005-2013 First Solar -Thin film modules production volume （ MW ） and Capacity（MW） 100 Figure 2005-2013 FSLR-Thin film modules production volume growth ， Capacity growth and Capacity utilization 100 Figure First Solar FY06、FY07、Q108~Q209 Thin film module cost per watt trend 101 Figure First Solar 2004、2009、2014 Thin film module cost（$/W） reduction roadmap 101 Figure First Solar Q1/09~2014 conversion efficiency potential of FSLR CdTe 102 Figure First Solar PV systems project cost structure 102 Figure First Solar 2009~2014 banlance of PV systems* cost reduction roadmap 103 Figure First Solar 2014 cost of Solar power（$/kWh）forecast 103 Figure different Co2 Emissions of Coal、Oil、Gas CC、Biomass CHP、PV multi-Si、Nuclear、PV CdTe and Wind 104 Figure solar pv markets migration（subsidy/transition/sustainable markets） 104 Figure success component of markets migration（subsidy/transition/sustainable markets） 105 Figure potential PV capacity by region （subsidy/transition/sustainable markets） 105 Figure sustainable markets traditional energy and new energy cost and demand 106 Figure First Solar PV modules technology & manufacturing 106 Figure First Solar distribution of Global production bases and the related information107 Figure First Solar 2005~2010 Global production bases and production（MW）plan 107 Figure First Solar Sales Channels 108 Figure First Solar representative projects-PV modules 108 Figure First Solar Utility Business Model in the U.S. 109 Figure First Solar Utility Market Progress in the U.S. 110 Table Q-Cells Company Basic Information (products, customers, materials& equipment，Expansion plans etc 13Items) 110 Figure 2008-11-26~2009-11-25 Q-CELLS Stock price of history 113 Table Q-CELLS analyst ratings 114 Figure Q-CELLS SHAREHOLDER STRUCTURE 114 Table 2003-2009 Q-Cells total assets （ m€ ）， sales （ m€ ）， EBIT,EBT （ m€ ）， Net Income（m€），net margin（%） 114 Figure 2002-2008 annual，2006-2008 quarterly Q-Cells solar cells output（MWp） 115 Figure 2002-2008 annual，2006-2008 quarterly Q-Cells solar cells revenues（m€） 115 QYResearch Mr. Zhangdong sales@qyresearch.com 13811796901 8610-82945717

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Figure 2002-2008 annual，2006-2008 quarterly Q-Cells solar cells total cost（m€） 116 Figure 2002-2008 annual ， 2006-2008 quarterly Q-Cells solar cells OPERATING INCOME (EBIT) （m€） 116 Figure 2002-2008 annual，2006-2008 quarterly Q-Cells solar cells NET INCOME（m€） 117 Figure 2009 Q1~Q2 Q-Cells solar cells revenue（m€）and Analysis 117 Figure 2009 Q1~Q2 Q-Cells solar cells net income（m€）and Analysis 118 Figure Q1/09~2010 Q-Cells solar cells average cost（Eur/Wp）118 Figure 2007-2009 Q-Cells solar cells Production Capacity（MW）（Early 2009） 119 Figure 2007-2010 Q-Cells solar cells Production Capacity（MW）（MID09） 119 Figure 2005-2013 Q-Cells solar cells Production volume（MW），Capacity（MW） 120 Figure 2005-2013 Q-cells solar cells Production volume growth ，Capacity growth and Capacity utilization 120 Figure Q-CELLS solar cells COST POSITIONING 121 Figure 2006-2012 Q-CELLS solar cells Sales development curve and forecast 121 Figure 2008-2010 Q-CELLS development of wafer price (long-term contract) 122 Figure 2009-2010 Q-CELLS wafer and Purchase quantity 122 Figure 2010 Q-CELLS FOCUS INVESTMENTS 123 Figure Q-CELLS Company's structure 123 Figure Q-CELLS main production base and expansion plan 124 Figure Q-CELLS 2009 main production base Production plan 124 Figure Q-CELLS 2010 adjust cost of sales of main production base 125 Figure Q-CELLS 2007-2011 c-Si cells，a-Si thin film cells，system Sales share and expectations 125 Figure Q-CELLS main products 126 Figure Q-CELLS main products COGS POTENTIALS BY PRODUCT PLATFORM 126 Figure Q-CELLS 2006-2011 cost of solar cell Development and prediction127 Figure Q-CELLS SOURCES OF COST REDUCTION 127 Figure Q-CELLS DOWNSTREAM - REGIONAL REACH128 Figure Q-CELLS DOWNSTREAM -coverage of SOLAR CELLS 128 Figure Q-CELLS DOWNSTREAM -coverage of THIN-FILM MODULES 129 Figure Q-CELLS DOWNSTREAM -coverage of SYSTEMS 129 Figure 2008-2009 Q-CELLS main project 130 Figure Q-CELLS DOWNSTREAM QCI – BUSINESS FOCUS 131 Figure Q-CELLS QCI: OVERVIEW OF PROJECTS IN PIPELINE 131 Figure Q-CELLS DOWNSTREAM /QCI: PROJECT MARGIN STRUCTURE 132 Figure Q-CELLS DOWNSTREAM /QCI: KEY OBJECTIVES 132 Table Sharp solar Company Basic Information (products, customers, materials& equipment，Expansion plans etc 13Items) 133 Figure 2008-11-26~2009-11-25 sharp Stock price of history 136 Figure Sharp Stock rating 136 Figure Sharp Stock Share Distribution 136 Figure Q1/09~Q2/09 Sharp Solar cells Net Sales（billions of yen） 137 Figure Q1/09~Q2/09 Sharp Solar cells Operating（billions of yen） 137 QYResearch Mr. Zhangdong sales@qyresearch.com 13811796901 8610-82945717

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Figure Q1/09~Q2/09 Sharp Solar cells Outline（MW） 138 Table 2008~2010 Sharp Solar Cells domestic （ MW ） and overseas （ MW ） and total Production（MW） 138 Figure 2005-2013 Sharp solar cells （ silicon +thin film ） Production volume （ MW ） and Capacity（MW） 138 Figure 2005-2013 Sharp solar cells （silicon +thin film）Production volume growth ，Capacity growth and Capacity utilization 139 Figure Sharp Overseas structure 139 Figure Sharp Group production base 139 Figure Earth‘s Energy Budget 140 Figure 2001~2040 Global Electricity Supply（TWh） Forecast 140 Figure Sharp Solar cells cumulative production volume（GW） 141 Figure Sharp Solar Market Trend of Solar System142 Figure Sharp Solar Expansion of Mega-scale Solar Power Plant 142 Figure Sharp Solar c-Si cells，a-Si thin film cells Conversion efficiency and cost 143 Figure Sharp Solar Cells new technology and products 143 Figure Sharp Solar Conversion Efficiency Improvement of Thin-Film type 144 Figure Sharp Solar Cost Reduction of Thin-Film PV Systems 144 Figure Sharp Solar Features of thin-film solar cells 145 Figure CO2 Reduction Effect of Solar Cells 145 Figure Sharp new thin film production base 146 Figure Sharp sales composition by region 147 Table Kyocera Solar Company Basic Information (products, customers, materials& equipment，Expansion plans etc 13Items) 147 Figure Kyocera Group Shareholders Composition150 Table Kyocera Group List of Directors and Corporate Auditors 151 Figure KYOCERA Corporation. Financial Results of Q1 FY3/2010 151 Figure 2005~2008 KYOCERA Products Group net sales （ millions of yen ） & operating profit（millions of yen） 152 Figure FYQ3/07~Q3/10 Global Solar Market（MW）152 Figure FY3/07~3/10 Kyocera’s Solar Cell Production（MW） 153 Figure Outlook and Kyocera Initiatives in Europe and U.S. Markets 153 Figure Outlook and Kyocera Initiatives in Europe in Japan Markets 154 Figure 2005-2013 Kyocera Solar Cells production volume（MW）and Capacity（MW） 154 Figure 2005-2013 Kyocera Solar Cells production volume growth，Capacity growth and Capacity utilization 155 Table Kyocera Solar Main contract and related information 155 Table Kyocera Solar Group structure 156 Table Motech Company Basic Information (products, customers, materials& equipment，Expansion plans etc 13Items) 157 Table Motech 2008 Solar power converter, solar cell, solar power system net revenue (thousand nt dollars), income proportion（%） 160 Table Q108~Q209 Motech Net Revenues （NT $M）， Cost of Revenues（NT $M），Gross QYResearch Mr. Zhangdong sales@qyresearch.com 13811796901 8610-82945717

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Profi（NT $M）t，Gross Profit Margin，Operating income（NT $M），Pretax Income（NT $M），Net Income（NT $M），Margin 161 Table 2004~2008 Motech Net Revenues （NT $M）， Cost of Revenues （NT $M）， Gross Profi（NT $M）t，Gross Profit Margin，Operating income（NT $M），Pretax Income（NT $M），Net Income（NT $M），Margin 161 Table 2004~2008 Motech solar cells （千片）， PV system （ kw ） production volume（MW），Capacity（MW）and revenues（NT $M） 161 Table 2003~2008 MotechSolar PV Cells amd PV systems domestic/export production （thousand pieces）and revenues（NT $M） 162 Figure 2005-2013 Motech solar cells production volume（MW）and Capacity（MW） 162 Figure 2005-2013 Motech solar cells production volume growth ，Capacity growth and Capacity utilization 163 Table Motech Company structure 163 Table Motech Company department introduction 163 Table Motech Subsidiaries and related information 164 Table Motech Company products 165 Table Motech solar products and related information 165 Table Motech Introduced the new solar sell in plan 166 Table Solar cell industry development overview 166 Table main market of solar market auxiliary and revitalize measures168 Table Solar power converter products (PV Inverters) overview 168 Table Solar power system overview 169 Table Major companies of solar power industry 169 Table Solar cell development trend170 Table Motech 2007~2008 Product global sales per Region 171 Table Motech material supplier 171 Table Motech Major partners and contract overview 172 Table Motech Important marketing policy 172 Table Sunpowe Company Basic Information (products, customers, materials& equipment，Expansion plans etc 13Items) 173 Figure 2008-11-25~2009-11-24 Sunpower Stock price of history 176 Table Sunpower 2004-2008 Components department Revenue （m$），Costs（m$）， Gross profit （m$），Gross Margin 177 Table Sunpower 2004-2008 Systems department Revenue（m$），Costs（m$）， Gross profit （m$），Gross Margin 177 Table Sunpower 2004-2008 Total Revenue （ m$ ）， Costs （ m$ ）， Gross profit （m$），Gross Margin，Operating income（m$）， Net income（m$）， Net income % 177 Table Sunpower Q2/09~Q2/08 GAPP ： Revenue （ m$ ）， Costs （ m$ ）， Gross profit （ m$ ）， Gross Margin ， Operating Income （ m$ ）； Non-GAAP ： Revenue of Systems（m$），Revenue of Components（m$） 178 Table Sunpower Q2/09~Q2/08 solar cells+ panels Revenue （ m$ ）， Costs （ m$ ）， Silicon content （g / W），Produced（MW），average selling price（$/W），average cost （$/W） 179 QYResearch Mr. Zhangdong sales@qyresearch.com 13811796901 8610-82945717

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Figure 2005-2013 Sunpower solar cells+ panels production volume （ MW ） and Capacity（MW） 180 Figure 2005-2013 Sunpower solar cells+ panels production volume growth，Capacity growth and Capacity utilization 180 Table Sunpower Corporate structure 181 Table Sunpower 2004~2009 line，production volume（MW）and Capacity（MW） 181 Table Sunpower Production base 181 Table Sunpower Product department and Product overview 182 Figure the highest energy performance (kWh/Wp) around the world. 183 Figure Sunpower T5 Commercial Roof System introduction 183 Figure 2008 ~2020 SunPower Central Station Competes with MPR 2008 Market Price Referent by Contract Start Year ($/kWh) 184 Figure Sunpower Q4/09，Q4/14 PV Panel Cost forecast 184 Figure SunPower LCOE Benefits Translated to Panel $/W 185 Table Sunpower two main joint ventures & suppliers and contract 185 Figure Sunpower Global sales per Region（Q209,Q109,H109,H108） 186 Table 2006~2008 Sunpower Major partners and related information 187 Table 2Q/09,1Q/09Sunpower Major partners and related information 187 Table Sanyo solar Company Basic Information (products, customers, materials& equipment，Expansion plans etc 13Items) 188 Figure Sanyo Consolidated:Business 2005-2009 net sales （ billions of yen ）， operating income（billions of yen），income before taxes（billions of yen） 191 Figure Sanyo Consolidated:2005~2009 total assets （ billions of yen ）， interest-bearing debts（billions of yen），stockhold’ equity（billions of yen） 191 Figure Sanyo Consolidated:Sales（billions of yen）by Area 192 Figure Sanyo Consolidated: 2005~2009 Net Sales （ billions of yen ） and Operating Revenue（billions of yen）by product category 192 Figure 2008~2009 Sanyo sales of PV systems（billions of yen） 192 Figure 2008~2009 Sanyo solar Net sales （ billions of yen ） and growth ， Operating income（billions of yen） 193 Figure 2005-2013 Sanyo solar PV modules production volume （MW） and Capacity （MW） 193 Figure 2005-2013 Sanyo solar PV modules production volume growth ， Capacity growth and Capacity utilization 194 Table Sanyo Solar Ark introduction 195 Figure Sanyo Solar products：HIT Power and HIT Double 196 Figure HIT cells:1995-2010 Progress in the conversion efficiency 197 Figure HIT Cell: Basic Structure 197 Figure HIT Cell: Structure of the Surface 198 Figure HIT Cell: high efficiency at high temperatures 198 Table Gintech Company Basic Information (products, equipment，Expansion plans etc 13Items) 199

customers,

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Figure 2008-11-26~2009-11-25 Gintech Stock price of history 202 Table Gintech 2004~2008 ， 2009Q1,Q2 Operating income, operating costs, operating margin, gross profit after-tax profit, and business, after-tax profit margins, total assets (nt $ thousand) 202 Table Gintech 2007~2008 solar cells products (MW), cost (nt $ thousand), revenues (nt $thousand ), Gross profit (nt $thousand ), average selling price $/W), the average cost of sales $/W) and Gross margin 203 Figure Gintech 2008-10~2009-9 revenues (nt $thousand ) 203 Figure Gintech 2007~2013 PV modules production volume（MW）and Capacity（MW） 204 Figure Gintech 2007~2013 PV modules production volume growth ， Capacity growth and Capacity utilization 204 Table Gintech 2009 shareholders and related information 205 Table Gintech main business 206 Figure Gintech standard production process 206 Table Gintech 2007~2008 Solar cells and other business revenue share 208 Table Gintech Mono-silicon cells and poly-silicon cells Specifications (mm), thickness (mm), conversion (%), average power (W) 209 Table Gintech 2008~2012 PV cells conversion efficiency and prediction 209 Table Gintech 2007~2008 Product area sales (nt $ thousands), 210 Table Gintech 2007~2008 major raw material suppliers 210 Table Gintech 2007~2008 major customers 210 Table Gintech major raw material supply contract and related information 211 Table Gintech major sales contract and related information 211 Table REC Solar Company Basic Information (products, customers, materials& equipment，Expansion plans etc 13Items) 212 Table REC Solar 2005~2008 Revenues(NOK million), EBITDA (NOK million ) , EBITDA margin ，Employees 215 Table REC Solar Q1/08~Q3/09 revenues(NOK million) ， EBITDA(NOK million) ， EBITDA – margin，Adjusted EBITDA(NOK million)，Adjusted EBITDA - margin 215 Table REC Solar Q1/08~Q3/09 Module production （ MW ）， Contract manufacturing （MW），External cell sale（MW），Module sale（MW） 215 Figure REC 2005-2008，Q3/08~Q3/09 polysilicon production volume（MT）216 Figure REC 2005-2008 ，Q3/08~Q3/09 Wafe production volume（MW） 216 Figure REC 2005-2008 PV Cells production volume （ MW ）， PV Modules production volume（MW） 217 Figure REC Q3/08~Q3/09 PV Cells production volume （ MW ）， PV Modules production volume（MW） 217 Figure REC Q3/08~Q3/09 PV Cell &PV Module Revenue(NOK million) ， EBITDA(NOK million) 218 Table REC Solar Q1/07~Q4/10E module price development（USD/Wp） 218 Figure 2008-2013 REC PV cells production volume（MW）and Capacity（MW） 219 Figure 2008-2013 REC PV cells production volume growth ， Capacity growth and Capacity utilization 219 Table REC(Norway) headquarters, global production base and sales offices 219 QYResearch Mr. Zhangdong sales@qyresearch.com 13811796901 8610-82945717

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Figure REC corporate structure 220 Table REC solar industry production product 221 REC Silicon Situation (production base, Capacity, technology, etc.) 221 RECWafer Situation (production base, Capacity, technology, etc.） 222 REC solar Situation (production base, Capacity, technology, etc.) 222 REC new production base Situation of Singapore (production base, Capacity, technology, etc.) 223 Table Neo SolarCompany Basic Information (products, customers, materials& equipment，Expansion plans etc 13Items) 223 Figure Neo Solar 2009-1-13~2009-11-25 Stock price of history 225 Table Neo Solar 2009 Q1~Q4 Operating income (mNT in $), operating cost (mNT in $), operating margin (mNT in gross margin, $), business revenue (mNT in $), operating margins 226 Table Neo Solar 2007~2009 Operating income (mNT in $), operating cost (mNT in $), operating margin (mNT in gross margin, $), business revenue (mNT in $), business profitability, net income (mNT in $), net profit margin 226 Table Neo Solar 2007~2009&2009 Q1~Q4 PV cells Operating income (mNT in $), operating cost (mNT in $), production (MW), average selling price (NT $/ W), average cost of sales (NT $/ W), 226 Table Neo Solar 2005~2013 PV cells production volume（MW） 227 Table Neo Solar 2008~2013 PV cells production （ MW ）， Capacity （ MW ）， production volume growth，Capacity growth and Capacity utilization 227 Table Neo Solar Product List 227 Table Neo Solar Long-term purchase contract 228 Table SolarWorld AG Company Basic Information (products, customers, materials& equipment，Expansion plans etc 13Items) 229 Figure 2008-11-26~2009-11-25 SolarWorld Stock price of history 232 Table SolarWorld 2004~2008 revenues （ m€ ）， EBITDA （ m€ ）， consolidated net income（m€），EBIT（m€）， EBIT margin %， employees，total assets（m€） 232 Table SolarWorld Q2/09,Q2/08,Q/Q，H1/09,H1/08,Y/Y，revenues（m€），EBITDA（m€），EBIT（m€），n et income（m€） 232 Table 2007~2008 SolarWorld 的 wafer ， cell ， module ， trade and total Internal and external income（m€），Departments and total revenue（m€） 233 Figure 2005-2013 solarworld PV cells and PV modules production volume （ MW ） and Capacity（MW） 233 Figure 2005-2013solarworld PV cells and PV modules production volume growth ， Capacity growth and Capacity utilization 234 SolarWorld Group introduction 234 Figure SolarWorld Products overview 235 Table SolarWorld Product：Silicon,Solar wafer,Solar cells,Solar modules, Applications overview 235 Figure SolarWorld relevance of R&d and production base 236 Table SolarWorld R&d and production base list 236 Table SolarWorld 2008~2009 wafer ， cell ， module main production base and capacity （ in QYResearch Mr. Zhangdong sales@qyresearch.com 13811796901 8610-82945717

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2009 Deep Research Report on Global and China Solar Cell and Module Industry

MW） 237 Figure SolarWorld AG Group company and subsidiary company 237 Figure SolarWorld 2008-2009 Complete and goals 238 Table SolarWorld 2004~2008 revenues of Germany, the United States and Spain（in m€） 239 Figure SolarWorld H1/09,H1/08 Global PV cells shipments per Region 239 Figure SolarWorld 2008-2010 Europe, Asia, America and global solar cells installed（MW）forecast 240 Table SolarWorld 2008~2011Major expansion plan 240 Table SolarWorld 2008-2009 major Supply/Sales contract and related information 241 Table Isofoton Company Basic Information (products, customers, materials& equipment，Expansion plans etc 13Items) 242 Table 2007 Isofoton cells（MW），modules（MW），thermal（m2）production，production capacity，turnover（m€），employees 243 Figure 2005-2013 Isofoton PV modules production volume（MW）and Capacity（MW） 244 Figure 2005-2013 Isofoton PV modules production volume growth ， Capacity growth and Capacity utilization 244 Isofoton ：Malaga Factory introduction 245 Isofoton ：Photovoltaic Manufacturing Process 245 Isofoton -Subsidiaries and Project Offices 246 Table 2009 年 Isofotón major Supply/Sales contract and related information 246 Table Bosch Solar Company Basic Information (products, customers, materials& equipment，Expansion plans etc 13Items) 247 Table Bosch Solar Q1/Q2/H1 ， 09/08 Revenues （ in m€ ）， Cost of revenues （ in m€），EBIT（in m€）&EBIT margin 250 Table Bosch Solar 2006-2009Revenues （ in m€ ）， Cost of revenues （ in m€ ）， EBIT （ in m€），EBIT margin，EBT（in m€）& Employees 250 Table Bosch Solar 2006-2013 Wafer production Capacity （ MW ）， PV cell/ Thin film module/Total production（MW）and Capacity （MW）forecast 251 Table Bosch Solar 2005~2013 PV cells production volume（MW）and Capacity（MW） 251 Table Bosch Solar2005~2013 PV cells production volume growth，Capacity growth and Capacity utilization 252 Table Bosch Solar Production base and distribution 252 Table Bosch Solar Product information 253 Table E-Ton Solar Company Basic Information (products, customers, materials& equipment，Expansion plans etc 13Items)254 Table E-Ton Solar 2005~2008，Q1/09 Operating income (million nt), operating cost (million nt), operating margin (million nt $, profit margin), business (million nt), net profit (million nt)257 Table E-Ton Solar 2005~2008 Solar cells capacity (millions piece), production (millions piece),, production (million nt) 258 Table E-Ton Solar 2005~2010 Solar cells Average selling price(（nt $/ piece） 258 Figure E-Ton Solar 2005-2013 PV cells production volume（MW）and Capacity（MW） 258 Figure E-Ton Solar 2005-2013 PV cells production volume growth ， Capacity growth and Capacity utilization 259 QYResearch Mr. Zhangdong sales@qyresearch.com 13811796901 8610-82945717

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2009 Deep Research Report on Global and China Solar Cell and Module Industry

Table Taiwan 2004~2008 Solar cell suppliers list 259 Table E-Ton Solar 2003~2008 achievements of Solar cell research (specifications and conversion efficiency) 260 Table E-Ton Solar 2007~2008 Solar cell Supply and Sales per Region 260 Table E-Ton Solar 2007~2008 Solar cell s Domestic and export shipments and revenues 261 Table E-Ton Solar major Supply/Sales contract and related information 261 Table SCHOTT Solar Table Company Basic Information (products, customers, materials& equipment，Expansion plans etc 13Items) 263 Table SCHOTT Solar 2007~2008 Sales evenues （ in m€ ）， Gross profit （ in m€ ），EBITDA（in m€ ），EBIT（in m€ ），Profit before tax （in m€ ），net profit（in m€），Total assets（in m€），Employees&Y/Y 265 Table SCHOTT Solar 2007~2008 Photovoltaics ：Sales evenues （in m€），cost of sales（in m€ ），EBIT （in m€ ），in % of sales revenues ，products sales （MW），Average selling price（in €/W） 266 Table SCHOTT Solar 2008~2009wafer ， modules &solar power production （ in MWp ） and growth 266 Table SCHOTT Solar 2007~2013 PV modules and thin film modules production volume（MW）and Capacity（MW）266 Table SCHOTT Solar 2007~2013 PV modules and thin film modules production volume growth，Capacity growth and Capacity utilization 267 Figure SCHOTT Solar-value chain for crystalline technology 267 Figure SCHOTT Solar-value chain for（amorphous）thin films 267 Figure SCHOTT Solar-Value chain of concentrated Solar Power Plants 268 Table SCHOTT Solar-products advantage 268 Figure SCHOTT Solar-global presence 268 Figure SCHOTT Solar- North America presence 269 Figure SCHOTT Solar- North Europe presence 270 Figure SCHOTT Solar- Asia presence 270 Table SCHOTT Solar Production base and related information 270 Figure SCHOTT Solar 2007-2008 Sales revenues（m€） by region 273 Table Mitsubishi soler Company Basic Information (products, customers, materials& equipment，Expansion plans etc 13Items) 273 Table Directors 274 Executive Officers 274 Figure 2005-2013 Mitsubishi PV modules production volume（MW）and Capacity（MW） 276 Figure 2005-2013 Mitsubishi PV modules production volume growth ， Capacity growth and Capacity utilization 276 Table Mitsubishi Electric-Distribution of Shareholders 277 Table Mitsubishi Electric- Major Shareholders 277 Figure Mitsubishi Electric new records conversion efficiency of polysilicon cell and related informations 277 Figure Mitsubishi solar Production base and R&D center 279 QYResearch Mr. Zhangdong sales@qyresearch.com 13811796901 8610-82945717

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2009 Deep Research Report on Global and China Solar Cell and Module Industry

Table Mitsubishi solar production base informations（Start-up time，Capacity MW） 279 Figure Mitsubishi solar (>100KW)Solar system 280 Table 2008-2009 Mitsubishi solar major contract and related information 281 Table BP SolarCompany Basic Information (products, customers, materials& equipment，Expansion plans etc 13Items) 282 Figure 2005-2013 BP solar PV sells or modules production volume（MW）and growth 283 Table BP Solar2008~2009 major Supply/Sales contract and related information 283 Table United Solar OvonicCompany Basic Information (products, customers, materials& equipment，Expansion plans etc 13Items) 284 Table United SolarQ209,Q208,H109,H108 product sales revenues(m$) ， total revenues(m$)，cost of product sales(m$)，total expense(m$)，income from operations(m$)，net income(m$)，total assets(m$) 286 Table United SolarQ209,Q208,H109,H108 PV product sales(m$) ， megawatts product ， megawatts shipped ， cost of product sales(m$) ， gross margin(m$) ， gross margin %，total revenues(m$) 287 Table United Solar flexible solar modules Q1/09~ Q2/10 Sales revenue (m$) ， production (MW）, Average selling price$/W) 287 Figure 2005-2013 年 United Solar flexible solar modules production （ MW ） and Capacity（MW）287 Figure United Solar Lower Total Installed System Cost（$） 288 Figure United Solar Market-Leading Energy Yield-Improving Levelized Cost of Energy (LCOE) 289 Figure United Solar Estimated Module Cost per Watt Produced 289 Table UNI-SOLAR ® Brand Products（flexible solar module）Products introduction 289 Table United Solar Main deliverables 290 Table Wusi suntech Company Basic Information (products, customers, materials& equipment，Expansion plans etc 13Items) 291 Figure 2008-11-26~2009-1-25 suntech Stock price of history 295 Table suntech Stock earnings estimates 295 Table suntech Stock analyst ratings 295 Table 2003-2008 Suntech PV Cells Products sold （MW）,Net revenues(m$) ，Average selling price ($/W)，Cost of revenues ($/W)，Gross profit(m$)，gross profit margin 296 Table 2003-2008 Suntech PV modules Products sold （ MW ） ,Net revenues(m$) ， Average selling price ($/W)，Cost of revenues ($/W)，Gross profit(m$)，gross profit margin 296 Table 2003-2008 Suntech PV Products Total Net revenues(m$) ，Gross profit(m$) ，Total gross margin，Net income(m$)，Margin，Total Products sold（MW），Average selling price($/W) 296 Table 2003-2008 Suntech PV Cells，PV Modules，PV system production volume（MW），and growth 297 Table 2009 Q1~Q4 Suntech PV products sold（MW），Total net revenues(m$)， Total cost of Revenues (m$)，Average selling price($/W)， Gross profit(m$)， gross profit margin 297 Figure 2005-2013 Suntech PV cells and PV modules PV modules production volume（MW）and Capacity（MW） 298 QYResearch Mr. Zhangdong sales@qyresearch.com 13811796901 8610-82945717

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2009 Deep Research Report on Global and China Solar Cell and Module Industry

Figure 2005-2013 Suntech PV cells and PV modules production volume growth ， Capacity growth and Capacity utilization 298 Figure Suntech Organizational Structure 298 Figure Suntech major subsidiary list 299 Figure Suntech top 6 production base and scale 300 Figure 2008-2009 Suntech production base expansion plan 300 Table suntech Supply contract and related information 301 Table suntech Sales contract and related information 303 Figure 2006-2008 suntech global sales per Region 304 Figure 2009 Q2 suntech global sales per Region 304 Table 2008-2009 suntech Sales contract and related information 304 Table characteristics of Suntech high efficiency solar cells 306 Table PlutoTM cell and advantages 307 Table characteristics of Suntech high efficiency solar modules 307 Table Suntech standard PV modules classification and characteristics 308 Table characteristics of Suntech a-Si thin film modules310 Table characteristics of Suntech BIPV 310 Table Company Basic Information (products, customers, materials& equipment ， Expansion plans etc 13Items) 311 Table Yingli Solar 2004~2008 net revenues （ m ￥）， cost of revenues （ m ￥）， gross profit （ m ￥）， income from operations （ m ￥）， net income （ m ￥）， gross profit %，operating gross %，net profit magin % 314 Table Yingli Solar 2009 Q1~Q2 Total net revenues （ m ￥， m$ ）， gross profit （ m ￥， m$ ）， operating income （ m ￥， m$ ）， net income1 （ m ￥， m$ ）， net income2（m￥，m$） 315 Table Yingli Solar 2009 Q1~Q2 PV modules ， PV system net revenues （ m ￥）， cost of revenues （ m ￥）， gross profit （ m ￥）， income from operations （ m ￥）， total assets（m￥） 315 Table Yingli Solar 2004~2008 PV modules sold （ MW ）， average selling price of PV modules（$/W） 316 Figure 2005-2013 Yingli Solar PV modules production volume （MW）and Capacity（MW） 316 Figure 2005-2013 Yingli Solar PV modules production volume growth ， Capacity growth and Capacity utilization 316 Figure Yingli Solar complete industrial chain introduction 317 Table Yingli Solar PV cell introduction 317 Table Yingli Solar PV module introduction 317 Table Yingli Solar PV system introduction 318 Figure Yingli Solar Grid system 318 Figure Yingli Solar standing-alone generation system318 Figure Yingli Solar Solar lighting system 318 Figure Yingli Solar Special pv-tech application system 318 QYResearch Mr. Zhangdong sales@qyresearch.com 13811796901 8610-82945717

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2009 Deep Research Report on Global and China Solar Cell and Module Industry

Figure Yingli Solar Building integrated photovoltaic systems 319 Figure Yingli Solar Stand-alone pv power system overview 319 Table Yingli major Supply contract and related information 319 Table Yingli major Sales contract and related information 320 Table Yingli Main completed projects overview 323 Table JA Solar Company Basic Information (products, customers, materials& equipment，Expansion plans etc 13Items) 324 Table 2006-2008 JA Solar Net revenues of products （ m ￥）、 products to related parties（m￥）、cells processing（m￥）、Total（m￥，m$） 327 Table 2006-2008 JA Solar Cost of products（m￥）、products to related parties（m￥）、cells processing（m￥）、 Silicon wafers （m￥）、 Other（m￥）、Total（m￥，m$） 327 Table 2005-2008 JA Solar Net revenues （ m ￥）、 Cost of revenues （ m ￥）、 Gross profit （ m ￥）、 Income/ (loss) from operations （ m ￥）、 Income/ (loss) before income taxes（m￥）、 Net income（m￥）、 Total assets（m￥） 328 Table 2009 Q1,Q2，2008Q1,Q2 JA Solar Net revenues（k￥），Cost of sales（k￥），Gross profit （ k ￥）， gross margin ， Income from operations （ k ￥）， Income before income taxes（k￥），Net income（k￥） 328 Table 2006-2008 JA Solar Products sold (in MW)，Average selling price per watt（￥/W） 328 Table 2009 Q1~Q4 JA Solar products shipments (in MW)and Annual shipments (in MW) 329 Figure 2005-2013 JA solar PV cells PV modules production volume （ MW ） and Capacity（MW） 329 Figure 2005-2013 JA solar PV cells production volume growth ，Capacity growth and Capacity utilization 329 Figure JA Solar Company structure 330 Table JA Solar Subsidiary list 330 Table 2006-2009 production base information（Start-up time，Capacity MW） 330 Table JA Solar Product information （ efficiency ， wafer quality ， manufacturing process ， format ，cell thickness） 331 Table JA solar Manufacturing Capacity and Facilities overview 332 Table JA solar Manufacturing Process overview texturing and （ cleani ， Diffusion ， Isolation ， anti-reflection coating ， Printing ， Co-firing ， testing and sorting） 332 Table JA solar Production Equipment overview 333 Table Trina Solar Company Basic Information (products, customers, materials& equipment，Expansion plans etc 13Items) 334 Table Trina Solar 2004-2008 Net revenues （ k$ ）， Cost of revenues （ k$ ）， Gross profit （ k$ ）， Gross margin ， Operating expenses （ k$ ）， Income from continuing operations （k$ ），net Income from continuing operations （k$ ），Net margin of continuing operations，Net income (loss) （k$），Net income % 337 Table Trina Solar 2004-2008 PV modules Net revenues （ k$ ）， Cost of revenues（k$），shipments（MW），Average selling price（$/W），average cost（$/W） 337 Table Trina Solar Q108~Q209 shipments （ MW ）， Net revenues （ m$ ）， Gross QYResearch Mr. Zhangdong sales@qyresearch.com 13811796901 8610-82945717

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2009 Deep Research Report on Global and China Solar Cell and Module Industry

margin，Average selling price（$/W），average cost（$/W） 338 Table Trina Solar 2006~2008global Global area sales and proportion 338 Figure Trina Solar 2007~2009 Global sales per Region338 Figure Trina Solar Q108~Q209 cost of PV modules and average silicon content analysis 339 Figure Trina Solar 2008~2009 Silicon ingots ， Silicon wafers ， Solar cells ， PV modules production volume（MW）and Capacity（MW） 339 Figure 2005~2013 Trina Solar Solar cells PV modules production volume （ MW ） and Capacity（MW） 340 Figure 2005~2013 Trina Solar Solar cells production volume growth ， Capacity growth and Capacity utilization 340 Figure Trina Solar Product production process 341 Table Trina Solar PV cells and PV modules information 341 Figure Trina Solar Silicone materials and related production information 342 Figure Trina Solar Silicon ingots and related production information 342 Figure Trina Solar Silicon wafer and related production information 342 Figure Trina Solar PV cell and related production information 343 Figure Trina Solar PV module and related production information 343 Figure Trina Solar PV system and related production information 344 Figure Trina Solar Large projects and related production information 344 Table Trina Solar 2009 major contract and related information 345 Table Canadian Solar Company Basic Information (products, customers, materials& equipment，Expansion plans etc 13Items) 347 Figure 2008-10-28~2009-10-27 Canadian Solar Stock price of history 350 Table 2004-2008 Canadian Solar Sales revenue （ in m$ ）， cost of sales （ in m$ ）， gross profit（in m$），gross t margin，net income（in m$），net profit margin，total assets（in m$） 350 Table 2004-2008 Canadian Solar PV modules Products sold (in MW)，Average selling price (in $ per watt)and Cost of revenues (in $ per watt)351 Table Canadian Solar 2009 Q1~Q4 Canadian Solar PV modules cost of sales （ in m$ ）， Products sold (in MW) ， gross profit （ in m$ ）， gross t margin ， net income （ in m$），net profit margin ，Average selling price （in $ per watt) ，Cost of revenues（in $ per watt) 351 Table 2007-2013 Canadian Solar PV modules production（MW）and Capacity（MW） 351 Table 2007-2013 PV cells production volume growth，Capacity growth and Capacity utilization 352 Canadian Solar products overview 352 Table Canadian Solar Subsidiary list 353 Table 2006-2008 PV modules global sales per Region 353 Table Canadian Solar 2009 major Supply/Sales contract and related information 354 Table Solarfun Company Basic Information (products, customers, materials& equipment ， Expansion plans etc 13Items) 356 Table Solarfun 2005~2008 PV modules Sales revenue（millions RMB），cost of sales（millions QYResearch Mr. Zhangdong sales@qyresearch.com 13811796901 8610-82945717

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2009 Deep Research Report on Global and China Solar Cell and Module Industry

RMB），Gross profit （millions RMB），gross profit margin 358 Table Solarfun 2005~2008 PV cells Sales revenue （millions RMB ）， cost of sales （millions RMB），Gross profit （millions RMB），gross profit margin 358 Table Solarfun 2005~2008 PV cells OEM and PV modules OEM Sales revenue （ millions RMB），cost of sales（millions RMB），Gross profit （millions RMB），gross profit margin 358 Table Solarfun 2005~2008 PV products ales revenue（millions RMB），cost of sales（millions RMB），Gross profit （millions RMB），Operating profit（millions RMB），government subsidies （ millions RMB ）， pre-tax income （ millions RMB ）， net income （ millions RMB），total assets（millions RMB） 359 Table Solarfun Q2/08,Q1/09,Q2/09 PV cells/modules/total revenue revenue （ millions RMB ）， cost of sales （ millions RMB ）， Gross profit （ millions RMB ）， Operating profit（millions RMB），government subsidies（millions RMB），pre-tax income（millions RMB），net income（millions RMB），total assets（millions RMB） 359 Table Solarfun 2005~2008 PV cells ， PV modules production （ MW ） and Average selling price(￥/W) 360 Table Solarfun Q1/09~Q409 PV modules production（MW）and Average selling price($/W) 360 Figure Solarfun 2005~2013 production（MW）and Capacity（MW） 361 Figure Solarfun 2007~2009 PV cells production volume growth，Capacity growth and Capacity utilization 361 Table Solarfun PV cell Specifications: Dimensions (mm), thickness (mm), efficiency, power (W) 361 Table Solarfun PV Module Specifications: Dimensions (mm), weight (Kg), power (W)362 Table Solarfun 2006~2008，Q2/2009 global leading market share in sales362 Table Solarfun 2006~2008 Staff size and composition 362 Table SolarfunSubsidiaries and related information 362 Table Solarfun2009 major Supply/Sales contract and related information 363 Table Ningbo Solar Company Basic Information (products, customers, materials& equipment，Expansion plans etc 13Items) 365 Figure 2005-2013 Ningbo Solar PV cells and modules production volume （ MW ） and Capacity（MW） 367 Figure 2005-2013 Ningbo Solar PV cells and modules production volume growth ， Capacity growth and Capacity utilization 367 Table Ningbo Solar Production base and capacity planning 368 Table China Sunergy Company Basic Information (products, customers, materials& equipment，Expansion plans etc 13Items) 368 Figure 2008-11-4~200-11-3 China Sunergy Stock price of history 371 Table China Sunergy 2005~2008 ， Q1/09,Q2/09 PV cells Net revenues （ m$ ）， Cost of revenues （ m$ ）， Gross profit （ m$ ）， Gross margin ， Net income （ m$ ）， Net profit margin，Total assets（m$） 371 Table China Sunergy 2005~2008 ，Q1/09,Q2/09 PV cells products sold(MW) ，Average selling price($/W)，Average cost of revenues($/W)，average cost of revenues($/W) 371 Table China Sunergy 2005-2008 ，Q1/09,Q2/09 PV cells production （MW），PV cells OEM QYResearch Mr. Zhangdong sales@qyresearch.com 13811796901 8610-82945717

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2009 Deep Research Report on Global and China Solar Cell and Module Industry

production（MW），PV modules production（MW） 372 Figure 2005-2013 年 China Sunergy PV cells production volume（MW）and Capacity（MW） 372 Figure 2005-2013 年 China Sunergy PV cells production volume growth ，Capacity growth and Capacity utilization 372 Figure China Sunergy Company Structure 373 Table China Sunergy 2008 Annual sales of the different specifications of single / polycrystalline silicon solar cells 373 Table China Sunergy SE Monocrystalline silicon solar cell product information 373 Table China Sunergy HP Polysilicon solar cell product information 374 Table China Sunergy Monocrystalline silicon solar cell product information 374 Table As of 2009 China Sunergy10 solar cell production line put into production time and capacity 374 Table China Sunergy 2008 Conversion efficiency and the average price of solar cells PV cells conversion efficiency and average prices of a sales company（RMB/W） 375 Table China Sunergy 2006~2009 Global sales per Region 375 Table 2009 China Sunergy major Supply/Sales contract and related information 375 Table JETION SOLAR Company Basic Information (products, customers, materials& equipment，Expansion plans etc 13Items) 377 Figure 2009-11-17~2009-11-16 JETION SOLAR Stock price of history 378 Table JETION SOLAR H1/07~H1/09 Turnover （ mUS$ ）， Cost of sales （ mUS$ ）， Gross profit（mUS$），GROSS margin，Profit before income tax（mUS$），net income（mUS$） 378 Table JETION SOLAR H1/07~H1/09 soler cell output （ MW ） and Capacity （ MW ）， PV modules output（MW）and Capacity（MW），PV cells Average conversion efficiency379 Figure 2007-2013 JETION SOLAR PV cells and PV modules PV modules production volume（MW）and Capacity（MW）379 Figure 2007-2013 JETION SOLAR PV cells and PV modules PV modules production volume growth，Capacity growth and Capacity utilization 380 Table Eging solar Company Basic Information (products, customers, materials& equipment，Expansion plans etc 13Items) 380 Table Eging solar 2008 ， 2009-1~7 and 2009 PV cells sales revenues （ m ￥ cost of revenues（m￥）， gross profit （m￥）， gross margin ，products sold （MW）， Average selling price（￥/W），average cost of sales（￥/W） 382 Figure 2008-2013 Eging solar PV cells production volume（MW）and Capacity（MW） 382 Figure 2008-2013 Eging solar PV cellsproduction volume growth，Capacity growth and Capacity utilization 383 Table Eging solar products industries chain introduction 383 Table Eging solar monocrystalline rod Manufacturing technology and product information 384 Table Eging solar monocrystalline wafer Manufacturing technology and product information 384 Table Eging solar PV cells product information 384 Table Eging solar PV modules product information 385 Table Sunowe Photovoltaic Company Basic Information (products, customers, materials& QYResearch Mr. Zhangdong sales@qyresearch.com 13811796901 8610-82945717

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2009 Deep Research Report on Global and China Solar Cell and Module Industry

equipment，Expansion plans etc 13Items) 386 Figure 2006-2013 Sunowe Photovoltaic PV cells and PV modules production volume（MW）and Capacity（MW） 388 Figure 2006-2013 Sunowe Photovoltaic PV cells and PV modules production volume growth，Capacity growth and Capacity utilization 388 Figure Sunowe Photovoltaic Company organization 389 Figure Sunowe Company production equipment390 Table Sunowe 125*125，156*156 monocrystalline PV cells Conversion efficiency data list 391 Table Eoplly Solar Company Basic Information (products, customers, materials& equipment，Expansion plans etc 13Items) 392 Figure 2006-2013 Eoplly Solar PV cells and PV modules production volume （ MW ） and Capacity（MW） 396 Figure 2006-2013 Eoplly Solar PV cells and PV modules production volume growth ，Capacity growth and Capacity utilization 396 Figure Eoplly Solar Company profile 397 Figure Eoplly Solar Company subsidiary and distribution network 397 Figure Eoplly Solar Contact of distribution network 398 Figure 2005~2009 Eoplly Solar major affair398 Figure Eoplly SolarCompany patents and authentication 399 Figure Eoplly Solar Production equipment 399 Figure Eoplly Solar Main products400 Figure Eoplly Solar PV cells introduction 401 Table Eoplly Solar PV modules introduction 401 Figure Eoplly Solar PV system introduction 401 Figure Eoplly Solar first PV system products with China aerospace group cooperation satellite technology 402 Table Eoplly Solar Technical advantage 403 Table Eoplly Solar Partners and related information 404 Figure Eoplly Solar Engineering cases 405 Figure Eoplly Solar major contract and related information 406 Table topsolar Company Basic Information (products, customers, materials& equipment，Expansion plans etc 13Items) 407 Table topsolar 2005~2009 Revenue （ m$ ）， cost of Revenue （ m$ ）， operating profit（m$），net income（m$），net income % 408 Figure 2005-2013 topsolar Silicon modules and thin film modules production volume（MW）and Capacity（MW） 409 Figure 2005-2013 topsolar Silicon modules and thin film modules production volume growth，Capacity growth and Capacity utilization 409 Table Sf-pv Company Basic Information (products, customers, materials& equipment，Expansion plans etc 13Items) 410 Figure 2009-10-29~-2009-11-13 Stock price of history 411 Figure 2007-2013 Sf-pv PV cells production volume（MW）and Capacity（MW） 412 Figure 2007-2013 Sf-pv PV cells production volume growth ， Capacity growth and Capacity QYResearch Mr. Zhangdong sales@qyresearch.com 13811796901 8610-82945717

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2009 Deep Research Report on Global and China Solar Cell and Module Industry

utilization 412 Figure Sf-pv products 413 Table TOPRAYSOLAR Company Basic Information (products, customers, materials& equipment，Expansion plans etc 13Items) 413 Figure TOPRAYSOLAR 2008-11-19~2009-11-18 Stock price of history 416 Figure TOPRAYSOLAR property right and relationship of control person 416 Figure TOPRAYSOLAR H1/09,2008,2007 PV c-Si cells and modules operating revenue（m￥），cost of revenue（m￥），gross profit（m￥），gross margin 416 Figure TOPRAYSOLAR H1/09,2008,2007 PV a-Si cells and modules operating revenue（m￥），cost of revenue（m￥），gross profit（m￥），gross margin 417 Figure TOPRAYSOLAR H1/09,2008,2007Solar energy application products and supply systems operating revenue（m￥），cost of revenue（m￥），gross profit（m￥），gross margin 417 Figure TOPRAYSOLAR 2006~2009 revenues （ m ￥）， cost of revenues （ m ￥）， gross profit（m￥），gross margin ， net inome （ m ￥）， net profit margin ， total assets（m￥） 417 Figure 2005-2013 TOPRAYSOLAR C-Si and a-Si PV cells and PV modules production volume（MW）and Capacity（MW）418 Figure 2005-2013 TOPRAYSOLAR C-Si and a-Si PV cells and PV modules production volume growth，Capacity growth and Capacity utilization 418 TOPRAYSOLAR Company profile 418 Figure TOPRAYSOLAR products Classification 419 Figure TOPRAYSOLARPV modules Classification 420 Table TOPRAYSOLAR Product information： TPS-103 a-Si PV module 420 Table TOPRAYSOLAR Product information：a-Si thin film encapsulation Folding plate 421 Table TOPRAYSOLAR Product information： TPS-103 PV cell Glass package421 Table TOPRAYSOLAR Product information ：： TPS-104 Double knot amorphous a-Si PV module 422 Table TOPRAYSOLAR Product information： TPS-105 monocrystalline PV module 422 Table TOPRAYSOLAR Main holdings, equity companies 424 Table TOPRAYSOLAR Nearly three years study results 424 Figure TOPRAYSOLAR Partners 425 Figure TOPRAYSOLAR sales network 425 Table 2008 TOPRAYSOLAR golbal sales（m￥）and gross per region 426 Table 2009 H1 TOPRAYSOLAR golbal sales（m￥）and gross per region 426 Table 2008 TOPRAYSOLAR top 5 Supply/Sales contract and revenue （m￥） 426 Table TOPRAYSOLAR Have got government subsidies pertinent information 427 Table tianbao-pv Company Basic Information (products, customers, materials& equipment，Expansion plans etc 13Items) 428 Figure 2006-2013 tianbao-pv PV cells production volume（MW）and Capacity（MW） 429 Figure 2006-2013 tianbao-pv PV cells production volume growth，Capacity growth and Capacity utilization 430 Table tianbao-pv Supply contract and related information 431 QYResearch Mr. Zhangdong sales@qyresearch.com 13811796901 8610-82945717

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2009 Deep Research Report on Global and China Solar Cell and Module Industry

Table tianbao-pv Sales contract and related information 431 Table Tianda Photovoltaic Company Basic Information (products, customers, materials& equipment，Expansion plans etc 13Items) 432 Table Tianda Photovoltaic monocrystalline modules Product parameters（Conversion，efficiency power，voltage，measurements） 436 Table 2005-2008 Tianda Photovoltaic PV modules products sold （ MW ）， average selling price（$/W），gross profit （m$） 436 Figure 2005-2013 Tianda Photovoltaic PV modules production volume （ MW ） and Capacity（MW） 437 Figure 2005-2013 Tianda Photovoltaic PV modules production volume growth，Capacity growth and Capacity utilization 437 Table 2005-2008 Tianda Photovoltaic Domestic and overseas sales revenue （thousands $） 438 Table wxsunpower Company Basic Information (products, customers, materials& equipment，Expansion plans etc 13Items) 438 Figure 2005-2013 wxsunpower PV modules production volume （MW）and Capacity（MW） 439 Figure 2005-2013 wxsunpower PV modules production volume growth ， Capacity growth and Capacity utilization 440 Figure wxsunpower Solar business products 440 Figure wxsunpower PV cells specifications 441 Figure wxsunpower PV modules specifications 441 Figure wxsunpower Production equipment 442 Table Chinalight Solar Company Basic Information (products, customers, materials& equipment，Expansion plans etc 13Items) 444 Table 2006-2008 Chinalight Solar PV cells products sold (MW),average of selling price ($/W), Gross profit(m$） 445 Figure 2006-2013 Chinalight Solar PV cells production volume （MW）and Capacity（MW） 446 Figure 2006-2013 Chinalight Solar PV cells production volume growth ， Capacity growth and Capacity utilization 446 Table Hopesolar Company Basic Information (products, customers, materials& equipment，Expansion plans etc 13Items) 447 Figure 2008-2013 Hopesolar PV cells and PV modules production volume （ MW ） and Capacity（MW） 449 Figure 2008-2013 Hopesolar PV cells and PV modules production volume growth ， Capacity growth and Capacity utilization 449 Figure Hopesolar Corporate structure 450 Table Hopesolar Product categories 450 Table Hopesolar Successful cases451 Table Ulsolar Company Basic Information (products, customers, materials& equipment，Expansion plans etc 13Items) 451 Table Ulsolar 103*103,125*125,156*156 Monocrystalline cells Conversion efficiency list 453 Table 2006-2008 Ulsolar PV modules products sold （ MW ）， Average selling QYResearch Mr. Zhangdong sales@qyresearch.com 13811796901 8610-82945717

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2009 Deep Research Report on Global and China Solar Cell and Module Industry

price($/W)，Gross profit(m$) 454 Figure 2005-2013 Ulsolar PV modules production volume（MW）and Capacity（MW） 454 Figure 2005-2013 Ulsolar PV modules production volume growth ， Capacity growth and Capacity utilization 455 Table Ulsolar Supply/Sales contract and related information455 Table Super-solar Company Basic Information (products, customers, materials& equipment，Expansion plans etc 13Items) 456 Table Super-solar 2006~2008 PV modules ， Solar lamps Gross profit( ten thousand ￥) ，gross profit margin 457 Table 2008-2013 Super-solar PV modules production volume（MW）and Capacity（MW） 457 Table 2008-2013 Super-solar PV modules production volume growth ， Capacity growth and Capacity utilization 458 Table Super-solar Company profile 458 Table Jinneng Solar Company Basic Information (products, customers, materials& equipment，Expansion plans etc 13Items) 459 Figure 2005-2012 Jinneng Solar PV cells production（MW），products sold（m$）and growth 460 Figure 2005-2013 Jinneng Solar a-Si thin film modules production volume （ MW ） and Capacity（MW） 461 Figure 2005-2013 Jinneng Solar a-Si thin film modules production volume growth ， Capacity growth and Capacity utilization 461 Table 2007-2008 Jinneng Solar Domestic and overseas sales revenue ( ten thousand￥) 462 Table SSEC Company Basic Information (products, customers, materials& equipment，Expansion plans etc 13Items) 462 Table 2005-2008 SSEC PV modules production （MW），Average selling price($/W) ，Gross profit(m$) 464 Figure 2005-2013 SSEC PV cells PV modules production volume（MW）and Capacity（MW） 465 Figure 2005-2013 SSEC PV cells PV modules production volume growth ，Capacity growth and Capacity utilization 465 Table SSEC Supply/Sales contract and related information 466 Figure 2005-2013 Sopray Solar PV modules production volume （MW）and Capacity（MW） 468 Figure 2005-2013 Sopray Solar PV modules production volume growth ， Capacity growth and Capacity utilization 469 Figure 2007-2013 Astronergy PV cells production volume（MW）and Capacity（MW） 470 Figure 2007-2013 Astronergy PV cells production volume growth，Capacity growth and Capacity utilization 471 Figure 2007-2013 Sun Valley PV cells production volume（MW）and Capacity（MW） 472 Figure 2007-2013 Sun Valley PV cells production volume growth，Capacity growth and Capacity utilization 472 Table Perfectenergy 125*125 PV cells Conversion efficiency data 464 Figure 2007-2013 Perfectenergy PV cells production volume（MW）and Capacity（MW） 473 QYResearch Mr. Zhangdong sales@qyresearch.com 13811796901 8610-82945717

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2009 Deep Research Report on Global and China Solar Cell and Module Industry

Figure 2007-2013 Perfectenergy PV cells production volume growth ， Capacity growth and Capacity utilization 474 Table CSG 125*125 PV cells Conversion efficiency data 476 Figure 2008-2013 CSG PVTech PV cells production volume（MW）and Capacity（MW） 477 Figure 2008-2013 CSG PVTech PV cells production volume growth ， Capacity growth and Capacity utilization 477 Table Ningbo BEST 125*156 PV cells Conversion efficiency data 478 Figure 2008-2013 Ningbo BEST Solar PV cells production volume （ MW ） and Capacity（MW） 479 Figure 2008-2013 Ningbo BEST Solar PV cells production volume growth，Capacity growth and Capacity utilization 480 Figure 2008-2013 LYSunergy PV cells production volume（MW）and Capacity（MW） 483 Figure 2008-2013 LYSunergy PV cells production volume growth ， Capacity growth and Capacity utilization 483 Table Global PV Industry Subsidy Policies and China Related Subsidies 485

QYResearch Mr. Zhangdong sales@qyresearch.com 13811796901 8610-82945717

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