25 November 2025 | 6:58AM CST Equity Research CHINA SOLAR: TRACKING PROFITABILITY INFLECTION Nov-25: Upstream price/supply declined for the first time since July-25 Our China Solar Profitability Tracker follows monthly supply/demand and inventory dynamics by sub-sector, and the spot prices/input costs implied cash GP & EBITDA margin trends for companies under our coverage. Key highlights in Nov MTD: Sector view: We believe the ongoing anti-involution campaign with newly imposed Goldman Sachs does and seeks ...