Solar stocks in Hong Kong continued their downward trend. At the time of writing, IRICO NEWENERGY (00438) fell 6.45% to HKD 2.03; FLAT GLASS (06865) dropped 5.76% to HKD 10.97; XINYI SOLAR (00968) declined 4.29% to HKD 3.35; and XINTE ENERGY (01799) decreased 3.54% to HKD 7.64. The market movement follows the release of 2025 performance forecasts by Tongwei Co., Ltd., LONGi Green Energy Technology Co., and Aiko Solar, all of which projected losses. When discussing the reasons for the anticipated losses, several companies cited the impact of rising silver prices on their performance. LONGi Green Energy Technology noted in its announcement that a significant increase in the cost of silver paste and silicon materials in the fourth quarter substantially raised the production costs for wafers, cells, and modules. Similarly, Tongwei Co., Ltd. mentioned "continuous price increases for core raw materials, including silver," as a contributing factor to its losses. Silver paste is a critical material for solar panels, used to create conductive contacts that transmit the electricity generated by the cells. Data indicates that the trace amount of silver used in cells now accounts for 29% of a module's total cost, a sharp increase from just 3.4% in 2023 and 14% last year. The solar industry is actively responding to the pressure from rising silver prices through technical adjustments, accelerating plans to substitute silver with cheaper materials like copper.