Sinovoltaics, a Hong Kong-based solar supply chain risk consultancy, has released the third edition of its PV Module Manufacturer Ranking Report. The report has assessed the financial stability of over 60 publicly listed PV module manufacturers using Altman Z-Scores. Financial data from September 2022 to June 2025 has been used to calculate the scores for each listed company. Sinovoltaics has classified manufacturers into Safe, Grey, and Distress zones based on two-year bankruptcy risk levels. Insolation Energy, Waaree Renewable Technologies, Solex Energy, First Solar, and Eterbright (HIWIN) were ranked in the top five positions. A trend column is included to compare current quarter scores with previous ones and track financial performance changes. Sinovoltaics has stated that the ranking supports supplier evaluation based on financial reliability and long-term warranty enforceability.