---
title: "ASM vs Horay Solar - Brand Comparison | ComparePV"
description: "Compare ASM vs Horay Solar solar panels: full portfolio, efficiency, cell technology breakdown, warranty terms and company background."
source: "https://comparepv.com/asm-vs-horay-solar"
---

# ASM vs Horay Solar

Horay Solar has the broader catalog (182 vs 1 models). Horay Solar leads on peak efficiency at 23.30%. Horay Solar leans bifacial (67% of lineup).


## The two companies


| Attribute | ASM | Horay Solar |
| --- | --- | --- |
| Country | Australia | China |
| Headquarters | Hallam, Victoria | Wuxi, Jiangsu Province |
| Founded | 2009 | 2010 |
| Employees | 1-10 | 400 |
| Annual capacity |  | 2.5 GW/year |
| Tier 1 | no | yes |
| Listed |  |  |
| Website | [https://www.australiansolarmanufacturing.com.au](https://www.australiansolarmanufacturing.com.au) | [http://www.horaysolar.com](http://www.horaysolar.com) |

Australian Solar Manufacturing (ASM) is a small Australian solar panel assembler that produces crystalline monocrystalline modules domestically using components sourced from Germany, Japan, the USA, and China. The company focuses on providing locally assembled PV modules tailored to Australian conditions, supporting...

Horay Solar is an integrated photovoltaic company specializing in the R&D, production, and sales of solar modules and solar power systems. They are committed to globalization and offer standard and customized solar module solutions. The company's products are exported globally, providing efficient clean energy...


## Catalog & Power


| Measure | ASM | Horay Solar | Margin |
| --- | --- | --- | --- |
| Panel Models | 1 | 182 | +181 |
| Max Power | 170 W | 720 W | +550 W |
| Avg Power | 170 W | 536 W | +366 W |


## Efficiency


| Measure | ASM | Horay Solar | Margin |
| --- | --- | --- | --- |
| Max Efficiency | 16.00% | 23.30% | +7.30 pp |
| Avg Efficiency | 16.00% | 22.46% | +6.46 pp |


## Reliability & Warranty


| Measure | ASM | Horay Solar | Margin |
| --- | --- | --- | --- |
| Avg Temp Coefficient | -0.438%/°C | -0.280%/°C | +0.158 |
| Bifacial Share | 0 (0%) | 122 (67%) | +67 pp |
| Avg Warranty | - | 30.0 yrs |  |


## Efficiency distribution

Horay Solar skews to higher efficiency: 14% of lineup is 23%+


| Efficiency band | ASM | Horay Solar |
| --- | --- | --- |
| \<20% | 1 (100.0%) | 0 |
| 21-22% | 0 | 24 (13.2%) |
| 22-23% | 0 | 133 (73.1%) |
| 23%+ | 0 | 25 (13.7%) |


## Power distribution

Horay Solar offers more 600W+ panels (20% of lineup)


| Power band | ASM | Horay Solar |
| --- | --- | --- |
| \<400W | 1 (100.0%) | 0 |
| 400-499W | 0 | 55 (30.2%) |
| 500-599W | 0 | 91 (50.0%) |
| 600-699W | 0 | 33 (18.1%) |
| 700W+ | 0 | 3 (1.6%) |


## Cell technology

Dominant cell tech: **TOPCon** (56%)


| Technology | ASM | Horay Solar |
| --- | --- | --- |
| Unknown | 1 (100.0%) | 0 |
| TOPCon | 0 | 102 (56.0%) |
| N-type | 0 | 80 (44.0%) |


## Top panels, ASM


| # | Model | Power | Efficiency | Temp. coefficient | Technology |
| --- | --- | --- | --- | --- | --- |
| 1 | [ASM170M](https://comparepv.com/panel/australian-solar-manufacturing-asm170m) | 170 | 16.0 | -0.438 | Monocrystalline |


## Top panels, Horay Solar


| # | Model | Power | Efficiency | Temp. coefficient | Technology |
| --- | --- | --- | --- | --- | --- |
| 1 | [HS720TC-MHG-D](https://comparepv.com/panel/horay-solar-hs720tc-mhg-d) | 720 | 23.2 | -0.280 | Monocrystalline |
| 2 | [HS710TC-MHG-D](https://comparepv.com/panel/horay-solar-hs710tc-mhg-d) | 710 | 22.9 | -0.280 | Monocrystalline |
| 3 | [HS700TC-MHG-D](https://comparepv.com/panel/horay-solar-hs700tc-mhg-d) | 700 | 22.5 | -0.280 | Monocrystalline |
| 4 | [HS690TC-MHG-D](https://comparepv.com/panel/horay-solar-hs690tc-mhg-d) | 690 | 22.2 | -0.280 | Monocrystalline |
| 5 | [HS680TC-MHG-D](https://comparepv.com/panel/horay-solar-hs680tc-mhg-d) | 680 | 21.9 | -0.280 | Monocrystalline |
| 6 | [HS650TC-MHD-D](https://comparepv.com/panel/horay-solar-hs650tc-mhd-d) | 650 | 23.3 | -0.280 | Monocrystalline |
| 7 | [HS645TC-MHD-D](https://comparepv.com/panel/horay-solar-hs645tc-mhd-d) | 645 | 23.1 | -0.280 | Monocrystalline |
| 8 | [HS640TC-MHD-D](https://comparepv.com/panel/horay-solar-hs640tc-mhd-d) | 640 | 22.9 | -0.280 | Monocrystalline |
| 9 | [HS635TC-MHD-D](https://comparepv.com/panel/horay-solar-hs635tc-mhd-d) | 635 | 22.7 | -0.280 | Monocrystalline |
| 10 | [HS635TC-MHG-D](https://comparepv.com/panel/horay-solar-hs635tc-mhg-d) | 635 | 22.4 | -0.280 | Monocrystalline |


## Summary

ASM is a micro-scale Australian panel assembler founded in 2009, employing fewer than ten people, with no disclosed production capacity and no Tier 1 bankability rating from any recognized body. Horay Solar, founded in 2010 in China, operates at a markedly different scale: roughly 400 employees, an annual production capacity of 2.5 GW, and BloombergNEF Tier 1 bankable status. The Tier 1 designation reflects lender confidence for project-financed installations, and Horay Solar backs it with certifications from TUV, IEC, and CE. On institutional footprint, Horay Solar is far better established; ASM appears to function primarily as a domestic assembly and installation business with no publicly documented module portfolio of its own.

The portfolio data reinforces this gap. ASM carries no publicly listed panel specifications, making any module-level technical comparison impossible. Horay Solar lists 182 modules with an average output of 536 Wp, a peak of 720 Wp, an average efficiency of 22.46%, and a maximum of 23.3% - figures competitive with leading N-type products in 2025. TOPCon cells account for 56% of the lineup, 67% of panels are bifacial, and the average product warranty runs 30 years - all characteristics that suit utility-scale ground mounts and large commercial rooftops where bifacial energy gain and long-term performance guarantees carry real value. A temperature coefficient of -0.28% per degree C for Pmax is solid for warm-climate deployments as well.

For a typical buyer in 2025, Horay Solar is the only actionable option between the two. Without a public module portfolio or bankability certification, ASM cannot be evaluated against standard procurement criteria for financed projects. Horay Solar offers a credible mid-tier proposition: proven N-type TOPCon efficiency, a deep bifacial catalog, and financial credibility backed by BloombergNEF. Buyers with a specific need for Australian-assembled products - perhaps for local content requirements - may still approach ASM directly, but should request datasheets and third-party test data before committing.

\---LINKS---

\- https://www.enfsolar.com/horay-solar \| Horay Solar Co. Ltd - ENF Solar manufacturer directory profile \| review

\- https://www.enfsolar.com/asm \| ASM - ENF Solar manufacturer directory profile \| review

Sources:

\- \[Horay Solar Co., Ltd - ENF Solar\](https://www.enfsolar.com/horay-solar)

\- \[ASM - ENF Solar\](https://www.enfsolar.com/asm)

\- \[HORAY SOLAR Achieves BNEF Tier 1 List\](https://www.horaysolar.com/News/207.html)

\- \[Horay Solar Recognised as BloombergNEF Tier 1 Manufacturer\](https://www.horaysolar.com/News/230.html)

Written by claude-sonnet from the figures above.


## Other comparisons

- [ASM vs A.B. Energy](https://comparepv.com/asm-vs-a-b-energy)
- [AE Solar vs Horay Solar](https://comparepv.com/ae-solar-vs-horay-solar)
- [ASM vs AEET](https://comparepv.com/asm-vs-aeet)
- [AIKO vs Horay Solar](https://comparepv.com/aiko-vs-horay-solar)
- [ASM vs AKCOME](https://comparepv.com/asm-vs-akcome)
- [ARTsolar vs Horay Solar](https://comparepv.com/artsolar-vs-horay-solar)


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Source: https://comparepv.com/asm-vs-horay-solar

Not in this file, on the page: the distributions above drawn as charts.