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

# Horay Solar vs ZNShine

ZNShine has the broader catalog (212 vs 182 models). Horay Solar leads on peak efficiency at 23.30%. Horay Solar leans bifacial (67% of lineup).


## The two companies


| Attribute | Horay Solar | ZNShine |
| --- | --- | --- |
| Country | China | China |
| Headquarters | Wuxi, Jiangsu Province | Suqian |
| Founded | 2010 | 1988 |
| Employees | 400 | 1,200 |
| Annual capacity | 2.5 GW/year | 10 GW/year |
| Tier 1 | yes | yes |
| Listed |  | NEEQ: 838463 |
| Website | [http://www.horaysolar.com](http://www.horaysolar.com) | [http://www.znshinesolar.com](http://www.znshinesolar.com) |

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...

ZNShine Solar is a high-tech PV enterprise specializing in R&D, manufacturing, and sales of solar modules. They also provide integrated photovoltaic, battery storage, and green hydrogen solutions, as well as BIPV, rooftop solar, and utility-scale solar solutions with a commitment to boosting green electricity...


## Catalog & Power


| Measure | Horay Solar | ZNShine | Margin |
| --- | --- | --- | --- |
| Panel Models | 182 | 212 | +30 |
| Max Power | 720 W | 670 W | +50 W |
| Avg Power | 536 W | 535 W | +2 W |


## Efficiency


| Measure | Horay Solar | ZNShine | Margin |
| --- | --- | --- | --- |
| Max Efficiency | 23.30% | 22.83% | +0.47 pp |
| Avg Efficiency | 22.46% | 21.35% | +1.11 pp |


## Reliability & Warranty


| Measure | Horay Solar | ZNShine | Margin |
| --- | --- | --- | --- |
| Avg Temp Coefficient | -0.280%/°C | -0.329%/°C | +0.049 |
| Bifacial Share | 122 (67%) | 89 (42%) | +25 pp |
| Avg Warranty | 30.0 yrs | 28.3 yrs | +1.7 yr |


## Efficiency distribution

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


| Efficiency band | Horay Solar | ZNShine |
| --- | --- | --- |
| 21-22% | 24 (13.2%) | 101 (47.6%) |
| 22-23% | 133 (73.1%) | 47 (22.2%) |
| 23%+ | 25 (13.7%) | 0 |
| \<20% | 0 | 5 (2.4%) |
| 20-21% | 0 | 59 (27.8%) |


## Power distribution

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


| Power band | Horay Solar | ZNShine |
| --- | --- | --- |
| 400-499W | 55 (30.2%) | 64 (30.2%) |
| 500-599W | 91 (50.0%) | 99 (46.7%) |
| 600-699W | 33 (18.1%) | 43 (20.3%) |
| 700W+ | 3 (1.6%) | 0 |
| \<400W | 0 | 6 (2.8%) |


## Cell technology

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

Dominant cell tech: **PERC** (63%)


| Technology | Horay Solar | ZNShine |
| --- | --- | --- |
| TOPCon | 102 (56.0%) | 78 (36.8%) |
| N-type | 80 (44.0%) | 0 |
| PERC | 0 | 134 (63.2%) |


## 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 |


## Top panels, ZNShine


| # | Model | Power | Efficiency | Temp. coefficient | Technology |
| --- | --- | --- | --- | --- | --- |
| 1 | [ZXM8-TP132-670W](https://comparepv.com/panel/znshine-zxm8-tp132-670w) | 670 | 21.6 | -0.340 | Monocrystalline |
| 2 | [ZXM8-TPLD132-670](https://comparepv.com/panel/znshine-zxm8-tpld132-670) | 670 | 21.6 | -0.340 | Monocrystalline |
| 3 | [ZXM8-TPLDD132-670](https://comparepv.com/panel/znshine-zxm8-tpldd132-670) | 670 | 21.6 | -0.340 | Monocrystalline |
| 4 | [ZXM8-TP132-670](https://comparepv.com/panel/znshine-zxm8-tp132-670) | 670 | 21.6 | -0.340 | Monocrystalline |
| 5 | [ZXM8-TPLD132-670W](https://comparepv.com/panel/znshine-zxm8-tpld132-670w) | 670 | 21.6 | -0.340 | Monocrystalline |
| 6 | [ZXM8-TP132-665W](https://comparepv.com/panel/znshine-zxm8-tp132-665w) | 665 | 21.4 | -0.340 | Monocrystalline |
| 7 | [ZXM8-TPLD132-665](https://comparepv.com/panel/znshine-zxm8-tpld132-665) | 665 | 21.4 | -0.340 | Monocrystalline |
| 8 | [ZXM8-TPLDD132-665](https://comparepv.com/panel/znshine-zxm8-tpldd132-665) | 665 | 21.4 | -0.340 | Monocrystalline |
| 9 | [ZXM8-TPLD132-665W](https://comparepv.com/panel/znshine-zxm8-tpld132-665w) | 665 | 21.4 | -0.340 | Monocrystalline |
| 10 | [ZXM8-TP132-665](https://comparepv.com/panel/znshine-zxm8-tp132-665) | 665 | 21.4 | -0.340 | Monocrystalline |


## Summary

Horay Solar is a Chinese manufacturer headquartered in Wuxi, Jiangsu Province, founded in 2010. The company operates advanced automated production lines with an annual output capacity of 2.5 GW and, as of Q1 2025, formally entered the Bloomberg New Energy Finance Tier 1 list - a recognition that signals growing confidence among project lenders and financiers. ZNShine, operating as ZNSHINE PV-TECH Co., Ltd., traces its corporate roots to 1988 and has focused on photovoltaics since 2006. Its headquarters sit in Suqian, China, supported by additional manufacturing bases in Changzhou and Dali, bringing combined annual capacity to around 10 GW. ZNShine has held BNEF Tier 1 status continuously since 2015 and was recently upgraded to a B rating in PV Tech's independent bankability assessment. On institutional track record and financing credibility, ZNShine holds a clear lead.

Both manufacturers currently anchor their product lines around N-type TOPCon cell technology. Horay Solar's catalog covers monofacial and bifacial modules in 182 mm and 210 mm wafer formats, spanning residential rooftop, commercial and industrial (C&I), and utility-scale ground-mount applications. ZNShine's portfolio is broader: the company ships N-type TOPCon bifacial modules exceeding 585 W for utility and large C&I segments, while also manufacturing HJT modules rated up to 750 W - a technology that typically delivers stronger performance in high-temperature and high-humidity environments. Selected ZNShine series incorporate graphene-based self-cleaning glass, a practical differentiator for dusty or low-maintenance project sites.

For an international buyer procuring panels today, ZNShine is the lower-risk default on projects where bankability and lender acceptance matter. Its decade-long Tier 1 standing, larger manufacturing scale, and dual-technology offering give financiers and insurers greater comfort. Horay Solar is a credible alternative for buyers who prefer a smaller, more agile supplier and whose project financiers are satisfied with its recent Tier 1 entry. On residential and small C&I installations where bankability thresholds are less demanding, the two brands are broadly interchangeable in terms of technology generation and product scope.

Written by claude-sonnet from the figures above.


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

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