Aiko Solar

Business

Aiko (上海爱旭新能源股份有限公司) makes solar cells and all-back-contact (ABC) modules (2026 interim report, p. 8). It made its name as a cell supplier, introducing tubular PERC cells in 2017, and says it has now become a maker of n-type ABC modules (pp. 10, 15). Its plants are in Jinan, Yiwu and Chuzhou, among others, and it does research in Yiwu, Zhuhai and Freiburg, Germany (pp. 15, 19).

Results in the first half of 2026

• Revenue rose 8.72% to ¥9.18bn, but the net loss attributable to shareholders widened to ¥754m from ¥238m (p. 6).
• ABC module shipments were 9.39 GW, more than 50% above the second half of 2025, and ABC modules brought in 79% of revenue (p. 10).
• Overseas markets took more than 55% of module volume, and overseas volume rose more than 90% (p. 11).
• Modules brought in ¥7.28bn at a gross margin of about 9.1%, and cells ¥1.38bn at about -1.4%. Overseas sales earned about 11.9%, against 1.3% in China (our calculations from pp. 138, 139).
• The loss came below gross profit: finance costs rose to ¥511m from a net income of ¥37m a year earlier, because of smaller interest subsidies and exchange losses (p. 17), and asset impairments were ¥203m (p. 47).
• Operating cash flow was ¥1.55bn (p. 6).

Technology and pricing

ABC cells have all their contacts on the back. The company says its mass-produced ABC modules exceed 25% efficiency, that its fourth-generation modules reach up to 26%, and that it has topped TaiyangNews's ranking of commercial module efficiency since 2023 (p. 12). It says its ABC lines use less silver per watt than mainstream TOPCon lines and that it has developed a silver-free metallisation process (p. 14).

It sells on value rather than price. It says it has more than 20% of the market for modules on European homes, a rolling order book above 10 GW, and customer demand above what its current capacity can deliver (p. 13).

Our view: Aiko is the clearest case in the filings of a differentiated product paying. Its modules earned about 9% while the large TOPCon makers earned between -2% and 3%, but that margin did not yet cover its financing costs.

The company's own caveats

• Policy. If anti-involution measures or capacity exits fall short, price competition could return (p. 23).
• Demand in China. The 2025 power pricing reform (Document 136) changed how projects earn money, which could make domestic demand volatile (p. 23).
• Trade. Trade barriers abroad and uncertain tariff policy (pp. 23, 24).
• Funding. Losses across the industry have raised debt ratios, and a longer downturn could strain its cash flow (p. 24).