On October 29, Shanghai Ailu, a photovoltaic cross-border enterprise, announced that the company agreed to submit a bankruptcy liquidation application to the people's court as a debtor of Nantong Ailu New Energy Technology Co., Ltd. (Hereinafter referred to as "Ailu New Energy").
The announcement shows that since mid-2025, due to the imbalance between supply and demand in the photovoltaic industry, fierce competition and other external factors, as well as internal factors such as the breakdown of the capital chain, Ailu's new energy photovoltaic backplane film business has been shut down. Up to now, it has no actual operation , is insolvent, unable to pay off the debts due, and its main assets have been sealed up by the court due to legal proceedings involving contract disputes. In view of this, Ailu New Energy will submit a bankruptcy liquidation application to the court as a debtor.
As of September 30, 2026, the total assets of Ailu New Energy were 2.9613 million yuan, the total liabilities were 68.1123 million yuan, and the net assets were -65.151 million yuan . Among them, the company's operating income from January to September 2026 was only 43,600 yuan, and its net profit was-1,970,400 yuan .
According to the disclosure, in January 2023, according to its own business development needs, Shanghai Ailu and Shanghai Anjingxing Enterprise Management Co., Ltd. (Hereinafter referred to as "Anjingxing") jointly invested in the establishment of Ailu New Energy in Nantong, Jiangsu Province, mainly engaged in the research and development, production and sales of photovoltaic backplane film. The registered capital of the company is 50 million yuan, of which Shanghai Ailu contributes 36.5 million yuan, holding 73% of the shares, and An Jingxing contributes 13.5 million yuan, holding 27% of the shares.
Now, less than four years after its establishment , Ailu New Energy is about to reach the threshold of bankruptcy liquidation. According to
public information, the main business of Shanghai Ailu is industrial paper packaging, plastic packaging and intelligent packaging system. In 2023, based on the company's in-depth industry research and strategic path planning, Ailu New Energy and Aina New Energy , holding subsidiaries , were established to engage in the research and development, production and sales of backplane film and composite frame respectively. Officially cut into the photovoltaic new energy track.
By the end of 2025, Aina New Energy has the production capacity and large-scale delivery capacity of polyurethane composite frame products matching the 1.8GW production capacity of the downstream photovoltaic industry . It has also signed strategic cooperation agreements with well-known photovoltaic industry chain companies such as Huaneng New Energy and Beili Tongchuang.
However, Ailu New Energy Photovoltaic Backplane Film Business only disclosed at the 2023 annual online performance presentation that it was in the stage of small batch production and supply. By the middle and late 2025, due to the increase in the proportion of double-glass components and the shrinking demand for backplane, the company's backplane film business has been discontinued, and there has been no actual operation since then.
Now, Shanghai Ailu has decided to focus its photovoltaic business on composite frames. According to the disclosure, although the photovoltaic new material frame business of Aina New Energy has been in full production since April 2026, according to the semi-annual report of 2026, the business is still in the early stage of commercialization and has not yet made stable profits.
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