Comprehensive review: In 2025, Aixu achieved an operating income of 15.614 billion yuan, an increase of 39.97% over the same period last year; In 2025, facing the severe environment of deep adjustment in the photovoltaic industry and sustained low prices, Aixu shares, with differentiated ABC
Figures 1 and 2: Trend
of revenue and profit of Aixu in 2025 Data source: The highest conversion efficiency of mass production of digital new energy DataBM. ABC components has exceeded 25%, significantly ahead of other N-type technology routes. The market share has been increasing. In 2025, the sales volume of ABC modules was 14.71 GW, with a year-on-year increase of 132.In 2025, the gross profit margin of ABC modules was 5%, which became the key to the company's business gross profit.
Figure 3: Sales volume and profit trend
of ABC module business of Aixu Co., Ltd. Data source: Digital New Energy DataBM. In 2025, the company's battery sales volume was 22.29 GW . Year-on-year decrease 12. Under the pressure of price competition, the unit selling price of solar cells continued to decline, and the business continued to suffer losses . Gross profit rate in 2025 is -8.54%.
Table 1: Main operating data
of Aixu's cell business in 2025 Source: Digital New Energy DataBM. Com
From the perspective of domestic and overseas operations, the domestic market. In 2025, the revenue was 8.065 billion yuan, an increase of 29.9% over the previous year, accounting for about 53% of the revenue, and the gross interest rate was-3.12%, compared with-15. Overseas in 2024, the revenue in 2025 was 7.156 billion yuan, an increase of 49.8% over the previous year, and the proportion increased to about 47%, which was close to the scale of domestic sales. The overseas gross profit margin turned positive, reaching 8.10%, which is higher than that in 2024. With the differentiation advantages of high efficiency and low attenuation, ABC components have stronger premium ability in mature markets such as Europe and Australia. In the future, with the improvement of domestic ABC market awareness and the stability of competition pattern, domestic profitability is expected to be further restored.
Figure 4: The trend
of domestic and overseas operations of Aixu Co., Ltd. Source: Digital New Energy DataBM. Com
Financial indicators have improved significantly, and the three fee rates have dropped
significantly, benefiting from the outbreak of ABC component shipments. The company's revenue in 2025 was 15 billion 614 million yuan, an increase of nearly 40% over the same period; In terms of other profit indicators, the overall gross profit rate increased from -9.94% to 2.59% , an increase of 12.53 percentage points. Lay the foundation for the company to turn around its losses in the future; The return on equity was -52.26%, representing an improvement as compared to the same period of last year. 34
. Table 2: Key Financial Figures
of Aixu in 2025 Source: Digital New Energy DataBM. Com
Significant results were achieved in cost control under the support of scale effect. In 2025, the rate of three fees was 8.52%, which was higher than that in 2024. In terms of net cash flow, with the expansion of shipment scale and the improvement of payment collection, the operating cash flow was improved, and the financial stability was enhanced.
Market outlook: The competitiveness of the scarce ABC track continues to increase
. In the short term, the PV industry chain is still facing the dual pressure of overcapacity and low price fluctuations, which has not been reversed. The results of the first quarterly report of 2026 show that the profit and loss margin of Aixu shares has expanded, and it is expected that the operating pressure will remain high in the short term. Looking at the long cycle, Aixu is the pioneer and the largest manufacturer of ABC battery components in the world, with high technical barriers, significant first-mover advantages and high competition threshold. The company insists on creating a new competitive advantage of N-type ABC component products to avoid the Red Sea of homogeneous "roll price".
In addition, the overseas channel layout is mature, the European, Australian and Southeast Asian markets enjoy a premium, the profit quality is better than domestic average level, and the industry is the first to achieve a positive gross profit in the cold winter.
It can be predicted that with the continuous release of scale effect and breakthroughs in overseas markets, the company's differentiated competitiveness will continue to increase. But at the same time, we need to be alert to the increasing competition in the industry, < a href = "https://www.databm.".
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