On September 27, Aixu Stock Publishing Agency disclosed its research information. In the second quarter of 2025, ABC 's overseas sales accounted for more than 40% , and the future goal is to increase the proportion of overseas sales to more than 50%.
The following is the full text:
Question 1: What are the opportunities for the company in the recent anti-involution governance actions in the photovoltaic industry? Thanks to the technological innovation of the company's ABC products and the higher efficiency, higher quality standards and safer component products that have been launched, it is expected that the company will benefit more from the anti-involution governance in the whole industry.
The company has always insisted on high quality and high price, which matches the concept of anti-inner volume and hopes to eliminate low price. The company will actively respond to relevant policies and self-regulatory rules, continuously promote product and technological innovation, achieve win-win situation with suppliers, channels and customers, and strive to seize better opportunities in the current industry cycle.
Question 2: What is the prospect of the company's product efficiency and power next year? BC technology is the monocrystalline silicon technology with the highest theoretical efficiency, and the company plans to gradually push the module mass production efficiency to the level of more than 27%, so as to maintain the significant leading edge of ABC products in power as before.
Question 3: What is the proportion of ABC export sales? In the second quarter of 2025, the proportion of ABC overseas sales has exceeded 40% , and the future goal is to increase the proportion of overseas sales to more than 50%.
Question 4: How does the company view the current PV cycle? The focus of this
cycle is to refine services and provide differentiated products, high-quality services and tailor-made solutions for customers in different scenarios. The company is leading the current photovoltaic cycle through the technological innovation and business model innovation of ABC products, which is believed to be the key to get out of the current cycle dilemma and realize a new cycle dividend.
Question 5: What is the strategic idea of the joint venture between the company and Serbia Airlines? Through the combination of technology empowerment, efficient product supply and high-quality local services, the company is committed to breaking the dilemma of channel redundancy, serious involution and different service standards in the traditional photovoltaic distribution mode, and providing customized energy solutions for more industrial and commercial photovoltaic end customers.
Based on the above background and strategic considerations, the company intends to establish a joint venture platform company with Hebei Saihang New Energy Technology Co., Ltd., a leading channel and service provider of new energy components in China, to provide customers in Hebei Province with a comprehensive service of "product + customized solution" based on actual needs, and to provide customers with "product + customized solution". By the end of 2027, the market share of Aixu components in Hebei Province will be increased to 25%, so as to jointly realize market value creation and deep cultivation. The cooperation between the two sides will also achieve two-way empowerment and complementary advantages between the product side and the market side, jointly promote the high-quality development of industrial and commercial distributed photovoltaic in Hebei Province, create a new anti-involution ecology, and open a new cycle of photovoltaic value.
Question 6: How does the company choose and cultivate BC ecosystem partners? For the ecosystem partners, the company hopes to reach a consensus on values, that is , based on rational business operation rather than blindly expanding the scale and low-price competition. Recognize the profitability of selling BC products. On the other hand, ecosphere partners should also respect the intellectual property rights owned by the company in technology investment, and the company also welcomes all kinds of like-minded industrial partners to jointly expand the BC ecosphere.
Question 7: What are the advantages of BC in the centralized scenario and the trend of its maturity in the future? The company also pays attention to the fact that the competent departments and owners in many places have begun to face 23. BC will be able to achieve a double-sided rate of more than 80% in the future. The company is confident that the gap between ABC technology and TOPCon technology will be reduced to less than 5% in the future, and will continue to improve the application of silver-free copper electroplating technology, continuously optimize the performance of ABC products, and bring higher value to customers.
In addition, the company is currently one of the few brands that meet the stringent requirements of the European ground market, and is confident of the future development of BC in the European centralized scenario market.
Question 8: What is the cash flow of the Company this year? In terms of operating cash flow, the Company accelerated the turnover of production and sales of products, reasonably controlled the credit period of customers, reduced the production cost of products, and continuously improved the cash flow from operating activities. In the first half of this year, the net cash inflow from operating activities exceeded 1.8 billion yuan . It is expected to continue to improve in the future.
Question 9: What is the progress of the company's fixed increase? Please refer to the relevant issuance announcement disclosed by the company for details.
Question 10: What are the application advantages of ABC modules in offshore photovoltaic projects ? Question
11: What is the progress of Aixu's zero carbon project?
In addition, the company is also studying the high efficiency of data centers. Zero-carbon energy solutions for electricity loads, effectively changing business design, structure and value acquisition points and providing core energy components, in response to the national "photovoltaic plus" policy. The company also continues to promote the application of zero-carbon photovoltaic business in new scenarios in the fields of construction, ecological governance, transportation and AI, and has built 12 zero-carbon demonstration projects in the field of new energy worldwide. Including port scenes, off-grid scenes, ecological governance scenes, parking lot scenes, park scenes, construction scenes, sports scenes, computing power scenes, residential scenes, traffic scenes, agricultural scenes, industrial park scenes, etc. Further development Question 12: How is the company's leading edge in BC patents reflected?
Split technology is the core card technology of various BC products with high efficiency and low cost, covering a number of core breakthroughs." The method comprises the following
steps: (1) processes of a P area and an N area are completely separated, so that the passivation contact performance is optimized;
(2) BSG/PSG is used as a self-generation mask, so that exogenous pollution is completely avoided;
and (3) laser patterning replaces etching slurry, so that clean and low-consumption pattern openings are realized.
Other technical routes are difficult to achieve competitive BC mass production products by bypassing the patent.
As of the first half of the year, the company has applied for more than 1200 BC patents and obtained nearly 400 authorizations, which has obvious first-mover advantages. With the optimization of process steps, the reduction of chemical consumption and the maturity of supporting technologies such as silver-free metallization, the manufacturing cost of ABC batteries has been greatly reduced, which has promoted BC technology from megawatt application to tens of gigawatt mass production scheme, and truly demonstrated its competitiveness in the mainstream market.
In the future, the company will continue to enrich industrial cooperation based on technology and patent advantages, and expand the ecological circle of BC.
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