靠ABC组件和海外市场实现单季度扭亏，爱旭股份交出中报成绩单

Core Viewpoint - The photovoltaic industry in China is experiencing significant growth, with a new installed capacity of 212.21 GW in the first half of 2025, representing a year-on-year increase of 107%. However, the industry faces challenges due to oversupply and intense competition, leading to a focus on reversing the trend of low prices and quality [2][3]. Group 1: Company Performance - Aiko Solar (爱旭股份) has reported a turnaround in its quarterly performance, achieving profitability in the second quarter, which may signal a recovery for the industry [4]. - In the first half of the year, Aiko Solar's revenue reached 8.446 billion yuan, a year-on-year increase of 63.63%, although it still recorded a net loss of 238 million yuan. The company managed to achieve a net profit of 63 million yuan in the second quarter [6]. - The sales of ABC (All Back Contact) components accounted for approximately 74% of Aiko Solar's total revenue, with a shipment volume of 8.57 GW, reflecting a year-on-year growth of over 400% [6][7]. Group 2: Market Dynamics - Aiko Solar's overseas component sales exceeded 40% in the second quarter, with significant growth in high-value markets. The ABC components command a sales premium of 10% to 50% over traditional TOPCon components [7]. - As of the end of June, Aiko Solar's accounts receivable reached 1.368 billion yuan, a year-on-year increase of 63.17%, attributed to the expansion of component sales [7]. Group 3: Financial Health - Aiko Solar reported a net cash inflow from operating activities of 1.855 billion yuan in the first half of the year, indicating improved operational efficiency and financial stability [8]. - The company's research and development expenses decreased by 65.60% to 167 million yuan, as the peak R&D phase for ABC products was front-loaded [9]. Group 4: Future Growth Initiatives - Aiko Solar plans to invest 750 million yuan in a 112 MW wind power project, expected to be completed and connected to the grid by 2027 [10]. - The company is also focusing on zero-carbon applications based on ABC components and has signed a strategic cooperation agreement with 3M's Swiss subsidiary for energy systems in modern agricultural facilities [10]. - Aiko Solar's fundraising efforts include a plan to raise up to 3.5 billion yuan through a private placement to fund a 15 GW high-efficiency crystalline silicon solar cell project and to supplement working capital [10][11].