Core Viewpoint - The company Aisuo is facing severe operational challenges due to its reliance on the ABC technology route, which has led to significant financial losses and a deteriorating market position amid intense competition in the photovoltaic industry [1][2]. Group 1: Technological Challenges - Aisuo has bet its future on the ABC technology, aiming for product differentiation to survive the industry's downturn, but this has resulted in a paradox where production costs exceed market prices, leading to deeper losses despite premium pricing [2]. - The company has neglected the mainstream TOPCon technology, causing its traditional products to lose competitiveness rapidly, especially as the industry evolves at an accelerated pace [2]. - Aisuo's strategy of focusing solely on ABC technology has limited its flexibility and innovation capacity, resulting in reduced R&D investment and a weakening technological moat [2]. Group 2: Financial Struggles - Aisuo is experiencing a financial crisis characterized by a high debt-to-asset ratio, with short-term debts significantly exceeding cash reserves, leading to a liquidity crunch [3]. - The company's cash flow is severely constrained, with ongoing negative cash flow cycles exacerbated by declining sales and increasing R&D costs [3]. - Aisuo's repeated failed attempts to raise capital through equity offerings have eroded investor confidence, trapping the company in a cycle where technological advancements require funding, which in turn requires proof of profitability [3].