Aiko Solar returns to profit in Q3, unveils PERC to ABC upgrade

Aiko’s Q3 2026 Q3 results published last week show that in the first three quarters of 2026, the company reported revenue of RMB14.47 billion (US$2.16 billion), a 24.79% year-on-year increase.

While the company posted a net loss of RMB709 million attributable to the parent company for the nine-month period, it returned to profitability in Q3: quarterly revenue reached RMB5.289 billion, a 67.89% year-on-year increase, with attributable net profit of RMB 44.5666 million, up both year-on-year and quarter-on-quarter.

The results continue a trend of narrowing quarterly losses reported by the company earlier in the year.

Commenting on the performance change, Aiko Solar explicitly attributed the improvement to “rising ABC module shipments, selling prices and gross margins”.

Modules accounted for 79.24% of total revenue in Aiko Solar’s half-year results. The company noted that ABC modules command an overseas price premium of 10-50% over standard TOPCon products. Capacity utilisation remained strong in Q3, with gross margin climbing from 7.2% in Q1 and 8.39% in Q2 to 13.31% in Q3.

Third-party analysts estimate that ABC module shipments reached roughly 5GW+ in Q3, with overseas sales making up around 55% of the total. Contract liabilities rose sharply quarter-on-quarter, suggesting that the company’s order book has extended further out.

Also disclosed the same day was a plan to retrofit its existing PERC cell capacity at its Tianjin base with 6GW of ABC cell capacity. The project is formally named the Tianjin Aiko High-Efficiency Crystalline Silicon Cell Industrial Digital Transformation and Intelligent Manufacturing Collaboration Platform Project, also known as the Tianjin Aiko No. 3 Factory 6GW High-Efficiency Crystalline Silicon Cell Technology Upgrade Project.

The filing puts the total estimated investment at RMB 1.15 billion. The project will convert the existing PERC plant, refitting and reusing legacy equipment, adding new process tools and upgrading associated power and auxiliary systems. Construction is scheduled to begin in Q4 2026, with phased commissioning starting in Q3 2027.

Aiko Solar said the retrofit will deploy its latest ABC technology and processes to manufacture ABC cells featuring higher conversion efficiency, improved performance and stronger market competitiveness.

It also noted that mass-production efficiency for conventional p-type PERC cells has hit a ceiling, amid weakening demand, depressed prices and a high risk of rapid obsolescence. Once retrofitted, the capacity will run fully on ABC technology. ABC cells deliver high photoelectric conversion efficiency, an attractive aesthetic profile and robust safety. They boost overall power output for customers, help drive down the PV levelised cost of electricity (LCOE), and offer stronger growth prospects and a more competitive market position.

The firm disclosed that it holds roughly 15GW of ABC module orders on its books, with delivery schedules stretching into the first half of 2027. Against this backdrop, the 6GW Tianjin line will serve as order-backed incremental capacity.

Alongside its Q3 results and details of the PV line plans, Aiko also released a filing announcing an upgrade to its battery production capacity at the Tianjin base.

Industry analysts commented that the core takeaway from the two filings is not that Aiko Solar’s turnaround is secured, but that the company is betting its recovery on constrained ABC supply. If the ABC premium holds through 2027 and overseas sales continue to ramp up, the 6GW Tianjin capacity will offer meaningful profit elasticity. If the sector reenters a price war and ABC premiums compress, the capex savings from the retrofit may not be enough to shore up returns.