Recently, Aiko Solar and Lians Technology have successively disclosed their latest business and operational progress. Relying on its silver-free ABC technology and overseas market expansion, Aiko Solar bucked the industry trend to achieve a significant surge in module shipments. Meanwhile, Lians focused on the HJT (Heterojunction) route, continuously driving down costs through silicon wafer thinning and low-silver technologies, while ramping up its strategic layout in integrated solar-plus-storage solutions.
Aiko Solar
On May 13, Aiko Solar held its 2025 Annual and Q1 2026 Earnings Briefing, engaging in an in-depth exchange with investors regarding the company's operational results and strategic layout.
Against the backdrop of slowing industry demand growth and persistent intense competition in 2025, Aiko Solar leveraged technological innovation and market expansion to achieve a total annual ABC module shipment of 14.71GW, realizing a contrarian year-on-year growth of 132%.
Entering the first quarter of 2026, the company's module shipments reached approximately 4GW, maintaining a positive growth trajectory. Currently, its module orders on hand exceed 10GW.
This robust market performance is primarily attributed to the company's continuous deep cultivation and cost optimization within the ABC technology sector. Since 2022, the company has been mass-producing silver-free copper interconnect ABC cells at its Zhuhai base. Furthermore, between late 2025 and the first quarter of 2026, it essentially completed the introduction of a low-silver process for BC cell silver paste solutions at its Yiwu base. Coupled with the dilution of manufacturing expenses driven by high production line utilization rates, the unit production cost of the company's ABC modules now holds a competitive advantage over traditional silver paste TOPCon modules.
In addition, the company plans to prioritize the application of its latest generation of silver-free copper interconnect technology at its Jinan base. Once full production is reached, the unit production cost is expected to be at an industry-leading level.
To further meet market demand, the company has initiated technological upgrades for the PERC production lines at its Yiwu base and the TOPCon production lines at its Chuzhou base, pivoting toward ABC cell production. The related production capacities are scheduled to gradually commence operations in the second half of this year.
On the market front, Aiko Solar's overseas business footprint continues to expand. In the first quarter of 2026, the company actively seized the strategic window presented by expectations of export tax rebate adjustments, bringing the proportion of its overseas module sales to approximately 60%. In the domestic market, leveraging the excellent performance of its "Stellar" series ABC modules, the company has recently won consecutive bids for module procurement projects from multiple central and state-owned enterprises, including PowerChina, Huadian, Jingneng, Sinochem, and Guangzhou Development.
Lians Technology
On May 14, Lians Technology Co., Ltd. (Lians) welcomed on-site research and visits from several investment institutions. In-depth discussions were held on core issues highly scrutinized by the market, including the technological progress of heterojunction (HJT) cells and modules, cost-reduction pathways, and market expansion.
Regarding core technologies and product development, Lians has officially commenced production on its mass-production line for multi-cut 765W high-power HJT modules. These modules boast a maximum bifaciality of 95%, can be delivered in bulk with an efficiency exceeding 24.63%, and reach a peak power output of 781.97W.
Simultaneously, the company has established a multi-layered, forward-looking layout in the high-efficiency photovoltaic cell sector. Its self-developed crystalline silicon heterojunction-perovskite tandem cells have successfully achieved a photoelectric conversion efficiency of 33.45%. In the field of ultra-thin P-type HJT cells, Lians not only possesses the core technological reserves for a 30µm ultra-thin process but also has the capability for the large-scale batch delivery of 65µm-thick P-type HJT cells.
In terms of HJT cost reduction, Lians stated that it has successfully mass-produced and applied 100-micrometer-thick thin silicon wafers, leading to a significant drop in silicon costs compared to traditional thicknesses. Moreover, by comprehensively adopting 0BB (busbar-free) technology, the company successfully reduced silver paste consumption by 30%. It has also scaled the application of 20% silver-coated copper paste to effectively reduce the usage of precious metals.
Looking ahead, Lians will advance the thinning of silicon wafers to below 100 micrometers, gradually introduce 10% silver-coated copper paste into mass production, replace silver paste with pure copper paste technology, adopt indium-free rear targets (Note: corrected from the Chinese text's likely typo of "steel-free"), and reduce raw material costs through scaled procurement.
Currently, Lians has established stable partnerships with several leading domestic HJT module enterprises and has successfully entered the qualified supplier systems of mainstream module companies. In overseas markets, the market recognition of the company's products is continuously rising. Its export revenue proportion reached 28.69% in 2025, a significant increase from 12.88% in 2024. Lians is now actively expanding its overseas sales channels.
To further increase its market share and seize opportunities in integrated solar-plus-storage solutions, Lians recently acquired Sichuan Liansheng Energy Technology Co., Ltd., an enterprise engaged in the investment, construction, and operation of photovoltaic power plants. This move aims to strengthen industrial integration, further deepen the layout of the high-efficiency HJT photovoltaic technology industry chain, and create a comprehensive product line centered on "cells + modules + energy storage microgrids." Through this, Lians aims to capture emerging market opportunities in solar-plus-storage integration and strive to elevate the market share of its products.
Source：EnergyTrend