Aiko Solar Releases Q3/2021 Financial Report

• Aiko Solar has reported its Q3/2021 operating income to have increased 69.05% on annual basis to RMB 4.33 billion
• During 9M/2021, it was an increase of around 79% annually with RMB 11.19 billion operating income
• Net profits declined YoY, both during Q3/2021 and 9M/2021 due to high silicon wafer prices and pandemic related factors
• The management is confident of a stable supply of raw material for its cell production in the near future

Aiko Solar, the PERC solar cell manufacturer from China, has reported its Q3/2021 financial results, reflecting an annual increase of 69.05% YoY for its operating income that added up to RMB 4.33 billion. On sequential basis too, it was an increase of 12.17%.

During 9M/2021, its operating income went up 78.99% over 9M/2020 to RMB 11.19 billion.

Share of large size cell shipments continued to increase in overall numbers, having grown from about 50% in Q2/2021 to more than 60% in Q3/2021.

Nonetheless, the management reported net profit of RMB -22.06 million during the reporting quarter, down 109.29% compared to RMB 237.1 million net profit it reported in Q3/2020 (see Aiko Solar's Net Profit Up In Q3/2020). However, on sequential basis, it increased 82.26%.

Between January 2021 and September 2021, Aiko Solar's profits dropped 112.25%, vis-à-vis 9M/2020 with RMB -45.82 million. For this decline, the management mainly blames the increase in raw material prices being more than that of sales prices, along with multiple impacts of the COVID-19 pandemic, increase in consumption of electricity and tight supply of raw materials.

Going forward, Aiko Solar is confident of a stable supply of silicon wafers for its business as it enters into various supply agreements with a number of vendors. Very recently, the company secured 2.88 billion silicon wafer supply agreements with Shuangliang Eco-Energy and Hongyuan New Material to be supplied between November 2021 to December 2024 (see China PV News Snippets).