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One of the world's largest makers of solar cells, known for its ABC (back-contact) high-efficiency cell technology.
One of the world's largest makers of solar cells, known for its ABC (back-contact) high-efficiency cell technology.
Has moved from selling cells to other module makers toward selling its own modules, which carry the premium for its back-contact design. Founder Chen Gang controls it.
In one line: A Chinese SunPower - back-contact solar cell specialist, but at much larger scale.
Moat: narrow (IP / patents, process know-how, scale). Leads in ABC back-contact cell efficiency and has large-scale manufacturing, but solar cells remain a commodity, capex-heavy business.
Headquarters: Shanghai, China · Founded: 2009 · Employees: 6,535
Size Shanghai Aiko Solar Energy (600732.SS) is a China Information Technology company (Semiconductors) with a market value of $4.23B, the 606th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥13.40 on 6 Nov 2026.
Performance Over six months the shares fell 12.9%, against -36.9% for the median peer and -16.4% for the China market (cap-weighted) — 6th highest of 19 in its peer set.
Growth Revenue grew 24.7% over the last twelve months (peer median +22.6%); the operating margin is -8.0% (peer median 5.6%).
Valuation It trades at 2.5× enterprise value to sales against a peer median of 6.9× (5th cheapest of 21).
Capital Return on invested capital runs 8.4 points below its cost of capital (8.4% WACC).
Next results Next results expected around 20 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥18.5B | CN¥15.6B | CN¥11.1B | CN¥27.1B | CN¥35.1B |
| Revenue growth | — | +41% | -59% | -23% | — |
| Gross profit | CN¥2.64B | CN¥226M | -CN¥1.34B | CN¥4.18B | CN¥4.65B |
| EBITDA | n/a | CN¥312M | -CN¥3.90B | CN¥2.10B | CN¥3.56B |
| Net income | -CN¥2.00B | -CN¥1.82B | -CN¥5.32B | CN¥757M | CN¥2.33B |
| Free cash flow | CN¥1.41B | CN¥1.39B | -CN¥6.45B | -CN¥4.69B | CN¥1.25B |
| Capital expenditure | CN¥1.14B | CN¥947M | CN¥1.93B | CN¥6.30B | CN¥3.98B |
| Total debt | CN¥19.1B | CN¥18.5B | CN¥19.3B | CN¥18.5B | CN¥11.3B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g |
|---|---|---|---|---|---|---|
| Shanghai Aiko Solar Energy 600732.SS | $4.23B | -13% | +25% | -8% | 2.5× | n/a |
| JA Solar Technology 002459.SZ | $3.50B | -35% | -23% | n/a | 1.5× | -20.3% |
| LONGi Green Energy Technology 601012.SS | $14.1B | -25% | -16% | -12% | 1.4× | n/a |
| Trina Solar 688599.SS | $3.90B | -36% | -3% | -9% | 0.9× | -4.3% |
| JinkoSolar Holding Co., Ltd. Sponsored ADR JKS | $551M | -55% | -15% | -8% | 0.8× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 600732.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +22.4% | -18.5% | 2nd highest of 21 |
| 6-month return | -12.9% | -36.9% | 6th highest of 19 |
| Distance from 52-week high | -20.9% | -55.3% | highest of 21 |
| Revenue growth (TTM) | +24.7% | +22.6% | 9th highest of 21 |
| Operating margin | -8.0% | 5.6% | 5th lowest of 21 |
| EV / Sales | 2.5× | 6.9× | 5th cheapest of 21 |
| ROIC minus cost of capital | -8.4 pp | -4.7 pp | 9th lowest of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Shanghai Aiko Solar Energy 600732.SS | China | $4.23B | -13% | +25% | -8% | 2.5× | n/a | n/a |
| Hunan Goke Microelectronics 300672.SZ | China | $4.24B | -27% | +54% | 5% | 9.2× | 46.0% | +19.7% |
| Applied Optoelectronics AAOI | United States | $4.26B | -66% | +62% | -11% | 6.8× | n/a | n/a |
| Premier Energies PREMIERENE.NS | India | $4.28B | -13% | +32% | 25% | 4.6× | n/a | n/a |
| Hanwha Solutions 009830.KS | South Korea | $4.30B | -49% | +14% | 0% | 0.4× | n/a | n/a |
| eMemory Technology 3529.TWO | Taiwan | $4.17B | -58% | +17% | 61% | 30.2× | 32.2% | +16.7% |
| Shenzhen Goodix Technology 603160.SS | China | $4.35B | -2% | -7% | 6% | 5.5× | 26.7% | -6.8% |
| Bestechnic (Shanghai) 688608.SS | China | $4.41B | +2% | -26% | 8% | 8.9× | 42.7% | +27.1% |
| Jiangsu Leadmicro Nano Technology 688147.SS | China | $4.06B | -26% | -5% | 3% | 10.0× | n/a | n/a |
| Chengdu Ultra Pure Applied Materials 301717.SZ | China | $4.03B | n/a | +93% | 42% | 50.3× | n/a | n/a |
| Chongqing Genori Technology 688797.SS | China | $4.45B | n/a | +37% | 29% | 32.1× | n/a | n/a |
| Allwinner Technology 300458.SZ | China | $4.02B | -25% | +26% | 15% | 7.5× | n/a | n/a |
| MaxLinear MXL | United States | $4.48B | -51% | +56% | -1% | 6.9× | n/a | n/a |
| Maxscend Microelectronics 300782.SZ | China | $4.51B | -47% | -6% | -25% | 8.0× | n/a | n/a |
| Macronix International 2337.TW | Taiwan | $4.52B | -53% | +127% | 38% | 2.3× | -7.5% | -6.2% |
| Shanghai Fudan Microelectronics 1385.HK | Hong Kong | $4.55B | -48% | +21% | 13% | 6.9× | 19.3% | +18.1% |
| Trina Solar 688599.SS | China | $3.90B | -36% | -3% | -9% | 0.9× | -4.3% | +17.9% |
| Powertech Technology 6239.TW | Taiwan | $4.61B | -11% | +24% | 13% | 2.1× | n/a | n/a |
| Synaptics SYNA | United States | $4.63B | -7% | +11% | -3% | 4.2× | 34.6% | -2.2% |
| Loongson Technology 688047.SS | China | $3.86B | -44% | +24% | -76% | 37.5× | n/a | n/a |
| Soitec SOI.PA | France | $3.79B | -38% | -34% | -6% | 5.8× | 25.0% | +0.3% |