Analysis of AIKO Solar's Silver-Free Metal Coating Technology in Responding to Silver Price Hike Stress Tests

[1][2]

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AIKO Solar’s silver-free metallization technology uses an

, depositing copper, nickel, and tin through electrochemical and chemical methods to achieve higher cell conversion efficiency at a lower cost. This technology completely abandons the traditional silver paste screen printing process, fundamentally solving the photovoltaic industry’s dependence on silver. [3]

Time Node	Milestone Event
2016	The company identified N-type ABC cells as the main direction for mass production development, and made the strategic judgment that “BC technology must be deeply bound to silver-free solutions” [4]
2021	Foshan silver-free ABC cell pilot line put into production, becoming the first enterprise in the industry to apply silver-free technology to BC cell mass production [4]
Second half of 2022	Zhuhai base’s 6.5GW silver-free ABC cell capacity officially put into production, marking the technology’s entry into large-scale mass production stage [4]
2023	ABC modules won the Intersolar AWARD Innovation Award with silver-free technology, and formed 10GW module capacity in the same year [4]
2025	Jinan base’s 10GW is also planned to fully adopt silver-free technology [1]

• In the metallization process, compared with silver paste screen printing, it can save
  0.03-0.05 yuan per watt
  in cost [1]
• Completely avoids cost pressure from silver paste price increases

• In the electroplated copper solution, the material purity is higher, laying the foundation for lower resistance and current loss
• Conversion efficiency increases instead of decreasing; the mass production delivery conversion efficiency of ABC modules reaches
  24.2%
  [3]

• Silver paste is a sintered mixture of silver powder and glass powder, with a loose structure and relatively easier to break
• The copper grid lines of electroplated copper are pure metal, with better ductility and less likely to break when subjected to external impact [1]
• Alloy protective layer + advanced oxygen barrier film technology ensures stability within a 25-year life cycle [4]

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As of December 22, 2025, spot silver prices once broke through the

mark, setting a new historical high, and have risen by about since the beginning of 2025. The main contract of Shanghai Silver Futures broke through the mark [1].

Indicator	Current Price	Extreme Scenario (18,000 yuan/kg)	Change Range
Silver Price (yuan/kg)	16,200	18,000	+11.1%
TOPCon Front Silver Cost (yuan/W)	0.162	0.180	+11.1%
TOPCon Back Silver Cost (yuan/W)	0.049	0.054	+11.1%
TOPCon Total Silver Consumption Cost (yuan/W)	0.211	0.234	+11.1%
Cost Increase per Watt (yuan/W)	-	0.0234	-

Note: Calculation is based on the industry average silver consumption of 10-13mg/W for TOPCon cells [0]

• Silver paste accounts for
  35%-40%
  of the non-silicon cost of N-type cells [2]
• Silver paste prices have risen from an average of over 4,000 yuan/kg last year to over 7,000 yuan/kg now, an increase of more than
  40%
  [2]
• Industry forecast: If silver prices rise to 10,000 yuan/kg, the paste cost of TOPCon modules will reach
  0.1-0.13 yuan/W
  [2]

• The silver content of mainstream low-temperature silver-coated copper paste has been reduced to
  30%-40%
  [1]
• DK Science & Technology’s ultra-low silver content silver-coated copper paste (≤20%) has been put into mass production application [1]
• Can reduce silver consumption by more than 50%, but cannot completely get rid of silver dependence

• Completely zero silver use
  , fundamentally avoiding silver price fluctuation risks
• During silver price rise cycles, cost advantages continue to expand

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Base	Capacity	Status	Technology Route
Zhuhai	10GW	Mass-produced	Silver-free electroplated copper process
Jinan	10GW	Planned	Fully adopt silver-free
Total	20GW	-	-

Note: Currently, only AIKO Solar has realized large-scale mass production of silver-free technology in the industry [1][4]

From the company’s 2025 Q3 report data [0]:

• Operating Revenue: 3.15 billion yuan (2025 Q3)
• Although overall still in a loss state,
  it achieved a single-quarter profit turnaround in Q2 2025
• Electroplated copper technology, as a core competitiveness, is one of the important pillars for its differentiated development path [4]

Dimension	Traditional TOPCon	Silver-Coated Copper Technology	AIKO ABC Silver-Free
Silver Consumption Sensitivity	High	Medium	Zero
Cost Increase	+11.1%	+5-6%	0%
Cost Reduction Potential	Limited	Limited	Continuously Expanding
Technology Barrier	Low	Medium	High
Mass Production Capability	Mature	Gradually Mass-Produced	Leading Mass Production

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According to data from the “2025 World Silver Survey” [5]:

• Global photovoltaic silver demand in 2024 was 6,147 tons, accounting for
  19%
  of total silver supply, an increase from previous years.
• However, the growth rate of photovoltaic silver demand has dropped from
  63.8%
  in 2023 to a lower level in 2024.
• BNEF predicts: In 2025, silver demand for solar modules may drop to 194 million ounces (about 6,028 tons), a
  7%
  decrease from 2024 [5]

• Silver-coated copper technology accelerates promotion in the TOPCon field
• AIKO silver-free technology capacity continues to expand

• The cost of electroplated copper process equipment is expected to decrease, promoting industry popularization
• Silver supply and demand pattern may reverse

1. First-Mover Advantage
   : Layout 10 years in advance, achieved mass production in 2021, leading the industry by at least 3-4 years
2. Technology Barrier
   : Core processes such as high-precision patterning technology, alloy protective layer + oxygen barrier film
3. Capacity Scale
   : 20GW silver-free capacity forms scale effect
4. Brand Recognition
   : Won Intersolar AWARD, products have been market-verified

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1. Completely immune to silver price fluctuations
   : Zero silver use, fundamentally avoiding cost risks
2. Cost advantages continue to expand
   : Mainstream technology’s silver consumption cost increases by 11.1%, while AIKO has no such pressure
3. Technology leads by 3-5 years
   : The only enterprise in the industry to realize large-scale mass production of silver-free technology
4. Capacity scale effect
   : 20GW capacity layout supports cost competitiveness

Against the backdrop of current silver prices hitting new highs repeatedly, AIKO Solar’s silver-free technology has transformed from a “forward-looking layout” to a “core competitive advantage”. As silver prices continue to rise, this technological advantage will become even more prominent.

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[1] Securities Times - “Continuous Breakthroughs in Photovoltaic ‘Silver-Free’ Technology: Will Silver Supply and Demand Pattern Reverse?” (https://www.stcn.com/article/detail/3554851.html)

[2] Wall Street News/Sina Finance - “Under Silver Price Surge: Cell Enterprises Will Shift from Production Control to Maintain Prices to Production Suspension!” (https://finance.sina.com.cn/roll/2025-12-30/doc-inhepnty4409933.shtml)

[3] AIKO Solar 2023 ESG Report - “Silver-Free Metal Grid Line Coating Technology” (https://aikosolar.com/wp-content/uploads/2024/04/2023-AIKO-ESG-Report-cn.pdf)

[4] Shanghai Securities News/Solar Energy Magazine - “Industrial Breakthrough Under Silver Price Surge: Reducing Silver Has Become a Must-Answer Question for Photovoltaic Enterprises” (https://www.sfam.org.cn/news/71196)

[5] Caiwen News - “Silver Price Surge Hurts Photovoltaics” (https://www.caiwennews.com/article/1410681.shtml)

[6] National Business Daily - Reports Related to Silver Prices

[0] Jinling API - AIKO Solar (600732.SS) Company Data and Financial Analysis