Aiwa Group: Revenue from AI servers accounts for a relatively small portion, as the business is primarily in the product introduction and capacity ramp-up phase.

Radar Finance | Written by Su Jing | Edited by Shenhai

On May 22, Aiwa Group (stock code: 603989) released an announcement regarding a targeted investor research session (Investor Relations Activity Record Form). The announcement stated that in the first quarter of 2026, the company reported revenue of RMB 989 million, an increase of 4.76% year-over-year; net profit attributable to shareholders was RMB 68.8224 million, down 0.87% year-over-year; and net profit attributable to shareholders excluding non-recurring gains and losses was RMB 59.0595 million, down 13.88% year-over-year. Profitability faced temporary pressure, mainly due to rising upstream raw material costs and increased R&D investment.

The company mitigates cost volatility through full vertical integration—from materials to finished products—and continues to upgrade its product portfolio by scaling back low-margin legacy businesses and focusing on high-growth segments. In terms of business layout, the company centers on industrial control and new energy applications (e.g., snap-in capacitors and bolt-type capacitors used in photovoltaic inverters and energy storage converters), with film capacitors serving as its second growth driver. It has acquired Aiwa New Power Capacitor and is advancing mass production of its metallized film production line.

The company stated that AI and data centers are key strategic focus areas. Its snap-in aluminum electrolytic capacitors, leaded aluminum electrolytic capacitors, and multilayer polymer aluminum capacitors (MLPCs) are all applicable to AI servers. Related business activities are progressing steadily, with ongoing efforts to secure customer certifications and product adoption. Snap-in capacitors have already entered volume application in the data center sector.

In the MLPC segment, the products have successfully entered the supply chains of 14 telecommunications companies and are stably deployed in critical applications such as 5G base stations and data centers. However, revenue from AI servers currently represents only a small share of total revenue. The company is presently in the product introduction and capacity ramp-up phase, with the pace of volume production dependent on customer validation progress and supply chain maturity.

According to Tianyancha, Aiwa Group's full name is Hunan Aiwa Group Co., Ltd. It was established on December 29, 1993, with a registered capital of RMB 3,987.7986 million. The legal representative is Ai Lihua, and its registered address is Taohualun East Road, Yiyang City (south side of Zizhu Road). Its core business involves the manufacturing and sale of aluminum electrolytic capacitors, film capacitors, electrode foils, and metallized films (for film applications).

Currently, the company's chairman is Ai Lihua, and its board secretary is Ai Yan. According to the latest annual report, the company has 5,010 employees. The actual controllers are Ai Lihua and Wang An'an, who hold 24.94% and 18.08% of shares in Hunan Aiwa Group Co., Ltd., respectively.

The company holds equity interests in or controls 12 subsidiaries, including Xinjiang Rongze Aluminum Foil Manufacturing Co., Ltd., Sichuan Aiwa Electronics Co., Ltd., and Mianyang High-Tech Zone Zijiang Electronic Components Co., Ltd.

In terms of performance, the company reported revenues of RMB 33.79 billion, RMB 39.12 billion, and RMB 39.72 billion in 2023, 2024, and 2025, respectively, representing year-over-year changes of -1.91%, +15.76%, and +1.26%. Net profit attributable to shareholders amounted to RMB 3.51 billion, RMB 1.98 billion, and RMB 2.65 billion for the same periods, reflecting year-over-year changes of -21.28%, -43.53%, and +36.92%, respectively. Over the same timeframe, the company’s debt-to-asset ratios stood at 35.20%, 37.12%, and 35.40%.

Regarding risk exposure, Tianyancha data shows that the company itself has 31 Tianyan Risk records, 24 related-party Tianyan Risk records, 202 historical Tianyan Risk records, and 120 Tianyan Risk alert notifications.

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