Maiwei Co., Ltd. plans to invest a total of 5 billion yuan to increase its focus on perovskite tandem batteries and semiconductor equipment fields

Securities Daily Reporter Chen Hong

On the evening of March 6, Suzhou Maiwei Technology Co., Ltd. (hereinafter referred to as “Maiwei Co.”) released two investment announcements. The company and its controlling subsidiary, Chenwei Equipment Technology (Suzhou) Co., Ltd. (hereinafter referred to as “Chenwei Equipment”), plan to sign investment agreements with the Wujiang Economic and Technological Development Zone Management Committee. The total investment is 5 billion yuan to develop complete equipment for perovskite tandem batteries and semiconductor equipment R&D and manufacturing. Both projects are contingent upon acquiring industrial land through open bidding, with funding sourced from self-owned and self-raised funds.

Specifically, Maiwei Co. intends to invest 3.5 billion yuan to build a complete set of equipment for perovskite tandem batteries. The project will be led by the company itself, located in Wujiang Economic and Technological Development Zone, covering approximately 135 acres. The focus is on R&D and manufacturing of core equipment for perovskite tandem batteries. The plan includes establishing an advanced R&D platform, constructing modern production workshops, and purchasing advanced manufacturing equipment to promote large-scale production and industrial application. The land is industrial land with a 50-year lease, with the asking price based on the original land recovery price of 307,600 yuan per mu. The company must acquire land use rights through open bidding and sign an “Investment Development Supervision Agreement” as a supplement to the investment agreement after winning the bid.

It is understood that Maiwei Co. has long focused on photovoltaic equipment. Leveraging opportunities from technological iteration in the photovoltaic industry, the company has built its core platform around vacuum, laser, and precision equipment. Starting from the initial “screen printing production line,” it has gradually expanded to “heterojunction cell production equipment” and now to “complete equipment for perovskite tandem batteries,” with orders already secured for heterojunction and perovskite/ silicon tandem cell production lines.

Maiwei Co. states that this project aligns closely with the company’s existing business and is an important part of its strategic layout. Once completed, it will help the company further consolidate its leading position in the photovoltaic equipment field and enhance its technological strength and market competitiveness.

Meanwhile, Chenwei Equipment plans to invest 1.5 billion yuan to develop semiconductor equipment R&D and manufacturing projects, covering about 83 acres, also located in Wujiang Economic and Technological Development Zone. The project focuses on R&D, manufacturing, and sales of intelligent high-end equipment for semiconductor production. It will establish a modern R&D center and production base equipped with advanced manufacturing and testing instruments. The land use rules and supplementary agreement signing requirements are consistent with those of the perovskite project.

Currently, Chenwei Equipment has achieved technological breakthroughs in high-selectivity etching equipment and atomic layer deposition equipment for semiconductors. Its products are in mass production and supplied to several leading wafer and storage clients. Maiwei Co. states that this project will help Chenwei Equipment improve its technological level and production capacity in the semiconductor equipment industry, further enhance its industrial layout, and strengthen the company’s overall strength and market position.

Yuan Shuai, Deputy Secretary-General of the Zhongguancun IoT Industry Alliance, told Securities Daily: “Maiwei Co. choosing Wujiang Economic and Technological Development Zone for both high-end equipment projects reflects a clear strategic industrial synergy plan. As a national-level development zone, the area focuses on high-end manufacturing, new energy, and new materials, with a mature industrial supporting system and favorable policies and resources. Once the projects are implemented, they can leverage local industrial foundations to reduce R&D and production costs, accelerate technological成果转化 and market expansion, and provide solid industrial ecological support for project advancement.”

Currently, both investments have been approved at Maiwei Co.‘s Fourth Board of Directors’ first meeting, without the need for shareholder approval, and do not constitute related-party transactions or major asset restructuring. The announcement emphasizes that both projects involve multiple uncertainties, such as land use rights, transaction prices, and acquisition timing; project implementation may be delayed, altered, or terminated due to policy adjustments or approval changes; the construction period is long, making short-term scale benefits unlikely, and will not significantly impact 2026 performance; the total investment is large, and timely fund availability is uncertain, with the company bearing corresponding financial risks.

Lin Xianping, Executive Deputy Secretary-General of the China Urban Expert Think Tank Committee, told Securities Daily: “Maiwei Co.'s large-scale layout across two high-end sectors is a typical strategic expansion based on core technological platforms, representing a trend in high-end equipment manufacturing. By leveraging its core technologies in vacuum, laser, and precision equipment, the company achieves technological interoperability and reuse between photovoltaic and semiconductor equipment fields. This approach not only effectively reduces cross-sector R&D costs but also creates a multi-sector development business model, enhancing the company’s resilience against industry cycle fluctuations.”

Lin further explained: “Both perovskite tandem batteries and semiconductor equipment are high-end, technology-intensive manufacturing sectors with rapid technological iteration and high R&D thresholds. The implementation of these two projects is just the first step; ongoing R&D investment and technological innovation are crucial to strengthening core competitiveness. Additionally, the projects face uncertainties such as land bidding, funding, and construction progress. The company needs to manage risks throughout the process and make dynamic adjustments to ensure long-term investment value and successful implementation.”