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, with a total investment of 5 billion yuan to develop perovskite tandem battery complete equipment and semiconductor equipment R&D and manufacturing. Both projects are contingent upon obtaining industrial land through open bidding, with funding from self-owned and self-raised capital.

Specifically, Maiwei Co. intends to invest 3.5 billion yuan to build a perovskite tandem battery complete equipment project. The implementation 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 project will establish an advanced R&D platform, build modern production workshops, and purchase advanced manufacturing equipment to promote large-scale production and industrial application. The land is industrial land with a 50-year lease. The asking price is 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 on its three key technological platforms—vacuum, laser, and precision equipment—starting from the initial “screen printing production line,” gradually expanding to “heterojunction battery production equipment,” and now to “perovskite tandem battery complete equipment.” The company has also secured orders for heterojunction and perovskite/ silicon tandem battery production lines.

Maiwei Co. states that this project aligns closely with its 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 will focus on R&D, manufacturing, and sales of intelligent high-end equipment for semiconductor production, establishing 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, with products entering mass production for 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 complete its industrial layout in this field, and enhance 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 to locate both high-end equipment projects in Wujiang Economic and Technological Development Zone reflects a clear strategic industrial synergy layout. As a national-level development zone, this area focuses on high-end manufacturing, new energy, and new materials, with a mature industrial support system and favorable policies and resource aggregation. Once the projects are implemented, they can leverage local industrial foundations to reduce R&D and production costs, while also utilizing regional industrial resources to accelerate technological成果 commercialization and market expansion, providing solid industrial ecological support for project advancement.”

Currently, both investments have been approved at the first meeting of Maiwei Co.'s Fourth Board of Directors, without the need for shareholder approval, and do not constitute related-party transactions or major asset restructuring. The announcement particularly notes that both projects involve multiple uncertainties. For example, the results of land use rights bidding, transaction prices, and acquisition timing are not yet determined; project implementation may be delayed, altered, or terminated due to policy adjustments or approval changes; the construction cycle is long, making it difficult to achieve scale benefits in the short term, and will not significantly impact the 2026 operating performance; the total investment is large, and there is uncertainty regarding timely fund availability, 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 significant investment in dual tracks is a typical strategic layout for a company leveraging core technological platforms for industrial expansion, and it aligns with the development trend of high-end equipment manufacturing. By relying on its three core technologies—vacuum, laser, and precision equipment—the company achieves technological interoperability and reuse across photovoltaic and semiconductor equipment fields. This layout not only effectively reduces cross-industry R&D costs but also creates a multi-track business development pattern, enhancing the company’s resilience against cyclical fluctuations in a single industry.”

Lin Xianping further stated: “Both perovskite tandem batteries and semiconductor equipment are high-end manufacturing tracks that are technology-intensive, with rapid industry 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. Companies need to manage risks throughout the entire process and make dynamic adjustments to ensure long-term investment value and successful implementation.”