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

Reporter Chen Hong

On the evening of March 6, Suzhou Maiwei Technology Co., Ltd. (hereinafter referred to as “Maiwei Co.”) announced two investment notices. 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. They will jointly invest a total of 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 will be on R&D and manufacturing of core equipment for perovskite tandem batteries, establishing advanced R&D platforms, 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. The asking price is based on the original land recovery price of 307,600 yuan per acre. 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 cell production equipment,” and now to “complete equipment for perovskite tandem batteries.” The company has also secured orders for heterojunction and perovskite/ silicon tandem cell 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 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 economic development zone, the area focuses on high-end manufacturing, new energy, and new materials, with a mature industrial supporting 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 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 emphasizes that both projects involve multiple uncertainties, such as the outcome of land use rights bidding, transaction prices, and acquisition timing; project delays, modifications, or cancellations due to policy adjustments or approval changes; long construction periods that may not generate short-term scale benefits and are unlikely to significantly impact 2026 operating performance; large total investment amounts with uncertain 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 large-scale layout across two tracks is a typical strategic expansion based on core technological platforms, aligning with the development trend of high-end equipment manufacturing. By leveraging its three core technologies—vacuum, laser, and precision equipment—the company achieves technological interoperability and reuse between photovoltaic and semiconductor equipment fields. This layout not only effectively reduces cross-sector R&D costs but also creates a multi-track business development pattern, enhancing the company’s resilience against industry cycle fluctuations.”

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 successful implementation of these two projects is just the first step; ongoing R&D investment and technological innovation are key to strengthening core competitiveness. Additionally, the projects face uncertainties such as land bidding, funding, and construction progress. The company needs to implement comprehensive risk control and dynamic adjustments to ensure long-term investment value and project realization.”