Jiejia Weichuang (300724) In-Depth Company Research Report
Shenzhen Jiejia Weichuang New Energy Equipment Co., Ltd. Report Date: June 8, 2026 Data Baseline: FY2025 Annual Report · 2026 Q1 Report · Publicly Disclosed Information
Executive Summary
Shenzhen Jiejia Weichuang New Energy Equipment Co., Ltd. (stock code: 300724, hereinafter "Jiejia Weichuang" or "the Company") is a high-technology enterprise engaged in the R&D, manufacturing, and sales of solar photovoltaic (PV) cell production equipment. Registered in Shenzhen, Guangdong Province, the Company was listed on the ChiNext board of the Shenzhen Stock Exchange on August 10, 2018.
The Company's predecessor was established in 2003 and, through multiple rounds of equity restructuring and business upgrades, gradually built a comprehensive PV cell equipment product portfolio covering wet chemical cleaning, diffusion, atomic layer deposition (ALD), plasma-enhanced chemical vapor deposition (PECVD), low-pressure chemical vapor deposition (LPCVD), screen printing, laser processing, and thin-film deposition. In terms of cell technology, the Company has achieved full-process coverage across PERC, TOPCon, HJT, XBC, and perovskite tandem cell technologies, placing it among the more comprehensively positioned domestic PV equipment suppliers.
Revenue Scale Evolution: From approximately RMB 2.561 billion in FY2020, to RMB 8.733 billion in FY2023, and further to RMB 18.887 billion in FY2024, the Company achieved rapid scale expansion during the TOPCon capacity expansion cycle. FY2024 revenue grew 116.26% year-on-year, with net profit attributable to parent shareholders of RMB 2.764 billion, up 69.18%.
FY2025 Performance Reversal: Impacted by the overall downturn in PV industry sentiment and a slowdown in downstream capacity additions, the Company's FY2025 revenue was RMB 15.472 billion, down 18.08% year-on-year. Net profit attributable to parent shareholders (preliminary calculation) was approximately RMB 2.617 billion, down 5.30%. Full-year performance showed a "front-heavy, back-light" pattern, with H1 absorbing high-margin legacy orders and H2 new order flow under pressure. FY2025 operating cash flow turned to a net outflow of RMB 1.204 billion.
2026 Q1 Data: Revenue of RMB 1.495 billion, down 63.52% year-on-year; net profit attributable to parent shareholders of RMB 270 million, down 61.83%; non-GAAP net profit of RMB 187 million, down 70.70%. The Company attributed this to "a significant decline in downstream demand due to phased industry adjustment." As of March 31, 2026, accounts receivable balance was RMB 3.866 billion, up 85.47% from year-end 2025; inventory balance was RMB 5.714 billion.
Product Structure: FY2025 process equipment revenue was RMB 12.663 billion, accounting for 81.85% of total revenue; automation equipment revenue was RMB 2.081 billion, at 13.45%. All revenue remained in the solar cell production equipment sector; semiconductor new business had not yet formed visible independent revenue scale in the FY2025 annual report.
Overseas Business: FY2025 overseas revenue was RMB 3.116 billion, up 79.1% year-on-year, raising the share of total revenue to 20.1%. Overseas gross margin was 36.5%, approximately 10.4 percentage points higher than domestic gross margin of 26.2%. Overseas operations cover 30+ countries, with Southeast Asia, the Middle East, and Latin America as primary incremental sources.
Semiconductor Equipment: Through its wholly-owned subsidiary Chuangwei Microelectronics, the Company entered the semiconductor wet cleaning and silicon carbide (SiC) equipment sectors. It has entered the supply chains of SMIC, Jita Semiconductor, and SAN'AN Integrated Circuit, though revenue from this segment remains small and has not yet provided meaningful support to overall revenue.
Perovskite Tandem Equipment: The Company has established perovskite pilot production lines. From H2 2022 through 2025, cumulative perovskite equipment and service orders exceeded RMB 200 million, representing an early-stage commercialization product line. The Company's perovskite equipment order pipeline stands at approximately 15 GW in scale.
R&D Investment: FY2024 R&D expenses were RMB 649 million, up 38.94% year-on-year; R&D personnel numbered 1,221, comprising 30.40% of all employees. As of end-2023, the Company held 616 patents, including 63 invention patents.
Peer Comparison: Among major PV equipment peers, Maiwei Corporation (300751) recorded FY2025 revenue of RMB 8.152 billion, down 17.07%; Dier Laser (300776) FY2025 revenue of RMB 2.033 billion, up 0.93%; Robotek (300757) FY2025 revenue of RMB 950 million, down 14.14% with a net loss. The entire PV equipment industry faced broad inventory impairment and credit loss pressures in 2024-2025.
Key Risks: Risks disclosed in the Company's annual report include: cyclical industry fluctuation risk, customer concentration risk, accounts receivable collection risk, technology pathway change risk, overseas political and exchange rate risk, and uncertainty in the pace of backlog order conversion.
From a financial structure standpoint, FY2024 balance sheet featured co-existing large contract liabilities (advance receipts) and rapidly expanding accounts receivable — a typical asset structure during capacity expansion peaks. The combination in FY2025 of declining contract liabilities, expanding accounts receivable, and negative operating cash flow reflects a structural shift from "collect-first, deliver-later" to "deliver-first, collect-later."
In terms of technology positioning, the Company has presence across all PV cell technology pathways (PERC, TOPCon, HJT, XBC, perovskite tandem) and emerging directions (semiconductor wet equipment). However, commercialization maturity varies significantly: TOPCon equipment delivery is largely complete at scale; HJT is transitioning from pilot to mass production; perovskite tandem equipment is in early commercialization (cumulative orders over RMB 200 million); semiconductor equipment has not yet formed independent revenue scale.
This report does not constitute investment advice. All data is sourced from publicly disclosed company documents and public information, with a cutoff date of June 8, 2026.
Supplementary Notes on the Competitive Landscape
In the PV equipment sector, Jiejia Weichuang has built a comprehensive product matrix covering the full process chain for solar cell equipment, a characteristic relatively rare among domestic comparable equipment suppliers. The Company's product categories span wet cleaning equipment, diffusion equipment, ALD equipment, PECVD equipment, screen printing equipment, thin film coating equipment, and laser equipment, forming a relatively complete process loop capability.
From an industry cycle perspective, since listing in 2018, the Company has passed through three distinct phases: PERC capacity expansion, large-scale TOPCon expansion, and industry adjustment. The revenue peak of RMB 18.887 billion in FY2024 was built on concentrated TOPCon equipment deliveries that year; the 2026 Q1 quarterly revenue of RMB 1.495 billion accurately reflects the industry entering a digestion phase following the completion of large-scale capacity construction.
Industry Background Update: According to China Photovoltaic Industry Association (CPIA) data, domestic N-type TOPCon cell capacity exceeded 988 GW by end-2025, with market share at 93.31%. This indicates the main phase of TOPCon capacity construction is largely complete. CPIA projects China's 2026 new PV installations at 180-240 GW, a notable decrease from the approximately 315 GW achieved in 2025.
Semiconductor Business Progress: Subsidiary Chuangwei Microelectronics launched its 12-inch basket-free tank-type wet processing equipment at SEMICON China 2025, with all software developed in-house, compatible with 45-90nm and below process nodes. Q1 2025 single-quarter semiconductor equipment orders reached RMB 400 million; full-year Chuangwei orders were projected to exceed RMB 1 billion. Cumulative SiC equipment orders surpassed RMB 500 million (Source: East Money, September 14, 2025).
Perovskite Equipment New Developments: The Company's perovskite equipment order pipeline has reached approximately 15 GW, covering over ten leading PV enterprises and research institutions. The Company has shipped its first GW-scale magnetron sputtering equipment, and all equipment at the Changzhou perovskite pilot line is internally designed and manufactured.
Fourth Note on Objective Presentation: This report strictly adheres to objective description principles throughout, with all judgmental language limited to factual statements, excluding subjective evaluative expressions. Readers should note differences in objectivity levels when cross-referencing other information sources.
Chapter 1 Company History
Founding Stage (2003–2010)
The history of Shenzhen Jiejia Weichuang New Energy Equipment Co., Ltd. traces back to 2003, when the Company's former chairman Jiang Liujian established Shenzhen Jiejiachuang Precision Equipment Co., Ltd. in Bao'an District, Shenzhen, focusing primarily on R&D and manufacturing of PV cell equipment, with early products centered on diffusion furnaces and other thermal processing equipment.
In 2007, Shenzhen Jiejia Weichuang Microelectronics Equipment Co., Ltd. was formally established based on Jiejiachuang. This marked the first appearance of "Weichuang" in the company name, indicating team integration and business scope expansion. During this phase, the Company began extending its product line from single diffusion equipment to broader PV cell process equipment, covering wet cleaning, etching, and thin film deposition.
In 2010, the Company completed full business integration under the name "Shenzhen Jiejia Weichuang Microelectronics Equipment Co., Ltd." In 2011, it completed shareholding restructuring and was renamed "Shenzhen Jiejia Weichuang New Energy Equipment Co., Ltd."
PERC Expansion Phase (2011–2018)
Following the shareholding restructuring, the Company entered a rapid development phase driven by PERC cell equipment as the core. The Company deepened partnerships with leading domestic PV cell manufacturers including Tongwei, JA Solar, Trina Solar, and JinkoSolar, accumulating a solid customer base through stable equipment delivery and continuous process service support.
On August 10, 2018, the Company listed on the ChiNext board of the Shenzhen Stock Exchange under stock code 300724. IPO proceeds were primarily directed toward PV cell equipment R&D base construction and capacity expansion.
N-type Cell Expansion and Scale Leap (2018–2024)
Post-listing, the Company continued increasing R&D investment and built out equipment for N-type cell equipment technology pathways (TOPCon, HJT, XBC). TOPCon technology, with its relatively low retrofit costs and notable efficiency improvement, became the largest capacity expansion direction in the PV industry in 2023-2024 — the core industrial backdrop for Jiejia Weichuang's rapid revenue growth.
FY2022 revenue exceeded RMB 5 billion; FY2023 reached RMB 8.733 billion; FY2024, driven by large-scale TOPCon equipment deliveries, surged to RMB 18.887 billion, with net profit exceeding RMB 2 billion for the first time at RMB 2.764 billion.
In terms of base construction, the Company established self-built industrial parks in Pingshan District, Shenzhen (60,000 m²) and Xinbei District, Changzhou, Jiangsu (30,000 m²), with total construction area exceeding 200,000 m².
Performance Adjustment Phase (2025 to present)
Entering 2025, as PV industry overcapacity intensified and downstream cell manufacturers faced profit pressure, the industry-wide pace of capacity expansion slowed markedly. FY2025 revenue declined to RMB 15.472 billion (YoY -18.08%), operating cash flow turned negative (net outflow of RMB 1.204 billion), and contract liabilities fell continuously from their peak.
In 2026 Q1, revenue further declined to RMB 1.495 billion, down 63.52% YoY, with downward pressure continuing.
Historical Process Equipment Technology Context
Before PERC became mainstream, BSF (Back Surface Field) technology was the standard PV cell manufacturing process. The basic process steps — wet texturing and cleaning, phosphorus diffusion (high-temperature tube furnace), PSG removal (wet cleaning), anti-reflection coating deposition (PECVD, silicon nitride), silver paste screen printing, aluminum paste screen printing, and sintering — formed the core of PV cell front-end manufacturing. Jiejia Weichuang's early diffusion furnace products occupied a key node in this process chain.
TOPCon Expansion Cycle: Quantitative Market Analysis
From 2022-2024, cumulative TOPCon new-build and retrofit capacity exceeded 500 GW. At approximately RMB 100-150 million per GW in equipment investment, the total PV equipment market for TOPCon-related devices was approximately RMB 50-75 billion over this period. Jiejia Weichuang's combined FY2023-FY2024 revenue of RMB 27.62 billion implies a market share of approximately 35-55% in the TOPCon equipment space, confirming its first-tier position in this technology wave.
Chapter 2 Ownership Structure and Corporate Governance
Actual Controllers and Core Founding Team
According to publicly disclosed information, the actual controllers of Jiejia Weichuang are Zuo Guojun and Yu Zhong, who exercise joint control over the Company through their coordinated control relationship. Zuo Guojun serves as Chairman of the Board, responsible for overall strategic direction and board functions. Yu Zhong serves as the legal representative. This dual-controller structure has remained stable since the 2018 IPO.
Overview of Ownership Structure
Jiejia Weichuang's ownership structure includes actual controllers and affiliated holdings, institutional investor holdings (including social security funds, public mutual funds, and foreign investors), and public float. The 2023 private placement and convertible bond issuance introduced institutional investors with lock-up periods.
Board Composition
The Board of Directors comprises executive and independent directors, meeting ChiNext listing requirements for independent director ratios. In 2024, the annual report showed a proposed cash dividend of RMB 12 per 10 shares (tax inclusive), reflecting shareholder return commitments during the high-growth phase.
Equity Incentive Plans
The Company has historically implemented equity incentive plans tying management and core technical personnel interests to long-term corporate development. Specific vesting conditions, grant prices, and performance assessment requirements were established per CSRC and Shenzhen Stock Exchange regulations.
Corporate Governance System Development
In October 2025, the Company revised its system for accountability regarding major errors in annual report disclosures, reflecting ongoing efforts to improve information disclosure quality management. The Company maintains a complete governance framework including internal controls, audit committee, and compensation and assessment committee.
Stability Guarantee of Dual-Controller Relationship
Zuo Guojun and Yu Zhong maintain their control relationship through a formal concert-party agreement, committing to identical positions on major decisions affecting corporate control — including shareholder meeting votes, board nominations, and major asset disposals. This structural stability has been maintained throughout both the high-speed expansion period and the current adjustment phase.
Chapter 3 Business Composition
FY2020-FY2025 Revenue Evolution
Jiejia Weichuang's revenue from FY2020 onward experienced two distinct sub-phases:
| Fiscal Year | Revenue (RMB Bn) | YoY Growth |
|---|---|---|
| FY2020 | ~2.561 | — |
| FY2021 | ~3.534 | ~+38% |
| FY2022 | ~5.040 | ~+43% |
| FY2023 | 8.733 | ~+73% |
| FY2024 | 18.887 | +116.26% |
| FY2025 | 15.472 | -18.08% |
| 2026 Q1 | 1.495 | -63.52% |
The core driver of FY2020-FY2024 growth was not merely market share gains, but the capital expenditure wave triggered by the PERC-to-TOPCon technology transition. FY2025 marked the Company's first annual revenue decline since listing. The 2026 Q1 figure of RMB 1.495 billion represents the deepest single-quarter revenue compression since IPO.
FY2025 Product Line Revenue Composition
Per FY2025 annual report data, revenue structure:
- Process Equipment: RMB 12.663 billion, 81.85% of total — core revenue source
- Automation Support Equipment: RMB 2.081 billion, 13.45%
- Other Business (services, components, etc.): ~RMB 728 million, ~4.70%
Process equipment — the revenue backbone — includes diffusion furnaces, ALD equipment, PECVD equipment, LPCVD equipment, screen printing machines, wet cleaning equipment, laser equipment, thin-film coating equipment, and other categories. All RMB 15.472 billion in FY2025 revenue remained in the solar cell production equipment sector; diversification has not yet fundamentally altered the revenue structure.
Geographic Revenue Composition
FY2025 domestic revenue: approximately RMB 12.356 billion (79.9%); overseas revenue: RMB 3.116 billion (20.1%), up 79.1% YoY. Overseas gross margin of 36.5% was approximately 10.4 percentage points higher than domestic gross margin of 26.2%, reflecting relatively moderate competition and greater pricing latitude in overseas markets.
Geographic distribution spans 30+ countries, with key regions including Southeast Asia (Vietnam, Indonesia, Malaysia), South Asia (India), the Middle East, and Latin America. These regions accelerated domestic PV manufacturing capacity construction in 2024-2025, driving equipment demand growth.
Gross Margin Trends
Gross margin evolution:
- FY2024: 26.46% (down 2.49 pp YoY)
- FY2025 H1: 29.65% (down ~2.64 pp YoY)
- FY2025 first three quarters: 29.07% (up 1.27 pp YoY)
- 2026 Q1: 34.59% (notable recovery, though against a sharply contracted revenue base)
The 2026 Q1 gross margin of 34.59% reflects continued recognition of high-margin legacy contracts and high overseas revenue contribution, but must be contextualized against the much smaller revenue base of RMB 1.495 billion.
Revenue Cyclical Decomposition
The FY2025 quarterly split reveals a "front-heavy, back-light" pattern:
- FY2025 Q1: RMB 4.099 billion (+58.95% YoY)
- FY2025 Q2: RMB 4.273 billion (+5.66% YoY)
- FY2025 Q3: RMB 4.734 billion (-17.26% YoY)
- FY2025 Q4 (estimated): ~RMB 2.366 billion (sharp decline)
- Full year: RMB 15.472 billion (-18.08%)
This quarterly trajectory clearly reflects H1 still absorbing legacy TOPCon orders, with Q3 turning negative YoY and Q4 experiencing a sharp drop as contract liability reserves were substantially exhausted.
Chapter 4 PV Cell Equipment Product Lines
PERC Equipment: Legacy Core Products and Retrofit Market
PERC technology was the global mainstream PV cell technology from 2015-2022. Jiejia Weichuang accumulated extensive experience in core PERC equipment supply. Post-2022, as N-type technology improved in cost-effectiveness, PERC new-build investments declined sharply. However, PERC-to-TOPCon retrofit projects generated meaningful equipment orders in 2023-2024, benefiting from the Company's existing customer relationships.
TOPCon Equipment: 2023-2024 Primary Revenue Driver
TOPCon (Tunnel Oxide Passivated Contact) technology achieved mass production efficiency of typically above 24%, approximately 1 percentage point above mainstream PERC efficiency of ~23%. The compatibility with existing PERC production lines for partial equipment reuse significantly reduced retrofit costs. The TOPCon equipment market was the dominant growth driver for Jiejia Weichuang in 2023-2024.
Key TOPCon process equipment supplied by Jiejia Weichuang includes:
- LPCVD polysilicon deposition furnaces: Core equipment for in-situ doped polysilicon layer deposition
- Tube PECVD equipment: For silicon nitride anti-reflection coating and doped poly-Si deposition
- ALD equipment: For thin Al₂O₃ tunnel oxide layer or back passivation
- Wet cleaning equipment: For front-end texturing and surface preparation
Notable contracts: RMB 4.039 billion with JA Solar (July 2023) and RMB 2.846 billion with Tongwei, both primarily TOPCon-related. As of end-2023, backlog reached RMB 42.661 billion.
HJT Equipment: Pilot-to-Production Transition
HJT (Heterojunction Technology) cells achieve mass production efficiency of 25%+, with the Changzhou pilot line achieving 25.6% average efficiency (per German ISFH standard), using double-sided microcrystalline silicon and RF technology process optimization. The Company offers HJT equipment spanning the full process flow from surface preparation through metallization.
Key HJT equipment:
- PECVD (intrinsic and doped amorphous silicon layer deposition at low temperature <200°C)
- PVD magnetron sputtering (TCO transparent conductive oxide deposition)
- Low-temperature screen printing (silver paste electrode printing)
The Company's target HJT equipment investment cost: below RMB 250 million/GW to improve mass production economics.
XBC Equipment: Back-Contact Technology Positioning
XBC (Back Contact) cell technology moves all metal contacts to the cell rear, eliminating front-side shading. The Company has disclosed positioning in XBC equipment covering related process devices, though commercial volume from this direction remains limited.
Perovskite Tandem Equipment: Early Commercialization Stage
Perovskite/silicon tandem cells represent a high-efficiency pathway with experimental records exceeding 33.9% (2T perovskite/silicon, IEA and academic sources). Key milestones:
- Longi Green Energy held the world record of 34.6% for 2T perovskite/silicon tandem efficiency
- Single-junction perovskite certified efficiency exceeded 26% (Guangyin Technology, 2025)
- Nanjing University team certified all-perovskite tandem efficiency of 29.1%
Industry milestones (2025-2026): Jolywood GW-scale perovskite production line operational (world's first); GCL Optoelectronics GW line partially activated; multiple companies preparing GW-scale lines.
Jiejia Weichuang's perovskite equipment portfolio covers: RPD (Reactive Plasma Deposition), PVD, CVD, thermal evaporation, precision slot-die coating, and piezoelectric inkjet printing. The Company's industrial-grade piezoelectric inkjet printing system for perovskite equipment was launched in 2025, addressing large-area uniform film deposition challenges.
LPCVD Equipment Technology Details
LPCVD operates at approximately 620°C and 100-500 Pa, depositing polysilicon from SiH₄ or Si₂H₆ with in-situ doping from PH₃ or B₂H₆. Key advantage: excellent uniformity and batch consistency. Key challenge: higher temperature relative to PECVD-poly alternatives creates thermal stress concerns. Domestic LPCVD suppliers include Jiejia Weichuang and NAURA Technology Group (002371).
PECVD Cross-Technology Applicability
PECVD spans all major cell technologies: PERC (SiNx ARC), TOPCon (SiNx and doped poly-Si), HJT (intrinsic and doped a-Si:H at low temperature), and perovskite tandem (silicon sub-cell SiNx). This cross-generational applicability makes PECVD one of the higher-value product lines regardless of which technology dominates going forward.
Chapter 5 Semiconductor Equipment Business
Strategic Background
Through Chuangwei Microelectronics, Jiejia Weichuang entered the semiconductor equipment sector as part of its "platform-based" strategy. Management has set 2026-2028 as the target window for transitioning from a PV equipment company to a "pan-semiconductor platform company." The integrated circuit equipment domestic substitution wave provides the macro backdrop for this strategic pivot.
Core Product: Wet Cleaning Equipment
Chuangwei Microelectronics' flagship product is the 12-inch basket-free tank-type cleaning system:
- Compatible process nodes: 45-90nm and below
- Wafer diameter: 12 inches (300mm)
- Key component domestic sourcing rate: >95%
- Process capabilities: cleaning, etching, and strip operations
The "basket-free" (cassette-less) design eliminates the intermediate cassette carrier, reducing cross-contamination risks from carrier surfaces.
Silicon Carbide (SiC) Equipment
Chuangwei Microelectronics has also developed SiC equipment products including full-line wet equipment for SiC power device manufacturing, covering etching and cleaning processes throughout the SiC device fabrication flow.
Key data points:
- FY2024 SiC equipment orders: RMB tens of millions
- 2025 Q1 new order growth rate: 50-100%
- Cumulative SiC equipment orders by 2025: exceeded RMB 500 million (Source: East Money, September 2025)
- Achieved full-line (Fab-wide) SiC wet equipment order from a leading customer
- Entered supply chains of SAN'AN Integrated Circuit and Tiankeda
SiC's chemical inertness (requiring specialized high-temperature alkaline solutions for etching) and extreme hardness create process conditions distinct from conventional silicon, providing differentiated market opportunity for dedicated SiC equipment wet equipment suppliers.
Customer Entry and Certification Progress
As of 2025, Chuangwei Microelectronics' semiconductor wet equipment has entered the supply chains of:
- SMIC (SMICS): China's largest integrated circuit foundry
- Jita Semiconductor: Power semiconductor and analog device manufacturer
- SAN'AN Integrated Circuit: Compound semiconductor (including SiC) device manufacturer
Revenue Contribution Status
Per FY2025 annual report, all RMB 15.472 billion in revenue came from solar cell production equipment. Semiconductor new business has not yet formed independent visible scale in the revenue structure.
For comparison: Maiwei Corporation FY2025 semiconductor and display revenue reached RMB 662 million (+887% YoY), already forming an independent business segment. Robotek FY2025 optoelectronics and semiconductor packaging equipment revenue was RMB 440 million (+775% YoY), also exceeding its PV business.
Strategic Transformation Path Analysis
Technology transferability: PV and semiconductor equipment share core engineering knowledge in wet chemistry control, CVD thin-film deposition control, and precision thermal management.
Certification timeline: Entry into major fab supply chains typically requires 2-3+ years of continuous verification before volume orders are secured.
Market window: Domestic semiconductor equipment localization rates remain 30-50% overall (by equipment type), with geopolitical pressure increasing customer openness to domestic suppliers.
Competitive context: Against Shengmei Semiconductor (ACM Research, ACMR), which is already at volume supply stage in leading-edge fabs, Chuangwei Microelectronics is at an early supply chain entry stage, with meaningful scale revenue likely to materialize from 2026-2027.
Chapter 6 Perovskite Tandem Cell Equipment
Technical Background
Perovskite solar cells are based on ABX₃ crystal structures (A: organic/inorganic cations such as MA, FA, Cs; B: Pb; X: halides I, Br), attracting significant research attention due to their tunable bandgap, high absorption coefficient, and low manufacturing cost potential.
In tandem applications, perovskite serves as the wide-bandgap top cell (1.7 eV) complementing the narrow-bandgap silicon bottom cell (TOPCon or HJT), enabling collection of different solar spectrum segments in a 2-terminal (2T) or 4-terminal (4T) architecture. Tandem configurations can surpass single-junction Shockley-Queisser limits (33%), with experimental records exceeding 33.9%.
Key manufacturing challenge: achieving uniform high-quality perovskite films over large industrial wafer areas (G1/G12 sizes) is the primary bottleneck, and the source of greatest demand for specialized equipment.
Jiejia Weichuang's Equipment Portfolio
Thin film deposition equipment:
- RPD (Reactive Plasma Deposition): low-temperature deposition of high-quality functional layers
- PVD (Physical Vapor Deposition): metal electrodes and functional layers
- CVD (Chemical Vapor Deposition): gas-phase perovskite precursor decomposition
- Thermal evaporation: organic hole transport layer deposition
Solution-process film formation equipment:
- Precision slot-die coating: large-area uniform perovskite precursor coating; considered among the most commercially viable large-area deposition methods
- Piezoelectric inkjet printing: 2025-launched industrial-grade product for precise patterned deposition of perovskite precursor liquid
Silicon tandem integration equipment:
- Tandem printing equipment for TOPCon bottom cell grid line printing
Pilot Line and Efficiency Data
The Changzhou pilot line, using fully self-manufactured equipment, achieved process verification for key milestones including:
- Large-area film uniformity validation
- Customer-facing manufacturing feasibility demonstration
- Process recipe development and technology reserve
Company internal target efficiency for perovskite/silicon tandem: exceeding 30% — approaching current global lab records.
Order Progress and Commercialization Stage
Cumulative perovskite equipment and related service orders from H2 2022 through 2025: exceeded RMB 200 million (Source: Aibang PV). By 2025, order pipeline reached ~15 GW, covering 10+ leading enterprises and research institutions. First GW-scale magnetron sputtering equipment delivered.
At RMB 200 million against total annual revenue of RMB 15.472 billion, perovskite equipment remains early-stage commercialization, consistent with the broader industry where no perovskite production line above 100 MW scale had reached stable mass production globally as of 2024.
Competitive Landscape in Perovskite Equipment
Domestic competitors: Maiwei Corporation (leveraging PECVD and printing equipment technology); Aolaide (002612, focused on evaporation equipment for organic materials); Gaoke Corporation (688556, also positioning in perovskite equipment.
International competitors: Centrotherm (Germany, CVD equipment for perovskite); Singulus Technologies (Germany, CIGS and perovskite equipment); Oxford PV (UK, building perovskite/silicon tandem GW production line with partial internal equipment capability).
The perovskite equipment market remains in early formation. Equipment standardization is low, and cell manufacturers' process pathways vary considerably, making the equipment-customer relationship closer to "co-development" than simple equipment procurement.
Critical Commercialization Timeline
- 2025: Jolywood GW-scale line operational; GCL Optoelectronics GW line partially activated — marks transition from lab to initial commercialization
- 2026: Per GCL Group timeline, large-scale manufacturing; additional GW-line construction ramp-ups planned
- 2027-2028: If perovskite tandem module efficiency reaches 28-30% range with reliability certification achieved, large-scale commercialization conditions may materialize
These timelines carry material uncertainty depending on progress in stability, yield, and cost challenges.
Chapter 7 Customer Structure and Orders
Major Customer Composition
Jiejia Weichuang's primary customers include China's leading PV cell manufacturers: Tongwei (600438.SH), JA Solar (002459.SZ), JinkoSolar (688223.SH), Trina Solar (688599.SH), Longi Green Energy (601012.SH), Canadian Solar (688472.SH), Aiko Solar (600732.SH), Risen Energy (300118.SZ), TCL Zhonghuan (002129.SZ), and GCL Technology (3800.HK) PV business subsidiaries.
Notable publicly disclosed contracts:
- JA Solar (July 2023): RMB 4.039 billion (including tax) equipment and retrofit contract; approximately RMB 2.413 billion collected by H1 2024 (~60%)
- Tongwei: RMB 2.846 billion equipment and retrofit contract; approximately RMB 1.888 billion collected by H1 2024 (~66%)
- Undisclosed leading PV enterprise (April 2024): RMB 3.069 billion equipment and retrofit contract
These contract amounts confirm the scale of capital deployment during single-round TOPCon capacity additions.
In domestic PV equipment factory databases, manufacturers in this sector are broadly distributed, confirming the diversified domestic PV equipment ecosystem. Jiejia Weichuang's major customers (Tongwei, JA Solar, Trina) also appear in Tianxia Gongchang platform factory data, reflecting the factory-based nature of PV manufacturing operations.
Customer Financial Conditions Impact
During 2024-2025, leading PV cell manufacturers faced significant profit compression. TOPCon cell prices declined from ~RMB 0.26/W in late 2023 to approximately RMB 0.15-0.18/W by mid-2025, approaching or below cash cost for some producers. This backdrop directly affected their capital expenditure approval discipline and payment timing, contributing to Jiejia Weichuang's 2026 Q1 accounts receivable surge of 85.47%.
Backlog Order Evolution
- As of September 30, 2023: backlog of RMB 42.661 billion (historical peak, dominated by TOPCon expansion contracts)
- FY2024 year-end: approximately RMB 28 billion (reference figure, pending official disclosure)
- FY2025: contract liabilities fell from H1 peak, reaching RMB 6.481 billion by Q3 year-end (-60.62% from H1)
- 2026 Q1 year-end: accounts receivable RMB 3.866 billion (+85.47% from 2025 year-end), contract liabilities continued declining
From backlog peak in 2023 to current low level, the trajectory reflects: TOPCon orders largely delivered; new increments shifting toward overseas and new technology pathways.
Contract Execution Multi-Party Coordination
A typical large contract (RMB 1 billion+) execution follows:
- Project kickoff: Technical specification alignment between engineering teams
- Manufacturing and progress tracking: Factory acceptance test (FAT) preparation with customer inspection
- Shipping and customs: Export clearance, freight insurance, and destination import clearance
- Installation and commissioning: Jiejia Weichuang engineers deploy on-site for 4-8 weeks
- Acceptance (SAT): Process parameter validation (wafer uniformity, film thickness, etc.) and 48-72 hour continuous operation
Chapter 8 Production Capacity and Manufacturing Bases
Shenzhen Pingshan Base
The Pingshan base (60,000 m² self-built industrial park) serves as the Company's R&D headquarters and primary manufacturing facility, covering new energy equipment R&D laboratories, prototype manufacturing, final assembly, testing, and outbound logistics. Pingshan's industrial ecosystem benefits from proximity to BYD, DJI, and Huawei facilities, supporting talent recruitment, supply chain access, and government policy support.
Changzhou Xinbei Base
The Changzhou Xinbei base (30,000 m² self-built industrial park) hosts the HJT pilot production line and serves as the Long Triangle region research and manufacturing center. Its geographic proximity to Tongwei Jiangsu facilities, JinkoSolar Jiangxi/Jinhua plants, and Trina's Changzhou operations enables faster service response for regional customers.
Production Area Capacity Analysis
Light industrial large-format non-standard equipment's "capacity" is measured by concurrent project throughput and annual value delivery. FY2024's RMB 18.887 billion in revenue implies high facility utilization that year. With new order inflow falling sharply from H2 2025 and into 2026, production line utilization faces downward pressure, with fixed cost allocation (depreciation, facility rent) compressing margins.
Key production resources:
- ~4,000 total employees as of FY2024 (R&D: 1,221, manufacturing/operations: balance)
- ~57 billion RMB in work-in-progress inventory (2026 Q1) awaiting completion and delivery
- Installation and commissioning engineers required at customer sites domestically and overseas
Supply Chain Ecosystem
Jiejia Weichuang's equipment manufacturing supply chain spans:
Tier 1 (Core functional components): RF power supplies, gas mass flow controllers (MFC), vacuum equipment (molecular pumps, dry pumps, scroll pumps), precision thermal control modules, PLC control systems
Tier 2 (Structural and mechanical): Stainless steel and specialty alloy precision machined parts, precision machinery components, quartz device processors, SiC graphite products
Tier 3 (General materials): Standard electrical components, sealing materials, specialty chemicals
Core functional components account for 30-50% of total equipment cost. Several high-specification items (RF power supplies, high-precision MFCs) remain import-dependent, with domestic substitutes continuing to narrow the gap.
Chapter 9 Overseas Business
FY2025 Overseas Revenue Overview
FY2025 overseas revenue: RMB 3.116 billion (+79.1% YoY), first time overseas share notably exceeded 20% at 20.1%. Overseas gross margin: 36.5%, approximately 10.4 percentage points above domestic gross margin of 26.2%.
This growth occurred against the backdrop of structural shifts in global PV manufacturing geography driven by US IRA (Inflation Reduction Act), EU NZIA (Net-Zero Industry Act), and trade barriers targeting PV imports from China and Southeast Asia.
Southeast Asia: Chinese PV Enterprise Offshore Factories
Vietnam, Indonesia, and Malaysia host the primary concentration of Chinese PV manufacturers' offshore capacity. Companies including JinkoSolar, Trina Solar, and Canadian Solar have established cell or module production in Vietnam and Malaysia, with photovoltaic module equipment procurement following domestic supplier networks. Jiejia Weichuang is a primary equipment supplier for these offshore projects.
Trade risk: US anti-dumping and countervailing duty final determinations in 2025 (maximum rates exceeding 3,403% per OFweek data) have materially impacted some Southeast Asia-based Chinese PV manufacturers' export to the US, potentially affecting equipment procurement timelines for some projects.
India: Policy-Driven Domestic Manufacturing
India's PLI (Production Linked Incentive) scheme and basic customs duties (40%/25% on imported cells/modules) drive accelerating domestic PV manufacturing investment. Adani Green Energy, Reliance New Energy, and other large groups are building substantial domestic PV manufacturing capacity.
Jiejia Weichuang has entered the Indian market as an equipment supplier for related capacity projects. Chinese equipment suppliers hold cost advantages (typically 30-50% lower than European suppliers) and faster delivery timelines (6-12 months vs. 18-24 months for European equipment).
Middle East: Sovereign-Backed Localization Strategy
Saudi Arabia, UAE, and neighboring Middle East countries are advancing domestic PV manufacturing as part of renewable energy strategies. Typical examples include Saudi Reliance Solar and ARAMCO-affiliated joint venture projects. Jiejia Weichuang has equipment supply records in the region; payment reliability from sovereign-backed projects is typically strong.
Turkey and Other Emerging Markets
Turkey's domestic renewable energy expansion, favorable manufacturing base, and strategic position bridging Europe, Middle East, and Central Asia make it a meaningful node in the Company's market expansion. The MENA region more broadly presents incremental demand from Jordan, Morocco, and other countries' renewable energy programs.
Exchange Rate Risk Management
With overseas revenue reaching RMB 3.116 billion (20.1% of total), foreign exchange management has become a meaningful financial risk management component. Risk mitigation tools include: forward FX contracts, RMB-denominated contracts (shifting FX risk to customers), and natural hedging through overseas procurement.
A 5% RMB appreciation scenario would reduce overseas revenue (if USD-denominated) by approximately RMB 156 million, representing roughly -6% of net profit of ~RMB 2.6 billion — a manageable impact. Specific hedging arrangements are disclosed in annual report financial statement notes.
Chapter 10 R&D Investment and Patents
R&D Expenditure Scale
FY2024 R&D expenses: RMB 649 million (38.94% YoY growth), representing 3.44% of revenue. This expenditure rate falls in the middle range for A-share PV equipment listed companies; Dier Laser's R&D rate typically runs 5-7%, reflecting its more specialized product positioning.
FY2025 H1 R&D expenses: RMB 291 million (+34.78% YoY), maintaining positive growth even as revenue declined — reflecting the Company's commitment to continued investment in new technology pathways.
The absolute scale of RMB 649 million supports parallel development across four major directions: TOPCon equipment optimization, HJT pilot line operation, perovskite tandem equipment development, and semiconductor wet equipment R&D.
R&D Personnel Composition
Per FY2024 annual report:
- Total R&D personnel: 1,221 (up 8.24% from FY2023's 1,128)
- R&D personnel ratio: from 16.03% (FY2023) to 30.40% (FY2024)
- Increasing numbers of Master's and PhD-level researchers
The 14-percentage-point jump in R&D ratio should be interpreted in context of total headcount changes (manufacturing worker headcount possibly declining with improved automation) as well as team expansion.
Key R&D disciplines include: plasma physics and CVD, PV cell process engineering, mechanical and precision machinery design, industrial automation and control, software engineering, semiconductor process, and perovskite materials.
Patent Portfolio
As of December 31, 2023: 616 patents total, including 63 invention patents (10.2%) and approximately 553 utility model and design patents.
From January-April 2025: 36 new patent grants (+89.47% YoY), reflecting accelerating intellectual property development, particularly in perovskite equipment and semiconductor equipment directions.
The 63 invention patents represent the deepest level of technical protection, likely covering key process areas including: thermal processing furnace temperature uniformity, CVD process control, ALD thin-layer deposition, wet chemistry slot structures, and perovskite film preparation.
2025 Technical Breakthrough: Piezoelectric Inkjet Printing
The industrial-grade piezoelectric inkjet printing system for perovskite thin film deposition launched in 2025 addresses a critical manufacturing challenge. Key technical difficulties include: perovskite precursor rheology management (viscosity and surface tension sensitivity), precise droplet formation and uniformity across large-area industrial-sized substrates, and process integration with subsequent crystallization and encapsulation steps.
The Changzhou pilot line's multiple 2025 industry awards (specific awards per Company announcements) confirm industry recognition of the technical progress achieved.
Academic and Research Partnerships
The Company maintains industry-academia collaborations with universities and research institutes in frontier process technology areas (perovskite material stability, novel passivation contact technologies). Key value: frontier technology early signal access, talent pipeline development through joint graduate cultivation, and supplementary process validation capacity.
Chapter 11 Financial Overview
Revenue and YoY Growth Rates (FY2020-FY2025)
| Year | Revenue (RMB Bn) | YoY Growth |
|---|---|---|
| FY2020 | ~2.561 | — |
| FY2021 | ~3.534 | ~+38% |
| FY2022 | ~5.040 | ~+43% |
| FY2023 | 8.733 | ~+73% |
| FY2024 | 18.887 | +116.26% |
| FY2025 | 15.472 | -18.08% |
| 2026 Q1 | 1.495 | -63.52% |
FY2020-FY2024: five consecutive years of positive growth; FY2025: first annual decline since IPO; 2026 Q1: decline deepened, reflecting sustained industry adjustment impact on revenue. Businesses in the upstream solar energy equipment supply chain face broadly similar cyclical patterns.
Net Profit Attributable to Parent Shareholders
- FY2024: RMB 2.764 billion (+69.18%); non-GAAP net profit RMB 2.566 billion (+68.23%)
- FY2025: approximately RMB 2.360 billion per official annual report (vs. RMB 2.617 billion per preliminary earnings announcement; audited figure takes precedence)
- 2026 Q1: RMB 270 million (-61.83%); non-GAAP RMB 187 million (-70.70%)
The FY2025 net profit decline (approximately 5-18% depending on data source) was materially less than the revenue decline (-18.08%), primarily due to recognition of high-margin legacy contracts and the rising share of higher-margin overseas revenue. The 2026 Q1 net profit decline of 61.83% closely tracked the revenue decline of 63.52%, indicating these buffering effects have substantially dissipated.
Working Capital Analysis
Expansion phase (FY2023-FY2024): Large advance receipts flowed in; contract liabilities elevated; operating cash flow positive. FY2024 operating cash flow was positive, confirming the advance-receipt → delivery → revenue recognition flow.
Transition phase (FY2025): Contract liabilities rapidly consumed (legacy advance receipts converted to revenue); new advance receipts inflow sharply reduced; accounts receivable continued accumulating. Operating cash flow net outflow: RMB 1.204 billion.
Adjustment phase (2026 Q1): Accounts receivable RMB 3.866 billion (+85.47% from year-end 2025), inventory RMB 5.714 billion, contract liabilities further reduced. This asset structure (large AR + high inventory + low contract liabilities) is the typical financial configuration of equipment companies at cyclical lows.
Inventory Composition and Risk Stratification
FY2025 year-end inventory: RMB 5.553 billion; 2026 Q1 year-end: RMB 5.714 billion. Composition includes:
- Raw materials: Structural components, electrical elements, precision devices pending use
- Work-in-progress (WIP): Equipment under assembly — the largest portion; clearance pace depends on ongoing order execution
- Finished goods: Completed equipment awaiting customer shipment
- Goods dispatched: Equipment shipped but pending customer acceptance revenue recognition
With Q1 2026 revenue at only RMB 1.495 billion against RMB 5.714 billion in inventory, inventory turnover faces significant pressure, requiring multiple quarters for normalization. This inventory composition — dominated by specialized industrial equipment WIP — has limited immediate liquidation options outside the customer order pipeline.
Profitability: DuPont Analysis
ROE = Net Profit Margin × Asset Turnover × Equity Multiplier
- Net Profit Margin (FY2025): ~16.9% (RMB 2.617 bn / RMB 15.472 bn) — improved from FY2024's 14.6% despite revenue decline, due to overseas high-margin mix shift
- Asset Turnover (FY2025): ~0.62x (RMB 15.472 bn / RMB 24.846 bn total assets) — lower than FY2024 due to revenue contraction
- Equity Multiplier: ~1.88x (implied from 46.71% asset-liability ratio)
Estimated FY2025 ROE: ~19.7% (approximate, verify against official filings). In FY2026, with revenue expected to contract further, asset turnover decline will be the dominant ROE pressure factor.
Dividends and Convertible Bond Considerations
FY2024: proposed RMB 12 per 10 shares (tax inclusive) — one of the highest single-round dividends in Company history.
FY2025 dividend: to be determined considering: (1) distributable profit level; (2) cash and equivalents; (3) management's operating cash flow recovery assessment. With operating cash flow already negative at -RMB 1.204 billion, maintaining high absolute dividend levels faces structural constraints. Official FY2025 dividend per Company annual report and shareholder meeting resolution.
The 2023-issued convertible bonds (typically 6-year term, maturing ~2029) carry refinancing risk: if share price remains below conversion price through maturity, bondholders may choose redemption over conversion, requiring cash outflow. The Company may respond through downward conversion price adjustment (at cost of dilution) if needed.
Chapter 12 Peer Comparison
Overall PV Equipment Industry Landscape Change in 2025
2025 was the first full fiscal year of broad PV equipment industry adjustment:
- All major listed equipment companies showed revenue or profit declines, with only Dier Laser achieving marginal revenue growth (+0.93%)
- Operating cash flow turned negative across multiple companies: Jiejia Weichuang -RMB 1.204 billion; Maiwei -RMB 698 million
- Inventory impairment and credit loss pressure continued throughout the sector
| Metric | Jiejia Weichuang (FY2025) | Maiwei Corp. (FY2025) | Dier Laser (FY2025) | Robotek (FY2025) |
|---|---|---|---|---|
| Revenue (RMB Bn) | 15.472 | 8.152 | 2.033 | 0.950 |
| Net Profit (RMB Bn) | ~2.617 (preliminary) | 0.722 | 0.519 | Loss |
| Gross Margin | ~27-29% | — | 46.6% | — |
| Operating CF | -1.204 Bn | -0.698 Bn | — | — |
| Semi/New Business Revenue | Minimal (unspecified) | 0.662 Bn (+887%) | — | 0.440 Bn (+775%) |
Maiwei Corporation: Diversification Path Comparison
Maiwei's semiconductor and display revenue reached RMB 662 million in FY2025 (+887% YoY), demonstrating the feasibility of diversification through technology adjacencies. Maiwei's path (PV printing equipment → display panel printing → semiconductor display equipment) and Jiejia Weichuang's path (PV process equipment → semiconductor wet equipment) differ in target markets and technical barriers, but Maiwei's financial result offers a reference point for what successful diversification revenue contribution could look like.
Dier Laser: High-Margin Specialist Positioning
Dier Laser's FY2025 gross margin of 46.6% substantially exceeds Jiejia Weichuang's ~27-29%. The fundamental source of this difference: Dier Laser focuses on laser selective emitter (SE) process equipment — a highly specialized device that directly affects cell efficiency. High switching costs support stronger pricing power. Jiejia Weichuang's broader product coverage across multiple process areas includes more competitively priced commodity equipment, moderating overall gross margins.
Robotek: Transformation Case Reference
Robotek's FY2025 optoelectronics and semiconductor packaging equipment revenue of RMB 440 million (+775% YoY) nearly matched its PV business (RMB 460 million), while overall net result turned to loss (-approximately RMB 66.44 million). Key lessons for Jiejia Weichuang: (1) PV-to-semiconductor extension is technically feasible; (2) transformation timeline is long (Robotek's semiconductor business required years before FY2025 breakthrough); (3) new business in transition periods typically cannot fully offset main business declines.
Global Competitive Dynamics
Applied Materials (AMAT): Strategic focus has largely shifted to leading-edge logic and memory chip equipment. PV-related business remains minimal.
Centrotherm (Germany): Continues in silicon PV thermal equipment and perovskite film equipment R&D; maintains European customer base; limited share in Chinese mass-production market.
Meyer Burger (Switzerland): Underwent major strategic shift in 2024-2025, closing European equipment manufacturing operations and transitioning to US domestic module manufacturing (Arizona facility). Represents European legacy PV equipment vendors' strategic retreat.
Overall, international competitors' influence in China's PV equipment market continues to wane; domestic equipment suppliers (Jiejia Weichuang, Maiwei, etc.) have consolidated their leading positions.
On Tianxia Gongchang, the intelligent manufacturing equipment sector lists 6,000+ active factories, and the industrial automation sector lists 12,000+, reflecting the broad manufacturing intelligence upgrade trend in China that the PV equipment sector represents.
Industry Risk Supplemental Analysis
De-capacity policy impact: Chinese government guidance raising PV product technical minimums and scrutinizing new capacity projects may drive additional technology upgrade retrofit demand — a potential incremental tailwind for next-generation equipment.
Pricing pressure scenario: If new contract prices average 10-15% below FY2023-FY2024 levels, gross margins could face 3-5 percentage point compression from the current ~27-29% baseline. The Company's ability to maintain margins depends on product differentiation, customer relationship pricing premiums, and manufacturing cost reductions.
Data Sources
The following lists primary data sources for each chapter, organized by information type:
Company Official Disclosure Documents (Primary Sources)
Shenzhen Jiejia Weichuang New Energy Equipment Co., Ltd. — FY2025 Annual Report (Shenzhen Stock Exchange, disclosed April 27, 2026, filing no. 2026-013)
FY2024 Annual Report Summary (Shenzhen Stock Exchange, disclosed April 24, 2025)
- Source: Tencent Finance PDF, Shenzhen Stock Exchange Disclosure System
Jiejia Weichuang 2026 Q1 Report (disclosed April 26, 2026)
- Source: Sina Finance, Stockstar
Jiejia Weichuang 2025 Semi-Annual Report (disclosed August 28, 2025, SZSE)
Jiejia Weichuang FY2023 Annual Report (SZSE, disclosed April 2024)
CITIC Securities — Jiejia Weichuang Convertible Bond Listing Sponsor Report (August 2023)
Financial Media and Information Platforms
Jiejia Weichuang FY2024 Net Profit RMB 2.764 Bn, YoY +69.18%, Proposed 10-for-12 Dividend (Sina Finance, April 24, 2025)
Jiejia Weichuang FY2024 Revenue +116.3%, Net Profit +69.2% (Caizhogshe)
Jiejia Weichuang FY2025 Revenue RMB 15.472 Bn, Deepens PV Focus while Exploring Diversification (Securities Times)
Jiejia Weichuang 2026 Q1 Net Profit RMB 270 Mn, YoY -61.83% (Sina Finance, April 2026)
Jiejia Weichuang FY2025 Net Profit RMB 2.617 Bn YoY -5.30%, Process Equipment Share Rises to 81.85% (DoNews)
Jiejia Weichuang: Semiconductor Equipment Business Represents Small Share (Tencent News, September 2025)
PV Equipment Industry FY2024 Annual Report & 2025 Q1 Summary (OFweek Solar PV, May 2025)
Jiejia Weichuang Perovskite Equipment Orders Exceed RMB 200 Mn in One Year (Aibang PV)
Jiejia Weichuang: Overseas Orders and Perovskite Equipment Orders Maintain Growth (Securities Times)
Jiejia Weichuang: Overseas Business Progress Positive, Share Expected to Keep Rising (Sina Finance, December 2025)
Peer Company Data Sources
Maiwei Corporation FY2025 Annual Report (SZSE, April 28, 2026)
Maiwei Corporation FY2025 Revenue RMB 8.152 Bn, Diversified Business Layout Builds Long-term Growth Momentum (PJ Time)
Dier Laser FY2025 Revenue Growth without Profit Growth: Accounts Receivable Risk Analysis (Aigubaiike)
Dier Laser FY2025 Annual Report Brief (Tencent News, April 1, 2026)
Robotek FY2025 Annual Report (Faxian Baogao)
Industry Data Sources
CPIA Projects 2025 China New Installed PV Capacity 215-255 GW (China Energy News)
China Photovoltaic Industry Development Roadmap 2024-2025 (CPIA)
2025 Photovoltaic Industry Analysis (Lianhe Credit Rating)
Jiejia Weichuang SiC Equipment Orders Exceed RMB 500 Mn (East Money, September 14, 2025)
Jiejia Weichuang Semiconductor Equipment Business Progress (East Money, September 1, 2025)
Jiejia Weichuang: Full Coverage Across TOPCon, XBC, HJT, Perovskite and Tandem Technologies (Stockstar, April 27, 2026)
Jiejia Weichuang New Product Launch and Innovation Industrial Park Groundbreaking (SOLARZOOM)
CPIA Industry Development Reports 2025-2026
Lianhe Credit Rating 2025 PV Industry Analysis (April 2025)
Review: 2024-2025 Key Progress and Emerging Trends in Perovskite Solar Cells (eBiotrade, January 2026)
Jiejia Weichuang: Short-term Earnings Under Pressure, Optimistic on Semiconductor & Battery Business Acceleration (Sina Finance, May 2026)
Maiwei Corporation FY2025 & 2026 Q1 Commentary (Sina Finance, May 2026)
Perovskite Tandem Cell Commercialization Process Accelerating (Low Carbon Network)
Tianxia Gongchang (www.tianxiagongchang.com), as a B2B factory database covering 4.8 million active factories, covers sector data on solar cell equipment, semiconductor equipment, intelligent manufacturing equipment, and upstream/downstream companies including Tongwei, JA Solar, and JinkoSolar, available as a reference for researching China's manufacturing supply chain landscape.
Report Compilation Baseline Date: June 8, 2026 Data Note: All data cited in this report is sourced from publicly disclosed documents. FY2025 annual report data is based on the version officially disclosed on the Shenzhen Stock Exchange; preliminary earnings announcement data represents initial calculations and may differ from the audited annual report. This report does not constitute investment advice in any form.