In the cold winter of the industry, the concept of "space photovoltaic" has set off a boom in the capital market, boosting the stock prices of related enterprises one after another. Maiwei, which specializes in heterojunction and perovskite technology, has made new breakthroughs in both stock price and market value. According to market news
on March 20, Tesla plans to spend $2.9 billion (about 20 billion yuan) to purchase batteries from Chinese photovoltaic equipment companies and
In response to this news, the concept of "space photovoltaic" rose directly on the same day, with Maiwei shares rising by 9.19% on the same day, the highest closing increase since March. The stock price also once rushed to 299.
However, behind the capital carnival, the management difficulties and development difficulties faced by the shares also need to be solved urgently.
Maiwei's "Space Story"
Suzhou Maiwei Technology Co., Ltd. (Hereinafter referred to as "Maiwei Shares") was established in September 2010 and listed on the Shenzhen Stock Exchange in November 2018. Based on the three key technology platforms of vacuum, laser and precision equipment, the company develops, produces and sells intelligent manufacturing equipment for the three major industries of solar photovoltaic, display and semiconductor.
According to the company's official website, in the photovoltaic business, Its main products are the overall solution of heterojunction battery manufacturing, the whole line solution of perovskite/silicon heterojunction tandem battery, heterojunction NBB technology and series welding equipment . The invention relates to solar cell screen printing whole line equipment and solar cell laser equipment.
2025, it was rumored that Musk's SpaceX and Maiwei had basically finalized orders for heterojunction equipment, amounting to about $500 million, corresponding to an annual capacity of about 7 GW heterojunction;
Stepping into 2026, on January 8, the market news said that SpaceX was about to start the "China Photovoltaic Investigation Tour", and the first stop was Maiwei Stock; on February 4, the news continued to come, Musk's team secretly visited a number of Chinese photovoltaic enterprises, including Maiwei Stock..
Although Maiwei's official response to the rumors was not positive and public, the company's share price began to soar under the drive of market expectations. Since the end of 2025, the company's share price has soared from less than 100 yuan per share to more than 300 yuan per share. The market value
of Maiwei shares has also risen with the tide. According to the statistics of Digital New Energy DataBM. Com, the market value of Maiwei shares on March 24, 2026 was 78.233 billion yuan, which was 145.08% higher than that of 31.922 billion yuan on December 1, 2025. Compared with the lowest closing market value (18.242 billion yuan on June 19, 2025) , it increased by 328.2026
.
However, in response to the above-mentioned "flying everywhere" market rumors, investors have not yet waited for a positive response to the shares, but first waited for the news of the reduction of the company's two major controlling shareholders.
On January 7, Maiwei issued an after-market announcement that the company's controlling shareholder, chairman Zhou Jian and controlling shareholder and general manager Wang Zhenggen had reduced their holdings of 5.4 million shares due to their personal capital demand plan, accounting for 1
% of the company's total shares. Zhou Jian and Wang Zhenggen hold about 109.5 million shares of Maiwei, accounting for 39% of the company's total shares.
On February 13, Maiwei announced the results of the reduction of the two controlling shareholders.
In the end, Zhou Jian reduced 2.7 million shares at 318.75 yuan per share and Wang Zhenggen reduced 269.991 million shares at 320.71 yuan per share. Together , they cashed out 17.
Maiwei's "anxiety"
is different from the high-spirited stock market, which is the "anxiety" of Maiwei shares in business performance.
First of all, the cash flow of enterprises is under great pressure .
According to the data of the third quarterly report in 2025, Maiwei shares realized revenue of 1.991 billion yuan, down 31.30% year-on-year, and net profit of 269 million yuan, down 9.42% year-on-year;
It is worth noting that by the end of the third quarter of 2025, the operating cash flow of Maiwei shares was-1.042 billion yuan, down 728.
Maiwei shares said that on the one hand, the payment speed of downstream customers was slow; on the other hand, the upstream small and medium-sized suppliers had poor risk resistance, and the company paid part of the payment on time. According to the data of
Oriental Wealth Network, by the end of the third quarter of 2025, the turnover days of accounts receivable for Maiwei shares were 184 days.
Simply speaking, Maiwei shares need to settle the bills of upstream enterprises in time, while its own repayment cycle is more than half a year, which poses a severe test to the company's cash flow pressure capacity.
Secondly, the growth rate of corporate net profit slowed down.
According to the statistics of Digital New Energy DataBM. Com, in 2021-2024, the total revenue of Maiwei shares was 3.095 billion yuan, 4.148 billion yuan, 8.089 billion yuan and 9.830 billion yuan, respectively. CAGR of 46.99% ; In the same period, the net profit was 643 million yuan, 862 million yuan, 914 million yuan and 926 million yuan respectively, with a compound annual growth rate of 12.
A "scissors gap" has been formed between the revenue and profit growth of Maiwei shares, and the enterprise has fallen into the dilemma of "increasing income without increasing profits".
For the photovoltaic "shovel-sellers" including Maiwei shares, the performance growth of the domestic photovoltaic equipment market has touched the ceiling. The cold wind of the industry finally blows to the equipment sector. To make matters worse
for Maiwei, the current heterojunction battery technology has ushered in a dark moment. According to the Roadmap for the Development of China's Photovoltaic Industry (2025-2026) issued by China Photovoltaic Industry Association, the market share of HJT batteries in 2025 is 2.6%, which is 0% lower than that in 2024.
TOPCon accounts for about 70%, and BC accounts for 20%.
In fact, for this chill, Maiwei shares have already had a deep understanding. In the third quarter of 2025, Maiwei's revenue and net profit both declined. The company said that it was affected by the overall photovoltaic industry, and the company's sales of photovoltaic cell production equipment declined .
Faced with the pressure of performance growth, Maiwei shares urgently need to open up the second growth curve to achieve self-rescue, and semiconductor has become its strategic betting direction .
In the semi-annual report of 2025, Maiwei said that it "focused on the localization of high-end semiconductor wafer manufacturing and packaging equipment, and successfully entered the supply chain of leading domestic semiconductor wafer and packaging enterprises."
In the first half of last year, Maiwei shares did achieve remarkable results in semiconductor business. In the first half of 2025, the total revenue of the company's semiconductor business broke through the 100 million yuan mark, reaching 127 million yuan, an increase of 496 over the same period last year.
However, from the overall performance, the semiconductor revenue only accounted for 3% of the total revenue. This means that the semiconductor business of Maiwei shares is still in its infancy and has not yet formed a support for the company's performance.Can
overseas cake be shared? The development of
semiconductor business still needs time to verify, but in the cold winter of the industry, every moment is related to the survival and development of enterprises.
At present, the domestic market is temporarily "saturated", but there is still a huge demand in the overseas market. In recent years, due to the acceleration of localization process in various countries, photovoltaic equipment enterprises have seen new opportunities. Going to sea has also become one of the "life-saving straws" that equipment manufacturers can grasp at present. In the first half of
2025, Maiwei's overseas revenue reached 824 million yuan, an increase of 143.77% over the same period last year, accounting for 19% of the total revenue. It can be seen that the company's overseas business achieved "leapfrog" growth in the first half of last year.
Next, expanding overseas markets may become an important layout for Maiwei shares.
But how can we not "lift a rock and drop it on our own feet" in the export of photovoltaic equipment? But in the long run, will it feed the tiger? At present, the
industry frequently voices that the export of photovoltaic equipment should maintain a sufficient intergenerational difference. On the one hand, can Chinese equipment enterprises persuade overseas customers to recognize and accept this intergenerational difference, on the other hand, can they firmly hold this gap and avoid it being broken?
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