Crossover Old Birds Focus on "Space Photovoltaic" Again, can Story Be Told Thoroughly This Time?

"space photovoltaic", another photovoltaic cross-border player is about to enter the game. On the evening of January

12, Mingyang Intelligence announced that it intends to acquire the control rights of Zhongshan Dehua Chip Technology Co., Ltd. (Hereinafter referred to as "Dehua Chip") by issuing shares and paying cash, and raise matching funds.

It is worth noting that the acquisition target Dehua chip is wholly owned by Zhang Chao, the daughter of Zhang Chuanwei, the actual controller of Mingyang Intelligence. Therefore, Mingyang Intelligence indicated in the announcement that this transaction constitutes a related party transaction.

In addition, the core of the acquisition lies in the "space photovoltaic" halo on the top of Dehua chip. According to

public information, Dehua Chip was founded in 2015, and its main business covers the manufacture of space solar cells, flexible gallium arsenide and other products, and related products have been applied in the field of space photovoltaic.

Affected by this news, the stock price of Mingyang Intelligence closed directly on January 12, with an increase of more than 10% . 19.

3 years! As a veteran player in the field of wind power, Mingyang Intelligence was founded in 2006 and successfully listed on the New York Stock Exchange in 2010, with its main business focusing on wind turbine manufacturing , according to databm

.

In 2015 , Mingyang Intelligence established Zhongshan Ruike New Energy Company to test photovoltaic cross-border for the first time . The company mainly focuses on the research and development, production, sales of CdTe thin film battery modules and the overall solution of photovoltaic power generation system. But at that time, the revenue share of the photovoltaic sector was only 0.

In the following years, the cross-border attempt fell into silence and did not make a splash.

Until 2021 , the boom in the photovoltaic market made Zhang Chuanwei, the helmsman, start to increase the price again.First, in May 2021, the company announced that it would invest 3 billion yuan to build a 5G W heterojunction battery and 5G W module project in Shaoguan, Guangdong. In September, the company announced that it had signed a 5G W heterojunction battery project with Yancheng Economic Development Zone, with a total investment of 5 billion yuan .

In 2022 , Mingyang Intelligence invested 1.3 billion yuan to build the 4G W photovoltaic module project in Xinyang Base.

Then in 2023 , Mingyang Intelligence announced that it would invest 15 billion yuan to build ten intelligent production lines of the third generation heterojunction solar power generation equipment and corresponding supporting industries; 10 billion yuan in the layout of 10g W heterojunction in Ma'anshan, Anhui so far, Mingyang Intelligence between 2021 and 2023, A total of more than 34 billion photovoltaic investments have been announced.

In addition to the manufacturing side, Mingyang Intelligence also extended its tentacles to photovoltaic terminal applications , and launched customized BIPV solutions by further integrating photovoltaic modules, energy storage, intelligent control and other technologies.

In terms of technology research and development, according to the company's official website, in order to seize the commanding heights of global technology, Mingyang Intelligence has independently mastered heterojunction and ", but unfortunately, Mingyang Intelligence's initial ambitious "photovoltaic dream". Mostly on paper .Only some projects in Yancheng, Shaoguan and Xinyang bases have landed, with a total capacity of about 5G W heterojunction batteries and 7 GW photovoltaic modules .

More unfortunately, when the photovoltaic track was laid out in 2021-2022, Mingyang Intelligent Project was always in the capacity climbing cycle, failed to seize the industry window period, and eventually missed this wave of photovoltaic dividends .

However, from another point of view, in the second half of 2023, the photovoltaic industry has entered a rapid downward cycle, missed the industry dividend, but also avoided the "rapid decline" of photovoltaic profits, which is also a "blessing in disguise".

Now, Mingyang Intelligence has once again turned its attention to the photovoltaic track, aiming at the hot "space photovoltaic" , can this layout make its "photovoltaic dream" come true?

So, what is the excellence of this highly expected Dehua chip? According to

the data, Dehua Chip is a technology-oriented, founded in 2015, focusing on the R & D and production of space solar cells and flexible gallium arsenide batteries for a long time, and is a national specialized and new "Little Giant" enterprise. At present, the company has the ability to develop the whole industry chain from epitaxial materials to space energy systems.

According to the chief designer of Dehua Chip, "The company focuses on the research and development of GaAs space solar cells, has broken the technical barriers of foreign countries, realized the self-control of key technologies, and has the batch production capacity of GaAs space solar cells with photoelectric conversion efficiency of 32% ." Its main products have an average market share of more than 30% in the past three years.

Compared to conventional folding solar wings, The satellite's fully flexible wrap-around solar wing uses core technologies such as flexible thin film solar cells, which have multiple advantages such as lightweight, high reliability and high accommodation ratio .

In addition, Dehua Chip has also participated in many national key aviation engineering projects, such as Mars exploration, Chang'e lunar exploration, Tianzhou 6 cargo spacecraft and so on. In the first year of 2026, it was successfully awarded the provincial champion enterprise of manufacturing industry in Guangdong Province in 2025 by virtue of its technological advantages in the field of space solar cell technology subdivision.

The second is the blood relationship with Mingyang Intelligence.

Dehua Chip, formerly known as Ruide Xingyang Chip Business Department, was originally co-invested by Mingyang Intelligence and Mingyang Group. However, in June 2017 and June 2019, Mingyang Intelligence and Mingyang Group withdrew from the ranks of shareholders. During this period, the legal representative of Dehua Chip was also changed from Zhang Chuanwei to Zhang Chao. In May

2020, Guangdong Mingyang Reid Venture Capital Co., Ltd.

the two sides has never been interrupted . In December

2025, Musk's speech rekindled the long-silent concept of "space photovoltaic". In addition, China recently announced that it will promote the construction of a powerful country in two stages from 2020 to 2045, and the concept of "space photovoltaic" has been completely detonated. The concept stocks of "space photovoltaic" in the capital market also ushered in a "Red Sea".

Several securities firms have analyzed and pointed out that "the scale of the space photovoltaic market is expected to reach trillion levels."

Now, with the explosion of the concept of "space photovoltaic", Mingyang Intelligence has brought Dehua chips back into the "Mingyang System", which may be a win-win result for both Mingyang Intelligence and Dehua chips.

Mingyang Intelligence can take advantage of the hot concept of "space photovoltaic" to stimulate market value growth, boost investor confidence and open more "growth channels" for the company, while Dehua Chip can also win more financial support.

However, at present, the transaction is still in the planning stage, and whether it is successful or not will be known after the expiration of the suspension period of 10 trading days.

In addition, it is necessary to be aware that the current space photovoltaic is still in the "storytelling" stage, and it is difficult to bring performance increment to Mingyang Intelligence in the short term; if the production capacity is implemented in the next 3-5 years, it is expected to form a substantial performance contribution.