Group 1 - The brain-computer interface sector experienced a decline of 3.34%, ranking among the top losers in the concept sector as of the market close on June 20 [1][2] - Within the brain-computer interface sector, major companies such as Hanwei Technology, Nanjing Panda, and Aipeng Medical saw significant declines, while only two stocks, Haige Communication and ST Huatuo, recorded gains of 1.46% and 1.05% respectively [1][2] - The sector faced a net outflow of 546 million yuan from main funds, with 23 stocks experiencing net outflows, and seven stocks seeing outflows exceeding 30 million yuan [2] Group 2 - Hanwei Technology led the outflow with a net withdrawal of 133 million yuan, followed by Innovative Medical and Tom Cat with outflows of 129 million yuan and 116 million yuan respectively [2][3] - The stocks with the highest net inflows included ST Huatuo, Haige Communication, and Lepu Medical, with inflows of 58.93 million yuan, 35.06 million yuan, and 23.44 million yuan respectively [2][3] - The trading volume for Hanwei Technology was 12.95%, indicating a high turnover rate despite the decline of 6.59% in its stock price [2][3]

Concept Performance - The PET copper foil concept saw a daily increase of 2.09%, while the combustible ice concept experienced a decline of 4.14% [1] - Other notable increases included photolithography at 1.45% and BC battery at 1.13%, while short drama games fell by 3.07% [1] Low-E Glass Concept - The Low-E glass concept had a net inflow of 0.45 billion yuan, with seven stocks receiving net inflows, led by Wanshun New Materials with 20.91 million yuan [1] - Key stocks in the Low-E glass concept included Wanshun New Materials, Hainan Development, and Qibin Group, with respective net inflows of 20.91 million yuan, 17.66 million yuan, and 13.23 million yuan [1] Stock Performance - As of June 20, the Low-E glass concept increased by 0.64%, ranking 10th among concept sectors, with Wanshun New Materials, Hainan Development, and Qibin Group leading the gains at 4.68%, 2.64%, and 1.62% respectively [3] - Decliners in the Low-E glass concept included XinSai Co., Sanxia New Materials, and AnCai High-Tech, with declines of 2.53%, 1.00%, and 0.22% respectively [3] Fund Flow Ratios - Fund inflow ratios were highest for Qibin Group, Wanshun New Materials, and Hainan Development, with net inflow rates of 11.05%, 7.29%, and 5.62% respectively [2][4] - Wanshun New Materials had a trading volume of 20.91 million yuan and a turnover rate of 7.81% [2]

Core Viewpoint - Maiwei Co., Ltd. plans to raise up to 1.967 billion yuan through convertible bonds to invest in the industrialization of perovskite tandem solar cell equipment, indicating a strong commitment to the perovskite sector amid growing industry demand [1][2][3] Investment Project Summary - The total investment for the perovskite tandem solar cell equipment project is estimated at 2.138 billion yuan, with Maiwei and its subsidiary responsible for development and production [2] - The project aims to produce 20 sets of perovskite tandem solar cell manufacturing equipment annually after a three-year construction period, with projected annual sales revenue of 4 billion yuan and net profit of approximately 600 million yuan [2] - The financial internal rate of return for the project is estimated at 19.92%, with a payback period of 7.43 years [2] Industry Context - The perovskite and perovskite tandem cell sectors are experiencing significant investment interest, with major companies like Longi Green Energy and Tongwei Co. actively engaging in research and development [3] - The theoretical efficiency of single-junction perovskite solar cells is 33%, while perovskite-silicon tandem cells could reach around 43%, surpassing traditional silicon cell efficiency limits [2][3] - A total of 23 financing events in the perovskite battery field were recorded from 2024 to March 2025, highlighting the sector's growing investment activity [3] Company Development and Financial Performance - Maiwei has invested 1.714 billion yuan in R&D over the past two years, reflecting a strong focus on innovation [1][7] - The company has seen rapid revenue growth since its listing in 2018, with revenues increasing from 788 million yuan in 2018 to 8.089 billion yuan in 2023, representing a compound annual growth rate of approximately 65.55% [6] - Despite challenges in the photovoltaic industry, Maiwei's revenue for 2024 is projected at 9.83 billion yuan, a year-on-year increase of 21.53% [7] R&D and Talent Acquisition - Maiwei has accumulated 640 patents and 197 software copyrights, demonstrating its commitment to innovation [8] - The company has expanded its R&D team to 1,552 personnel, enhancing its capacity for technological advancement [8]

Core Viewpoint - The company, Maiwei Co., plans to issue convertible bonds to raise up to approximately 1.967 billion yuan for the industrialization project of perovskite tandem solar cell equipment, seizing opportunities in the photovoltaic battery technology development [2][3]. Group 1: Project Overview - The total planned investment for the perovskite tandem solar cell equipment industrialization project is 2.138 billion yuan, with 1.9666752 billion yuan to be raised through the bond issuance [3]. - The project will be implemented by Maiwei Co. and its wholly-owned subsidiary Xuancheng Maiwei Intelligent Equipment Manufacturing Co., with construction locations in Suzhou and Xuancheng [3]. - The project aims to achieve an annual production capacity of 20 sets of perovskite tandem solar cell manufacturing equipment after a construction period of three years [3]. Group 2: Market Potential and Industry Trends - The company recognizes the growing potential of perovskite and perovskite tandem batteries, with active investment demand in the industry [4]. - Several leading companies in the crystalline silicon battery sector, such as Longi Green Energy and Tongwei Co., have begun research and development of perovskite crystalline silicon tandem batteries, transitioning from experimental lines to pilot and small-scale production lines [4]. - From 2024 to March 2025, there have been 23 financing events in the perovskite battery sector, indicating a robust investment landscape [4]. Group 3: Financial Performance - In 2024, the company's revenue reached 9.83 billion yuan, a year-on-year increase of 21.53%, while the net profit attributable to shareholders was 926 million yuan, up 1.31% [5]. - In the first quarter of the current year, the company reported revenue of 2.229 billion yuan, a slight increase of 0.47%, but the net profit attributable to shareholders decreased by 37.69% to 162 million yuan [5].

Group 1: Shareholder Concerns - The major shareholder has pledged 55,068,600 shares, accounting for 39.44% of their holdings, but this will not affect their control over the company [2] - The company emphasizes that shareholder returns will be considered in future dividend plans, which will be based on operational performance and funding needs [2][3] Group 2: Dividend Plan - The proposed dividend for the 2024 fiscal year is 0.70 CNY per 10 shares, totaling approximately 43,601,234.46 CNY (before tax), pending approval at the 2024 annual general meeting [3] Group 3: Business Performance and Market Conditions - The company has diversified its overseas business across over 30 countries, reducing reliance on any single market [5][7] - The first quarter of 2025 saw performance fluctuations due to adjustments in the photovoltaic industry and delays in customer capacity expansions [5][6] Group 4: Future Growth and Strategy - The company is focusing on high-end intelligent equipment manufacturing, particularly in the photovoltaic sector, and is committed to maintaining a robust operational strategy [7] - The company is actively monitoring industry trends and will adapt its strategies to leverage opportunities while addressing potential challenges [7]

Company Overview - Company is engaged in the research, design, production, and sales of high-end non-standard intelligent equipment, primarily applied in the photovoltaic and corrugated packaging sectors [4] - Company aims to become a global leader in intelligent manufacturing solutions, with its core business segments being photovoltaic equipment and packaging equipment [18] Photovoltaic Equipment Industry - Global photovoltaic market demand remains strong, with an expected 2024 global installed capacity of 530 GW, a year-on-year increase of 35.9% [5] - In China, the new installed capacity for photovoltaic systems reached 277.57 GW in 2024, up 28.33% year-on-year, with projections for 2025 between 215-255 GW [6] - The photovoltaic industry is undergoing structural reforms, leading to a balanced supply-demand dynamic, with policies aimed at enhancing technological standards and reducing inefficient capacity [7][8] - N-type battery technology is gaining market share, with N-type TOPCon batteries accounting for 71.1% of the market, while PERC batteries have dropped to 20.5% [9] Corrugated Packaging Equipment Industry - The corrugated packaging industry is experiencing a mild recovery, supported by increased exports and consumer demand, with the retail sales of consumer goods in China reaching 48.33 trillion yuan, a 3.5% increase year-on-year [11] - The digital printing market is growing rapidly, with projections indicating that digital inkjet printing's market share in corrugated packaging will rise from 6% in 2023 to 11% by 2028, with a CAGR of 17.6% [12] - Domestic policies are promoting green transformation in the packaging sector, with initiatives aimed at enhancing recycling and reducing packaging waste [13][14] Company Position in the Industry - Company’s subsidiary, Shengcheng Photovoltaic, is recognized as a leading supplier of photovoltaic intelligent equipment, with a cumulative installed capacity exceeding 800 GW and products exported to over 30 countries [15] - In the corrugated packaging sector, the company holds a market share of 23.39%, ranking first in the domestic corrugated production line industry, and has received multiple industry awards for brand value and influence [16][17]

Core Viewpoint - The photovoltaic industry chain prices are expected to rise in March 2025 due to multiple factors including policy-driven demand, industry self-discipline in production cuts, and an ongoing optimization of supply-demand dynamics [1]. Project Signing/Planning - In March 2025, there were 9 photovoltaic signing/planning projects, with 4 in China and 5 overseas, totaling a scale of 10.2GW. The battery segment accounted for 9GW, while the module segment accounted for 1.2GW [2]. Project Commencement - A total of 4 photovoltaic projects commenced in March 2025, with 2 in China and 2 overseas. The scale of silicon material projects was 40,000 tons, battery projects 2GW, and module projects 5GW [7]. Project Commissioning - In March 2025, 5 photovoltaic projects were commissioned, with domestic projects totaling 0.2GW and overseas projects totaling 22.9GW. The battery segment contributed 5.4GW, while the module segment contributed 17.7GW [10]. Domestic Expansion Focus - Domestic expansion in March 2025 focused on BC and perovskite technologies, with significant projects signed by companies like SANY and GCL-Poly. Notably, Mission Solar Energy announced a $265 million investment to increase 2GW solar cell capacity in Texas [5][9]. International Expansion - Internationally, expansion projects are diversifying in destination, with significant investments in the U.S., Ethiopia, Turkey, and Nigeria. For instance, TOYO Solar plans to expand 2GW of solar cell capacity in Ethiopia [5][10]. Overall Market Trends - Overall, March 2025 saw fewer domestic photovoltaic signing, commencement, and commissioning projects, but many are nearing completion. The overseas market is experiencing a significant increase in project commencement and commissioning, particularly in India, which leads global production for the month [23].