Core Insights - The commercialization prospects of perovskite batteries are promising, with TCO conductive film glass accounting for over 30% of the cost structure [1] - Jinjing Technology, based in Zibo, Shandong, holds core technology for TCO conductive film glass and dominates the market share [1][6] - The company has filled domestic technological gaps and is collaborating with leading enterprises in the perovskite industry to drive systematic cost reductions [1] Company Overview - Jinjing Technology originated from the first industrialized flat glass production company in China, established over a century ago in Zibo [2] - The company has produced ultra-white glass with a transmittance rate exceeding 91%, significantly higher than ordinary glass [2][4] - The first ultra-white glass was produced in July 2005, breaking the long-standing reliance on imports and making prices more accessible [4] Product Development - The ultra-white glass production line has achieved significant advancements, including the world's largest single piece of ultra-white glass measuring 26 meters [4] - By 2025, the production line will be upgraded to produce ultra-white glass lengths of up to 30 meters with a transmittance rate of 92% [4] Industry Impact - The high transmittance of ultra-white glass enhances efficiency in green buildings and photovoltaic applications [5] - TCO conductive film glass is crucial for manufacturing perovskite solar cells, representing over 30% of their total cost [6] - Jinjing Technology has achieved full control over the production chain of TCO conductive film glass, overcoming technical challenges related to size, conductivity, and transmittance [6] Strategic Partnerships - Jinjing Technology has formed strategic partnerships with leading companies in the perovskite battery sector, such as GCL-Poly Energy [7] - The company’s TCO conductive film glass production lines are supplying major players in the perovskite battery market, capturing a significant domestic market share [7] Financial Performance - In the first three quarters of 2025, Jinjing Technology reported revenue of 3.461 billion yuan, a year-on-year decline of 31.63%, with a net profit loss of 270 million yuan, down 190.8% [8] - The company is focusing on cost reduction and efficiency improvements while promoting high-value-added products to prepare for future growth [8]