Core Viewpoint - GCL-Poly's GTC perovskite tandem battery technology has achieved a breakthrough with a certified photoelectric conversion efficiency of 33.31%, positioning the company as a leader in the photovoltaic industry amid increasing competition and energy transition demands [1] Group 1: Technological Breakthroughs - The breakthrough is supported by three core advancements: optimization of silicon sub-micron surface, cation mixing strategy for current optimization, and advanced interface technologies for stabilizing crystal boundaries [2] - The company has developed a complete patent system covering device structure, key interface materials, core processes, and testing standards, establishing a significant technological authority in the industry [2] Group 2: Industry Context and Future Goals - The photovoltaic industry is shifting focus from cost reduction to efficiency enhancement, with perovskite-silicon tandem technology being the only known scalable path to exceed 30% efficiency, with a theoretical limit of 45% [1] - GCL-Poly aims to increase efficiency by an additional 3% by 2026, while also achieving production efficiency milestones with TOPCon2.0 and GPC2.0 technologies [3]

Core Viewpoint - "Guangsu Technology" has completed its angel round financing, amounting to several tens of millions, aimed at upgrading perovskite inkjet printing equipment and developing supporting ink materials [1][2]. Company Overview - "Guangsu Technology" was established in 2024, focusing on the core manufacturing processes of silicon-perovskite tandem solar cells, with its inkjet printing equipment being the first to achieve commercial delivery in China [1][2]. - The company’s products cover the entire chain from basic research to mass production, transitioning from pure equipment sales to a "equipment + ink" model [2][3]. Technology and Innovation - The choice of inkjet printing technology allows for precise material deposition, avoiding traditional process flaws and matching production speeds with existing lines, which is crucial for solving mass production challenges [2][3]. - The company has developed a unique solution to prevent nozzle clogging, which has been a significant challenge in the industry, ensuring stable operation and delivery of its equipment [2][3]. Market Position and Competitive Landscape - "Guangsu Technology" is currently the only domestic company capable of ensuring the delivery and long-term stable operation of perovskite inkjet printing equipment, leveraging international experience and local demand [2][3]. - The company faces competition from traditional photovoltaic equipment giants, but its technological first-mover advantage is expected to be maintained for a certain period [3]. Investment Perspective - Investors recognize the potential of perovskite-silicon tandem technology as a key direction for photovoltaic technology iteration, with "Guangsu Technology" being acknowledged for its innovative capabilities and engineering experience [4][5]. - The company is seen as a leader in the field, having solved critical process challenges in the production of perovskite tandem solar cells, which has garnered recognition from major photovoltaic enterprises [5].