On October 28, Maiwei shares announced the termination of the company's issuance of convertible corporate bonds to non-specific targets.
Earlier, on May 31, 2025, Maiwei announced that the total amount of funds to be raised by issuing convertible corporate bonds would not exceed RMB 196,667.
Perhaps we can get a glimpse from the company's three quarterly reports released on the same day. From January to September
in 2026, Maiwei achieved a revenue of about 4.146 billion yuan, down 33.16% year-on-year, and a net profit of about 286 million yuan, down 56.88% year-on-year; In the third quarter of
this year, the company achieved revenue of about 1.237 billion yuan, down 37.84% year-on-year; net profit of about 34 million yuan, down 87.41% year-on-year; The non-net profit is about 0.
It can be seen that the performance of Maiwei shares is declining rapidly. Maiwei Co., Ltd. explained that, mainly affected by the overall impact of the photovoltaic industry, the company's main business products, solar cell production equipment acceptance sales declined, the company's revenue declined; at the same time, the gross profit scale showed a shrinking trend, the company also made more credit impairment losses, and the R & D investment increased, the company's net profit declined under the comprehensive factors. Established in September 2010,
Suzhou Maiwei Technology Co., Ltd. was listed on the Shenzhen Stock Exchange in November 2018, and the securities are referred to as Maiwei shares. The company's main products are solar cell production equipment.
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.
From the past financial reports of Maiwei shares, we can see that the previous business layout was highly concentrated in the photovoltaic field, which is a photovoltaic equipment enterprise with a single main business. In the heyday of the development of the photovoltaic industry in 2021-
2022, the capital market continued to be optimistic about Maiwei shares. The company has also experienced one climax after another in the stock market.
year-2024, revenue has crossed the 4 billion, 8 billion and 9 billion barriers, and net profit has risen synchronously. In 2024, the net profit reached 9.
As Maiwei shares are located in the equipment side, there is a lag effect in the industry cycle transmission, and the company's performance is relatively lagging behind. However, the performance growth rate and stock price of Maiwei shares still reflect the impact of the industry downturn.
From 2023 to 2025, the revenue growth rate of Maiwei will be 95%, 22% and -17% respectively, and the net profit growth rate will be 6%, 1% and -22% respectively.
In the cold winter of the industry, photovoltaic enterprises have opened the way to break the situation. Going to sea is one of the links.
Although there are voices in the industry that the photovoltaic industry will gradually return to a rational development track from next year, the overall situation of overcapacity has not changed. Downstream batteries, " On the contrary, the overseas market still has great potential for development, so going to sea has become an important choice for domestic photovoltaic enterprises this year, and Maiwei shares are also one of them.
In the annual report of 2025, Maiwei said: "The company takes the lead in realizing the large-scale overseas export of photovoltaic intelligent manufacturing equipment, and its products are exported to Singapore, Malaysia, Thailand, Vietnam and other core photovoltaic manufacturing countries in the world. It is one of the few domestic enterprises with the ability of high-end photovoltaic equipment to go to sea."
In 2025, the company's overseas revenue was about 2.879 billion yuan, an increase of 320.19% over the previous year, accounting for 35.2026. In the first half of 2026, the company's overseas revenue was about 1.984 billion yuan, an increase of 140.64% over the previous year. Revenue accounted for 68.
For the above rumors, the official website of Maiwei shares has never responded positively and publicly. It is not known how much Musk has increased the performance of Maiwei shares, but the impact on the company's share price is obvious. On January 26
, 2026, Maiwei's share price reached a new high of 372 yuan per share . Then on January 27, the market value of Maiwei shares officially broke through 100 billion , reaching 1012.
Whether the equipment should go to sea and how to go to sea has been a hot topic in the photovoltaic industry in recent years. In mid-October this year, the relevant departments of our country solicited public opinions on the control of export technology.
On October 16, the Ministry of Commerce and the Ministry of Science and Technology issued a notice to solicit public opinions on the Catalogue of Technologies Prohibited and Restricted from Export in China, and to implement temporary management measures for pre-export registration of relevant technologies.
Among them, five photovoltaic technologies are to be banned from export, and seven technologies are to be restricted from export, covering photovoltaic polysilicon manufacturing, silicon wafer manufacturing and battery manufacturing. In the process of battery manufacturing, TOPCon, HJT, xBC and perovskite stack technology are involved.
From the above draft, it can be seen that photovoltaic equipment can go to sea, but can not be exported at will, and the core key technologies must always be in our own hands. This requires equipment enterprises, including Maiwei shares, to balance equipment delivery and technical protection when carrying out overseas layout.
In addition to expanding the sales channels of the main business, Maiwei shares are also trying to extend their business tentacles and create new performance growth points. In the
2025 annual report, when explaining its main business, Maiwei wrote: "The downstream application fields of the company's main business products are photovoltaic, display and semiconductor industries, which are used to produce photovoltaic cells, display panels and semiconductor chip manufacturing and packaging."
It can be seen that Maiwei shares extend their business tentacles to the semiconductor field. In fact, this layout is not a temporary idea .
Digital new energy DataBM. Among them, the research and development project of OLED laser cutting has been completed, and the research and development projects of semiconductor laser cutting machine and automatic wafer slotting equipment are in the research and development stage.
Since then, there has been a sentence in the annual report of Maiwei shares- "successively develop display panel core equipment, semiconductor packaging core equipment". As of 2025, a number of R & D projects in the semiconductor field have entered the trial production stage.
Looking back at the third quarter of this year, we found that in the first three quarters, the R & D cost of Maiwei shares was about 820 million yuan . "While maintaining the sustainability of photovoltaic R & D, the company has significantly increased its investment in the field of semiconductor and display equipment, resulting in an increase in R & D costs,
" Maiwei shares also mentioned when explaining the reasons for the sharp decline in net profit.
It can be seen that Maiwei shares want to grasp the photovoltaic development track with one hand and bet on the semiconductor field with one hand.
However, according to the semi-annual report of 2026, the company's semiconductor revenue was 248 million yuan, an increase of 94% over the same period last year. Although the growth momentum is bright, the business only accounts for 8% of the total revenue.
When will the semiconductor business be able to shoulder the performance burden of the shares? Can company reinvent its performance in the semiconductor field?
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