Haitian Shares Team Up with Tongwei, Triggering Limit-Up in Stock Price; Company Urgently Warns of Uncertainty in the Collaboration

On the evening of March 24, Haitan Co., Ltd. (603759) announced further clarification regarding the strategic cooperation agreement signed with Tongwei Solar disclosed on the previous trading day, indicating that there are still uncertainties in their collaboration in areas such as perovskite slurry. On March 24, after the company disclosed the cooperation framework agreement, the stock price in the secondary market surged and hit the daily limit.

The announcement showed that on March 23, Haitan Co., Ltd. signed a strategic cooperation framework agreement with Tongwei Solar Co., Ltd., with both parties aiming to collaborate in research and development, supply, and other aspects of solar cell slurries, including HJT slurries, TOPCon slurries, and perovskite slurries. Following this news, the company’s stock quickly locked at the daily limit after the market opened on March 24, as the market reacted positively to its entry into the photovoltaic materials sector and its partnership with leading industry enterprises.

Simultaneously with the stock price fluctuations, Haitan Co., Ltd. issued a supplementary risk warning, clarifying that this agreement is merely a framework and intention-based agreement, and does not involve substantive content such as specific business scale or implementation timelines. The specific cooperation projects, cooperation amounts, and progress must be confirmed through a formal contract signed by both parties, and there is significant uncertainty regarding whether the cooperation can be successfully implemented.

According to the agreement, both parties will cover their respective subsidiaries, with Haitan Co., Ltd. focusing on Haitan Intelligent Manufacturing (Shanghai) New Materials Co., Ltd., connecting with multiple production bases under Tongwei Solar. Both parties agreed to prioritize cooperation under equal commercial conditions, jointly promote the research and development of new photovoltaic slurries, and share relevant intellectual property rights, with the cooperation period extending until the end of 2030.

Haitan Co., Ltd. stated that this cooperation aligns with the company’s development direction towards the new energy materials sector. If successfully implemented, it is expected to have a positive impact on future operations, but currently, it does not meet the conditions to directly contribute to performance.

Public information shows that Haitan Co., Ltd.‘s main business focuses on environmental water services such as water supply and wastewater treatment. After acquiring Heraeus’ photovoltaic silver paste business through its wholly-owned subsidiary in April 2025, the company officially entered the photovoltaic silver paste and new energy materials business, actively constructing a dual main business pattern of “environmental protection + new energy new materials.” Tongwei Solar is a leading global photovoltaic cell manufacturer, with shipment volumes ranking among the top globally for several consecutive years, having technical layouts in directions such as crystalline silicon cells and perovskite tandem cells. This cooperation is viewed by the market as an important opportunity for the company to enter the mainstream photovoltaic supply chain and is a core reason for the short-term strengthening of its stock price.

From an industry perspective, perovskite photovoltaics have become one of the core directions for technological iteration in the current photovoltaic industry. With higher theoretical conversion efficiency and potential cost reduction space, perovskite and tandem cell technologies continue to attract attention. Since 2025, several domestic perovskite production lines have entered trial production stages, gradually releasing the demand for key materials such as slurries, conductive glass, and targets within the supply chain. According to industry statistics, the investment scale related to perovskites in China is expected to grow significantly year-on-year in 2025, with multiple listed companies successively laying out in areas such as slurries and equipment.

However, it is worth noting that the perovskite industry is still in its early stages of industrialization, and key indicators such as large-area module efficiency, stability, and yield are still undergoing continuous optimization. The commercial application of core materials such as slurries has not yet matured completely, and there are still uncertainties regarding the technical pathways. The competition for technical routes is fierce, with high R&D investment and uncertainty in results conversion being common issues.

Several brokerage research reports point out that the perovskite industry is gradually moving from laboratory research to pilot tests and small-scale production, with 2026 expected to be a key year for industrialization advancement. Material companies with technological reserves, customer resources, and collaborative capabilities within the supply chain are likely to benefit first; however, the industry overall still faces challenges such as rapid technological iteration, large-scale production difficulties, and long profit realization cycles. Some institutions believe that competition in the photovoltaic slurry industry is becoming increasingly intense, with leading battery companies having long certification cycles for material suppliers, meaning that new entrants will require a long time for validation to achieve large-scale supply.