Hai Tian Holdings Joins Hands with Tongwei, Stock Hits Daily Limit Up; Company Issues Urgent Reminder on Uncertainty of Cooperation

On the evening of March 24, Haitan Co., Ltd. (603759) issued a notice further explaining the strategic cooperation agreement with Tongwei Solar disclosed on the previous trading day, highlighting that there are still uncertainties in their collaboration in areas such as perovskite slurry. After the company announced the framework agreement on March 24, its stock price hit the daily limit up.

The announcement shows that on March 23, Haitan Co., Ltd. signed a strategic cooperation framework agreement with Tongwei Solar Co., Ltd., with both parties planning to collaborate on research, development, and supply of solar cell slurries such as HJT slurry, TOPCon slurry, and perovskite slurry. Following this news, the company’s stock price surged to the daily limit after the market opened on March 24, reflecting positive market expectations for its entry into the photovoltaic materials sector and its connection with leading industry companies.

Along with the stock price movement, Haitan Co., Ltd. also issued a supplementary risk warning, clarifying that this agreement is only a framework and intention-based arrangement, not involving specific business scale, implementation timetable, or other substantive details. The actual cooperation projects, amounts, and progress require separate formal contracts to be signed by both parties. There is significant uncertainty about whether the cooperation will be successfully implemented.

According to the agreement, both parties will cover their respective subsidiaries. Haitan Co., Ltd. will focus on Haitan Zhizao (Shanghai) New Materials Co., Ltd., connecting with Tongwei Solar’s multiple production bases across different locations. The two sides agreed to prioritize cooperation under equal commercial conditions, jointly promote the development of new photovoltaic slurries, share related intellectual property, and the cooperation period will last until the end of 2030.

Haitan Co., Ltd. stated that this cooperation aligns with the company’s strategic extension into new energy materials. If successfully implemented, it could positively impact future operations, but at this stage, it does not yet have conditions to directly contribute to performance.

Public information shows that Haitan Co., Ltd. mainly engages in water supply and sewage treatment as its core environmental water services. After acquiring Holst Photovoltaic Silver Paste business through a wholly owned subsidiary in April 2025, the company officially entered the new energy materials sector, including photovoltaic silver paste and new photovoltaic slurries, actively building a “environmental protection + new energy new materials” dual-core business model. Tongwei Solar is a leading global photovoltaic cell manufacturer, with shipment volumes ranking among the top worldwide for many years, and has technological layouts in crystalline silicon 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 key reason for its short-term stock price increase.

From an industry perspective, perovskite photovoltaics have become one of the core directions of technological iteration in the current photovoltaic industry. With higher theoretical conversion efficiencies and potential cost reduction, perovskite and tandem cell technologies continue to attract attention. Since 2025, multiple domestic perovskite production lines have entered trial production, and demand for key materials such as slurry, conductive glass, and target materials is gradually being released. Industry statistics indicate that in 2025, domestic investments related to perovskite significantly increased year-on-year, with many listed companies expanding into slurry, equipment, and other segments.

However, it is worth noting that the perovskite industry is still in the early stages of commercialization. Key indicators such as large-area module efficiency, stability, and yield are still being optimized, and the commercial application of core materials like slurry is not yet fully mature. The technical routes still face uncertainties. Competition among different technical approaches is fierce, with high R&D costs and uncertain results.

Several brokerage research reports point out that the perovskite industry is transitioning from laboratory R&D to pilot and small-scale mass production, with 2026 expected to be a critical year for industrialization. Companies with strong technological reserves, customer resources, and supply chain coordination are likely to benefit first, but the industry as a whole still faces challenges such as rapid technological iteration, difficulty in large-scale production, and long profit realization cycles. Some institutions believe that competition in the photovoltaic slurry industry is intensifying, with leading battery manufacturers requiring lengthy qualification processes for material suppliers, and new entrants needing more time to verify large-scale supply capabilities.