Jiejia Weichuang (SZ300724): In-Depth Analysis of TOPCon Equipment Advantages

Jiejia Weichuang (Stock Code: 300724.SZ) is a leading national high-tech enterprise in China engaged in the R&D, production, and sales of solar cell equipment. The company is committed to building a technology platform-based enterprise, with a full layout across high-efficiency and ultra-high-efficiency photovoltaic cell technological routes including TOPCon, HJT, XBC, perovskite, and perovskite tandem. It has now

[0][1].

According to the latest market data, Jiejia Weichuang holds a

in the TOPCon equipment sector, firmly maintaining its leading position in the industry[2]. In the first half of 2024, the company achieved operating revenue of RMB 6,622,460,200, representing a year-on-year increase of 62.19%; net profit attributable to owners of the parent company was RMB 1,226,138,700, a year-on-year increase of 63.15%[3].

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Jiejia Weichuang boasts strong technical strength and market competitiveness in the TOPCon coating equipment sector, with its products

, which can meet the technical needs of different customers[3][4].

Technological Route	Film Deposition Quality	Film Deposition Efficiency	Over-Coating Situation	Key Advantages
LPCVD	High	Relatively Slow	Exists	Mature technology, large production capacity, stable quality[4]
PECVD	Relatively High	Fast	Slight	High film deposition efficiency, great cost reduction potential[4]
PVD	High	Fast	None	Good film uniformity, high density[4]

The company can provide customized equipment solutions based on customers’ specific needs. This

enables the company to have stronger risk resistance and market adaptability against the backdrop of intensified competition in industry technological routes.

Jiejia Weichuang is currently a leading equipment supplier in China

[3]. The company provides TOPCon complete production line equipment covering the following main processes:

• Cleaning and Texturing Equipment
• Diffusion Equipment
  (Boron Diffusion, Phosphorus Diffusion)
• Oxidation and Annealing Equipment
• Film Deposition Equipment
  (LPCVD, PECVD)
• Edge Passivation Equipment
• Automation Equipment

According to industry report data, Jiejia Weichuang’s equipment has been widely adopted by major TOPCon cell producers such as

[4].

The company continues to invest in R&D for the upgrading of TOPCon technology, including the following cutting-edge technologies:

Double-sided polysilicon (Poly) technology is an important direction for efficiency improvement of TOPCon cells. The company continues to optimize the engineering application of this technology, which can effectively improve the back-side efficiency of cells[5][6].

Edge passivation technology is one of the important technological innovations in the photovoltaic industry, which can effectively repair the edge recombination effect of the cutting surface and restore the fill factor (FF) and efficiency of cells. According to industry data,

[7]. Jiejia Weichuang’s edge passivation equipment is continuously being optimized, and customer orders have already been secured[5].

0BB technology can reduce silver paste consumption and optical shading loss, and is an important path for cost reduction and efficiency improvement of TOPCon cells. The company also has corresponding technological reserves and layout in this field[2][6].

Jiejia Weichuang’s TOPCon equipment holds a , making it the absolute leader in the industry[2].

Relying on comprehensive advantages in technological R&D, product performance, and service quality, the company has established long-term cooperative relationships with mainstream crystalline silicon solar cell manufacturers. Customers include but are not limited to[1][3][4]:

• JinkoSolar
• JA Solar
• Trina Solar
• Tongwei Co., Ltd.
• Aixu Co., Ltd.
• LONGi Green Energy
• InnoNew Energy

The recognition from these leading enterprises not only validates the competitiveness of the company’s products but also provides it with a stable revenue source and continuous motivation for technological iteration.

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According to industry research data, Jiejia Weichuang’s TOPCon equipment performs excellently in the following key indicators:

• Film Uniformity
  : The thickness uniformity deviation of the tubular PECVD equipment is controlled within a reasonable range
• Production Capacity Efficiency
  : Large chamber design, single-unit equipment capacity reaches leading industry levels
• Uptime (Equipment Normal Operation Time)
  : High equipment stability, low failure rate
• Yield Matching
  : Highly matches the yield requirements of downstream cell production lines

The company’s equipment can help customers achieve the following cost reduction and efficiency improvement goals:

Cost Reduction Path	Specific Measures	Effects
Reduced Silicon Consumption	Supports thin wafer production	Silicon material cost savings
Reduced Silver Paste Usage	Compatible with 0BB technology	Silver paste cost reduction
Efficiency Improvement	Double-sided Poly, edge passivation	0.3-0.5% increase in cell efficiency
Increased Production Capacity	Large chamber design	Single-unit capacity increase

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Jiejia Weichuang attaches great importance to R&D innovation, has established a

, and comprehensively promotes the integration of “industry, academia, and research”[1].

• Guangdong Provincial Engineering Technology Research Center for High-Efficiency Crystalline Silicon Solar Cell Equipment Manufacturing
• Shenzhen Enterprise Technology Center
• Jiangsu Provincial Engineering Technology Research Center for Photovoltaic Wet Process Equipment
• Jiangsu Provincial Enterprise Technology Center
• Changzhou Engineering Research Center
• National Postdoctoral Research Workstation

As of June 30, 2025, the company has obtained

[1], forming a relatively complete intellectual property protection system.

The company has built its own

, which serve as innovation verification platforms for heterojunction solar cell production equipment, perovskite solar cells, and tandem cell equipment. These platforms can rapidly promote the independent design and development of equipment for each process link under high-efficiency technological routes, verification and optimization of key components, and iteration of cell technology and complete production line upgrades[1].

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According to data from the China Photovoltaic Industry Association,

, replacing PERC as the mainstream technological route in the industry[8]. This technology replacement trend has brought huge market opportunities for TOPCon equipment suppliers.

Leading enterprises have launched new-generation TOPCon products one after another, and module power is entering the 650W+ era:

• JinkoSolar Tiger Neo 3.0: 650-670W[6]
• JA Solar DeepBlue 5.0: 650-670W[6]
• Trina Solar i-TOPCon Ultra: 650W[6]

This technological upgrading trend puts forward higher requirements for the company’s equipment performance, while also creating conditions for the company’s high-end equipment sales.

The company is actively expanding overseas markets. With the continuous growth of the global photovoltaic market and the localized development of overseas photovoltaic markets, the company is expected to further expand its international market share by virtue of its technological advantages[5].

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Indicator	First Half of 2024	Year-on-Year Change
Operating Revenue	RMB 6.622 billion	+62.19%
Net Profit Attributable to Parent Shareholders	RMB 1.226 billion	+63.15%
Gross Profit Margin	Approximately 30%	Remained Stable
Contract Liabilities	RMB 13.1 billion	Mainly from TOPCon equipment orders

The equipment technological route corresponding to the company’s contract liability balance is

, indicating that the company has sufficient orders on hand, and future performance growth is guaranteed[5].

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1. Photovoltaic Industry Cycle Fluctuations
   : Industry capacity adjustment periods may lead to fluctuations in equipment demand
2. Technological Route Competition
   : Competition from alternative technologies such as HJT and XBC
3. Downstream Customer Concentration
   : Leading customers have strong bargaining power

1. Continue to consolidate the leading market position in TOPCon equipment
2. Increase R&D investment in efficiency improvement technologies such as double-sided Poly and edge passivation
3. Actively expand into semiconductor equipment and lithium battery equipment sectors
4. Promote the industrialization of perovskite and tandem cell equipment

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Jiejia Weichuang’s core competitive advantages in the TOPCon equipment sector can be summarized as follows:

Advantage Dimension	Specific Content	Competitive Advantage
Market Share	Approximately 60% market share in TOPCon equipment	Absolute industry leader
Technological Coverage	Multiple technological routes including LPCVD and PECVD	Strong risk resistance
Complete Production Line Capability	Provides TOPCon complete production line solutions	One-stop service advantage
Technological Innovation	Cutting-edge technologies such as double-sided Poly and edge passivation	Sustained leading capability
Customer Resources	Tied to leading cell manufacturers	High revenue stability
R&D Strength	968 patents + National Postdoctoral Research Workstation	Deep technological barriers

Overall, as the absolute leader in China’s TOPCon equipment sector, Jiejia Weichuang is expected to continue to benefit from the wave of N-type cell technology iteration by virtue of its

.

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[0] East Money - Jiejia Weichuang Stock Data (https://data.eastmoney.com/stockdata/300724.html)

[1] East Money - Jiejia Weichuang Core Competitiveness Analysis (https://data.eastmoney.com/stockdata/300724.html)

[2] Sina Finance - Analysis of Investment Opportunities Amid the Photovoltaic Industry Chain Price Hike (https://finance.sina.com.cn/roll/2025-12-26/doc-inhecpvp0801107.shtml)

[3] Zhongyuan Securities - Report on Platform-Type Technological Advantages of BC Batteries (https://pdf.dfcfw.com/pdf/H3_AP202502201643297807_1.pdf)

[4] Global Photovoltaic Cell Industry Blue Book (https://www.cninsights.com/uploads/upload/files/20250225/2a2409b140242d97533d0cc552dc250f.pdf)

[5] Sina Finance - Jiejia Weichuang Investor Relations Interaction (https://finance.sina.com.cn/stock/relnews/cn/2025-03-05/doc-inenqxsf8862150.shtml)

[6] Guojin Securities - Photovoltaic Equipment Industry Research Report (https://pdf.dfcfw.com/pdf/H3_AP202512141800258761_1.pdf)

[7] SJEFSolar - Introduction to Half-Cell Edge Passivation Technology (https://www.sjefsolar.com/news_details/44.html)

[8] Laplace 2024 Annual Report (https://vip.stock.finance.sina.com.cn/corp/view/vCB_AllBulletinDetail.php?stockid=688726&id=10884628)