The brief

Analyst view

• World records: perovskite-silicon tandem at 35.5% (ESTI-certified July 2026) and HIBC silicon at 28.13%.
• Operates world's largest wafer capacity; manufactures at gigawatt-scale across Chinese plants.
• Vertically integrated from polysilicon refining to modules, maintaining cost leadership in commodity solar.

Technical approach

As reported

Perovskite tandems

Stacked cell layers for efficiency

Perovskite-silicon stacks absorb more spectrum. Harder to scale; perovskite is fragile. 35.5% record shows path.

Back-contact architecture

Silicon with rear electrodes

HIBC moves electrodes to rear, freeing front for light. Harder to make, lower yields, but higher efficiency.

Vertical integration

Full supply chain in-house

Controls polysilicon refining through module assembly. Optimizes costs but locked into silicon when next-gen cells may dominate long-term.