Elon Musk is set to once again rewrite the history of capital markets. According to market sources, SpaceX plans to officially list on the Nasdaq in June this year, with an estimated valuation between $1.75 trillion and $2 trillion, potentially making it the largest IPO in history. The listing of SpaceX is expected not only to reshape the global aerospace industry landscape but also to potentially usher in a "Starship" era for the global AI competition, with the battle for computing power in space imminent. Behind the grand technological narratives of satellites, space stations, and even future space data centers lies an indispensable "new infrastructure": space photovoltaics. Currently, space photovoltaics is transitioning from science fiction to reality. According to a report by Zhongyuan Securities Research Institute, the global space photovoltaic market is projected to reach approximately 56.9 billion yuan by 2026. By 2035, this figure is expected to surge to 1,099.8 billion yuan, making it a veritable trillion-yuan industry. It is believed that space photovoltaics is destined to be a borderless track, and those who can secure a strategic position early stand to gain a competitive edge for the future. Just ahead of SpaceX's IPO, a Hong Kong-listed company has quietly made a critical move. Central New Energy (01735) recently announced that it has entered into a cooperation agreement with Suzhou Heimian Optoelectronics Technology Co., Ltd. (hereinafter referred to as "Heimian Optoelectronics") at the International Frontier Science Research Institute of Nanjing University of Aeronautics and Astronautics (hereinafter referred to as "NUAA"). The parties will establish a joint venture to jointly research and develop perovskite/silicon tandem photovoltaic cells for space applications. Why choose perovskite/silicon tandem? While traditional gallium arsenide cells offer high efficiency, their cost is extremely prohibitive, reaching hundreds or even thousands of yuan per watt, making them unsustainable for launching millions of satellites. In contrast, perovskite/silicon tandem cells have a theoretical efficiency that can exceed 43%, a power-to-weight ratio of 1.77 watts per gram, and inherent advantages in flexibility. Notably, NUAA has made significant contributions along this technological path. Previously, the team led by Academician Guo Wanlin and Professor Zhao Xiaoming from NUAA published breakthrough results in *Science*, developing a vapor-assisted surface reconstruction technology that, for the first time, achieved outdoor operational stability comparable to commercial silicon cells in 30 cm × 30 cm perovskite modules. This systematically addressed the "lab, production line, outdoor" full-chain stability challenges in perovskite industrialization. The perovskite photovoltaic modules developed by Heimian Optoelectronics' technical team in collaboration with NUAA have passed stability certification by TÜV Rheinland, with the module lifespan considered to have significant potential exceeding 20 years, laying a favorable foundation for subsequent entry into the extreme environments of space. Central New Energy provides the large-scale production capability for silicon cells. The complementary strengths of both parties form a synergistic model of a strong alliance between a leading ground-based photovoltaic player and a new force in space technology. Central New Energy's move into space photovoltaics was previously hinted at. In 2025, the company achieved revenue of approximately 11.02 billion Hong Kong dollars, a year-on-year increase of 82.64%. While consolidating its main business of high-efficiency N-type cell and module manufacturing, Central New Energy has clearly extended its reach into energy storage and green computing power, building an integrated and flexible energy network encompassing "generation, storage, and utilization." Leveraging its own clean power and energy storage infrastructure, the company had previously made forward-looking plans for AI computing center construction. Chairman Yu Zhuyun further proposed the concept of a "Photovoltaic New Energy + AI" mega-base, planning to build green bases integrating photovoltaics, energy storage, and intelligent computing power in areas rich in wind and solar resources, achieving a virtuous cycle of "green power for computing, computing power aiding green power." Central New Energy's formal entry into space photovoltaics can be seen as a further extension and development of this established strategy. From an industry perspective, Central New Energy's forward-looking positioning deeply aligns with the industry's development direction. Earlier this year, SpaceX applied to the FCC to deploy millions of satellites equipped with AI computing capabilities, constructing an orbital data center network. All satellites would be directly powered by solar energy, fundamentally altering the energy model for high-energy-consumption computing infrastructure. Domestically, the "StarHub Plan" was officially launched, aiming to build a thousand-satellite-level space-based intelligent computing network during the "15th Five-Year Plan" period, marking the systematic advancement of the space computing power track. It is foreseeable that space photovoltaics will not only serve as the energy heart of satellites but will also become strategic new infrastructure supporting the expansion of AI computing power in space. From an investment perspective, Central New Energy's current strategic positioning can be viewed as a significant strategic move. Admittedly, the understanding and recognition of space photovoltaics and even commercial spaceflight within the Chinese capital market are still in their early stages. However, the industry's development carries significant potential for breakthrough growth. Reading the signs, Central New Energy's entry at this time is profoundly meaningful: it signifies the formal entry of Chinese private photovoltaic manufacturing forces into the trillion-yuan space energy market. Looking ahead, with the accelerated deployment of domestic low-orbit constellations such as "Qianfan Constellation," China's commercial space industry process is expected to accelerate. Space photovoltaics is poised to gradually transform from a distant commercial blueprint into tangible orders, and Central New Energy's growth visibility is expected to rise correspondingly.
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