Used as a highly efficient catalyst in cross-coupling reactions, particularly in Suzuki-Miyaura and Heck reactions, enabling the formation of carbon-carbon bonds in pharmaceutical and fine chemical synthesis. Exhibits excellent thermal stability and reusability in homogeneous catalytic systems. Also applied in photodynamic therapy research due to its strong absorption in the visible light range and ability to generate singlet oxygen. Shows promise in organic electronics, including organic light-emitting diodes (OLEDs) and photovoltaic devices, owing to its extended π-conjugation and metal-centered redox activity.