Core Viewpoint - Sunshine Energy (00757.HK) reported a significant decline in revenue for the first half of 2025, primarily due to reduced shipments of photovoltaic modules and intense market competition leading to a continuous drop in prices [1] Financial Performance - The group's revenue for the first half of 2025 was approximately RMB 1.022 billion, representing a year-on-year decrease of about 39.6% [1] - The gross profit margin turned negative at -0.9% for the first half of 2025, compared to a gross profit margin of 1.3% in the same period of 2024 [1] - The company recorded a gross loss of approximately RMB 8.8 million in the first half of 2025, while it had a gross profit of approximately RMB 22 million in the same period of 2024 [1] Cost and Expense Management - The decline in gross profit was attributed to a decrease in the average selling price of photovoltaic modules and a reduction in production volume, which led to an increase in unit fixed costs [1] - Despite the adverse changes, some savings in direct operating costs due to stricter cost control mitigated the impact [1] Net Loss - The net loss attributable to shareholders for the first half of 2025 was approximately RMB 109 million, compared to a net loss of approximately RMB 101 million in the same period of 2024 [1] - The losses were primarily due to the gross loss and significant impairment of trade receivables and contract assets, although these were largely offset by reductions in administrative, sales expenses, and financing costs, as well as lower impairment of property, plant, and equipment [1]

Group 1 - The company, Sunshine Energy (00757), reported revenue of 1.022 billion RMB for the six months ending June 30, 2025, representing a year-on-year decrease of 39.62% [1] - The loss attributable to shareholders of the parent company was 109 million RMB, which is an increase of 7.88% compared to the previous year [1] - The basic loss per share was 3.28 cents [1]

Group 1 - The company, Sunshine Energy (00757), reported a revenue of 1.022 billion RMB for the six months ending June 30, 2025, representing a year-on-year decrease of 39.62% [1] - The loss attributable to shareholders of the parent company was 109 million RMB, which expanded by 7.88% year-on-year [1] - The basic loss per share was 3.28 cents [1]

Financial Performance - Revenue for the six months ended June 30, 2025, was RMB 1,022,337 thousand, a decrease of 39.7% compared to RMB 1,693,242 thousand for the same period in 2024[3] - Gross loss for the period was RMB 8,807 thousand, compared to a gross profit of RMB 21,965 thousand in the previous year, indicating a significant decline in profitability[3] - Net loss for the period was RMB 109,682 thousand, compared to a net loss of RMB 101,719 thousand in the same period last year, reflecting a 7.7% increase in losses[4] - Basic and diluted loss per share attributable to ordinary shareholders was RMB 3.28, compared to RMB 3.04 in the previous year, indicating a worsening of per-share performance[4] - The company reported a total comprehensive loss of RMB 114,496 thousand for the period, compared to RMB 104,618 thousand in the previous year, indicating an increase in overall losses[5] - The group reported a pre-tax loss of RMB 109,117,000 for the six months ended June 30, 2025, compared to a loss of RMB 101,147,000 in 2024[21] - The net loss attributable to shareholders was approximately RMB 109.1 million, compared to a net loss of approximately RMB 101.1 million in the same period of 2024, primarily due to gross loss and significant impairment of trade receivables[54] Assets and Liabilities - Total current assets decreased to RMB 2,233,521 thousand from RMB 3,187,190 thousand, a decline of 30% year-over-year[6] - Total current liabilities decreased to RMB 1,951,135 thousand from RMB 2,748,573 thousand, a reduction of 29% year-over-year[6] - Non-current assets totaled RMB 788,733 thousand, slightly down from RMB 795,839 thousand at the end of 2024[6] - Cash and cash equivalents decreased to RMB 124,249 thousand from RMB 270,699 thousand, a decline of 54%[6] - The total accounts receivable as of June 30, 2025, was RMB 1,206,104,000, down from RMB 1,652,443,000 as of December 31, 2024[24] - As of June 30, 2025, the total accounts receivable, net of bad debt provisions, amounted to RMB 1,206,104,000, a decrease of 27% from RMB 1,652,443,000 as of December 31, 2024[25] - Contract assets totaled RMB 116,411,000 as of June 30, 2025, down from RMB 129,726,000 as of December 31, 2024, reflecting a decrease of approximately 10%[26] - Prepayments and other receivables decreased to RMB 208,672,000 as of June 30, 2025, compared to RMB 246,157,000 as of December 31, 2024, representing a decline of about 15%[27] - Trade payables and notes payable totaled RMB 948,041,000 as of June 30, 2025, a significant reduction of 39% from RMB 1,563,184,000 as of December 31, 2024[27] Cash Flow and Financing - The net cash flow from operating activities for the six months ended June 30, 2025, was RMB 57,405 thousand, compared to a negative cash flow of RMB 121,717 thousand in the same period of 2024[8] - The total cash and cash equivalents decreased by RMB 147,170 thousand for the six months ended June 30, 2025, compared to a decrease of RMB 379,652 thousand in the same period of 2024[8] - The financing costs for the six months ended June 30, 2025, were RMB (22,308) thousand, compared to RMB (31,355) thousand in the same period of 2024, reflecting a decrease of approximately 29%[14] - The financing costs decreased by 29.0% to approximately RMB 22.3 million from approximately RMB 31.4 million in the first half of 2024, as the company optimized financing channels[52] Operational Efficiency - The inventory turnover days increased to 65 days from 35 days as of December 31, 2024, due to a strategic reduction in order volume and shipments in response to unfavorable market pricing[55] - Administrative expenses decreased to approximately RMB 81.9 million from approximately RMB 102.8 million in the same period of 2024, attributed to enhanced operational efficiency and strict cost control[49] - Sales and distribution expenses recorded a net income of approximately RMB 12.3 million, a significant change from a net expense of approximately RMB 38.9 million in the first half of 2024, primarily due to a large reversal of warranty provisions[48] Market and Industry Trends - The photovoltaic industry is experiencing a continuous demand growth trend, supported by global energy transition policies and technological advancements[30] - The photovoltaic industry is facing severe challenges due to a long-term decline in sales prices below cost since 2024, leading to significant financial downturns for many companies[63] - The Chinese government is promoting market adjustments through policies aimed at boosting domestic demand and enhancing the international value of "Made in China" products[64] - The photovoltaic market in China has shifted from policy-driven to market-driven competition, marking a new phase in the industry[64] Product Development and Innovation - The company has not disclosed any new product developments or market expansion strategies during this reporting period[2] - The group focuses on high-efficiency monocrystalline products, including N-type modules and large-size modules, which have become mainstream in the market[33] - The group has established a research collaboration with Southeast University to enhance BIPV component efficiency and reduce production costs[37] - The group has received over 50 patents for its BIPV components and zero-carbon mobile buildings, strengthening its market competitiveness[37] Strategic Initiatives - The group plans to strengthen strategic cooperation with leading state-owned enterprises and key customers in the distributed photovoltaic sector to accelerate the research and application of new high-efficiency component technologies[67] - The international market strategy includes a dual approach of "key customers + localization," focusing on consolidating strategic partnerships with overseas clients and building localized sales teams[67] - The group will establish a comprehensive risk management system to address price fluctuations, policy, and technology risks, supporting supply-demand rebalancing and the release of technological dividends[67] Corporate Governance - The board does not recommend the distribution of interim dividends for the six months ending June 30, 2025[68] - The audit committee has reviewed the accounting principles and practices adopted by the group and assessed internal controls and financial reporting matters for the six months ending June 30, 2025[72] - No significant events affecting the group have occurred since June 30, 2025[74]

[Supplementary Announcement Overview](index=1&type=section&id=%E8%A1%A5%E5%85%85%E5%85%AC%E5%91%8A%E6%A6%82%E8%BF%B0) This section provides an overview of the supplementary announcement, detailing its purpose and the context of the property, plant, and equipment impairment provision [Purpose and Background of the Announcement](index=1&type=section&id=%E5%85%AC%E5%91%8A%E7%9B%AE%E7%9A%84%E4%B8%8E%E8%83%8C%E6%99%AF) This announcement supplements the 2024 annual report, providing additional details on the RMB 107.932 million impairment provision for property, plant, and equipment - This document is a supplementary announcement to the annual report for the year ended December 31, 2024[2](index=2&type=chunk) - The announcement aims to provide additional information on the impairment provision for property, plant, and equipment[3](index=3&type=chunk) FY2024 Impairment Provision for Property, Plant, and Equipment | Metric | Amount (RMB) | | :--- | :--- | | Impairment Provision for Property, Plant, and Equipment (2024) | 107,932,000 | [Details of Impairment Provision for Property, Plant, and Equipment](index=2&type=section&id=%E7%89%A9%E4%B8%9A%E3%80%81%E5%8E%82%E6%88%BF%E5%8F%8A%E8%AE%BE%E5%A4%87%E5%87%8F%E5%80%BC%E6%8B%A8%E5%A4%87%E8%AF%A6%E6%83%85) This section details the impairment provision for property, plant, and equipment, including the reasons for impairment, valuation methods, and independent appraiser information [Analysis of Impairment Reasons](index=2&type=section&id=%E5%87%8F%E5%80%BC%E5%8E%9F%E5%9B%A0%E5%88%86%E6%9E%90) The impairment of the Group's photovoltaic module production equipment is primarily due to rapid changes in the PV industry in 2024, leading to technological obsolescence, decreased market demand, and production plan adjustments - The operating losses and temporary idle status of the subject assets are mainly due to rapid and significant changes in the photovoltaic industry market conditions and technology in 2024[4](index=4&type=chunk) [Technological Obsolescence](index=2&type=section&id=%E6%8A%80%E6%9C%AF%E8%BF%87%E6%97%B6) The subject assets, designed for older solar modules, are technically obsolete as they cannot be upgraded to produce current mainstream high-efficiency N-type modules due to fundamental differences in manufacturing processes - The subject assets are production lines specifically designed for older, outdated solar modules[7](index=7&type=chunk) - In 2024, industry market preference rapidly shifted towards more efficient, larger N-type modules[7](index=7&type=chunk) - Due to fundamental differences in manufacturing processes and equipment specifications, the subject assets cannot be upgraded to produce N-type modules, rendering them technically obsolete[7](index=7&type=chunk) [Decreased Market Demand](index=2&type=section&id=%E5%B8%82%E5%9C%BA%E9%9C%80%E6%B1%82%E4%B8%8B%E9%99%8D) Market shift to N-type modules caused a sharp decline in demand and prices for smaller, outdated modules produced by the subject assets, making their continued operation economically unfeasible - The market shift to N-type modules led to a sharp and significant decline in market demand and selling prices for the smaller, outdated modules produced by the subject assets[7](index=7&type=chunk) - The continued operation of these production lines is no longer economically viable[7](index=7&type=chunk) [Changes in Production Plan](index=2&type=section&id=%E7%94%9F%E4%BA%A7%E8%AE%A1%E5%88%92%E5%8F%98%E6%9B%B4) The Group revised its production plan to focus resources on N-type module production, resulting in the shutdown and temporary idling of obsolete production lines, which triggered the impairment assessment - The Group has revised its production plan to concentrate resources on N-type module production equipment[7](index=7&type=chunk) - Obsolete production lines have been shut down, leading to temporary idling of equipment and triggering an impairment assessment[7](index=7&type=chunk) [Independent Valuer and Valuation Methodology](index=2&type=section&id=%E7%8B%AC%E7%AB%8B%E4%BC%B0%E5%80%BC%E5%B8%88%E5%8F%8A%E4%BC%B0%E5%80%BC%E6%96%B9%E6%B3%95) The impairment assessment for the subject assets used the fair value less costs of disposal method, based on a market approach valuation performed by an independent Chinese qualified valuer, Jinxin Asset Appraisal Firm - The impairment assessment for the subject assets adopted the fair value less costs of disposal method[8](index=8&type=chunk)[11](index=11&type=chunk) - Fair value was assessed using the market approach[8](index=8&type=chunk) [Independent Valuer's Identity and Qualifications](index=2&type=section&id=%E7%8B%AC%E7%AB%8B%E4%BC%B0%E5%80%BC%E5%B8%88%E8%BA%AB%E4%BB%BD%E4%B8%8E%E8%B5%84%E8%B4%A8) The valuation of photovoltaic module production equipment was conducted by Jinxin Asset Appraisal Firm (General Partnership), a Chinese qualified valuer whose registered asset appraisers confirmed independence from the Company and its associates - The valuation was conducted by Jinxin Asset Appraisal Firm (General Partnership)[6](index=6&type=chunk) - The valuer is a Chinese qualified valuer, with the report prepared and signed by registered asset appraisers[6](index=6&type=chunk) - The valuer confirmed independence from the Company and its associates, holding no interests[6](index=6&type=chunk) [Valuation Input Data, Basis, and Assumptions](index=3&type=section&id=%E4%BC%B0%E5%80%BC%E8%BE%93%E5%85%A5%E6%95%B0%E6%8D%AE%E3%80%81%E5%9F%BA%E5%87%86%E5%8F%8A%E5%81%87%E8%AE%BE) Valuation inputs primarily included quotes and recent transaction prices for similar used PV production equipment in China, adjusted by a 30% to 34% premium to reflect differences, resulting in a recoverable amount between 0.5% and 20% of original cost - Primary input data included quotes and recent transaction prices for identical or similar used photovoltaic production equipment in China, obtained from second-hand equipment dealers[10](index=10&type=chunk) - The valuation was performed based on the assets' condition and status as of the valuation date, December 31, 2024[10](index=10&type=chunk) - Adjustments were made to the quotes (premium rates typically ranging from **30% to 34%**) to account for differences between reference assets and subject assets[10](index=10&type=chunk) Recoverable Amount as Percentage of Original Cost for Subject Assets | Metric | Percentage Range | | :--- | :--- | | Recoverable Amount as Percentage of Original Cost | 0.5% to 20% | [Reasons for Adopting Market Approach](index=4&type=section&id=%E9%87%87%E7%94%A8%E5%B8%82%E5%9C%BA%E6%B3%95%E4%B9%8B%E7%90%86%E7%94%B1) The market approach was adopted because the subject assets no longer constitute a cash-generating unit, are not expected to generate future operating cash inflows, and their primary economic benefit is their sale or scrap value - The subject assets no longer constitute a cash-generating unit and are not expected to generate any operating cash inflows in the future[14](index=14&type=chunk) - The primary economic benefit derivable from the assets is their sale or scrap value[14](index=14&type=chunk) - The market approach provides the most direct and reliable estimate of fair value less costs of disposal for the assets in their current condition by referencing observable transaction prices of similar assets[14](index=14&type=chunk) [Board of Directors Information](index=4&type=section&id=%E8%91%A3%E4%BA%8B%E4%BC%9A%E4%BF%A1%E6%81%AF) This section provides information regarding the Board of Directors, including the announcement's effect and a list of current board members [Effectiveness of Announcement and Board Members](index=4&type=section&id=%E5%85%AC%E5%91%8A%E6%95%88%E5%8A%9B%E4%B8%8E%E8%91%A3%E4%BA%8B%E4%BC%9A%E6%88%90%E5%91%98) This supplementary information should be read in conjunction with the annual report and does not affect other information contained therein, concluding with a list of the Company's current Board of Directors - The supplementary information should be read in conjunction with the annual report and does not affect other information contained therein[12](index=12&type=chunk) - The announcement lists the executive directors (Mr. Tan Xin, Mr. Wang Junze) and independent non-executive directors (Dr. Wang Yongquan, Ms. Zhong Weiheng, Ms. Tan Ying)[13](index=13&type=chunk)

Core Viewpoint - Sunshine Energy (00757.HK) announced that it will hold a meeting on August 29, 2025, to review and approve its unaudited interim results for the six months ending June 30, 2025, and to consider a proposed interim dividend, if deemed appropriate [1] Summary by Relevant Categories - Company Announcement - Sunshine Energy will present its interim results for the six months ending June 30, 2025, during a meeting scheduled for August 29, 2025 [1] - The meeting will also consider the proposal for an interim dividend [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負 責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因公告全部或 任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 Solargiga Energy Holdings Limited 陽光能源控股有限公司 （於開曼群島註冊成立的有限公司） (股份代號: 757) 董事會會議通告 陽 光 能 源 控 股 有 限 公 司（「本公司」）董 事 會（「董事會」）謹 此 宣 佈，本 公 司 董 事 會 會 議 將 於 二 零 二 五 年 八 月 二 十 九 日（星 期 五）為 審 議（其 中 包 括）並 批 准（如 認 為 合 適） 本公司及其附屬公司截至二零二五年六月三十日止六個月未經審核之中期業績 及 考 慮 建 議 中 期 股 息（如 有）。 承董事會命 陽光能源控股有限公司 主 席 譚 鑫 香港，二零二五年八月十八日 於 本 公 告 日 期，執 行 董 事 為 譚 鑫 先 生（主 席）及 王 鈞 澤 先 生；而 獨 立 非 執 行 董 事 為 王永權博士、鍾瑋珩女士及譚英女士。 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年7月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 陽光能源控股有限公司 呈交日期: 2025年8月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00757 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 5,000,000,000 | HKD | | 0.1 HKD | | 500,000,000 | | 增加 / 減少 (-) | | | | | | HKD | | | | 本月底結存 | | | 5,000,000,000 | HKD | | 0.1 HKD | | 500,000,000 | 本月底法定/註冊股本總額： HKD 500,000,00 ...

Core Viewpoint - The photovoltaic industry is experiencing a significant surge due to the "anti-involution" trend, which aims to eliminate low-price competition and promote high-quality development [1][5][6]. Group 1: Market Performance - On July 8, the A-share photovoltaic sector saw a broad rally, with stocks like Topray Solar and Tongwei Co. hitting the daily limit, while Daqo New Energy and Aiko Solar rose over 10% [1][2]. - The CSI Photovoltaic Industry Index increased by over 5% in a single day, and the photovoltaic ETF funds also saw gains of around 5% [2]. - In the Hong Kong market, the photovoltaic solar energy index rose by 6.17%, with companies like Shunfeng Clean Energy and Sunshine Energy experiencing significant increases of 30.43% and 15.48%, respectively [3][4]. Group 2: Policy and Industry Response - The surge in the photovoltaic sector is largely attributed to recent government initiatives aimed at curbing "involution" in competition, as highlighted by various government meetings and articles advocating for high-quality development [5][6]. - The Ministry of Industry and Information Technology has emphasized the need to eliminate low-price competition and improve product quality within the photovoltaic industry [5]. Group 3: Demand and Supply Dynamics - Domestic demand for photovoltaic installations surged in May 2025, with a record addition of 92.92 GW, marking a 388.03% year-on-year increase [6][8]. - However, the industry is expected to see a significant decline in installation numbers following the rush to secure policy benefits, indicating a potential return to more sustainable levels [6]. - Exports of photovoltaic components have been lackluster, with a 4% year-on-year decline in the first five months of 2025 compared to the previous year [8][10]. Group 4: Material Supply and Pricing - The price of silicon materials, which significantly impacts the photovoltaic industry, is under pressure due to high inventory levels and low demand, with current production capacity nearing its limits [15][17]. - The average price of domestic polysilicon has decreased to 35 yuan per kilogram, reflecting ongoing challenges in the supply chain [19]. - The industry faces difficulties in achieving "anti-involution" primarily at the silicon material level, while other segments like silicon wafers and modules may see easier adjustments through capacity restrictions [20].

Financial Performance - In 2024, the Group's revenue was RMB 3,706,198, a decrease of 48.6% compared to RMB 7,192,853 in 2023[21]. - The gross profit for 2024 was RMB 104,039, down 77.3% from RMB 458,003 in 2023[21]. - The Group reported a loss attributable to owners of the parent of RMB 227,084 in 2024, compared to a profit of RMB 111,906 in 2023[21]. - Current assets decreased to RMB 3,187,190 in 2024 from RMB 4,738,265 in 2023, a decline of 32.7%[21]. - The net assets of the Group were RMB 962,432 in 2024, down from RMB 1,193,109 in 2023[21]. - The Group's revenue decreased by 48.5% from approximately RMB 7,192.9 million in 2023 to approximately RMB 3,706.2 million in 2024 due to reduced external shipment volume and a sharp decline in photovoltaic module prices[142]. - The total external shipment volume of photovoltaic modules decreased from 6,683.1 MW in 2023 to 4,576.2 MW in 2024, reflecting a significant reduction in market activity[135]. - Gross profit fell to approximately RMB104.0 million in 2024, down 77.3% from RMB458.0 million in 2023, with gross profit margin decreasing from 6.4% to 2.8%[147]. - Loss attributable to owners of the parent was approximately RMB227.1 million in 2024, compared to a profit of approximately RMB111.9 million in 2023, mainly due to decreased revenue and gross profit[159]. Market Dynamics - The photovoltaic industry is experiencing a slowdown in new installations, but emerging markets are showing strong demand, providing new growth opportunities[61]. - The photovoltaic industry is recognized as the most cost-effective source of electricity in many regions, driving continued demand growth for photovoltaic products[104]. - Trade protectionism is intensifying in major photovoltaic markets, posing threats to China's foreign trade exports driven by price advantages[77]. - The prices of silicon materials, silicon wafers, cells, and modules have all seen considerable declines, putting pressure on the gross profit margins across various segments[66]. - Emerging markets, particularly in the Middle East and Asia-Pacific, are showing strong demand growth, compensating for the slowdown in traditional markets like the US and Europe[65]. - The photovoltaic industry is expected to see stable growth in 2025 as inventory levels in Europe are digested, with emerging markets in the Middle East and Africa becoming new growth points[188]. Technological Advancements - The Group is committed to enhancing technological reserves and has partnered with West Lake University for research on perovskite technology[39][42]. - The Group's focus on high-efficiency monocrystalline products has positioned it as a leader in the photovoltaic market[116]. - The Group is conducting research on N-type HJT technology, perovskite technology, BIPV products, and offshore floating modules to upgrade mass production technology and expand market sales[139]. - The Group plans to increase R&D and production of multiple varieties of 8-inch semiconductor monocrystalline silicon and 13-15 inch semiconductor monocrystalline silicon by 2025 to meet chip market demand[129]. - The Group has signed an industry-school cooperation agreement with Southeast University to enhance R&D in zero-carbon buildings and BIPV technology, aiming to improve photoelectric conversion efficiency and reduce production costs[126]. Strategic Initiatives - The Group plans to strengthen cooperation with state-owned enterprises and improve its overseas business layout to achieve profit targets in 2025[38][41]. - The Group aims to establish a digital information factory and improve the ERP system to enhance operational efficiency and management levels[46]. - The Group's operational strategy includes a flexible sales and marketing approach to balance inventory levels and sales[141]. - The Group aims to enhance core competitiveness through strategic collaboration and technological innovation, focusing on domestic and international markets[194]. - The international strategy includes a "large customers + localization" dual-drive approach, with a focus on Southeast Asia and Central and Eastern Europe for market expansion[194]. Production Capacity and Efficiency - As of December 2024, the Group's module production capacity was 10.2GW[13]. - The output of the Jinzhou and Jianhu bases showed steady growth, with well-controlled yield and fragmentation rates, contributing to cost reduction and efficiency improvement[40][43]. - The Group aims to optimize its production capacity layout to enhance overall competitiveness and profitability amid improving supply-demand dynamics[103]. - The Group's production lines are capable of producing large-size products (182 mm and 210 mm), which are becoming the mainstream in the market, enhancing shipment volume and gross profit margin potential[139]. - The Group is investing in upgrading existing production capacity and facilities to align with technological advancements and improve production efficiency[130]. Financial Health and Management - The Group's current ratio improved to 1.2 from 1.1 in the previous year, indicating better short-term financial health[174]. - The net debt to equity ratio as of December 31, 2024, was 17.9%, a significant improvement from -59.7% in the previous year, indicating a shift towards a more leveraged position[174]. - The Group reported a net cash inflow from operating activities of approximately RMB 180.9 million in 2024, a significant turnaround from a net cash outflow of RMB 692.1 million in 2023[175]. - Administrative expenses reduced to approximately RMB220.0 million in 2024 from RMB279.0 million in 2023, due to enhanced operational efficiency and cost control measures[149]. - The Group is establishing a comprehensive risk management system to address price fluctuations, policy, and technological risks[194]. Market Expansion and Customer Base - The Group achieved sales of RMB 533 million from overseas orders, successfully entering new markets such as Kenya and Ukraine despite rising trade protectionism[34][36]. - The domestic sales team added 16 new customers, whose orders accounted for 43% of the annual sales volume, contributing to an increased market share of the Group's own brands[33][36]. - The Group's module sales are primarily directed towards large state-owned enterprises and international corporations, enhancing its market presence[121]. - The Group plans to establish localized production bases and R&D centers in target markets to adapt to changing demand structures and effectively respond to trade protection barriers[107]. Environmental and Regulatory Context - In 2024, global clean energy investment exceeded USD 2.0 trillion, about twice the total investment in fossil energy, indicating a strong shift towards energy transition[60]. - By 2030, G20 countries need to significantly enhance their renewable energy capacity, with a target of 9,400 GW, reflecting the urgent need for energy transition[100]. - The photovoltaic industry is expected to experience broader development opportunities due to the deepening of "dual carbon" goals and the acceleration of global energy transition[194].