Core Viewpoint - The photovoltaic industry is experiencing a rebound due to the anticipated release of a notification aimed at strengthening capacity regulation, signaling a shift from "barbaric growth" to "high-quality breakthroughs" [1][3] Industry Trends - The photovoltaic industry entered a phase of rapid growth following the introduction of carbon neutrality policies in 2020, but overcapacity has led to significant price declines, with polysilicon prices dropping from over 300,000 CNY/ton in 2022 to as low as 30,000 CNY/ton in 2024 [2][3] - The "anti-involution" policies introduced in 2025 are expected to effectively address structural issues within the industry, with a focus on eliminating low-cost competition and facilitating the orderly exit of outdated capacity [3][9] Market Dynamics - The demand for photovoltaic installations remains strong, with an expected installed capacity of 886.6 GW in China by 2024, reflecting a compound annual growth rate of 36.82% over the past five years [4] - The supply-side control of capacity and increased demand-side support are driving a new investment opportunity in the photovoltaic sector, leading to a rebound in industry prices [5][9] Company Performance - New Special Energy has managed to maintain a lower loss rate by diversifying its business into downstream photovoltaic power station construction and operation, which has contributed positively to its revenue [8] - In the first half of 2025, New Special Energy's revenue contributions from polysilicon, wind and photovoltaic power station construction, and operation were 13.68%, 67.62%, and 18.9%, respectively, with a gross loss of 1.033 billion CNY from polysilicon [8] - Leading companies in the photovoltaic sector, such as Longi Green Energy and TCL Zhonghuan, are highly sensitive to price fluctuations due to their concentrated business models, while New Special Energy's diversified approach provides it with greater resilience [9]

Core Viewpoint - New Energy (01799.HK) announced that its board meeting will be held on October 30, 2025, to review and approve the quarterly performance for the nine months ending September 30, 2025 [1] Summary by Category - **Company Announcement** - The board meeting is scheduled for October 30, 2025 [1] - The meeting will focus on reviewing and approving the company's performance for the nine months ending September 30, 2025 [1]

（於中華人民共和國註冊成立的股份有限公司） （股份代號：1799） 董事會會議通知 新特能源股份有限公司（「本公司」）董事會（「董事會」）謹此宣佈，董事會會議 將於2025年10月30日（星期四）舉行，藉以（其中包括）審議及批准本公司及其附 屬公司截至2025年9月30日止九個月之季度業績及其發佈。 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，概不對因本公告全部或任何部份內容而產生或 因倚賴該等內容而引致的任何損失承擔任何責任。 XINTE ENERGY CO., LTD. 新特能源股份有限公司 新特能源股份有限公司 董事長 張建新 中國，新疆 2025年10月17日 於本公告日期，董事會成員包括執行董事張建新先生、楊曉東先生、黄芬女士及呼維軍先生； 非執行董事張新先生及黃漢杰先生；獨立非執行董事崔翔先生、陳維平先生及譚國明先生。 承董事會命 ...

Investment Rating - The report suggests a positive investment outlook for the company, indicating a significant recovery in performance is expected in the near term [3]. Core Insights - The company is issuing an asset-backed special plan to optimize its capital structure and enhance asset turnover, with a registered issuance limit of RMB 3 billion [1]. - The company has shown resilience in operations despite losses in the polysilicon sector, supported by its parent company [1][2]. - A notable recovery in polysilicon prices has been observed, stabilizing at RMB 50-55 per kilogram, a 50% increase from the historical low of RMB 35 per kilogram at the end of June [2]. - The consolidation of the business from the parent company is expected to significantly enhance the operational performance of the wind power equipment sales [2]. Summary by Sections Asset-Backed Special Plan - The company plans to issue an asset-backed special plan using two renewable energy projects as underlying assets, with an expected issuance scale of up to RMB 1.5 billion for qualified professional investors [1][4]. Financial Performance Expectations - The company anticipates a substantial improvement in profitability in the second half of the year due to rising polysilicon prices, consolidation of business operations, and growth in non-polysilicon sectors such as power station construction and electrical equipment [2][3]. Parent Company Support - The parent company has demonstrated strong support for the company's financial operations and business development, including the transfer of 100% equity of a subsidiary to bolster the company's resources [1][2].

Group 1 - The Hong Kong solar stocks continue to decline, with Fuyao Glass (03606.HK) down 4.89% to HKD 68.1 [1] - Xinte Energy (01799.HK) decreased by 4.64%, trading at HKD 7.81 [1] - Xinyi Solar (00968.HK) fell 3.8%, currently priced at HKD 3.54 [1] - Flat Glass Group (06865.HK) dropped 2.77%, with a price of HKD 11.23 [1]

Core Viewpoint - The photovoltaic sector continues to experience a downward trend in stock prices, with significant declines observed in major companies such as Fuyao Glass, Xinte Energy, and Xinyi Solar, amidst concerns over the industry's performance and recent rumors regarding polysilicon storage plans [1] Industry Summary - The photovoltaic industry is currently facing challenges, with a notable decline in monthly new installations for three consecutive months following a surge earlier in the year. In August, the new installations amounted to 7.36 GW, representing a year-on-year decrease of 55.29% and a month-on-month decrease of 33.33% [1] - The profitability of photovoltaic companies in the future will largely depend on the pace of capacity clearance and the demand for photovoltaic installations after the marketization of on-grid electricity prices, as indicated by Guosen Securities [1] Company Summary - Fuyao Glass (03606) saw a stock price drop of 4.89%, closing at 68.1 HKD - Xinte Energy (01799) experienced a decline of 4.64%, with a closing price of 7.81 HKD - Xinyi Solar (00968) fell by 3.8%, ending at 3.54 HKD - Flat Glass Group (06865) decreased by 2.77%, closing at 11.23 HKD [1]

Core Viewpoint - The photovoltaic sector continues to experience a downward trend, with significant declines in stock prices for major companies, amidst concerns regarding the industry's polysilicon storage plans and a drop in new installations [1] Group 1: Stock Performance - Fuyao Glass (03606) decreased by 4.89%, trading at HKD 68.1 [1] - Xinte Energy (01799) fell by 4.64%, trading at HKD 7.81 [1] - Xinyi Solar (00968) dropped by 3.8%, trading at HKD 3.54 [1] - Flat Glass Group (06865) declined by 2.77%, trading at HKD 11.23 [1] Group 2: Industry Developments - Recent rumors about the establishment of a polysilicon storage platform have been confirmed as false by industry authorities [1] - The photovoltaic association clarified that the "three-day meeting" rumor was related to a monthly meeting [1] Group 3: Installation Trends - After the "531 rush" earlier this year, the monthly new installation capacity in China has declined for three consecutive months [1] - In August, the new installation capacity was 7.36 GW, representing a year-on-year decrease of 55.29% and a month-on-month decrease of 33.33% [1] - Guosen Securities indicated that the profitability of photovoltaic companies will largely depend on the pace of capacity clearance and the market-driven pricing of grid-connected electricity [1]

Core Viewpoint - Xinjiang New Energy, a subsidiary of Xinte Energy (01799.HK), plans to issue an asset-backed special plan using two renewable energy projects as underlying assets to optimize capital structure and enhance asset turnover [1] Group 1: Asset-Backed Securities Plan - The asset-backed special plan will be part of a framework established by Tebian Electric Apparatus Stock Co., Ltd., the controlling shareholder of Xinte Energy [1] - Tebian Electric aims to register and issue asset-backed securities on the Shanghai Stock Exchange, with a shelf registration limit of RMB 3 billion, allowing for multiple issuances within this limit [1] - The initial issuance scale of the asset-backed special plan is expected to be no more than RMB 1.5 billion, targeted at qualified professional investors [1] Group 2: Equity Sale - Xinjiang New Energy intends to sell part of its equity in subsidiaries Rongsheng Power and Xinyuan Power to the manager, with the sale price determined by the valuation of these subsidiaries and the shareholder loans provided by Xinjiang New Energy [1]

上述事项将为特变电工储架发行资产支持专项计划的一部分。根据有关计划，特变电工拟以附属公司 (包括该集团)持有的能源基础设施(包括新能源发电项目)作为底层资产，在上海证券交易所申请註册并 储架发行资产支持证券，申请储架额度人民币30亿元，并可在额度内发行多期产品。 新疆新能源拟将其附属公司荣晟电力及新园电力的部分股权出售予管理人，出售该等附属公司部分股权 予管理人的代价将按该等附属公司的评估值及新疆新能源已提供的股东贷款金额釐定。目前预计首期资 产支持专项计划的发行规模不超过人民币15亿元，供合资格专业投资者认购。 智通财经APP讯，新特能源(01799)公布，为进一步优化资本结构，盘活存量资产，提升集团资产周转速 度，新疆新能源(公司附属公司)拟以其持有的两个新能源发电项目作为底层资产在特变电工(公司控股股 东)申请註册的储架额度内申报发行首期资产支持专项计划。 ...

Group 1 - The core objective of Xinjiang New Energy is to optimize its capital structure and enhance asset turnover by issuing an asset-backed special plan using two renewable energy projects as underlying assets [1] - The plan involves TBEA (the controlling shareholder) applying for a shelf registration of asset-backed securities with a total shelf amount of RMB 3 billion, allowing for multiple issuances within this limit [1] - The initial issuance scale of the asset-backed special plan is expected to be no more than RMB 1.5 billion, targeted at qualified professional investors [1] Group 2 - Xinjiang New Energy plans to sell part of the equity of its subsidiaries, Rongsheng Power and Xinyuan Power, to the manager, with the sale price determined by the valuation of these subsidiaries and the shareholder loans provided by Xinjiang New Energy [1]