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之內容概不負責，對其準確性或完整 性亦不發表任何聲明，並明確表示概不會就本公告全部或任何部分內容而產生或因倚賴該等內容而引 致之任何損失承擔任何責任。 GCL Technology Holdings Limited 協鑫科技控股有限公司 主席 朱共山 香港，2026年3月19日 於本公告日期，董事會包括執行董事朱共山先生（主席）、朱鈺峰先生、朱戰軍先生、孫瑋女士、蘭天 石先生及楊文忠先生；以及獨立非執行董事何鍾泰博士、沈文忠博士、李俊峰先生及葉棣謙先生。 於2026年3月19日，本公司與認購方雙方同意終止日期為2026年1月28日的認購協議 （經日期為2026年2月27日認購協議的補充協議所補充）。 承董事會命 GCL Technology Holdings Limited 協鑫科技控股有限公司 （於開曼群島註冊成立之有限公司） （股份代號：3800） 終止建議根據一般授權發行 可換股債券 茲提述協鑫科技控股有限公司（「本公司」）日期為2026年1月28日及2026年2月27日的 公告（「該等公告」），內容有關建議根據一般授權發行可換股債券。本公告所用詞 ...

協鑫科技控股有限公司（「本公司」）董事會（「董事會」）謹此宣佈，本公司將於2026年3 月30日（星期一）舉行董事會會議，藉以考慮及批准（其中包括）本公司及其附屬公司截 至2025年12月31日止年度的全年業績及其發佈，以及考慮建議派發末期股息（如有）。 承董事會命 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之內容概不負責，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 引致之任何損失承擔任何責任。 GCL Technology Holdings Limited 協鑫科技控股有限公司 （於開曼群島註冊成立之有限公司） （股票代號：3800） 董事會會議召開日期 GCL Technology Holdings Limited 協鑫科技控股有限公司 主席 朱共山 香港，2026年3月18日 於本公告日期，董事會包括執行董事朱共山先生（主席）、朱鈺峰先生、朱戰軍先生、孫瑋女士、蘭天 石先生及楊文忠先生；以及獨立非執行董事何鍾泰博士、沈文忠博士、李俊峰先生及葉棣謙先生。 ...

Summary of GCL Technology Holdings Conference Call Company Overview - **Company**: GCL Technology Holdings (3800.HK) - **Industry**: Polycrystalline Silicon Production Key Points Industry Focus and Policy - Anti-involution remains a significant focus within the industry, with policy announcements being crucial to monitor [1][2] - The enforcement of the Anti-monopoly Law since January has limited the actions of industry players, indicating that future developments will likely be government-led [2] Poly Pricing Outlook - Poly pricing is expected to soften in the first half of 2026, primarily due to weak downstream demand and higher silver prices [3] - Management anticipates that the pricing floor will be protected by the anti-unfair competition law, which is set above total production costs (RMB 45-50/kg). Without this protection, prices could drop to RMB 35/kg, similar to cash cost levels seen in the first half of 2025 [3] Capacity Exit Predictions - There is potential for outdated equipment-driven capacity exits in 2026, even without policy enforcement. Two types of tail capacity are expected to exit: 1. Capacities shut down for over a year, requiring a cash burn ramp-up period of 2-6 months 2. Capacities operating at very low utilization rates, which pose higher safety risks [4] Investment Thesis - GCL Tech is positioned as a leading poly producer at the lower end of the industry cost curve, attributed to its unique FBR Granular Poly technology [5] - The company is projected to become the number one poly player by cost and market share by 2030, driven by increased downstream adoption of Granular Poly [8] Price Target and Risks - The 12-month target price for GCL Tech is set at HK$1.2, based on a 1X 2027E P/B discounted back to 2026E at a COE of 9.2% [8] - **Key Upside Risks**: 1. Significant Tier 1 poly capacity exits or stronger-than-expected solar demand could improve profitability [9] 2. Enhanced profitability outlook for non-Granular Poly business [9] 3. Better-than-expected progress in group-level SG&A optimization [9] - **Key Downside Risks**: 1. Weaker-than-expected solar demand or slower capacity exits could negatively impact pricing policies and profitability [10] 2. Unfavorable changes in raw material or electricity prices may increase production costs, leading to lower gross margins [10] Conclusion - GCL Technology Holdings is navigating a challenging environment with potential pricing pressures and capacity adjustments. However, its strategic positioning and technological advantages may provide a pathway to future growth and market leadership.

GCL Technology Holdings Limited 協鑫科技控股有限公司 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之內容概不負責，對其準確性或完整 性亦不發表任何聲明，並明確表示概不會就本公告全部或任何部分內容而產生或因倚賴該等內容而引 致之任何損失承擔任何責任。 （於開曼群島註冊成立之有限公司） （股份代號：3800） 持續關連交易 2026 年硅片銷售合同 及 2026 年硅料產品銷售合同 茲提述本公司日期為2024年12月27日及2025年8月7日的公告，內容有關（其中包 括）2025年硅片銷售合同及2025年硅料產品銷售合同。 2026年硅片銷售合同 於2025年硅片銷售合同於2025年12月31日屆滿後，本公司間接全資附屬公司協鑫 科技（蘇州）（作為賣方）與協鑫集成（蘇州）（作為買方）進行2026年過往硅片銷售交 易，涉及自2026年1月1日起至2026年3月5日（即緊接簽立2026年硅片銷售合同前 的日期）止期間的硅片購銷總金額約人民幣37,000元。 為有效監控硅片買賣交易，於2026年3月6日，協鑫科技（蘇州）（作為賣方）與協鑫集 成（作為買方）訂立2026年硅片銷 ...

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 呈交日期: 2026年3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) | 03800 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 50,000,000,000 | HKD | | 0.1 | HKD | | 5,000,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 50,000,000,000 | HKD | | 0.1 | HKD | | 5,000,000,000 | 本月底法定/註冊股本總額： HKD 5,000,000,000 FF301 第 1 頁 共 10 頁 v 1.2.0 截至 ...

Investment Rating - The report maintains a positive outlook on the renewable energy sector, particularly in solar and wind energy, with specific recommendations for companies involved in these industries [1][2][3]. Core Insights - The report highlights the tightening of local monopile production capacity in European offshore wind, suggesting a favorable environment for Chinese companies to expand internationally [2]. - In the solar sector, silicon wafer prices are under pressure while battery component prices remain stable, indicating a potential market adjustment [1][14]. - The hydrogen energy sector is set to receive increased policy support during the 14th Five-Year Plan, with a projected doubling of renewable hydrogen production capacity by the end of 2025 [3][18]. - The energy storage market is experiencing significant growth, with a marked increase in project scale and a forecasted rise in lithium carbonate prices impacting storage system costs [4][20]. Summary by Sections Solar Energy - Silicon prices are declining, with N-type G10L monocrystalline silicon wafers averaging 1.10 RMB per piece, down 8.33% from previous levels [1][14]. - The average price for N-type battery cells remains stable at 0.44 RMB per watt, with distributed component prices ranging from 0.75 to 0.88 RMB per watt [1][14]. - Key companies to watch include Tongwei Co., GCL-Poly, LONGi Green Energy, and JA Solar, focusing on supply-side reform and new technology opportunities [1][15]. Wind Energy & Grid - Ørsted has terminated its contract with SeAH Wind for the Hornsea 3 offshore wind project due to production delays, highlighting the challenges in local monopile production [2][16]. - The report suggests monitoring companies like Dajin Heavy Industry and Tianjun Wind Power as they expand internationally [2][16]. - The wind turbine sector is expected to see profitability improvements in 2026, with companies like Goldwind and Mingyang Smart Energy being key players [2][17]. Hydrogen Energy - The National Energy Administration plans to enhance policy support for hydrogen energy during the 14th Five-Year Plan, aiming for over 250,000 tons of renewable hydrogen production capacity by 2025 [3][18]. - Recommended companies include Shuangliang Eco-Energy and Huadian Heavy Industries, focusing on equipment manufacturing and hydrogen compression technology [3][18]. Energy Storage - In January 2026, the domestic energy storage EPC bidding scale reached 4.92 GW, with a total installed capacity of 12.42 GWh, reflecting over 30% growth compared to the previous year [4][19]. - The report emphasizes the importance of companies like Sungrow Power Supply and Aiko Solar in the energy storage market, which is expected to grow significantly [4][24]. New Energy Vehicles - In March 2026, domestic battery production is projected to reach 149.59 GWh, with a 21.93% month-on-month increase, indicating strong demand despite concerns over subsidy reductions [5][25]. - Key players in the battery sector include CATL and BYD, with a focus on maintaining resilience in battery demand [5][26].

Core Viewpoint - GCL-Poly Energy Holdings Limited (03800.HK) announced an extension of the final deadline for issuing up to HKD 1.17 billion convertible bonds to March 20, 2026, due to the need for more time to fulfill the conditions precedent for the subscription agreement [1] Group 1 - The company has agreed with the subscribers to extend the final deadline for the convertible bond issuance [1] - The original deadline was set for February 27, 2026, which has now been postponed [1] - The total amount of convertible bonds to be issued is up to HKD 1.17 billion [1]

Group 1 - Leshan Xinneng Positive Material Equity Investment Fund Partnership has been established with a total investment of 1.852 billion RMB [1] - The managing partner is Suzhou GCL Jingshifeng Equity Investment Management Co., Ltd. [1] - The fund's business scope includes private equity investment, investment management, and asset management activities [1] Group 2 - The fund is co-invested by Suzhou GCL Jingshifeng Equity Investment Management Co., Ltd., Leshan Lechuang Venture Capital Fund Management Co., Ltd., Leshan Science and Technology Industry Investment (Group) Co., Ltd., and GCL Technology (Suzhou) Co., Ltd. [1]

茲提述協鑫科技控股有限公司（「本公司」）日期為2026年1月28日刊發之公告（「該公 告」），內容有關建議根據一般授權發行可換股債券。本公告所用詞彙與該公告所界定 者具有相同涵義。 誠如該公告所披露，認購協議的完成須待所有先決條件於最後截止日期（即 2026年2月 27日）或之前或認購方與本公司書面協定之任何其他日期獲達成（或豁免）後，方可作 實。 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之內容概不負責，對其準確性或完整 性亦不發表任何聲明，並明確表示概不會就本公告全部或任何部分內容而產生或因倚賴該等內容而引 致之任何損失承擔任何責任。 GCL Technology Holdings Limited 協鑫科技控股有限公司 （於開曼群島註冊成立之有限公司） （股份代號：3800） 建議根據一般授權發行 可換股債券－延長最後截止日期 鑒於需要更多時間達成認購協議之先決條件，於 2026年2月27日，本公司與認購方已 同意將最後截止日期延長至2026年3月20日。 承董事會命 GCL Technology Holdings Limited 協鑫科技控股有限公司 主席 朱共山 香港，2026年2月27 ...

Core Viewpoint - Xinhua Technology has officially initiated its IPO process on the Sci-Tech Innovation Board, aiming to raise 1.32 billion RMB to expand its production capacity in high-purity electronic-grade polysilicon and related projects [1][2]. Company Overview - Established in 2015, Xinhua Technology is the largest domestic producer of electronic-grade polysilicon, focusing on R&D, production, and sales for the semiconductor industry [1][2]. - The company has a market share exceeding 50% in the domestic high-purity electronic-grade polysilicon market for integrated circuits as of 2024 [1]. IPO Details - The IPO plans to issue no less than 165 million shares, representing at least 10% of the total share capital post-issue [1]. - The funds raised will be used for projects including a 10,000 tons/year high-purity electronic-grade polysilicon industrial cluster and a 1,500 tons/year ultra-high-purity polysilicon research base [1]. Financial Performance - Xinhua Technology's net profits for 2022, 2023, and the first nine months of 2025 were 143 million RMB, 36 million RMB, and 78 million RMB respectively, with a notable increase in the latest period [10]. - The company's comprehensive gross profit margins showed fluctuations, with rates of 23.81%, 15.63%, 22.44%, and 24.56% over the same periods [10]. Market Position and Products - Xinhua Technology's products cover a wide range of silicon wafer sizes, including 12-inch, 6-8 inch, and small-sized wafers, and have been validated by major domestic semiconductor companies [5]. - The company is the only domestic supplier capable of large-scale stable supply of electronic-grade polysilicon for 12-inch wafers, which are the most mainstream specifications in the market [5]. Supply Chain and Partnerships - Xinhua Technology has a close relationship with its former parent company, GCL-Poly, and relies on it for a significant portion of its operational supplies [14]. - The company has signed long-term supply agreements with various domestic semiconductor wafer manufacturers, ensuring a stable market for its products [5]. Challenges and Market Dynamics - The semiconductor and photovoltaic markets' future trends will significantly impact Xinhua Technology's business margins and operational performance [13]. - The company faced a sharp decline in the solar-grade polysilicon market prices, which dropped nearly 80% in 2023 compared to 2022, affecting its overall profitability [12].