Summary of GCL-Poly Energy's Conference Call Company Overview - **Company**: GCL-Poly Energy - **Industry**: Solar Energy and Materials Key Financial Performance - **2025 Revenue**: CNY 14.384 billion, a decrease of 4.5% from CNY 15.1 billion in 2024 [3] - **Net Loss**: CNY 2.868 billion, narrowed by 40% from CNY 4.75 billion in 2024 [3] - **Gross Profit**: CNY 1.331 billion, compared to a gross loss of CNY 2.5 billion in 2024, resulting in a gross margin of 9.3% [3] - **EBITDA**: CNY 2.82 billion, up from a negative CNY 1.4 billion in 2024 [3] - **Cash and Deposits**: CNY 9.3 billion, an increase of approximately 80% from CNY 5.1 billion in 2024 [3] Business Segment Performance - **Solar Materials**: Revenue of CNY 14.3 billion, down approximately 4%, with a loss of CNY 2 billion and a gross margin of 9.4% [4] - **Solar Power Stations**: Revenue of CNY 84 million, down 40% from CNY 140 million in 2024, with a loss of CNY 400 million and a gross margin of -22.5% [4] Debt and Liquidity - **Total Assets**: CNY 75.8 billion, up 1.3% from CNY 74.8 billion in 2024 [5] - **Total Liabilities**: CNY 32.4 billion, stable compared to CNY 32.5 billion in 2024 [5] - **Debt Ratio**: 42.8%, down 0.7 percentage points from 43.5% in 2024 [5] - **Short-term Debt**: CNY 12.4 billion, up 16% year-on-year [6] - **Non-restricted Cash**: CNY 9.3 billion, sufficient to cover short-term debts [6] Product and Cost Developments - **Silicon Cost**: Average cash cost for silicon in 2025 was CNY 25.12 per kg, down from CNY 33.52 per kg in 2024 [7] - **Silicon Sales Price**: Average selling price in 2025 was CNY 40 per kg, slightly up from CNY 38.65 per kg in 2024 [7] Technological Innovations - **Silicon Production**: Significant energy consumption reduction in the cold hydrogenation process, from 170 kWh to 55 kWh [8] - **Perovskite Technology**: 500 MW production line expected to ship in Q3 2026, with efficiency reaching 29.5% [9] - **AI Integration**: AI technology has improved R&D efficiency by nearly 100 times [15] Market Position and Strategy - **Market Share**: Silicon market share reached 23% in 2025 [11] - **Customer Base**: Strong relationships with top 5 global customers, increasing shipment volume [11] - **Strategic Focus**: Shift towards core areas of granular silicon, perovskite, and silicon-carbon anodes, halting expansion in photovoltaic materials [2] Sustainability Goals - **Emission Reduction Targets**: Short-term goal to reduce greenhouse gas emissions intensity by 12% by 2026, and 18% by 2030 [16] Future Outlook - **Perovskite Business Expansion**: Plans for IPO in Hong Kong by 2026, with ongoing development of 500 MW production capacity in the U.S. [21] - **Cost Management**: Focus on cash flow control and continuous cost reduction [18] - **International Expansion**: Exploring overseas production capacity, particularly in the U.S. [18] Challenges and Risks - **Market Volatility**: Anticipated fluctuations in silicon prices due to seasonal demand and policy changes [17] - **Competition**: Perovskite technology expected to compete with traditional silicon products, with efficiency improvements needed to reduce costs [23] This summary encapsulates the key points from GCL-Poly Energy's conference call, highlighting financial performance, business strategies, technological advancements, and future outlooks.

Financial Performance - Revenue for the year ended December 31, 2025, was RMB 14,424.9 million, a decrease of 4.5% compared to RMB 15,097.6 million in 2024[3] - Gross profit for 2025 was RMB 1,335.9 million, recovering from a gross loss of RMB 2,510.1 million in 2024[3] - Loss attributable to owners of the company decreased by 39.6% to RMB 2,867.9 million from RMB 4,750.4 million in the previous year[3] - Basic and diluted loss per share improved to RMB (9.96) from RMB (17.97), representing a 44.6% reduction in loss per share[3] - The company reported a net loss of RMB 2,923.4 million for the year, down from RMB 5,647.9 million in 2024, indicating a significant improvement in financial performance[5] - The adjusted EBITDA for the fiscal year ending December 31, 2025, was approximately RMB 2.8 billion, a significant improvement from the LBITDA of RMB 1.4 billion in 2024[73] - The company recorded a loss attributable to shareholders of approximately RMB 2,868 million in 2025, an improvement from a loss of RMB 4,750 million in 2024[72] Assets and Liabilities - Total assets as of December 31, 2025, amounted to RMB 75,882.77 million, compared to RMB 74,874.16 million in 2024[6] - Cash and cash equivalents increased to RMB 9,292.1 million from RMB 5,174.2 million, indicating improved liquidity[6] - Non-current assets decreased to RMB 45,614.1 million from RMB 48,729.2 million, primarily due to a reduction in property, plant, and equipment[6] - Current liabilities rose to RMB 24,554.3 million from RMB 22,431.3 million, reflecting increased bank borrowings[7] - The total debt of the group as of December 31, 2025, was RMB 18.5 billion, a decrease from RMB 19.1 billion in 2024, with net debt reduced to RMB 4.61 billion from RMB 9.17 billion[127][129] - The current ratio improved to 1.23 in 2025 from 1.17 in 2024, while the quick ratio increased to 1.16 from 1.08[129] Revenue Segments - For the fiscal year ending December 31, 2025, the total revenue from the photovoltaic materials segment was RMB 14,340,889, while the photovoltaic power station segment generated RMB 84,044, resulting in a total revenue of RMB 14,424,933[25] - Revenue from external customers in China for the fiscal year ending December 31, 2025, was RMB 14,223,825, a decrease from RMB 15,040,351 in 2024[30] - The photovoltaic materials segment's revenue from sales of polysilicon was RMB 9,852,767, while sales of silicon wafers contributed RMB 2,004,028 for the fiscal year ending December 31, 2025[29] - The photovoltaic power station business generated revenue of approximately RMB 84 million in 2025, down from RMB 140 million in 2024, primarily due to reduced contributions from renewable energy subsidies in China[93] Research and Development - The company plans to continue focusing on research and development, with R&D expenses amounting to RMB 848.7 million in 2025, down from RMB 1,102.4 million in 2024[4] - The company aims to strengthen its research and development capabilities in silane gas and related materials, with an allocation of RMB 905 million from the net proceeds of another share placement[77] - The company applied for 253 new patents in 2025, including 71 invention patents, and received authorization for 179 patents, including 40 invention patents[90] Impairments and Losses - Impairment losses on financial assets recognized in 2025 amounted to RMB 1,760,720 thousand, significantly higher than RMB 989,434 thousand in 2024, driven by increased losses from trade receivables and dividends from associates[32] - The impairment loss on property, plant, and equipment for 2025 was approximately RMB 260 million, influenced by low polysilicon prices and delays in renewable energy subsidy income recognition[35] - The company recognized a financial asset impairment loss of approximately RMB 1,761 million in 2025, compared to RMB 989 million in 2024, mainly from trade receivables and other receivables[101] Employee and Operational Costs - The total employee costs, including directors' remuneration, decreased to RMB 1,569,011,000 in 2025 from RMB 1,902,455,000 in 2024, representing a reduction of 17.5%[43] - The depreciation and amortization expenses totaled RMB 4,247,401,000 in 2025, an increase from RMB 4,098,844,000 in 2024, reflecting a rise of 3.6%[43] Corporate Governance and Compliance - The company has adhered to the corporate governance code as per the listing rules throughout the year ending December 31, 2025[146] - An independent committee has been established to review internal controls, with no deficiencies found in the internal control system[152] - The group's auditor, Guo Fu Hao Hua (Hong Kong) CPA Limited, will be proposed for reappointment at the upcoming annual general meeting[148] Market and Industry Outlook - The global photovoltaic installed capacity is expected to reach 570-630 GW in 2025, with domestic installations projected at 317 GW, marking a significant growth opportunity for the industry[62] - The company plans to accelerate its global market expansion in 2026, focusing on key markets in the US, Europe, the Middle East, and Africa[67] - The second growth curve centered on perovskite technology is expected to ramp up significantly, with production efficiency and cost optimization driving new growth in the photovoltaic business[68] Financial Management and Risk - The group’s financial risk management includes credit control policies to mitigate credit risk associated with sales of polysilicon and wafer products[131] - The group continues to adopt conservative methods for foreign exchange risk management, primarily using RMB for most borrowings[134] - The group’s interest rate risk is influenced by fluctuations in bank loan rates, which could impact capital expenditures and financing costs[132]

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]