Core Viewpoint - GCL-Poly Energy Holdings Limited (协鑫科技) announced a partnership agreement to establish a limited partnership for acquiring a 42.469% stake in Inner Mongolia Xinyuan Silicon Material Technology Co., Ltd. [1][2] Group 1: Partnership Agreement - The partnership agreement involves GCL-Poly's subsidiaries, including GCL Suzhou and Xinda, contributing a total of RMB 20.64 billion to the limited partnership [1] - GCL Suzhou will contribute RMB 7.60 billion, while Xinda will contribute RMB 13 billion [1] - The ordinary partners, including Xinseng, Anyi, and GCL Xuzhou, will contribute RMB 1 million, RMB 1.5 million, and RMB 1.5 million respectively [1] Group 2: Acquisition Details - The total consideration for the acquisition will be RMB 20.10 billion, with subsequent agreements to be established between the limited partnership and Hongyuan Green Energy and Tibet Ruihua [1] - Following the acquisition, the target company will remain a non-wholly-owned subsidiary of GCL-Poly, with its financial performance continuing to be consolidated into the group's financial statements [2] Group 3: Strategic Alignment - The establishment of the limited partnership and the acquisition aligns with the group's development strategy and presents a significant investment opportunity for capital appreciation [2]

根据合伙协议，有限合伙企业的规模将为人民币2,064百万元，其中有限合伙人协鑫苏州及信达将分别 认缴出资人民币760百万元及人民币1,300百万元，而普通合伙人鑫盛(作为普通合伙人1)、安义(作为普 通合伙人2)及协鑫徐州(作为普通合伙人3)将分别认缴出资人民币1.0百万元、人民币1.5百万元及人民币 1.5百万元。 有限合伙企业的目的乃向弘元绿色能源及西藏瑞华收购内蒙古鑫元硅材料科技有限公司("目标公 司")42.469%股权。目标公司为一间于2021年在中国成立的有限公司，主要从事颗粒硅的研发、制造及 销售，以及相关配套新能源业务。 于有限合伙企业成立后，有限合伙企业与弘元绿色能源及西藏瑞华各自将订立买卖协议以进行收购事 项，总代价为人民币2,010百万元。由于成立有限合伙企业及收购事项，相关订约方订立一系列其他协 议。 格隆汇12月8日丨协鑫科技(03800.HK)公告，于2025年12月8日，协鑫苏州、协鑫徐州、信达、鑫盛及安 义订立合伙协议，以成立有限合伙企业，收购目标公司内蒙古鑫元硅材料科技42.469%股权，使目标公 司于收购事项后将继续为公司非全资附属公司。 ...

于有限合伙企业成立后，有限合伙企业与弘元绿色能源及西藏瑞华各自将订立买卖协议以进行收购事 项，总代价为人民币2,010百万元。由于成立有限合伙企业及收购事项，相关订约方订立一系列其他协 议。 有限合伙企业的目的乃向弘元绿色能源及西藏瑞华收购内蒙古鑫元硅材料科技有限公司("目标公 司")42.469%股权。目标公司为一间于2021年在中国成立的有限公司，主要从事颗粒硅的研发、制造及 销售，以及相关配套新能源业务。 根据合伙协议，有限合伙企业的规模将为人民币2,064百万元，其中有限合伙人协鑫苏州及信达将分别 认缴出资人民币760百万元及人民币1,300百万元，而普通合伙人鑫盛(作为普通合伙人1)、安义(作为普 通合伙人2)及协鑫徐州(作为普通合伙人3)将分别认缴出资人民币1.0百万元、人民币1.5百万元及人民币 1.5百万元。 格隆汇12月8日丨协鑫科技(03800.HK)公告，于2025年12月8日，协鑫苏州、协鑫徐州、信达、鑫盛及安 义订立合伙协议，以成立有限合伙企业，收购目标公司内蒙古鑫元硅材料科技42.469%股权，使目标公 司于收购事项后将继续为公司非全资附属公司。 ...

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。 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） 須予披露及關連交易 收購非全資附屬公司的股權 董事會宣佈，於2025年12月8日（交易時段後），協鑫蘇州、協鑫徐州、信達、鑫盛 及安義訂立合夥協議，以成立有限合夥企業，收購目標公司 42.469%股權，使目標公 司於收購事項後將繼續為本公司非全資附屬公司。 根據合夥協議，有限合夥企業的規模將為人民幣2,064百萬元，其中有限合夥人協鑫 蘇州及信達將分別認繳出資人民幣760百萬元及人民幣1,300百萬元，而普通合夥人 鑫盛（作為普通合夥人1）、安義（作為普通合夥人2）及協鑫徐州（作為普通合夥人3）將 分別認繳出資人民幣1.0百萬元、人民幣1.5百萬元及人民幣1.5百萬元。 董事會宣佈，於2025年12月8日（交易時段後），協鑫蘇州、協鑫徐州、信達、鑫盛及 安義訂立合 ...

Group 1 - The core viewpoint of the report is that the company GCL-Poly Energy (03800) has a significant profit advantage in granular silicon, with low electricity consumption aligning with policy directions, and the industry's "anti-involution" is driving a substantial increase in polysilicon prices, with potential further price increases if capacity storage is realized, setting a target price of HKD 1.54 [1] Group 2 - The company is rated as a leader in the domestic renewable energy and public utility sector, with expectations for a historical high in total installed capacity for the year despite a moderate peak season in the first half of 2025 due to policy-driven installations [1] - For 2026, the company anticipates that domestic photovoltaic installations may continue to maintain a high level of 280 GW, while wind power installations are expected to grow by approximately 11% year-on-year to reach 110 GW, supported by a robust bidding volume [1] - The company's preferred order of sub-industries covered is: polysilicon > inverters/storage > operators > photovoltaic glass > battery cells [1]

Core Viewpoint - The report from CMB International expresses optimism about GCL-Poly Energy (03800) due to its significant profitability in granular silicon, low energy consumption aligning with policy directions, and the industry's "anti-involution" leading to a surge in polysilicon prices, with a target price set at HKD 1.54 [1] Industry Summary - The report maintains a leading rating for the domestic new energy and public utility sector, predicting a historical high in total installed capacity for the year despite a moderate peak season for wind and solar installations in the first half of 2025 driven by policy incentives [1] - For 2026, the expectation is that domestic photovoltaic installations will continue to remain at a high level of 280 GW, while wind power installations are projected to grow by approximately 11% year-on-year to reach 110 GW, supported by robust bidding volumes in the past [1] - The preferred order of sub-industries covered by the report is: polysilicon > inverters/storage > operators > photovoltaic glass > battery cells [1]

Core Insights - The forum focused on sustainable industrial paths in the AI era, highlighting the evolution of China's renewable energy industry from product export to a comprehensive approach involving industrial chains and ecosystems [1] Group 1: Company Strategy - GCL-Poly Energy, represented by its Executive Vice President Hu Zeyi, discussed the transition of the Chinese photovoltaic industry over the past 20 years, emphasizing the company's early involvement in raw material R&D and market application [2] - The company has entered a new phase of overseas expansion, focusing on technology export and integration, having previously acquired third-generation photovoltaic technology, which strengthens its competitive position in the global market [2] - GCL-Poly plans to establish a new operational framework overseas during the 14th Five-Year Plan, aiming for a dual circulation model that promotes domestic and international market synergy [2][3] Group 2: Supply Chain and Risk Management - GCL-Poly adopts a "multi-region, multi-node, localized" supply chain strategy to mitigate reliance on single markets, leveraging bilateral agreements with countries along the Belt and Road Initiative [3] - The company enhances local integration through community projects, such as the "Light Project" in Ethiopia, to create a stable operational environment [3] - Future strategies will focus on enhancing core competitiveness and brand influence while systematically addressing external risks to build a world-class international operational system [3]

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11月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 協鑫科技控股有限公司 呈交日期: 2025年12月3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 ...

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） 持續關連交易 (4) 就向協鑫智慧財務諮詢租賃研發樓二樓西南區而訂立之2024年–2025年協鑫 智慧財務諮詢租賃協議，自2024年4月8日至2025年4月7日為期一年； (5) 就向協鑫智慧能源租賃總部樓三樓之部分區域而訂立之2024年–2025年協鑫 智慧能源租賃協議，自2024年10月1日至2025年9月30日為期一年；及 (6) 就向江蘇協鑫（隨後修訂為蘇州鑫煜）租賃總部樓四樓之部分區域而訂立之 2025年江蘇協鑫租賃協議，自2025年1月1日至2025年12月31日為期一年。 該等租賃協議 該等租賃協議 茲提述本公司日期為2021年9月30日之公告，內容有關若干已於2023年10月1日屆 滿之租賃協議。 (7) 就向協鑫智慧財務諮詢租賃研發樓二樓西南區 ...

Core Insights - The top three companies with the highest short positions as of November 21 are Vanke Enterprises (02202), COSCO Shipping Holdings (01919), and Heng Rui Medicine (01276), with short ratios of 19.60%, 16.49%, and 16.36% respectively [1][2] Summary by Category Top Short Positions - Vanke Enterprises (02202): Previous short position of 390 million shares, current short position of 433 million shares, resulting in a short ratio of 19.60% [2] - COSCO Shipping Holdings (01919): Maintained a short position of 475 million shares, with a short ratio of 16.49% [2] - Heng Rui Medicine (01276): Previous short position of 40.39 million shares, current short position of 42.24 million shares, leading to a short ratio of 16.36% [2] Largest Increases in Short Positions - China Hongqiao Group (01735): Increased short ratio from 0.04% to 2.61%, an increase of 2.58% [2][3] - Vanke Enterprises (02202): Increased short ratio from 17.68% to 19.60%, an increase of 1.92% [2][3] - Dongfang Electric (01072): Increased short ratio from 10.21% to 11.66%, an increase of 1.45% [2][3] Largest Decreases in Short Positions - Contemporary Amperex Technology Co., Ltd. (03750): Decreased short ratio from 13.64% to 10.74%, a decrease of 2.90% [3][4] - Sanhua Intelligent Controls (02050): Decreased short ratio from 10.21% to 8.93%, a decrease of 1.28% [3][4] - GCL-Poly Energy Holdings Limited (03800): Decreased short ratio from 8.86% to 7.67%, a decrease of 1.18% [3][4]