Group 1 - GCL-Poly Energy Holdings Limited (协鑫科技) announced the completion of the second batch of subscription on November 19, 2025 [1] - A total of 1.353 billion shares were issued at a subscription price of HKD 1.15 per share to the designated entity Infini Global Master Fund [1]

Core Viewpoint - GCL-Poly Energy Holdings Limited has completed the subscription of 1.353 billion shares at a price of HKD 1.15 per share, indicating a significant capital raise through the issuance to Infini Global Master Fund [1] Group 1 - The subscription was finalized on November 19, 2025, marking a key milestone for the company [1] - A total of 1.353 billion shares were issued, reflecting a substantial increase in the company's equity base [1] - The issuance price of HKD 1.15 per share suggests a strategic move to attract investment from designated parties [1]

Core Viewpoint - GCL-Poly Energy Holdings Limited (03800.HK) has completed the subscription of the second batch of shares, issuing a total of 1.353 billion shares at a subscription price of HKD 1.15 per share to Infini Global Master Fund [1] Group 1 - The total number of shares subscribed in this transaction is 1.353 billion [1] - The subscription price per share is set at HKD 1.15 [1] - The completion date of the subscription is November 19, 2025 [1]

翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 FF305 公司名稱： 協鑫科技控股有限公司 呈交日期： 2025年11月19日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | | 是 | | | | 證券代號 (如上市) | 03800 | 說明 | | | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | | ...

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。 茲提述協鑫科技控股有限公司（「本公司」）日期為2025年9月16日、2025年9月25日、 2025年10月10日及2025年11月7日有關根據一般授權發行新股份之公告（「該等公 告」）。本公告所用詞彙與該等公告所界定者具有相同涵義。 本公司欣然宣佈，第2B批認購事項已於2025年11月19日完成。合共1,353,043,000股 認購股份已按每股認購股份1.15港元的發行價向指定人士Infini Global Master Fund發 行及配發。 承董事會命 GCL Technology Holdings Limited 協鑫科技控股有限公司 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） 第 2B 批認購事項完成 主席 朱共山 香港，2025年11月19日 – 1 – 於本公告日期，董事會包括執行董事朱共山 ...

Investment Rating - The report initiates coverage on GCL-Poly Energy Holdings Limited with a "Buy" rating [6][20]. Core Views - GCL-Poly focuses on the new energy high-tech sector, gradually becoming a leader in the polysilicon industry, forming a silicon-based industrial system centered on granular silicon, with collaborative development in semiconductor silicon and photovoltaic silicon wafers [4][12]. - The company’s granular silicon products are rapidly improving in quality, meeting the higher quality demands of the N-type era, and its cost competitiveness is expected to stand out during the industry's supply-side adjustment period [4][14]. - The report anticipates that GCL-Poly's profitability will gradually improve as the industry recovers, supported by its low-carbon attributes and cost advantages [15][20]. Summary by Sections Company Overview - GCL-Poly is a leading global photovoltaic high-tech materials company, primarily engaged in the production of photovoltaic polysilicon and wafers, perovskite components, and high-purity silicon for semiconductors [24][25]. - The company has developed advanced self-research granular silicon technology and is focusing on low-carbon products, gradually forming two major industrial systems: silicon-based materials and perovskite battery materials [25]. Industry Analysis - The photovoltaic industry is currently in a phase of supply-demand adjustment, with a focus on high-tech and low-energy consumption [31]. - The report predicts that the photovoltaic demand growth will slow down, with domestic photovoltaic installations expected to reach 300 GW in 2025, reflecting a 15% year-on-year increase [31][33]. - The industry is experiencing intensified competition, leading to a decline in product prices, with polysilicon prices remaining at historical lows [33][34]. Competitive Advantages - GCL-Poly's granular silicon products are expected to gain market share due to their lower production energy consumption compared to traditional rod silicon, with cash costs projected to drop to 24.16 CNY/kg by Q3 2025 [14][18]. - The company’s granular silicon has demonstrated superior performance in terms of minority carrier lifetime and has been validated for use in N-type monocrystalline applications, achieving 100% mass production by leading silicon wafer manufacturers [14][18]. - The report highlights that GCL-Poly's granular silicon has a significantly lower carbon footprint, reducing carbon emissions by approximately 75% compared to traditional methods [63]. Financial Forecasts - The report forecasts GCL-Poly's revenues for 2025-2027 to be 148.5 billion CNY, 195.0 billion CNY, and 216.2 billion CNY, respectively, with year-on-year growth rates of -1.6%, 31.3%, and 10.8% [15][20]. - The net profit attributable to shareholders is expected to improve from a loss of 7.2 billion CNY in 2025 to a profit of 29.4 billion CNY by 2027, reflecting a significant recovery in profitability [15][20].

Core Viewpoint - The report highlights the changes in the Hong Kong Stock Connect holdings, indicating significant increases and decreases in ownership percentages for various companies, which may signal investment trends and market sentiment. Group 1: Companies with Increased Holdings - Shandong Molong (00568) saw the largest increase in holdings, up by 3.46% to a total holding of 60.02% [1][2] - Juxing Legend (06683) experienced a 0.83% increase, bringing its holding to 13.74% [2] - GCL-Poly Energy (03800) had a 0.75% increase, resulting in a holding of 38.78% [2] - In the last five trading days, Haotian International Investment (01341) had the highest increase of 10.00%, reaching 67.57% [3] - Anjuke Food (02648) increased by 3.02% to 35.68% [3] - Tianyue Advanced (02631) rose by 2.52%, with a holding of 23.00% [3] Group 2: Companies with Decreased Holdings - Longpan Technology (02465) experienced the largest decrease, down by 1.62% to 39.54% [1][2] - Haotian International Investment (01341) also saw a decrease of 1.38%, now holding 67.57% [2] - Nanjing Panda Electronics (00553) decreased by 0.83%, resulting in a holding of 41.80% [2] - In the last five trading days, Zhongze Feng (01282) had the largest decrease of 7.47%, with a holding of 8.57% [3] - Longpan Technology (02465) again showed a significant decrease of 7.41% [3] - Chongqing Steel (01053) decreased by 2.85%, now at 26.13% [3] Group 3: Notable Trends - The report indicates a trend of increasing foreign investment in certain companies, particularly in the technology and food sectors, while others are experiencing a pullback [1][2][3] - The data suggests that investors are actively reallocating their portfolios based on recent performance and market conditions [1][2][3]

Core Viewpoint - The photovoltaic (PV) industry is facing a prolonged period of overcapacity and demand slowdown, with significant price competition expected to continue, but without major fluctuations anticipated in the near term [1][3]. Group 1: Industry Dynamics - The current discussion around the consolidation of polysilicon production and funding is unprecedented, with slow progress and ongoing debates about regulation and capacity coordination [1][3]. - The PV industry is experiencing a unique situation of overcapacity combined with demand slowdown, leading to price pressures in the downstream market [3][4]. - Recent rumors regarding the failure of a proposed storage initiative in the PV sector were denied by industry associations and companies, reaffirming support for anti-involution policies [3][4]. Group 2: Market Trends - Bloomberg New Energy Finance predicts that global PV capacity will be sufficient to meet demand until 2035, with an expected supply of 1.5 million tons of polysilicon by 2025 [4]. - The global PV installation is projected to reach a record high of 694 GW this year, with China leading by adding 337 GW, resulting in a component demand exceeding 400 GW [4][5]. - The domestic installation demand has been relatively flat since June, attributed to ongoing policy developments and developers' cautious approach [5]. Group 3: Competitive Landscape - Leading PV manufacturers are diversifying into energy storage, with companies like Trina Solar and JinkoSolar shifting focus to this segment [4]. - Despite the growth in overseas markets, the overall scale remains small and may not compensate for the anticipated decline in the Chinese market starting in 2026 [5][8]. - The cost of PV manufacturing in China remains significantly lower than in other regions, with a production cost of approximately $0.08/W compared to $0.5/W in the U.S. [8].

Investment Rating - The report indicates a positive outlook for the photovoltaic sector, with signs of recovery in profitability and stable growth in the wind power sector [1][5]. Core Insights - The renewable energy sector reported a revenue of 11,722 billion yuan for Q1-3 2025, a year-on-year decrease of 1%, and a net profit of 242 billion yuan, down 19% year-on-year. In Q3 2025, revenue was 4,138 billion yuan, up 2% year-on-year, and net profit was 118 billion yuan, up 41% year-on-year [2][7]. - The photovoltaic segment experienced a significant reduction in losses, with Q3 2025 revenue at 2,315 billion yuan, down 8% year-on-year, but net profit surged to 28.4 billion yuan, a year-on-year increase of 1,495% [2][37]. - The wind power segment showed robust growth, with Q3 2025 revenue of 1,135 billion yuan, up 22% year-on-year, and net profit of 50 billion yuan, up 33% year-on-year [2][16]. Summary by Sections Revenue and Profitability - The renewable energy sector's revenue for Q1-3 2025 was 11,722 billion yuan, with a net profit of 242 billion yuan. Q3 2025 saw a revenue of 4,138 billion yuan and a net profit of 118 billion yuan, marking a significant recovery [2][15]. - The photovoltaic sector's revenue for Q1-3 2025 was 6,640 billion yuan, with a net loss of 43 billion yuan. In Q3 2025, revenue was 2,315 billion yuan, and net profit was 28.4 billion yuan, indicating a strong recovery [2][37]. Segment Performance - The photovoltaic segment's Q3 2025 performance showed a revenue decline of 8% year-on-year but a remarkable net profit increase of 1,495%. The wind power segment continued to grow, with a 22% revenue increase year-on-year [2][16][37]. - The report highlights that the profitability of the wind power segment is improving, with a notable increase in gross margins due to price adjustments and operational efficiencies [2][16]. Market Trends - The report notes a gradual recovery in demand for household energy storage, with significant growth expected in commercial and large-scale storage solutions. The anticipated installation capacity for 2025 is around 150 GWh, representing a year-on-year increase of over 40% [2][6]. - The photovoltaic industry is undergoing a restructuring process, with upstream profitability recovering as prices for silicon materials rise. This trend is expected to continue into 2026, leading to a reshaped industry ecosystem [2][6]. Recommendations - The report recommends focusing on high-growth areas such as inverters and mounting systems, as well as leading photovoltaic companies with cost advantages and strong distribution channels [2][6].

Group 1: Solar and Energy Stocks - Solar stocks showed recovery with New Special Energy (01799) up 4.99%, Flat Glass (06865) up 3.25%, Xinyi Solar (00968) up 3.75%, and GCL-Poly Energy (03800) up 2.27%. The China Photovoltaic Industry Association stated that rumors about a polysilicon storage platform were false, aiming to malign the industry [1][2] - Energy storage concept stocks rose against the trend, with Longpan Technology (02465) up 17.09%, Ruipu Lanjun (00666) up 15.2%, and Zhongxin Innovation (03931) up 9.22%. Lithium hexafluorophosphate prices have surged, with some market quotes reaching 150,000 yuan/ton, doubling since mid-October [1] Group 2: Oil and Gas Stocks - Oil stocks collectively declined, with CNOOC (00883) down 3.14%, CNOOC Services (02883) down 2.98%, PetroChina (00857) down 2.09%, and Sinopec (00386) down 1.79%. OPEC's monthly report indicated a slight oversupply in the oil market by 2026, contrasting previous predictions of sustained demand [2] Group 3: Steel and Mining Stocks - Steel stocks saw a midday surge, with Maanshan Iron & Steel (00323) up 7.09%, Ansteel (00347) up 2.26%, and Chongqing Iron & Steel (01053) up 2.13%. The Simandou project in Guinea, which has the potential to become the fifth-largest mine globally, has commenced production [2] Group 4: Airline and Transportation Stocks - Southern Airlines (01055) rose over 3.9% after reporting a 2.2% year-on-year increase in revenue for the first three quarters of 2025 [2] Group 5: Biotechnology and Pharmaceuticals - Gilead Sciences (01672) increased over 5.7% as it announced the clinical development of new drugs ASC36 and ASC35 [3] - Zai Lab (02509) rose over 8.4% after announcing plans for continued related transactions for the commercialization of QX001S from 2026 to 2028 [4] Group 6: Gold Stocks - Gold stocks collectively rose, with China Gold International (02099) up 5.99%, Jihai Resources (02489) up 7.3%, and Lingbao Gold (03330) up 4.47%. Gold prices have surpassed $4,100 and are testing the $4,200 resistance level [4] Group 7: US Market Movements - Major tech stocks in the US fell, with Meta Platforms (META.US) down over 2.8%, Tesla (TSLA.US) down over 2%, and Amazon (AMZN.US) down over 1.9% [5] - Eli Lilly (LLY.US) rose 2.95%, reaching a historical high, after announcing a deal to lower GLP-1 drug prices to $245 per month, potentially opening a new market of 30 million people [5] - The US airline service sector saw gains, with United Airlines (UAL.US) up 5.29% and American Airlines (AAL.US) up 3.62%, as the government is expected to reopen soon [5] Group 8: Nuclear Energy Stocks - US nuclear energy stocks rose, with Oklo (OKLO.US) up 6.67% as the government plans to finance new nuclear power plants to meet the energy demands of AI development [6] Group 9: Company-Specific Developments - On Holding (ONON.US) surged over 17.9% after reporting Q3 net sales of 794.4 million Swiss francs, exceeding market expectations [7] - AMD (AMD.US) rose 9% as it projected a 35% annual growth rate in revenue over the next three to five years, driven by AI chip demand [7]