（ 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 2025年框架協議 緒言 茲提述本公司日期為2024年3月15日公告，內容有關已於2024年12月31日到期的 2024年框架協議。 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，概不會就因本公告全部或任 何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 GCL Technology Holdings Limited 協鑫科技控股有限公 司 緒言 於2025年1月1日，本公司間接非全資附屬公司高佳太陽能（作為買方）與內蒙古中環（作 為賣方）訂立原框架協議作為合作框架協議，載列雙方於截至2025年12月31日止財政 年度採購建議年度訂購量8,125公噸單晶方棒之業務合作基本原則及機制，乃因雙方 於有關時間未能設定年度上限金額。原框架協議其後於2025年3月31日及2025年9月25 日經第一份補充協議及第二份補充協議修訂及補充，其分別進一步（其中包括）修訂 價格基準及設定其項下擬進行的交易之年度上限。 - 2 - 2025 ...

協鑫科技控股有限公司 (Incorporated in the Cayman Islands with limited liability) (於開曼群島註冊成立之有限公司) (Stock Code 股份代號:3800) NOTIFICATION LETTER 通知信函 26 September 2025 Dear Non-registered Shareholder(s) (Note 1) , GCL Technology Holdings Limited (the "Company") – Notice of publication of 2025 Interim Report (the "Current Corporate Communication") The English and Chinese versions of the Company's Current Corporate Communications are available on the Company's website at www.gcltech.com and the website of The Stock Exchang ...

GCL Technology Holdings Limited 協鑫科技控股有限公司 (Incorporated in the Cayman Islands with limited liability) （於開曼群島註冊成立之有限公司） (Stock Code 股份代號:3800) Dear Registered Shareholders. GCL Technology Holdings Limited (the "Company") – Notice of publication of 2025 Interim Report (the "Current Corporate Communication") 26 September 2025 Should you have any queries relating to this notification, please call the Branch Share Registrar's telephone hotline at (852) 2980 1333 from 9:00 a.m. to 6:00 p.m., Monday to Friday (ex ...

目 錄 | 財務摘要 | 2 | | --- | --- | | 主席報告和首席執行官業務回顧及展望 | 4 | | 管理層討論及分析 | 6 | | 核數師獨立審閱報告 | 18 | | 簡明綜合損益及其他全面收益報表 | 20 | | 簡明綜合財務狀況報表 | 22 | | 簡明綜合權益變動表 | 25 | | 簡明綜合現金流量表 | 28 | | 簡明綜合中期財務報表附註 | 30 | | 董事及主要行政人員於股份、 | | | 相關股份及債券中的權益及淡倉 | 77 | | 股份計劃 | 79 | | 主要股東的權益及淡倉 | 88 | | 企業管治及其他資料 | 89 | | 公司資料 | 93 | 財務摘要 | | 截至 6 月 30 日止六個月 | | | | | --- | --- | --- | --- | --- | | | 2025 年 | 2024 年 | 變動 | 變動百分比 | | | 人民幣千元 | 人民幣千元 | 人民幣千元 | | | | （未經審核） | （未經審核） | | | | 收入 | | | | | | 銷售多晶硅 | 3,964,456 | 4,861,805 ...

Group 1 - The core viewpoint is that the telecommunications equipment stocks in Hong Kong are experiencing a general increase, driven by a global uptrend in power equipment demand [1] - Shanghai Electric leads the gains with an increase of over 6%, followed by Goldwind Technology at 3.6%, China High-Speed Transmission at 2.5%, and Fulaite Glass at 2% [2] - The report from CITIC Securities indicates that global investment in power grids is expected to exceed $400 billion by 2025, maintaining a high level of market activity [1] Group 2 - AI is projected to significantly boost global electricity demand, leading to a notable increase in the demand for supporting electrical equipment [1] - Major overseas companies are raising their capital expenditure forecasts and increasing investments in AIDC infrastructure [1] - The demand for transformers in the U.S. market continues to strengthen, with high transformer price indices, and the Middle East is experiencing rapid growth in transformer demand [1]

Core Viewpoint - A significant industry reshuffle is occurring in the polysilicon sector, driven by new energy consumption standards that will force inefficient producers out of the market [1][5]. Group 1: New Energy Consumption Standards - The National Standardization Administration has released draft standards for polysilicon and silicon products, setting strict energy consumption limits [1]. - The new standards require polysilicon production to meet a maximum energy consumption of 6.4 kgce/kg, with a target of 5.5 kgce/kg for compliance, significantly tightening previous limits [1][2]. - Non-compliant companies will face mandatory rectification periods, with potential shutdowns for those failing to meet the new standards [2][4]. Group 2: Impact on Industry Capacity - Following the implementation of the new standards, domestic polysilicon effective capacity is expected to decrease to approximately 2.4 million tons per year, a reduction of 16.4% from 2024 projections [2]. - The new standards could lead to the shutdown of over 30% of existing industry capacity, alleviating the current overcapacity situation [2][4]. - Most of the current excess capacity is already inactive, and the 12-month transition period will have minimal short-term supply impact [2]. Group 3: Competitive Landscape - Leading companies like GCL-Poly and Tongwei are expected to benefit from the new standards due to their technological advantages [3][5]. - GCL-Poly's granular silicon energy consumption meets the new first-level standard, while Tongwei's energy consumption is close to the second-level standard [3]. - The tightening of energy consumption standards is seen as a measure to combat the "involution" in the industry, promoting quality over quantity [4][5]. Group 4: Policy and Industry Response - The government and industry associations are implementing a comprehensive governance system addressing energy consumption, pricing, and capacity [5]. - A voluntary production control agreement has been signed by leading photovoltaic glass companies to collectively reduce production by 30% [5]. - The new energy consumption standards are viewed as a clear survival line for polysilicon companies, with a critical choice for those lagging behind to either invest in upgrades or exit the market [5].

Group 1 - The core viewpoint of the article highlights the positive performance of solar stocks, with notable increases in share prices for companies such as Fuyao Glass, Xinyi Solar, Xinyi Glass, and GCL-Poly Energy [1] - The article references a statement by Wang Hongzhi, the head of the National Energy Administration, emphasizing the need to address supply-demand imbalances in the solar industry and to promote high-quality development of renewable energy [1] - The article mentions ongoing efforts to combat "involution" competition within the solar industry, which has been a focus since the Central Political Bureau meeting in July 2024 [1] Group 2 - A new national standard for polysilicon energy consumption is being proposed, which is significantly stricter than previous versions, indicating a shift towards improved industry standards [1] - Guotai Junan Securities believes that the solar industry is at a price and profit bottom, with the "anti-involution" measures leading to an expansion of participants and significant price recovery [1] - The article suggests that the solar industry is expected to achieve supply-side improvements through a combination of top-level support, market-driven eliminations, and technological advancements, with further policies on capacity and product quality anticipated [1]

Core Viewpoint - The photovoltaic sector is experiencing a positive trend, driven by government initiatives aimed at enhancing the quality and competitiveness of the renewable energy industry [1] Industry Summary - As of the latest report, several photovoltaic stocks have seen significant gains, with Fuyao Glass (601865) up 6.16% to HKD 11.72, Xinyi Solar (00968) up 5.83% to HKD 3.45, Xinyi Glass (00868) up 4.43% to HKD 8.95, and GCL-Poly Energy (03800) up 3.97% to HKD 1.31 [1] - On September 24, the head of the National Energy Administration, Wang Hongzhi, emphasized the need to address supply-demand imbalances in the photovoltaic industry and to combat "involution" competition, promoting quality upgrades and healthy competition within the sector [1] - Since the Central Political Bureau meeting in July 2024, efforts to regulate "involution" competition have intensified, indicating a strong governmental push for industry reform [1] Company Summary - Recent discussions regarding new national standards for polysilicon energy consumption indicate a significant tightening compared to previous versions, which may impact production practices [1] - Guojin Securities believes that the price and profit bottom for the photovoltaic industry chain is clear, and the ongoing "anti-involution" measures are expanding participation and improving product pricing [1] - The firm anticipates that a combination of top-level support, market-driven eliminations, and technological advancements will lead to supply-side improvements, with policies related to capacity and product quality expected to be implemented soon [1] - Guotai Junan Securities notes that the industry is currently at a bottom range, making it a key area for attention [1]

Policy - The National Standard Information Public Service Platform in China has released a notice seeking opinions on three mandatory national standards related to energy consumption limits for polysilicon and germanium products, crystalline silicon photovoltaic modules, and inverters. The implementation of these standards is expected to reduce polysilicon production capacity by 31.4% compared to existing capacity, improving the supply-demand balance in the polysilicon market [3] - The Ministry of Ecology and Environment of China will continue to promote the synergy of the "Man and the Biosphere Program" and the "Kunming-Montreal Framework" to enhance international cooperation in biodiversity protection and sustainable development [4] Events - Sunshine Power plans to establish a factory in Egypt with an annual production capacity of 10GW for energy storage batteries, aiming to localize the industry using existing infrastructure and renewable energy components [7] - LONGi Green Energy and JinkoSolar have reached a settlement agreement to resolve ongoing patent disputes globally, emphasizing a shift in the photovoltaic industry from price competition to high-quality development driven by technological innovation [8][9] - GCL-Poly Energy announced a strategic financing agreement with Infini Capital, a Middle Eastern sovereign wealth fund, to raise HKD 54.46 billion through a private placement, aimed at restructuring polysilicon production capacity and addressing industry overcapacity issues [10] - CATL and Li Auto signed a five-year comprehensive strategic cooperation agreement to enhance collaboration in battery safety and technology, with CATL supplying various battery types for Li Auto's products [11] Industry Developments - The largest onshore wind power project in China, located in Inner Mongolia, has commenced operations, featuring 150 units of 10 MW wind turbines, expected to generate 5.44 billion kWh annually and reduce carbon emissions by approximately 4.98 million tons [12] - A study published in "Global Change Biology" indicates that climate change is allowing invasive species to enter the Arctic marine areas of Canada, previously protected by cold water temperatures [13]

Group 1 - The National Standardization Administration has released a draft for public consultation on three mandatory national standards, including stricter energy consumption limits for polysilicon products [1] - The new energy consumption standards are categorized into three levels, tightening the requirements compared to those proposed in the industry meeting in July [1] - Companies failing to meet the third-level standard must rectify within a specified period, and those that do not comply or fail to reach the second-level standard will be forced to shut down [1] Group 2 - It is anticipated that the effective domestic polysilicon production capacity will significantly decrease from the current 3.5 million tons to approximately 2.4 million tons, representing a reduction of 31.4% [1] - The government aims to eliminate outdated production capacity and promote a more sustainable photovoltaic industry by raising technical standards [1] - Companies utilizing the lowest energy-consuming granular silicon production technology are expected to benefit, with GCL-Poly Energy Holdings (03800) identified as a preferred stock [1]