Core Viewpoint - GCL-Poly Energy Holdings Limited (协鑫科技) has announced a subscription agreement to issue a total of 4.736 billion shares at a subscription price of HKD 1.15 per share, representing an approximate discount of 8.73% compared to the last closing price of HKD 1.26 [1][2] Group 1: Subscription Details - The total proceeds from the subscription are expected to be approximately HKD 5.446 billion, with a net amount of about HKD 5.392 billion after deducting related fees and expenses [2] - The subscription shares represent approximately 16.63% of the existing issued share capital as of the announcement date and about 14.26% of the enlarged issued share capital post-issuance [2] Group 2: Use of Proceeds - 65% of the net proceeds will be allocated for supply-side reform, specifically for structural adjustments in polysilicon capacity, enhancing the company's second growth curve, and optimizing capital structure [2] - The remaining 35% will be used for general working capital and repayment of existing loans [2]

人民财讯9月16日电，协鑫科技(03800.HK)在港交所公告，拟配售47.36亿股新股份，认购价为每股1.15 港元，募资总额约54.46亿港元，将用于供给侧改革的资金储备，推进多晶硅产能结构性调整等方面。 ...

Group 1 - The company, GCL-Poly Energy Holdings Limited, has entered into a subscription agreement to issue a total of 4.736 billion shares at a subscription price of HKD 1.15 per share, which represents a discount of approximately 8.73% compared to the last closing price of HKD 1.26 [1][2] - The total proceeds from the subscription are expected to be approximately HKD 5.446 billion, with a net amount of about HKD 5.392 billion after deducting related fees and expenses [2] - The net proceeds will be allocated as follows: 65% for supply-side reform and structural adjustments in polysilicon production, enhancing the company's capacity in silane gas, and optimizing capital structure; 35% for general working capital and repayment of existing loans [2] Group 2 - The subscription shares represent approximately 16.63% of the company's existing issued share capital as of the announcement date, and about 14.26% of the enlarged issued share capital post-issuance [2]

Group 1 - The core point of the announcement is that GCL-Poly Energy Holdings Limited (协鑫科技) has entered into a subscription agreement to issue approximately 4.736 billion shares at a subscription price of HKD 1.15 per share, which represents about 16.63% of the company's existing issued share capital as of the announcement date [1] - The total amount raised from the subscription is approximately HKD 5.446 billion, with a net amount of approximately HKD 5.392 billion after expenses [2] - The company plans to allocate 65% of the net proceeds for supply-side reform, enhancing polysilicon production capacity, and optimizing its capital structure, while 35% will be used for general working capital and repayment of existing loans [2]

整體協調人及配售代理 認購協議 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，並明確表示概不會因本公告全部或任何部分內容而產生或倚賴該等內容而引致 之任何損失承擔任何責任。 本公告僅供參考，並不構成收購、購買或認購本公司證券的邀請或要約。 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） 根據一般授權發行新股份 董事會欣然宣佈，本公司於2025年9月16日（交易時段前）與認購方(i)訂立認購 協議，據此，認購方已有條件同意認購，而本公司已有條件同意發行及配發合共 4,735,651,000股認購股份，認購價為每股認購股份1.15港元；及(ii)於2025年9月16 日（交易時段前），本公司與配售代理就認購事項訂立配售協議，據此，配售代理已 有條件同意按盡力基準促使認購方按認購價認購認購股份。 – 1 – 認購事項的所得款項總額將為約5,446百萬港元。經扣除相關配售代理費、成本及認 購事項開支後，認購事項的所得款項淨額合共將約為5,392百萬港元。本公司 ...

Summary of the Solar Industry Conference Call Industry Overview - The solar industry is experiencing initial success in combating internal competition, with the Ministry of Industry and Information Technology (MIIT) emphasizing the need to address low-price competition [1][2] - The price of rod silicon has slightly increased to 55,000 RMB, improving the profitability of leading companies, while downstream prices for silicon wafers and battery components are also rising [1][4] Key Points and Arguments - The cancellation of export tax rebates is expected to lead to adjustments in overseas component prices, with discussions on futures contracts aiding price transmission [1][5] - The industry is focusing on capacity governance, production and sales restrictions, and price management, with potential mergers and acquisitions expected to be finalized in October [1][6] - A reduction in production plans has been implemented by silicon material companies, with an expected decrease in total industry capacity from 3.5 million tons to over 2 million tons by 2026, aligning with a demand of over 600 GW [1][8] Price Trends and Market Dynamics - The solar industry chain has seen a slight price increase, with significant price hikes in component procurement bids from major companies like China Resources and Huadian [1][4] - The industry anticipates further price increases in Q4 due to policy support and a gradual recovery in domestic demand driven by the implementation of detailed regulations [1][9] Future Development Directions - The future development of the solar industry will focus on capacity governance, production and sales restrictions, and price management, with legal measures being considered if market-based approaches do not yield expected results [1][6][7] - The industry is expected to see positive changes by the end of the year, similar to supply-side reforms in the steel industry [7] Production and Sales Outlook - Current production is estimated between 125,000 to 130,000 tons, with total production potentially reaching 500,000 tons if this level is maintained from September to December [1][8] - Sales are expected to be constrained, but effective monthly demand anchoring and strict planning will support supply-demand balance [1][8] Investment Opportunities - The solar sector's stock prices are currently low, with a more favorable fundamental outlook compared to the same period last year [1][12] - Investment opportunities are seen in leading silicon material companies and new technology representatives, as well as integrated component leaders [1][12][13]

Investment Rating - The report maintains an "Accumulate" rating for the industry [5] Core Views - The report highlights significant price recovery in dry and wet diaphragm prices since August, driven by supply-demand dynamics in the lithium battery sector [4][27] - The photovoltaic sector is experiencing efficiency and yield improvements, particularly in perovskite technology, which is expected to accelerate its industrialization [15][16] - Wind energy investment enthusiasm is high following the release of bidding results for new projects in Shandong, with a notable focus on offshore wind cable profitability [2][17] Summary by Sections 1. New Energy Generation - **Photovoltaics**: Perovskite technology has achieved a production power of 505W with an efficiency of 18.6% and a production line yield exceeding 95%. The average efficiency of crystalline silicon modules is around 22-23% [15][16] - **Wind Power & Grid**: The mechanism electricity prices for photovoltaic and wind power in Shandong are set at 0.225 CNY/kWh and 0.319 CNY/kWh, respectively, reflecting decreases of 43% and 19.2% compared to previous benchmark prices [17] - **Hydrogen & Energy Storage**: A significant investment of approximately 189.2 billion CNY is planned for a wind power hydrogen production project, aiming to produce 600,000 tons of green methanol and 400,000 tons of green ammonia annually [20][21] 2. Energy Storage - The bidding price range for W1 energy storage systems is between 0.3928 CNY/Wh and 0.585 CNY/Wh, with a notable focus on large-scale storage solutions [22][26] - The report suggests monitoring companies with high growth certainty in the energy storage sector, including Yangguang Electric and Kehua Data [26] 3. New Energy Vehicles - The prices of dry and wet diaphragms have seen significant increases, with dry diaphragm prices rising over 30% this year. The demand is primarily driven by the new energy vehicle and energy storage markets [27][28] - The report indicates that the penetration rate of new energy vehicles has surpassed 60% in early September, with a projected production capacity exceeding 150 GWh for major battery manufacturers [27]

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 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 根據權益披露表格所披露，本公司就相關方在本公司中的股權權益提供以下澄清及 重述（如過往之下列文件（「先前披露」）所披露）： 年度及中期業績公告及報告 其他公告及通函 （於開曼群島註冊成立之有限公司） （股份代號：3800） 自願公告 股權權益更新 茲提述協鑫科技控股有限公司（「本公司」）日期為2025年7月28日之自願公告，內容 有關(i)本公司執行董事兼董事會（「董事會」）主席朱共山先生（「朱先生」）；(ii)本公司 執行董事及朱先生之子朱鈺峰先生；(iii)Asia Pacific Energy Fund Limited；以 及(iv)朱先生及其家族成員所控制之聯繫人、合營企業及其他相關實體（統稱「相關 方」）於本公司之股權更新（「股權更新公告」）。 權益披露備案 本公司注意到，於股權更新公告刊發後及截至本公告日期， ...

Core Viewpoint - The company is expected to see a significant recovery in performance in the second half of 2025 due to improved pricing trends, despite facing challenges in the first half of the year from industry-wide low prices [1][2]. Financial Performance - In the first half of 2025, the company reported revenue of 5.735 billion yuan, a year-on-year decrease of 36.8%, and a net loss of 1.776 billion yuan [1]. - The projected net profits for 2025-2027 are -2.057 billion, 0.306 billion, and 1.370 billion yuan, respectively, with corresponding EPS of -0.07, 0.01, and 0.05 yuan per share [1]. Pricing Trends - The average selling prices for granular silicon in Q1 and Q2 of 2025 were 35.71 yuan/kg and 32.93 yuan/kg, respectively [1]. - The price of N-type granular silicon increased from 33,500 yuan/ton on June 25 to 48,000 yuan/ton on September 3, marking a 43% increase [2]. Competitive Advantage - The company's cash costs for granular silicon (including R&D) decreased to 27.07 yuan/kg in Q1 and 25.31 yuan/kg in Q2, indicating ongoing cost optimization [2]. - The quality of the company's granular silicon products has improved, leading to increased customer adhesion due to the superior purity and stability of the products [2]. Industry Dynamics - The photovoltaic industry is experiencing a price rebound driven by government policies aimed at stabilizing competition and addressing issues like below-cost sales and false marketing [2]. - A meeting held by six departments on August 19 emphasized the importance of regulating the photovoltaic industry, indicating strong policy support for price stabilization [2].

Investment Rating - The investment rating for the company is "Accumulate" [6] Core Views - The company's performance in the first half of 2025 was negatively impacted by low industry prices, but a better price trend is expected in the second half, leading to a significant recovery in performance [2] - The company is projected to have a net profit of -2.057 billion RMB in 2025, with an EPS of -0.07 RMB per share, and a target price of 1.61 HKD based on a 1.2x PB for 2025 [10][11] - The company has a competitive advantage in granular silicon technology, which is expected to improve its market position as industry prices recover [10] Financial Summary - Total revenue for 2023 is projected at 33.7 billion RMB, with a decline of 6.2% year-on-year. The revenue for 2024 is expected to drop significantly by 55% to 15.098 billion RMB, followed by a recovery in 2025 with a projected revenue of 12.106 billion RMB [4] - Gross profit is expected to be 11.692 billion RMB in 2023, but will turn negative in 2024 at -2.510 billion RMB, with a gradual recovery to 3.14 million RMB in 2025 [4] - The net profit is forecasted to be 2.510 billion RMB in 2023, declining to -4.750 billion RMB in 2024, and then improving to -2.057 billion RMB in 2025 [4] Price Trends and Market Dynamics - The average selling price of granular silicon has shown a significant increase, with prices rising from 35.71 RMB/kg in Q1 2025 to 32.93 RMB/kg in Q2 2025, and further to 4.8 million RMB/ton by September 2025, marking a 43% increase [10] - The company’s cash costs for granular silicon have decreased, indicating improved efficiency and competitiveness in the market [10] - The report highlights the importance of government policies aimed at stabilizing the solar industry and preventing price undercutting, which is expected to support price recovery [10]