Group 1 - Company GCL-Poly Energy (stock code: 3800) announced a financing plan through the issuance of new shares, aiming to raise approximately HKD 5.39 billion (net proceeds of approximately HKD 5.39 billion) [1] - The company primarily engages in the production of polysilicon, with the raised funds allocated as follows: approximately HKD 1.8 billion for structural adjustments in polysilicon capacity, approximately HKD 0.91 billion for enhancing silane gas and related materials R&D and capacity, approximately HKD 0.8 billion for optimizing the company's capital structure, approximately HKD 0.4 billion for general corporate purposes, and approximately HKD 1.49 billion for repaying bank loans [1] - The issuance is based on a general authorization granted by the shareholders' meeting, and the subscription is subject to the fulfillment of certain conditions and/or exemptions, meaning the subscription may not necessarily proceed [1]

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。 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） 修訂有關根據一般授權發行新股份之認購協議 第一批認購事項（包括第1A批認購事項及第1B批認購事項）及第二批認購事項（包括第 2A批認購事項及第2B批認購事項）的認購股份數目維持不變。 除經修訂協議明確修訂、更改或修改者外，認購協議的所有條款及條件維持十足效力 及作用。 – 1 – 額外資料 茲提述協鑫科技控股有限公司（「本公司」）刊發日期為2025年9月16日有關根據一般授 權發行新股份的公告（「該公告」）。本公告所用詞彙與該公告所界定者具有相同涵義。 認購協議條款之修訂 為配合指定人士的資金調配時間表，本公司與認購方於2025年9月25日訂立修訂協 議，以修訂（其中包括）將第一批認購事項拆分為第1A批認購事項及第1B批認購事項 以及將第二批認購事項拆分為第2A批認 ...

Investment Rating - The industry investment rating is "Overweight," indicating that the industry is expected to outperform the overall market [7]. Core Insights - The report highlights a significant shift in the photovoltaic (PV) industry, moving from a single electricity consumption model to a multi-energy comprehensive utilization model, which is crucial for alleviating current PV consumption pressures [2]. - The utilization rate of photovoltaic power generation in China from January to July 2025 was 94.7%, a year-on-year decrease of 2.4 percentage points, emphasizing the need for alternative utilization pathways as installed capacity continues to grow [2]. - Future development will focus on market-driven approaches rather than resource-driven, with an emphasis on cost control, operational efficiency, and competitive strategies [2]. - The report suggests that the construction logic of photovoltaic power stations will gradually shift from "grid connection logic" to "consumption logic," paving the way for a new round of high-quality growth in PV installations [2]. Summary by Sections Industry Transition - The article emphasizes the need for a transition in the photovoltaic industry from single electricity consumption to multi-energy utilization, which is essential for addressing the current consumption challenges [2]. - It specifically mentions the importance of promoting hydrogen production from renewable energy sources, particularly in resource-rich areas, and extending the industrial chain towards green hydrogen metallurgy and green ammonia synthesis [2]. Policy and Innovation - Key measures for breaking the "involution" in the industry include policy coordination and technological innovation, aiming to resolve the supply-demand imbalance in the photovoltaic manufacturing sector [2]. - The report advocates for supporting enterprises through technological innovation rather than merely cost-cutting, highlighting that new technologies will be crucial for the photovoltaic industry's evolution [2]. Investment Recommendations - The report recommends focusing on companies that will benefit most from the "anti-involution" policies, particularly in the silicon material segment, including companies like GCL-Poly Energy, Daqo New Energy, Tongwei Co., and TBEA [2]. - It also highlights new technology firms such as Aiko Solar Energy as potential investment opportunities [2]. Valuation Table - A valuation table is provided for key companies in the power equipment sector, detailing their stock prices, market capitalization, and projected net profits for 2025, 2026, and 2027 [3].

Investment Rating - The industry investment rating is "Overweight" indicating that the industry is expected to outperform the overall market [8] Core Insights - The report highlights a significant shift in the photovoltaic (PV) industry from a single energy consumption model to a multi-energy comprehensive utilization model, which is crucial for alleviating current PV consumption pressures [2][3] - Future development of renewable energy is expected to transition from a "resource-oriented" approach to a "market-oriented" approach, emphasizing cost control and operational efficiency over mere resource availability [2] - Key measures to break the "involution" in the industry include policy coordination and technological innovation, which are essential for addressing the supply-demand imbalance in the photovoltaic manufacturing sector [2] Summary by Sections Industry Transition - The article emphasizes the need for a transition in the PV industry towards multi-energy utilization, particularly highlighting the importance of hydrogen production from renewable sources [2] - The utilization rate of PV power generation in China was reported at 94.7% for January to July 2025, a decrease of 2.4 percentage points year-on-year, indicating increasing pressure on the power system [2] Market Dynamics - The report stresses that the competitiveness of PV power stations will increasingly depend on market capabilities such as cost control and bidding strategies rather than just resource conditions [2] - The current challenges faced by renewable energy in the power market include weak bargaining power and exposure to price volatility, leading to situations where companies experience "increased output without increased revenue" [2] Investment Recommendations - The report suggests focusing on companies that will benefit from the "involution" reversal, particularly in the silicon material segment, including companies like GCL-Poly Energy, Daqo New Energy, Tongwei Co., and TBEA [2] - It also highlights the importance of new technology firms such as Aiko Solar in the evolving market landscape [2] Valuation Table - A valuation table is provided for key companies in the power equipment sector, detailing their stock prices, market capitalizations, and projected net profits for 2025 to 2027 [3]

（ 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].