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 8 未經審核簡明中期綜合財務報表之審閱報告 21 未經審核簡明綜合損益及其他全面綜合收益報表 23 未經審核簡明綜合財務狀況報表 25 未經審核簡明綜合權益變動表 28 未經審核簡明綜合現金流量表 31 未經審核簡明中期綜合財務報表附註 33 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 83 股份計劃 85 主要股東的權益及淡倉 94 企業管治及其他資料 95 公司資料 97 目 錄 財務摘要 | | 截至 6 月 30 日止六個月 | | | | | --- | --- | --- | --- | --- | | | 2024 年 | 2023 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 | | | | | | 銷售硅片 | 2,342,084 | 7,201,320 | (4,859,236) | (67.5%) | | 銷售電力 | 95,334 | 109,593 | (14,259) | (13.0%) ...

Investment Rating - The report maintains an "Accumulate" rating for the company [1][2]. Core Views - The company is focusing on granular silicon technology, with a structured capacity release and an overseas expansion strategy that leverages the carbon emission and ESG advantages of granular silicon. The low energy consumption and cost advantages of granular silicon help the company navigate through market cycles. Product quality is improving, and the price gap with rod-shaped silicon N-type products is narrowing. As an intermediate product in granular silicon production, the company benefits from a leading cost advantage in silane gas, driven by downstream demand recovery, leading to profit growth. The company also has advanced perovskite technology and is building GW-level production lines to expand long-term capacity. [1] Summary by Sections Financial Performance - In H1 2024, the company's revenue decreased by 57.7% year-on-year to 8.86 billion yuan, primarily due to a significant drop in silicon material and wafer prices, partially offset by an increase in silicon material shipment volume. - Gross profit for 2024 was -550 million yuan, a decrease of 9.33 billion yuan year-on-year, with a gross margin decline of 48.1 percentage points to -6.2%, attributed to falling product prices. - The company recognized an inventory impairment of 820 million yuan due to the decline in silicon material and wafer prices. - Net profit for H1 2024 was -2.02 billion yuan, with the attributable net profit at -1.48 billion yuan, a decrease of 7 billion yuan year-on-year, in line with expectations. - The company has repurchased shares worth 58 million yuan, 182 million yuan, and 24 million yuan in 2022, 2023, and H1 2024 respectively, with plans for a total repurchase or dividend distribution of no less than 2.5 billion yuan from 2024 to 2026. [1] Granular Silicon Production - The company has gradually released granular silicon capacity, with production capacity reaching 420,000 tons by the end of H1 2024. - The company plans to add 60,000 tons of module capacity in Xuzhou and expand capacity in the Middle East. - In H1 2024, granular silicon production increased by 66% year-on-year to 136,000 tons, with shipments (including internal sales) up 76% to 126,000 tons, and external sales up 85% to 121,000 tons. The average selling price of granular silicon was 40.3 yuan/kg. [1] Cost and Quality Advantages - Granular silicon has low energy consumption, providing cost and carbon footprint advantages. As domestic preferential electricity prices are gradually eliminated, the company's cost advantage over peers may widen. - Product quality is improving, with the total metal impurity ratio for granular silicon at ≤0.5 ppbw reaching 95.8% in July 2024, a significant increase from Q2 2023. - The company's products with a quality rating of 910A and above accounted for 96.6% of total products, an increase of 11.3 percentage points from February 2024. - The company has introduced a "turbidity" concept to represent the content of granular silicon powder, with 99.9% of products having turbidity <120 NTU in July 2024, a 79.3 percentage point increase from Q1 2023. [1] Silane Gas Business - The silane gas business is expected to benefit from demand in silicon-carbon anodes, photovoltaic cells, semiconductors, and display panels. As an intermediate product in granular silicon production, the company has a significant cost advantage in silane gas, which is expected to contribute to profit growth. [1] Perovskite Technology - The company is advancing its perovskite technology through its subsidiary, with the world's first 100MW perovskite pilot production capacity established. A groundbreaking ceremony for a GW-level large-scale perovskite production base was held in December 2023. The conversion efficiency of the company's 1×2m perovskite single-junction module is 19.04%, and the efficiency of the 369×555mm stacked module is 27.34%. [1]

Investment Rating - Maintains a "Buy" rating due to the company's continuous cost reduction and quality improvement in granular silicon, with expected recovery in profitability as polysilicon prices gradually recover [3] Core Views - The company reported revenue of 8 863 billion yuan in H1 2024, a year-on-year decrease of 57 7%, and a net loss attributable to the parent company of 1 480 billion yuan, a year-on-year decrease of 126 8% [2] - Polysilicon shipments reached approximately 126 400 tons in H1 2024, a year-on-year increase of 24 99%, with an average external selling price of 40 3 yuan/kg [2] - Granular silicon shipments to the top three customers accounted for 62 2% of total shipments, with the company's 420 000-ton polysilicon nominal capacity fully operational [2] - Granular silicon quality improved significantly, with N-type silicon accounting for over 96% of production, and total metal impurities in 5 elements reduced to below 1ppbw [2] - R&D expenditure increased to 718 million yuan in H1 2024, with an R&D expense ratio exceeding 8%, up 3 8 percentage points year-on-year [2] Financial Performance and Forecast - Revenue for 2024-2026 is projected to be 17 160 billion yuan, 30 523 billion yuan, and 42 118 billion yuan, respectively, with year-on-year growth rates of -49%, +78%, and +38% [3] - Net profit attributable to the parent company for 2024-2026 is forecasted to be -1 915 billion yuan, 1 567 billion yuan, and 4 354 billion yuan, with year-on-year growth rates of -176%, +182%, and +178% [3] - The stock's PE ratio for 2025 and 2026 is estimated at 20x and 7x, respectively [3] Operational Highlights - Granular silicon cash cost is expected to drop below 30 yuan/kg, with significant improvements in product quality and impurity levels [2] - The company obtained 65 patents in H1 2024, including 16 invention authorizations, focusing on granular silicon, industrial silicon, silane gas, perovskite, and CCZ technologies [2] - The company aims to achieve full-scale production of GW-level granular silicon lines by the end of 2024 [2] Market and Valuation - The stock's closing price was 1 17 yuan, with a 12-month price range of 0 89-1 64 yuan and a market capitalization of 28 688 billion yuan [6] - The company's EV/EBITDA ratio for 2024-2026 is projected at 8 31x, 3 61x, and 2 17x, respectively [8]

Investment Rating - The investment rating for GCL-Poly Energy Holdings Limited (协鑫科技) is not explicitly stated in the report, but it suggests a "sustainable focus" and "buy on dips" strategy due to its competitive advantages in the industry [4]. Core Views - GCL-Poly is currently experiencing losses due to the significant decline in polysilicon prices, which has impacted its revenue and profitability. The company is focusing on improving product quality and reducing costs to navigate through the industry's downturn [1][2]. - The company has achieved a high quality of its core product, granular silicon, with 96.6% of its products meeting the 901A standard or above, which is essential for downstream customers [2][3]. - GCL-Poly's cash cost for granular silicon is expected to drop below 30 RMB/kg, making it the lowest in the industry, enhancing its competitiveness during the industry's bottom cycle [3]. Summary by Sections Financial Performance - In the first half of 2024, GCL-Poly reported a revenue decline of 57.7% year-on-year to 8.86 billion RMB, with a gross loss of 553 million RMB, resulting in a gross margin of -6.6% [2]. - The average selling price of polysilicon dropped by 67.5% year-on-year to 40.3 RMB/kg, compared to 124.1 RMB/kg in the same period last year [2]. Product Quality and Market Position - The company has significantly improved the quality of its granular silicon products, with a notable reduction in total metal impurity content and turbidity levels, meeting stringent market standards [2][3]. - GCL-Poly's production capacity for granular silicon has reached 420,000 tons per year, with a 65.6% year-on-year increase in granular silicon output [2]. Cost Structure and Future Outlook - The company has the lowest production costs in the industry for granular silicon, with further reductions anticipated following ongoing technical upgrades [3]. - GCL-Poly is expected to incur a net loss of up to 2 billion RMB for the full year of 2024, but is projected to return to profitability in 2025 with an estimated net profit of 2.4 billion RMB [3].

Investment Rating - The report maintains a "Buy" rating for the company [1][4]. Core Views - The company has experienced a significant decline in revenue and profitability due to a sharp drop in industry chain prices, with a 57.9% year-on-year decrease in photovoltaic materials revenue in 2024H1 [1][2]. - The company is expected to reduce its cash cost of granular silicon to below RMB 30/kg, which will enhance its competitive advantage [1]. - The company has established long-term supply agreements with leading silicon wafer manufacturers, indicating strong demand for its granular silicon products [1][2]. Summary by Relevant Sections Financial Performance - In 2024H1, the company achieved a revenue of RMB 8.863 billion, a decrease of 57.69% year-on-year, and a net profit attributable to shareholders of -RMB 1.48 billion, a decline of 126.81% [2]. - The company's polysilicon production reached 136,400 tons, a year-on-year increase of 22.8%, while granular silicon production increased by 65.6% [1]. Product Quality and Market Position - The quality of granular silicon has improved significantly, with 95% of products meeting the impurity content standard of ≤0.5 ppbw [1]. - The top three customers accounted for 62.2% of the company's granular silicon shipments, reflecting strong market recognition [1]. Future Growth Potential - The company is exploring overseas granular silicon production capacity, which could support its international transformation [2]. - The silane gas business is expected to become a new profit growth point, with the company holding a leading position in high-purity silane gas production [2].

协鑫科技（03800） 更新报告 颗粒硅成本及品质优势有望进一步体现 降价与减值导致业绩盈转亏：公司上半年收入同比减少 57.7%至 88.6 亿元人民币（下同），毛利为-5.5 亿，同比减少 106.3%，股东净 利润-14.8 亿元，同比减少 126.8%。业绩下滑主要因为期内硅料价格 同比大幅下降 68%以及存货减值 8.2 亿元的影响，其中 2Q 单季度亏损 约 15.1 亿元，低于我们先前预期。期末资产负债率 41.3%（扣除背书 及折现票据影响则为 37%），财务状态仍相对健康。 产品持续迭代优化：上半年公司颗粒硅销售 12.6 万吨，同比增加 25%，硅料收入 48.6 亿元，平均不含税均价 40.3 元每公斤。品质持续 提升，颗粒硅基本全面实现 5 元素总金属杂质含量低于 1ppbw 及小于 0.5ppbw 产品比例提升至 95%，已与市场 N 型致密复投料品质标准一 致，18 元素总金属杂质产品比例亦由 43%提升至 69.5%；浊度缺陷取得 实质优化，7 月 120NTU 和 100NTU 产品比例分别达到 99.9%及 90.4%， 整体断线率（32.2%）已接近同期棒状硅水平（31.4 ...

Investment Rating - The report maintains a "Recommended" rating for the company [2][3]. Core Views - The company's performance has shifted from profit to loss primarily due to oversupply in the polysilicon market and intensified competition leading to prices falling below cash costs [2]. - The company has shown steady growth in polysilicon production and sales, with a significant increase in production by 22.8% year-on-year and sales by 24.99% year-on-year [2]. - The quality of the company's products has improved, with a notable reduction in metal impurities and turbidity levels, positioning it as a leader in the industry [2]. - New business opportunities in perovskite and silane gas are expected to contribute to future revenue growth [2]. - Revenue projections for 2024-2026 are estimated at 18.1 billion, 33.7 billion, and 40.4 billion RMB, with net profits expected to recover in 2025 and 2026 [2]. Financial Forecasts and Indicators - For the first half of 2024, the company reported revenues of 9.352 billion RMB, a decrease of 56.04% year-on-year, and a net loss of 1.48 billion RMB, down 126.81% year-on-year [2]. - The company anticipates a reduction in cash costs for granular silicon to below 30 RMB/kg [2]. - The projected net profits for 2024, 2025, and 2026 are -2.375 billion, 1.237 billion, and 2.341 billion RMB respectively, with corresponding P/E ratios of 23x and 12x for 2025 and 2026 [2]. - The company’s total assets are reported at 82.768 billion RMB, with total liabilities of 34.450 billion RMB, indicating a healthy balance sheet [7].

Investment Rating - The investment rating for the company is Neutral, with a target price of HKD 1.31, representing a potential upside of 12.9% from the current price of HKD 1.16 [1][2][18]. Core Insights - The company's performance in the first half of the year was below expectations, with a net loss attributable to shareholders of RMB 1.48 billion, slightly exceeding the forecasted loss of RMB 1.45 billion. The second quarter loss was RMB 1.51 billion, which was lower than anticipated [1]. - The production optimization of granular silicon is expected to significantly reduce costs after completion, with cash costs projected to fall below RMB 30,000 per ton by the end of the year, which is substantially lower than the approximately RMB 40,000 per ton of leading competitors [1]. - The company has initiated a systematic optimization project for its granular silicon production line, which, despite causing a temporary decrease in operating rates, has led to substantial improvements in production metrics [1]. - The company holds the largest global capacity for silane gas, with sales accounting for one-third of the national market, and is expected to become a new profit growth point as demand increases [1][2]. Financial Summary - The company reported a revenue of RMB 35.93 billion in 2022, which is expected to decline to RMB 33.7 billion in 2023, and further drop to RMB 16.97 billion in 2024, reflecting a year-on-year decrease of 49.7% [5][19]. - The net profit is projected to be a loss of RMB 1.91 billion in 2024, with a gradual recovery expected in subsequent years, reaching a profit of RMB 2.63 billion by 2026 [5][19]. - The average selling price per ton of granular silicon is expected to decrease significantly from RMB 24,400 in 2022 to RMB 4,100 in 2024, with production costs also declining from RMB 5,400 to RMB 3,800 per ton over the same period [7][19]. Market Dynamics - The price of polysilicon has stabilized after a significant drop, with prices for dense material and granular silicon per ton falling from RMB 68,000 and RMB 61,000 to a low of RMB 39,000 and RMB 36,000 respectively. The market is now approaching a balance between supply and demand [2]. - The company is expected to benefit from its cost advantages and improve its market share, although valuation improvements are contingent on a significant recovery in polysilicon prices [2][8].

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 （於開曼群島註冊成立之有限公司） （股份代號：3800） 截至2024年6月30日止六個月 之中期業績公告 | 財務摘要 | | | | | --- | --- | --- | --- | | | 截至6月30日止期間 | | | | | 2024年 | 2023年 | 變動百分比 | | | 人民幣百萬元 | 人民幣百萬元 | | | | （未經審核） | （未經審核） | | | 收入 | 8,862.9 | 20,945.9 | (57.7)% | | 毛（虧）利 | (552.6) | 8,777.9 | (106.3)% | | 本公司擁有人應佔期內（虧損）利潤 | (1,479.6) | 5,518.3 | (126.8)% | | 每股基本（虧損）盈利 | 人民幣(5.60)分 | 人民幣20.79分 ...

颗粒硅优势明显,低碳引领新周期 2024 年 06 月 27 日 [Table_ 【投资要点 Summary]】 颗粒硅生产工艺简洁、转化率高、能耗低,具备陡峭的品控降本学习 曲线和较高的壁垒,下游产品适配需要研发驱动。在行业进入比拼资 金实力、成本竞争力和绿色属性的阶段,颗粒硅降本、提质和低碳优 势逐步扩大,协鑫科技有望在成本、品质和低碳减排方面引领行业。 颗粒硅降本:利用率提升,一体化和研发降本。1)生产成本:提高 单模块产能、连续运行时长、产能利用率,进而摊薄固定成本。单模 块产能提升至 6 万吨,单位投资成本再降 30%。G6 长周期、低成本新 一代循环流化床技术开发,连续运行时间中短期目标 5000h,长期目 标 8000h,产能利用率有望提升。2)现金成本:上游工业硅余热蒸汽 利用,吨现金成本有望由 2.8 万元降低至 2.4 万元。3)使用成本: 核心辅材研发与工艺优化,下游客户 CCZ 拉晶等方案匹配,非硅成本 可下降 19%。 颗粒硅提质:杂质降低,浊度改善,价差收窄。1)杂质含量:5 元素 总金属杂质含量≤1ppbw 稳定在 90%左右,少子寿命略高于致密块料, 头尾氧含量与致密料持平,满 ...