Summary of GCL-Poly Energy's Conference Call Company Overview - GCL-Poly Energy is a leading enterprise in the granular silicon sector, with a strong technical foundation and an experienced management team led by actual controller Zhu Gongshan, who significantly influences the company's development [2][4][5]. Financial Performance - In 2024, GCL-Poly is expected to face a substantial decline in revenue and profit due to falling silicon material prices, with an anticipated loss exceeding 4 billion yuan [2][6]. - The company maintains a relatively healthy balance sheet, with a debt ratio consistently between 40% and 50%, providing some risk resilience [2][6]. - R&D expenses for 2024 are projected to be around 1.1 billion yuan, accounting for over 7% of revenue, indicating a strong commitment to technological innovation [2][6]. Industry Dynamics - The photovoltaic industry is undergoing a "de-involution" initiative aimed at addressing overcapacity and supply-demand imbalances [2][7]. - As part of this initiative, approximately 1.2 million tons of capacity, over one-third of the industry, is planned to be withdrawn to alleviate the surplus situation [2][7]. - Prices for rod silicon have rapidly increased, with current averages reaching 47,000 to 48,000 yuan per kilogram, up significantly from previous lows [7]. Granular Silicon Technology - Granular silicon technology offers advantages such as lower costs, reduced energy consumption, and a smaller carbon footprint compared to traditional rod silicon [2][9]. - The penetration rate of granular silicon has increased from zero to nearly 20% and is expected to reach 30% in the future [2][9][10]. - GCL-Poly has achieved a cash cost of approximately 27,000 yuan in Q1 2024, down from 38,000 yuan in the same period last year, positioning it as a cost leader in the industry [12]. Management and Strategic Initiatives - The management team, including Zhu Gongshan and co-CEO Lan Tian, has been pivotal in driving the company's technological advancements and market strategies [4][5]. - GCL-Poly has signed a long-term contract with Longi for 1.3 million tons, with 425,000 tons corresponding to over 200 GW of module production [15]. - The company is expanding its overseas presence, with a 120,000-ton granular silicon project underway in Argentina [16]. Future Outlook - Despite current profitability pressures, GCL-Poly is well-positioned for future growth due to its strong technical capabilities and ongoing R&D investments [2][8]. - If the de-involution initiative is successful and silicon prices rebound to 60,000 to 80,000 yuan, the company could see significant recovery in profitability, with potential net profits of 3 to 4 billion yuan [8][17]. - The market capitalization could reach 50 to 60 billion yuan, indicating substantial upside potential compared to current valuations [17]. Key Challenges - Granular silicon technology still faces challenges such as impurity control, cleaning processes, and the lifespan of core equipment, which need to be addressed for further growth [9][11]. This summary encapsulates the key points from GCL-Poly Energy's conference call, highlighting the company's current status, industry context, and future prospects.

Investment Rating - The report maintains a "Buy" rating for the photovoltaic and wind power sectors, indicating a positive outlook for these industries in the near to medium term [4][5]. Core Insights - The photovoltaic industry is undergoing a "de-involution" movement at the national strategic level, focusing on capacity integration in the silicon material segment and strengthening price regulation across the supply chain. The industry is currently at the bottom of the cycle, with future policy strength being a key variable influencing its trajectory. In the medium to long term, the photovoltaic sector is expected to enter a phase of high-quality development, with technological upgrades and market structure optimization becoming core competitive factors [4]. - The wind power sector in China has a strong global competitive advantage, with a relatively reasonable supply-demand structure and robust profitability among companies. The year 2025 is anticipated to be a significant year for offshore wind power development in China, with accelerated construction and favorable export trends [4]. Weekly Market Review - From August 4 to August 8, 2025, the Shanghai Composite Index rose by 2.11%, while the Shenzhen Component Index and the ChiNext Index increased by 1.25% and 0.49%, respectively. The Shenwan Electric Power Equipment Index rose by 1.94%, outperforming the CSI 300 by 0.71 percentage points. Within sub-sectors, photovoltaic equipment, wind power equipment, batteries, and grid equipment experienced changes of +1.29%, +4.50%, +0.99%, and +3.08%, respectively [12][18]. Key Sector Tracking - **Photovoltaic Sector**: The report highlights a significant project where JA Solar is the candidate for a 50MW photovoltaic component procurement project in Tibet, with a bid amount of approximately 36 million CNY and a unit price of 0.7215 CNY/W [3][21]. - **Wind Power Sector**: The report emphasizes the strong profitability of domestic wind power companies in the first half of the year and suggests focusing on leading companies such as Goldwind Technology and Dongfang Cable [4]. Investment Recommendations - **Photovoltaic**: Focus on segments that have undergone sufficient corrections, such as silicon materials, glass, and battery cells. Recommended companies include Aiko Solar, Flat Glass Group, GCL-Poly Energy, and Junda Technology [4]. - **Wind Power**: Maintain a positive outlook on the domestic wind power supply chain, with recommendations for companies like Goldwind Technology and Zhongtian Technology [4]. - **New Energy Vehicles**: The sector continues to grow rapidly, with recommendations to focus on battery and structural components benefiting from low upstream raw material prices, including companies like CATL and EVE Energy [5]. Industry Price Data - The report includes price trends for key materials in the photovoltaic supply chain, indicating fluctuations in silicon material, battery cell, and module prices, which are critical for assessing market dynamics [35][36][38].

智通财经获悉，协鑫科技(03800)早盘涨超4%，截至发稿，涨4.39%，报1.19港元，成交额4.11亿港元。 消息面上，8月1日，工信部印发《2025年度多晶硅行业专项节能监察任务清单的通知》，共涉及41家企 业，其中多晶硅单位产品综合能耗限额或将下调，有望带动产能加速出清。交银国际认为，若该要求能 严格执行，高成本产能有望快速出清。此外，多晶硅能耗标准大幅收紧，新增绿电消费比例要求，均利 好颗粒硅。 本文源自智通财经网 此外，申万宏源表示，在反内卷与行业自律的持续推动下，硅料价格不断上涨，据测算行业头部硅料企 业的完全成本在4.2-5.1万/吨，按照4.5万/吨的现货价格计算，头部企业单吨盈利已经达到3000元。本轮 反内卷为自上而下推行，在强约束下，预计涨价不会推动硅料开工率提升，因此后续在行业自律和反内 卷预期下，硅料价格有望站稳4.5万/吨的价格水平。 ...

Investment Rating - The report suggests a positive outlook for the photovoltaic industry, particularly focusing on the benefits from the anti-involution policies and the expected price increases across the supply chain [3][19][22]. Core Insights - The current round of anti-involution is fundamentally different from previous self-regulatory efforts, with significant policy and regulatory measures being implemented since the sixth Central Financial Committee meeting [3][18]. - The anti-involution has catalyzed positive changes in the industry, leading to substantial price increases in the photovoltaic supply chain, particularly in polysilicon, which has seen prices rise above 40,000 yuan per ton [3][14]. - The feasibility of price transmission from polysilicon to downstream components is supported by the involvement of state-owned energy enterprises, which are expected to resist low-price competition [3][38]. - Polysilicon is identified as the key focus for the anti-involution efforts, with policies aimed at eliminating outdated production capacity and promoting industry consolidation [3][23]. - The supply side has initiated changes, while the demand side is seen as the critical area for breakthroughs, with new policies expected to stimulate demand in the photovoltaic market [3][45]. Summary by Sections 1. Review of Anti-Involution Market - The report reviews the developments in the photovoltaic market since the implementation of anti-involution policies, highlighting the significant price increases in polysilicon and other components [3][12][14]. 2. Positive Changes from Anti-Involution Expectations - The report notes that the anti-involution expectations have led to a positive market response, with polysilicon futures prices rising significantly and aligning closely with the prices of photovoltaic materials [11][12]. 3. Policy Implementation Phase with Focus on Polysilicon - The report emphasizes that the implementation of policies targeting polysilicon production is crucial for the success of the anti-involution strategy, with a focus on reducing outdated capacity and enhancing industry standards [3][22][29]. 4. Indicators of Anti-Involution Effects: Component Prices - The report identifies the rising prices of photovoltaic components as a key indicator of the success of the anti-involution measures, with expectations for further price increases as the supply chain adjusts [3][14][38]. 5. Supply-Side Anti-Involution and Demand-Side Efforts - The report discusses the need for coordinated efforts between supply-side adjustments and demand-side stimulation to ensure the sustainability of the photovoltaic market, particularly in light of new regulatory frameworks [3][45][42].

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 （於開曼群島註冊成立之有限公司） 2025 年硅片銷售合同之補充協議及 （股份代號：3800） 持續關連交易 修訂年度上限 及 2025 年硅料產品銷售合同 2025 年硅片銷售合同之補充協議及修訂年度上限 茲提述本公司日期為2024年12月27日的公告，內容有關2025年硅片銷售合同。 鑒於協鑫集成集團改變硅片採購計劃，於2025年8月7日（交易時段後），協鑫科技 （蘇州）（本公司間接全資附屬公司，作為賣方）與協鑫集成（作為買方）訂立補充協 議，其中包括將2025年硅片銷售合同項下2025年硅片銷售交易的年度上限從人民幣 996,000,000元（含稅）修訂為人民幣250,000,000元（含稅）（即2025年經修訂硅片銷售 上限）。 2025年硅料產品銷售合同 於2025年8月7日（交易時段後），江蘇中能（本公司間接 ...

Core Viewpoint - After a month of continuous recovery, the price of silicon materials has stabilized, with current prices ranging from 45,000 to 49,000 yuan per ton, following a previous increase from approximately 30,000 to 36,000 yuan per ton [1] Price Trends - The price of polysilicon futures surged to 54,705 yuan per ton on July 30 but has since dropped to around 50,000 yuan per ton, slightly above the spot price [1] - The increase in polysilicon prices is linked to regulatory efforts aimed at curbing low-price competition and guiding companies towards rational pricing [1][2] Industry Dynamics - Currently, most silicon material companies are achieving breakeven at the current price levels, contrasting with previous losses [3] - The price recovery in the photovoltaic industry depends on supply-side structural reforms in polysilicon and the price transmission effect to downstream components [3] Downstream Impact - The downstream component sector has struggled to raise prices in line with silicon material increases, with current component prices around 0.665 to 0.707 yuan per watt, reflecting only a minor increase since July [2][3] - Each watt of component requires approximately 2 grams of silicon material, meaning a 10,000 yuan per ton increase in silicon price raises component costs by about 0.1 yuan per watt [3] Regulatory Environment - The decline in investment returns for photovoltaic power stations is a significant factor limiting component price increases, as outlined in the "136 Document" issued by the National Development and Reform Commission [4][5] - New regulations set a mechanism price of 0.4155 yuan per kilowatt-hour for projects connected to the grid before June 1, 2025, impacting the financial viability of new installations [6] Production Capacity and Storage Plans - Despite price stabilization, polysilicon production capacity is increasing, particularly in regions with low energy costs [7][8] - A proposed storage plan aims to establish a storage capacity of 1.2 to 1.3 million tons, with a target to maintain around 70% operational capacity to meet market demand [8]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年7月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 協鑫科技控股有限公司 呈交日期: 2025年8月6日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 03800 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 50,000,000,000 | HKD | | 0.1 | HKD | | 5,000,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 50,000,000,000 | HKD | | 0.1 | HKD | | 5,000,000,000 | 本月底法 ...

水泥(大部份已反映)：中国建材 医疗(大部份已反映)：三生制药、威高股份 保险(部份已反映)：中国平安、太保 猪肉(部份已反映)：牧原股份、温氏股份 太阳能供应链(轻微反映)：协鑫科技、通威股份、隆基绿能 餐饮外卖(轻微反映)：阿里巴巴 锂(轻微反映)：盐湖股份 化工(未反映)：华鲁恒升、恒力石化 汽车(未反映)：比亚迪、理想汽车、长城汽车 格隆汇8月5日｜瑞银发表报告，列出潜在受惠"反内卷"政策的板块和首选股名单，并关注相关板块股价 是否已反映相关因素。 ...

瑞银根据以下标准对板块进行排名：1)动机，即价格无序竞争的程度(利润率愈低的板块，动机愈强);2) 需求反应及对价格和利润率的潜在影响;3)市场已定价的程度。基于上述标准，该行偏好太阳能、化工 和锂行业，太阳能供应链板块首选股包括协鑫科技(03800)、通威股份(600438.SH)及隆基绿能 (601012.SH);化工板块首选华鲁恒升(600426.SH)及恒力石化(600346.SH);锂行业首选盐湖股份 (000792.SZ)。 该行指，内地"反内卷"运动似乎已扩展到多个领域，但各行业的强度差异显著：在外卖和汽车行业，监 管机构召集相关企业，敦促其整改某些促销行为并进行理性竞争;在太阳能行业，根据《价格法》，禁 止制造商以低于成本的价格销售;在煤炭行业，监管机构将8个省份的产量限制在总产能的110%以内;在 锂行业，监管机构加强对非法采矿活动的审查;在生猪养殖行业，监管机构与生产商召开会议，强调对 产能的更严格控制;在化工行业，监管机构要求提供有关落后产能的信息;在医疗行业，监管机构表示在 药品和医疗器械的集采中需考虑其他非价格因素。总体而言，该行认为内地当前措施相较2014至2015年 阶段的干预程 ...

Group 1 - Goldman Sachs maintains a "Buy" rating for Li Auto-W with a target price of HKD 138, expecting monthly sales of 6,000 units for its new electric SUV i8 [1] - China Biologic Products is rated "Outperform" by CMBI, highlighting its strong innovation pipeline and growth in biosimilars and generics [1] - JPMorgan upgrades Hang Lung Properties to "Overweight" with a target price of HKD 10, citing attractive dividend yield and improved sales outlook [2] Group 2 - Citi maintains a "Outperform" rating for China Overseas Property but lowers the target price to HKD 6.1, focusing on service quality improvement [3] - UBS maintains a "Buy" rating for Ping An Insurance, raising the target price to HKD 66, driven by improved macro conditions and growth in asset management [4] - UBS maintains a "Buy" rating for GCL-Poly Energy with a target price of HKD 1.9, benefiting from supply cuts and strong product quality [5] Group 3 - Macquarie maintains a "Outperform" rating for Prada but lowers the target price to HKD 60, citing lower-than-expected sales growth [6] - Goldman Sachs maintains a "Neutral" rating for CATL, adjusting the target price to HKD 436 due to expected declines in battery gross margins [7] - Goldman Sachs maintains a "Buy" rating for Kuaishou-W with a target price of HKD 68, anticipating significant revenue growth in the AI sector [8] Group 4 - Morgan Stanley maintains an "Overweight" rating for HSBC, raising the target price to HKD 107.1 due to improved earnings forecasts [9]