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 ...

送及花业 电力设备/ 光伏设备 2025 年 09 月 25 日 版灵 行业 请务必仔细阅读正文之后的各项信息披露与声明 反内卷再出新政策, 相关研究 券研究培 证券分析师 李冲 A0230524070001 lichong@swsresearch.com 马天一 A0230525040004 maty@swsresearch.com 联系人 李冲 (8621)23297818× lichong@swsresearch.com 事件: 9 月 24 日国家能源局局长王宏志在学习时报发表的署名文章《以更大力度推动我国新 能源高质量发展》，为光伏产业当前面临的困境指明了出路。文章直指产业痛点，提出以技 术创新驱动降本增效,专项整治光伏产业"内卷式"竞争,推动新能源从单一电力消纳向多 能综合利用转变。 申万宏源研究微信服务号 向明确 -光伏反内卷点评 明确光伏消纳发展路径转变,从单一消纳转向多能综合利用。文章提出了明确的发展路 ● 径的转变："坚持电与非电并重，推动新能源从单一电力消纳向多能综合利用转变"。 这一转变对缓解当前光伏消纳压力具有重要意义。2025 年 1—7 月,全国光伏发电利 用率为 94.7%，同 ...

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]

一场以能效为标尺的行业洗牌正在多晶硅领域上演。头部企业凭借技术优势获得发展先机，而落后产能 则面临退出市场的命运。 该标准正式实施后，多晶硅单位产品能耗不达基准值要求（6.4kgce/kg）的企业将被限期整改，逾期未 改或整改后未达准入值（5.5kgce/kg）的企业将被关停。 9月22日，一位头部多晶硅企业工作人员告诉新京报贝壳财经记者，"新能耗标准将推动行业落后产能清 退，即便是我们这样的头部企业，也存在需要淘汰的落后产能，可以预见会有相当一部分企业受到较大 影响。" 能耗新标呈现"大幅收紧"特征 对于多晶硅生产企业来说，新能耗标准意味着生存红线的重新划定。 最新意见稿称，拟修订的多晶硅单位产品综合能耗1级、2级、3级分别≤5、5.5和6.4kgce/kg，相比目前 正在执行的≤7.5、8.5和10.5kgce/kg大幅收紧。 图片 按文件中的电力对应标煤折算系数0.1229kgce/KWh，此次征求意见稿中5、5.5、6.4kgce/kg，对应电耗 分别为40.7、44.8、52.1度/kg。另外文件新增了颗粒硅能耗标准，1-3级分别对应3.6、4.0、5.0kgce/kg， 对应电耗29.3、32.5 ...