国泰海通证券股份有限公司 关于协鑫能源科技股份有限公司 收购报告书 之 财务顾问报告 二〇二五年九月 财务顾问声明和承诺 一、财务顾问声明 根据《公司法》《证券法》《上市公司收购管理办法》《公开发行证券的公 司信息披露内容与格式准则第16号——上市公司收购报告书》及相关法律、法规 的规定，国泰海通证券股份有限公司（以下简称"国泰海通"或"本财务顾问"） 作为杭州鑫瑀企业管理有限公司（以下简称"杭州鑫瑀"或"信息披露义务人"） 受让协鑫能源科技股份有限公司（以下简称"协鑫能科"或"上市公司"）控股 股东上海其辰企业管理有限公司（以下简称"上海其辰"）持有的上市公司股份 事项之财务顾问，就其披露的《收购报告书》的有关内容出具财务顾问报告。 本财务顾问是按照行业公认的业务标准、道德规范和诚实信用、勤勉尽责的 精神，发表独立的财务顾问意见，并在此特作如下声明与承诺： （一）本财务顾问报告所依据的文件、资料及其他相关材料均由收购人提供， 收购人已向本财务顾问保证其提供的材料均真实、准确、完整。 （二）本财务顾问基于诚实信用、勤勉尽责的原则，已按照执业规则规定的 工作程序，旨在就收购报告书相关内容发表意见，发表意见的内容 ...

北京市竞天公诚律师事务所 关于 协鑫能源科技股份有限公司收购报告书 之 法律意见书 北京市朝阳区建国路 77 号华贸中心 3 号写字楼 34 层 邮编：100025 34/F, Tower3,China Central Place, 77 Jianguo Road, Beijing 100025, China T: (86-10) 5809 1000 F: (86-10) 5809 1100 二○二五年 北京市竞天公诚律师事务所 之 法律意见书 敬启者： 北京市竞天公诚律师事务所（以下简称"本所"）作为杭州鑫瑀企业管理 有限公司（以下简称"杭州鑫瑀"或"收购人"或"受让方"）拟通过协议转 让方式受让上海其辰企业管理有限公司（以下简称"上海其辰"或"转让方"） 持有的协鑫能源科技股份有限公司（以下简称"协鑫能科"或"上市公司"） 335,176,285 股股份（占上市公司总股本的 20.6475%）事项的专项法律顾问，就 其编制的《协鑫能源科技股份有限公司收购报告书》（以下简称"《收购报告 书》"）有关内容，根据《中华人民共和国公司法》（以下简称"《公司 法》"）、《中华人民共和国证券法》（以下简称"《证券法》 ...

北京市竞天公诚律师事务所 关于 杭州鑫瑀企业管理有限公司免于以要约方式增持股份 之 法律意见书 北京市朝阳区建国路 77 号华贸中心 3 号写字楼 34 层 邮编：100025 34/F, Tower3,China Central Place, 77 Jianguo Road, Beijing 100025, China T: (86-10) 5809 1000 F: (86-10) 5809 1100 二○二五年 北京市竞天公诚律师事务所 关于 杭州鑫瑀企业管理有限公司免于以要约方式增持股份 之 法律意见书 敬启者： 北京市竞天公诚律师事务所（以下简称"本所"）就杭州鑫瑀企业管理有 限公司（以下简称"杭州鑫瑀"或"收购人"或"受让方"）拟通过协议转让 方式受让上海其辰企业管理有限公司（以下简称"上海其辰"或"转让方"） 持有的协鑫能源科技股份有限公司（以下简称"协鑫能科"或"上市公司"） 335,176,285 股股份（占上市公司总股本的 20.6475%）事项涉及的免于以要约方 式增持股份事宜，根据《中华人民共和国公司法》（以下简称"《公司 法》"）、《中华人民共和国证券法》（以下简称"《证券法》"）、《 ...

Group 1 - The core point of the article is that GCL-Poly Energy Holdings Limited announced that Hangzhou Xinyu Enterprise Management Co., Ltd. has acquired a 20.65% stake in the company [1] Group 2 - The acquisition indicates a significant investment in GCL-Poly, potentially enhancing its financial stability and market position [1] - This transaction may lead to strategic partnerships or collaborations between GCL-Poly and Hangzhou Xinyu, impacting future business operations [1] - The move reflects growing interest in the renewable energy sector, aligning with industry trends towards sustainable investments [1]

Core Viewpoint - The article discusses the rising trend of Real World Assets (RWA) tokenization in the Greater Bay Area, highlighting its potential benefits and challenges for companies seeking to leverage this new financing model [4][5]. Group 1: RWA Tokenization Overview - RWA refers to the tokenization of real-world assets into tradable digital asset certificates using blockchain technology, with over 13 institutions exploring this model in the past two years [4][7]. - Companies are increasingly interested in RWA not just for financing but also for brand exposure and potential stock price enhancement [4][13]. Group 2: Recent Developments and Case Studies - Since 2024, notable companies like Langxin Group and Huaxia Fund have successfully issued RWA projects, with underlying assets including funds, bonds, and real estate [7][8]. - The total market value of global on-chain RWA assets surpassed $25 billion by July 2025, with projections suggesting the market could exceed $10 trillion by 2030 [9]. Group 3: Challenges and Risks - The costs associated with issuing RWA projects in Hong Kong can be high, often exceeding HKD 2.5 million, which may deter some companies from pursuing this route [11][12]. - Not all assets are suitable for RWA; successful tokenization requires stable cash flows, clear legal rights, and verifiable off-chain data [18][19]. Group 4: Regulatory Environment - The regulatory landscape for RWA is still evolving, with a need for clear classification and compliance pathways based on asset characteristics [19][20]. - There are concerns about systemic risks if transparency and custodial measures are not adequately enforced [20][21]. Group 5: Future Prospects - RWA could provide a new avenue for Chinese companies to return to the Hong Kong market, offering a more flexible and faster alternative to traditional secondary listings [24][25]. - The development of RWA is expected to align with economic trends, with potential breakthroughs in cross-border financial products and limited trials for equity assets [25].

证券代码：002015 证券简称：协鑫能科 公告编号：2025-086 协鑫能源科技股份有限公司 关于控股股东部分股份解除质押暨再质押的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 1、公司控股股东及其一致行动人质押股份数量（含本次）占其所持公司股 份数量比例超过 80%，请投资者注意相关风险。 2、本次股份质押融资与上市公司生产经营需求无关。 3、本次股份质押事项不会对上市公司生产经营、公司治理等产生实质性影 响，也不涉及业绩补偿义务履行。 协鑫能源科技股份有限公司（以下简称"公司"、"上市公司"）近日接到 公司控股股东上海其辰企业管理有限公司（以下简称"上海其辰"）通知，获悉 上海其辰将其所持有公司的部分股份办理了解除质押同时进行了再质押，具体事 项如下： 一、控股股东股份解除质押暨再质押基本情况 （一）本次股份解除质押暨再质押基本情况 | 股东 | 是否为控股 股东或第一 | 本次解除 | 占其所 | 占公司 | | 解除日 | 质权人 | | --- | --- | --- | --- | --- | --- | --- | --- ...

Core Insights - GCL-Poly Energy Technology Co., Ltd. (协鑫能科) has seen a stock price increase of 58.03% year-to-date, with a recent drop of 4.50% over the last five trading days [1] - The company reported a revenue of 54.22 billion yuan for the first half of 2025, reflecting a year-on-year growth of 15.29%, and a net profit of 5.19 billion yuan, up 26.42% year-on-year [2] Financial Performance - As of October 9, GCL-Poly's stock price was 12.11 yuan per share, with a market capitalization of 19.658 billion yuan [1] - The company has a total of 9.22 million shareholders as of June 30, 2025, an increase of 52.02% from the previous period [2] - Cumulative cash dividends since the A-share listing amount to 1.226 billion yuan, with 671 million yuan distributed over the last three years [3] Shareholder Structure - The top ten circulating shareholders include Hong Kong Central Clearing Limited, holding 15.0685 million shares, an increase of 5.6731 million shares from the previous period [3] - Southern CSI 1000 ETF ranks as the ninth largest circulating shareholder, holding 8.9816 million shares, up by 1.6882 million shares [3] Business Segments - GCL-Poly's main business revenue breakdown includes: electricity sales (42.85%), heat sales (17.79%), and energy services (16.60%), with energy services further divided into energy-saving and technical services (13.56%) and trading services (3.03%) [2]

Group 1 - The controlling shareholder Shanghai Qichen signed a share transfer agreement with Hangzhou Xinyu to transfer 335 million shares of GCL-Poly Energy Holdings (accounting for 20.65% of total share capital) at a price of 10.377 yuan per share, totaling approximately 3.478 billion yuan [2][4] - The transfer price is based on 90% of the closing price of GCL-Poly Energy on the trading day prior to the agreement signing, resulting in a total value of 3.478 billion yuan (pre-tax) for the shares [4] - After the transaction, Hangzhou Xinyu and its concerted parties will hold over 30% of the shares, triggering mandatory tender offer obligations under the Regulations on the Takeover of Listed Companies [4] Group 2 - The transfer is between entities controlled by the same actual controller, Zhu Gongshan, thus exempting the acquirer from the obligation to make a tender offer as per the relevant regulations [4] - GCL-Poly Energy is a core enterprise under GCL Group, focusing on clean energy operations, mobile energy services, and integrated energy services [4] - In the first half of 2025, GCL-Poly Energy reported revenue of 5.422 billion yuan, a year-on-year increase of 15.29%, and a net profit of 519 million yuan, a year-on-year increase of 26.42% [4]

Core Insights - GCL-Poly Energy Holdings Limited's stock price decreased by 2.07% on September 30, trading at 11.85 CNY per share with a total market capitalization of 19.236 billion CNY [1] - The company has experienced a year-to-date stock price increase of 54.64%, but has seen a decline of 6.03% over the past 20 days and 15.38% over the past 60 days [1] - GCL-Poly's main business segments include power sales (42.85%), heat sales (17.79%), and energy services (16.60%), with a notable increase in revenue and net profit for the first half of 2025 [2] Financial Performance - For the first half of 2025, GCL-Poly reported revenue of 5.422 billion CNY, a year-on-year increase of 15.29%, and a net profit attributable to shareholders of 519 million CNY, up 26.42% year-on-year [2] - The company has distributed a total of 1.226 billion CNY in dividends since its A-share listing, with 671 million CNY distributed over the past three years [3] Shareholder Information - As of June 30, 2025, GCL-Poly had 92,200 shareholders, an increase of 52.02% from the previous period, with an average of 17,597 circulating shares per shareholder, down 34.22% [2] - Major shareholders include Hong Kong Central Clearing Limited and Southern CSI 1000 ETF, both of which increased their holdings compared to the previous period [3]

Group 1 - The core point of the article highlights that GCL-Poly Energy (SZ 002015) has significant share pledges, with Shanghai Qichen pledging approximately 686 million shares, accounting for 98.98% of its holdings, and GCL-Poly's subsidiary pledging 86.2 million shares, representing 100% of its holdings [1] - As of the announcement date, GCL-Poly Energy's market capitalization stands at 19.6 billion yuan [1] - For the first half of 2025, GCL-Poly Energy's revenue composition is entirely from the electricity and heat production and supply industry, with a 100% contribution [1] Group 2 - The article also mentions a competitive scenario in the beverage industry, where the launch of Farmer's green bottle has led to a significant decline in market share for Yibao, dropping nearly 5 percentage points [1]