Core Viewpoint - The photovoltaic (PV) industry is facing urgent capacity clearance, with recent policies emphasizing the need for orderly exit of backward production capacity [1][4] Group 1: Market Dynamics - The PV industry chain has seen a significant increase in spot prices, with silicon material and silicon wafer prices rising over 10% within a week, and full-size silicon wafers increasing by over 13% [1] - The capital market responded positively, with the main contract for polysilicon reaching a historical high, showing a cumulative increase of 42% since June 25 [1] - Despite the price increases, the fundamental support for polysilicon prices remains weak, with supply and demand not having materially improved [1][2] Group 2: Company Performance - Many PV manufacturers reported collective losses in the first half of the year, although some companies like Longi Green Energy and Aiko Solar showed significant reductions in losses in Q2 [2] - Longi Green Energy expects a loss of 2.4 billion to 2.8 billion yuan for the first half, with a maximum loss of approximately 1.37 billion yuan in Q2, indicating improved internal management and cost reductions [2][3] Group 3: Industry Challenges - The industry is currently in a phase of market speculation, with a need for convincing data to validate the effectiveness of production cuts [2][3] - Key indicators for assessing the effectiveness of production cuts include the effective reduction of silicon material inventory, maintaining low operating rates, and the permanent exit of inefficient production capacity [3] - The PV industry has been in continuous losses for seven quarters, indicating a pressing need for self-correction and capacity clearance [4] Group 4: Future Outlook - The industry is expected to see the effects of production cuts by Q4 at the latest, with a critical need for decisive action to avoid a resurgence of outdated capacity [4] - The outcome of the production cuts will determine whether Chinese PV giants can maintain their position in the global green energy revolution or be overwhelmed by excess capacity [4]

Investment Rating - Industry Rating: Recommended [5] Core Insights - The report highlights the acceleration of humanoid robot production due to advancements in AI technology and domestic companies' efforts to replace core components, indicating a broad market opportunity [1][15] - The electric vehicle (EV) sector is entering a deep penetration phase, with new high-cost performance models expected to drive sales growth and stabilize the industry in the medium to long term [2][18] - The renewable energy sector is facing rising upstream raw material prices, which are expected to be passed down the supply chain, potentially leading to price rebounds for solar components [3][24] - The UK government's decision to relax AR7 offshore wind auction entry requirements is anticipated to boost investment enthusiasm and accelerate project implementation in the offshore wind sector [4][27] Summary by Sections Humanoid Robots - The launch of the new industrial humanoid robot Walker S2 by UBTECH enables 24/7 operation with a rapid battery swap system, indicating a significant technological breakthrough [1][15] - The report emphasizes the strong domestic demand for core components and the potential for domestic companies to benefit from this trend [1][15] - Key players in the humanoid robot supply chain are expected to see substantial opportunities as the industry matures [1][17] New Energy Vehicles - The report notes that the introduction of multiple new EV models is likely to enhance user experience and drive sales growth [2][18] - The EV industry is characterized by rapid growth, with new technologies and materials expected to improve performance and reduce costs [2][19] - The report identifies several investment opportunities within the EV supply chain, particularly in battery technology and related components [2][23] Renewable Energy - The report discusses the impact of rising prices for upstream materials like silicon, which are expected to lead to price increases for solar components [3][24] - It highlights the ongoing optimization of battery efficiency and the potential for companies with differentiated high-efficiency products to enhance profitability [3][26] - The report also notes the expected reduction in production from glass manufacturers, which could alleviate inventory and pricing pressures in the solar market [3][26] Offshore Wind Energy - The UK government's relaxation of AR7 offshore wind auction rules is seen as a positive signal for the global offshore wind industry, potentially increasing project participation [4][27] - The report anticipates that the extension of contract terms for difference agreements will further stimulate investment in offshore wind projects [4][28] - Key beneficiaries of this trend are expected to include leading domestic companies involved in offshore wind energy [4][28] Energy Storage - The introduction of capacity pricing policies for energy storage in Gansu province is expected to enhance the profitability of long-duration storage projects [8][31] - The report emphasizes the importance of energy storage in balancing renewable energy output and improving utilization rates [8][31] - Companies with technological advantages in energy storage are likely to be the first to benefit from these new policies [8][31]

Group 1 - The Hainan Free Trade Zone concept rose by 2.76% as of the close on July 17, ranking 8th among concept sectors, with 28 stocks increasing in value [1] - Notable performers within the Hainan Free Trade Zone sector included Caesar Travel, which hit the daily limit, and Hainan Haiyao, Hainan Ruize, and Hainan Qiche Group, which rose by 6.75%, 6.73%, and 6.49% respectively [1] - The sector saw a net inflow of 845 million yuan from main funds, with 21 stocks receiving net inflows, and 8 stocks attracting over 30 million yuan each [2] Group 2 - The top net inflow stock was Hainan Huatie, with a net inflow of 299 million yuan, followed by Caesar Travel, Junda Co., and Hainan Haiyao with net inflows of 150 million yuan, 87 million yuan, and 85 million yuan respectively [2][3] - The net inflow ratios for Caesar Travel, Hainan Mining, and HNA Holding were 37.54%, 12.28%, and 11.60% respectively, indicating strong interest from main funds [3] - The trading volume and turnover rates for key stocks in the Hainan Free Trade Zone included Hainan Huatie at 18.52% turnover and a 4.95% increase, while Caesar Travel had a turnover of 6.64% and a 10.07% increase [3][4]

Group 1 - The A-share market in Hainan Free Trade Zone is experiencing a volatile upward trend, with significant gains in various stocks [1] - Caesar Travel Industry has reached a daily limit increase, indicating strong investor interest [1] - Jun Da Co., Ltd. has risen over 5.5%, reflecting positive market sentiment [1] Group 2 - Hainan Haiyao and Lishang Guochao have both increased by more than 3%, contributing to the overall positive performance of the sector [1] - Haikong Group and other related companies are also seeing upward movement, suggesting a broader rally in the Hainan Free Trade Zone stocks [1]

Group 1: Anta Sports Products (2020 HK) - The second quarter revenue met expectations, with management reaffirming the annual guidance for 2025, indicating low single-digit, mid single-digit, and 50-55% year-on-year revenue growth for Anta, FILA, and other brands respectively [3] - Despite intense industry competition, management maintains growth guidance for all brands, expecting high single-digit, mid single-digit, and over 30% year-on-year growth for Anta, FILA, and other brands respectively [3] - The forecast for net profit from 2025 to 2027 is projected to be between RMB 13.41 billion and RMB 16.54 billion, with a target price of HKD 110.20 based on a 20x P/E ratio for 2026, maintaining a buy rating [3][4] Group 2: Junda Co., Ltd. (002865 CH) - The company expects a loss of RMB 0.94 billion to RMB 1.94 billion in Q2 2025, which is an increase from the loss of RMB 1.06 billion in Q1 2025, primarily due to a decline in battery prices following a surge in installations in mainland China [5] - Junda has signed a strategic cooperation agreement with Turkey and Europe's largest photovoltaic module manufacturer to jointly build a solar cell production base with a capacity of up to 5GW [5] - The outlook remains positive for the company, anticipating a turnaround in performance in 2026 driven by the commencement of production in Oman and supply-side reforms [5] Group 3: E-commerce Industry - In Q2 2025, adjusted year-on-year growth for physical e-commerce retail sales was 6.3%, with categories like home appliances and cosmetics experiencing a decline in growth [7] - E-commerce platforms are increasing investments in instant retail to drive cross-selling with traditional shelf e-commerce, enhancing user engagement [7] - Major players like Alibaba and JD.com are expected to maintain double-digit year-on-year growth, although profitability may be pressured due to increased investments in flash sales and delivery services [8] Group 4: Economic Data Insights - The consumer price index for June is expected to show a month-on-month increase of 0.30% in both the US and China, with the previous data being 0.10% [9] - The industrial product factory price index is anticipated to rise by 0.20% year-on-year in the US for June [9]

Investment Rating - The investment rating for the company is "Buy" [2][8]. Core Insights - The company has released a performance forecast indicating a loss of 200-300 million RMB for 1H25, which aligns with market expectations due to a decline in battery prices following a surge in installations in mainland China [6]. - The company has signed a strategic cooperation agreement with Schmid Pekintaş Energy to establish a 5GW solar cell production base in Turkey, which is expected to enhance its overseas capacity and market presence [6]. - Recent government meetings suggest a potential turnaround in the solar supply side, with material prices beginning to recover [6]. Financial Overview - Revenue projections for the company are as follows: 2023: 18,657 million RMB, 2024: 9,952 million RMB, 2025E: 8,431 million RMB, 2026E: 13,874 million RMB, 2027E: 15,397 million RMB, with a significant year-on-year growth of 60.9% in 2023 followed by a decline in subsequent years [5][11]. - Net profit forecasts show a loss in 2024 and 2025E, with expected profits of 1,427 million RMB in 2026 and 1,726 million RMB in 2027 [5][11]. - The company's earnings per share (EPS) are projected to be 3.59 RMB in 2023, dropping to -2.58 RMB in 2024, and recovering to 4.88 RMB in 2026 and 5.90 RMB in 2027 [5][11]. Valuation Metrics - The target price for the company has been adjusted to 49.82 RMB, reflecting a 10.2x price-to-earnings ratio for 2026 [6][7]. - The company’s market capitalization is approximately 9,538.81 million RMB, with a 52-week high of 80.40 RMB and a low of 34.80 RMB [4][6]. Market Position - The company has a significant overseas revenue contribution, accounting for 51.9% in 1H25, although this is a decrease from 58% in 1Q25 [6]. - The strategic move to establish a production base in Turkey is aimed at capturing local market opportunities and facilitating exports to higher-priced markets like the USA [6].

Core Points - Hainan Drinda New Energy Technology Co., Ltd. is proposing amendments to its articles of association and related rules, including the abolition of the supervisory board [1][3][4] - The company plans to revise its internal governance system and elect/re-elect directors at the upcoming extraordinary general meeting [1][3][4] - The company intends to appoint and reappoint auditors for the fiscal year 2025, specifically Zhonghui CPA as the domestic auditor and Deloitte as the overseas auditor [1][3][9] - The proposed adjustment of independent non-executive directors' remuneration to RMB 120,000 per year (including tax) is also on the agenda [1][7][9] Summary by Sections Proposed Amendments - The company aims to amend its articles of association to abolish the supervisory board, transferring its powers to the audit committee [3][4] - The amendments are intended to enhance corporate governance and comply with legal and regulatory requirements [3][4] Internal Governance Revisions - The company will revise its board meeting rules and shareholders' meeting rules to align with the changes in governance structure [4][5] - Additional internal governance systems, including related party transaction decision-making and external guarantee systems, will also be revised [4][5] Director Elections - The fifth board of directors will consist of 10 members, including three executive directors, two non-executive directors, one employee representative director, and four independent non-executive directors [5][6] - The nomination committee has ensured that independent non-executive director candidates meet the independence requirements set by the Hong Kong Listing Rules [6] Auditor Appointments - The board has resolved to reappoint Zhonghui CPA as the domestic auditor and appoint Deloitte as the overseas auditor for the fiscal year 2025 [9] - The remuneration for the auditors will be determined based on the audit workload and scope [9] Shareholder Meeting Details - The extraordinary general meeting is scheduled for July 31, 2025, at 2:30 PM in Suzhou, Jiangsu Province [1][10] - Shareholders must submit their attendance and proxy forms by July 24, 2025, to participate in the meeting [10][11]

Core Points - Hainan Drinda New Energy Technology Co., Ltd. has adopted electronic dissemination of corporate communications effective from December 31, 2023, in compliance with the Listing Rules of the Hong Kong Stock Exchange [1][5] - The electronic communications will include various documents such as directors' reports, annual accounts, interim reports, notices of meetings, listing documents, circulars, and proxy forms [1][5] - Both English and Chinese versions of future corporate communications will be available on the company's website and the HKExnews website instead of printed copies [2][5] Electronic Communication Arrangement - The company encourages shareholders to provide their email addresses to ensure timely receipt of actionable corporate communications by scanning a personalized QR code or returning a reply form [2][5] - If the company does not receive a functional email address, it will continue to send printed copies of actionable corporate communications until a valid email is provided [3][6] - Shareholders can request printed copies of corporate communications by completing and returning the reply form or sending an email to the company [3][6] Compliance and Contact Information - The company will be considered compliant with the Listing Rules if it sends communications to the provided email address without receiving a "non-delivery" message [3][6] - For any queries, shareholders can contact the company during business hours [3][6]

此乃要件 請即處理 閣下如對本通函的任何方面或應採取的行動有任何疑問，應諮詢 閣下的股票經紀或其他註冊證券 交易商、銀行經理、律師、專業會計師或其他專業顧問。 閣下如已將名下的海南鈞達新能源科技股份有限公司的股份全部售出或轉讓，應立即將本通函連同 隨附的代表委任表格送交買主或承讓人，或送交經手買賣或轉讓的銀行、證券經紀或其他代理商， 以便轉交買主或承讓人。 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通函的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不就因本通函全部或任何部份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。 Hainan Drinda New Energy Technology Co., Ltd. 海南鈞達新能源科技股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：02865） (1) 擬議修訂公司章程及相關議事規則以及廢除監事會； (2) 擬議修訂內部治理制度； (3) 擬議選舉及重選董事； (4) 擬議委任及續聘2025年度核數師； (5) 擬議調整獨立非執行董事薪酬； 及 (6) 2025年第三次臨時股東大會通告 本公司將於20 ...

Hainan Drinda New Energy Technology Co., Ltd. 海南鈞達新能源科技股份有限公司 (A joint stock company incorporated in the People's Republic of China with limited liability) （在中華人民共和國註冊成立的股份有限公司） (Stock Code 股份代號：2865) Arrangement of Electronic Dissemination of Corporate Communications Pursuant to Rule 2.07A of the Rules Governing The Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Listing Rules") under the expansion of paperless listing regime and electronic dissemination of corporate communications t ...