协鑫能科的“反内卷”利器：虚拟电厂、人工智能和RWA

Core Insights - GCL-Poly Energy achieved a revenue of 5.422 billion yuan in the first half of 2025, representing a year-on-year growth of 15.29%, and a net profit of 519 million yuan, up 26.42% [2] - The company's net profit excluding non-recurring items reached 464 million yuan, with a significant year-on-year increase of 67.91%, indicating strong core business profitability [2] - The growth of GCL-Poly is primarily driven by a new business segment called "Energy Services," which generated 1.079 billion yuan in revenue, a staggering increase of 378.81% [4] Financial Performance - The overall revenue for GCL-Poly in the first half of 2025 was 5.422 billion yuan, with a net profit of 519 million yuan [2] - The "Energy Services" segment's revenue accounted for 19.9% of total revenue, up from 4.79% in the same period last year [4] - The gross margin for the "Energy Services" segment was 31.23%, down 17.49 percentage points year-on-year, indicating a shift in business structure [6][7] Business Model and Strategy - The "Energy Services" segment focuses on a new business model involving "Virtual Power Plants" (VPP), which aggregates decentralized energy resources for market participation [9][10] - GCL-Poly's VPP business had an adjustable load capacity of approximately 690 MW as of June 30, 2025, with expansion into multiple regions [14][15] - The company aims to enhance operational efficiency and profitability through artificial intelligence and explore asset tokenization (RWA) for scaling its business [20][21] Market Context - The growth of GCL-Poly's "Energy Services" is set against a backdrop of increasing competition and a need for differentiation within the renewable energy sector [3] - The company's strategy aligns with national policies that recognize VPPs as independent market entities, allowing them to participate in various electricity transactions [17] - GCL-Poly's dual approach of leveraging existing energy assets while expanding into service-oriented models positions it favorably in the evolving energy landscape [18][19]