TCL TECH.(SZ:000100) 中国能源报·2025-12-05 07:48Core Viewpoint - TCL Photovoltaic Technology has achieved a significant breakthrough in green finance innovation and capital operation with the successful registration and issuance of green directional asset-backed notes (ABN) totaling RMB 5 billion, with an issuance amount of RMB 1.87 billion [1][3]. Group 1: Financing and Investment - The ABN issuance is backed by high-quality commercial distributed photovoltaic assets, with funds primarily allocated for the construction of new photovoltaic power stations, upgrading existing projects, new capacity layout, and technological research and development [3][6]. - The issuance received a subscription multiple of 2.62 times, reflecting strong market confidence in the photovoltaic industry's development prospects and the company's core competitiveness [5][6]. Group 2: Business Transformation and Efficiency - The successful issuance of the ABN marks a key step in TCL Photovoltaic Technology's transition from "heavy asset investment" to "intensive operation + asset value release," effectively revitalizing dormant assets and accelerating capital turnover [6][7]. - This initiative establishes a virtuous cycle of "investment - construction - operation - securitization," reducing reliance on traditional debt financing and enhancing asset liquidity and capital operation efficiency [6][7]. Group 3: Industry Impact and Future Directions - The ABN issuance fills a gap in the asset securitization market for private enterprises and serves as a model for innovative, standardized, and efficient green financial practices, providing a replicable financing path for industry development [7][9]. - Moving forward, TCL Photovoltaic Technology aims to deepen collaboration with financial institutions, exploring more green financial products to integrate energy assets with capital markets, contributing to national carbon neutrality goals [9].