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Core Viewpoint - The company has undergone a change in its auditing firm and has reported no profits since its listing, with no plans for dividend distribution in the current period [2][3]. Company Overview - The company primarily focuses on the research, production, and sales of solar cell modules, while also engaging in photovoltaic power station EPC, operation, and energy storage, positioning itself in the midstream of the photovoltaic industry chain [4]. Financial Data - The company has not disclosed significant differences in financial indicators compared to previously released quarterly and semi-annual reports [6]. Shareholder Information - The company has no preferred shareholders and has not reported any changes in the top ten shareholders due to share lending activities [6]. Important Events - The company approved a share buyback plan on September 6, 2023, and has since completed the buyback process by the deadline [7]. - The company has been involved in arbitration proceedings, with multiple updates provided throughout 2023 and 2024 [7].

Core Viewpoint - The photovoltaic industry chain prices are expected to rise in March 2025 due to multiple factors including policy-driven demand, industry self-discipline in production cuts, and an ongoing optimization of supply-demand dynamics [1]. Project Signing/Planning - In March 2025, there were 9 photovoltaic signing/planning projects, with 4 in China and 5 overseas, totaling a scale of 10.2GW. The battery segment accounted for 9GW, while the module segment accounted for 1.2GW [2]. Project Commencement - A total of 4 photovoltaic projects commenced in March 2025, with 2 in China and 2 overseas. The scale of silicon material projects was 40,000 tons, battery projects 2GW, and module projects 5GW [7]. Project Commissioning - In March 2025, 5 photovoltaic projects were commissioned, with domestic projects totaling 0.2GW and overseas projects totaling 22.9GW. The battery segment contributed 5.4GW, while the module segment contributed 17.7GW [10]. Domestic Expansion Focus - Domestic expansion in March 2025 focused on BC and perovskite technologies, with significant projects signed by companies like SANY and GCL-Poly. Notably, Mission Solar Energy announced a $265 million investment to increase 2GW solar cell capacity in Texas [5][9]. International Expansion - Internationally, expansion projects are diversifying in destination, with significant investments in the U.S., Ethiopia, Turkey, and Nigeria. For instance, TOYO Solar plans to expand 2GW of solar cell capacity in Ethiopia [5][10]. Overall Market Trends - Overall, March 2025 saw fewer domestic photovoltaic signing, commencement, and commissioning projects, but many are nearing completion. The overseas market is experiencing a significant increase in project commencement and commissioning, particularly in India, which leads global production for the month [23].