Core Viewpoint - The company is entering a joint venture with Xu Zhou Ri Sheng Low Carbon Industry Investment Partnership to establish Xu Zhou Xin Yao New Energy Technology Co., Ltd, aiming to enhance its competitive position in the photovoltaic industry through strategic investment and capacity optimization [1][2]. Group 1: Joint Venture Details - The joint venture will have a registered capital of 1.657 billion yuan, with the company contributing 800 million yuan for a 48.28% stake, while the partner will contribute 857 million yuan for a 51.72% stake [1]. - The joint venture will hold 90.96% of the equity in Gao Xin Zhuo Yao New Energy Co., Ltd, which specializes in photovoltaic equipment manufacturing and sales [2]. Group 2: Financial Performance - Gao Xin Zhuo Yao reported total assets of 2.278 billion yuan, total liabilities of 1.41 billion yuan, and a net asset of 868 million yuan as of December 31, 2024, with an operating income of 515 million yuan and a net loss of 54.4 million yuan for the same year [2]. - The company achieved an operating income of 11.99 billion yuan in the first three quarters of 2024, a year-on-year increase of 27.4%, but net profit decreased by 42.51% to 81.9 million yuan [2]. Group 3: Industry Context - The photovoltaic industry is experiencing price declines across various segments, with significant drops in the prices of silicon materials and solar cells, impacting overall profitability [3]. - The company aims to optimize its production capacity and adapt to market changes by investing in Gao Xin Zhuo Yao's battery capacity, which will enhance supply chain stability [3][4]. Group 4: Strategic Initiatives - The company plans to upgrade part of Gao Xin Zhuo Yao's production lines to BC battery capacity to seize market opportunities [4]. - This investment is seen as a strategic move to expand battery production capacity at a lower cost during a downturn in the industry, thereby strengthening the company's competitive position [4].