Core Viewpoint - Longi Green Energy plans to hold its first bondholders meeting in 2025 to discuss changes in the use of funds raised from its convertible bonds issued in 2022, which will not adversely affect the company's debt repayment ability or bondholder rights [2][12][24] Group 1: Bondholder Meeting Details - The bondholders meeting is scheduled from June 24 to June 30, 2025, and will be conducted online using a simplified procedure [5][6] - Bondholders must submit any objections in writing within five trading days from the notice date, otherwise, they will be deemed to agree with the management's proposals [3][6] - The meeting will discuss the proposal to change the investment projects funded by the 2021 convertible bonds [3][12] Group 2: Fundraising and Investment Changes - Longi Green Energy issued convertible bonds totaling CNY 7 billion on January 5, 2022, with net proceeds of approximately CNY 6.96 billion after deducting issuance costs [12][13] - The company intends to change the use of part of the raised funds, specifically reallocating CNY 1.08 billion originally planned for the Wuhu (Phase II) 15GW monocrystalline module project to the construction of the Tongchuan Longi 12GW high-efficiency monocrystalline battery project [17][18] - The change in fund allocation is aimed at enhancing the efficiency of fund usage and accelerating the construction of advanced battery capacity [17][23] Group 3: Project Details and Financial Implications - The Tongchuan Longi project is expected to achieve an annual production capacity of 12GW and is part of the company's strategic plan to expand its advanced production capacity [18][19] - The original Wuhu (Phase II) project had a total investment of CNY 2.59 billion, with an expected internal rate of return of approximately 24.89% [17][18] - The company anticipates that the new project will significantly contribute to its production capabilities and market competitiveness, with a target to reach full production by the first quarter of 2026 [18][20]

Core Viewpoint - In 2024, GCL-Poly Energy Holdings Limited reported a revenue of 16.24 billion yuan, a year-on-year increase of 1.70%, but a net profit attributable to shareholders of 68.29 million yuan, a decline of 56.70% [1] Group 1: Company Performance - The company maintained a strategic focus on "performance and technology dual promotion, cost reduction and profit increase dual grasp" [1] - GCL-Poly ranked fourth in the industry for the scale of winning bids in large state-owned enterprise projects, with significant increases in battery and module production capacity utilization [1] - The company achieved a substantial increase in module shipments, ranking among the top eight globally [1][2] Group 2: Research and Development - In 2024, GCL-Poly increased its R&D investment to over 210 million yuan, a year-on-year increase of 43.59% [2] - The main products focus on TOPCon high-efficiency bifacial double-glass modules, with the highest conversion efficiency reaching 23.2% [2] - The company is actively developing GPC high-efficiency modules, with GPC battery efficiency surpassing 27.5% as of April 2024 [2] Group 3: Industry Trends - In 2024, China's new photovoltaic installations reached 277.57 GW, a year-on-year increase of 28.3% [3] - The photovoltaic industry faced a continuous decline in prices due to intense competition, leading to widespread losses among many companies [3] - The industry is showing signs of stabilization in component prices, with potential for rational price recovery in 2025 [3] Group 4: Future Outlook - GCL-Poly aims to maintain its global ranking among the top eight in module shipments while steadily increasing market share [3] - The company plans to continue increasing R&D investment and enhance the layout of battery and module research institutes [3]