转自：国际商报 2026年，中国光伏产业将迎来历史性转折。自4月1日起，光伏产品增值税出口退税正式取消，电池产品 退税率也将于年底前逐步下调至零。这一"无退税时代"的开启，标志着持续数年的税收红利彻底退场， 中国光伏将在更纯粹的市场竞争中淬炼真金，开启高质量发展的新征程。 机遇催生发展新局 无退税时代，中国光伏企业正通过多重路径谋求突破。 这一历史性变革并非一蹴而就，而是中国光伏产业税收政策持续优化的必然结果。回顾近年政策脉络， 清晰可见国家推动产业转型升级的坚定决心。2018年，财政部和国家税务总局发布《关于调整增值税税 率的通知》，光伏产品制造原适用的17%的增值税率被下调为16%；2019年，财政部、国家税务总局、 海关总署发布了《关于深化增值税改革有关政策的公告》，光伏产品制造增值税率被进一步下调至 13%；2024年，财政部、国家税务总局下发了《关于调整出口退税政策的公告》，自2024年12月1日起 将光伏硅片、电池及组件的出口退税率由13%下调至9%。此次即将实施的将出口退税率由9%降至0的政 策，延续了国家优化税收制度、推动产业升级的政策导向。 调整意在破内卷 目前，中国在光伏领域拥有世界领先的 ...

Investment Overview - The company plans to upgrade the 900t/d photovoltaic glass production line of its wholly-owned subsidiary, Henan AnCai Photovoltaic New Materials Co., Ltd. [2][4] - The total investment for the upgrade project is estimated at RMB 498.26 million [3][13]. Board Meeting and Approval - The company's board of directors approved the upgrade project with a unanimous vote of 8 in favor, 0 against, and 0 abstentions during the meeting held on December 2, 2025 [5][39]. - This investment does not constitute a major asset restructuring as defined by relevant regulations [6]. Project Background and Necessity - The photovoltaic glass industry has faced significant supply-demand mismatches, leading to a sharp decline in product prices and widespread losses among companies [9]. - The upgrade aims to enhance energy and economic efficiency, increase annual production capacity to 100.57 million square meters, and improve market competitiveness [9][10]. Project Details - The upgrade will involve modernizing the existing glass furnace and associated production lines and auxiliary equipment [10]. - The project is located in the original factory area of the advanced manufacturing development zone in Anyang, Henan Province, with an expected construction period of 12 months [11][12]. Financial Impact - The project is expected to increase the company's asset-liability ratio in the short term but will positively impact future financial performance and operational results [16]. - The investment is anticipated to enhance the subsidiary's technological level and automation, thereby improving profitability and market competitiveness [15]. Asset Sale Overview - The company intends to sell its idle precious metal rhodium powder through a public listing to enhance asset operation quality and support its main business development [22][26]. - The sale does not involve related transactions or constitute a major asset restructuring [23][28]. Asset Details - The rhodium powder has a net weight of 56,835.5 grams and is legally owned by the company without any encumbrances [30]. - The estimated market value of the rhodium powder is RMB 113.73 million based on a recent market assessment [32]. Board Meeting for Asset Sale - The board approved the sale of the precious metal asset with a unanimous vote of 8 in favor, 0 against, and 0 abstentions during the meeting held on December 2, 2025 [28][39]. - The proceeds from the sale will be used to support the company's core business development [34].

Core Viewpoint - The company plans to upgrade its wholly-owned subsidiary, Ankai Photovoltaic's 900t/d photovoltaic glass production line to enhance core competitiveness and optimize production processes [1] Group 1: Company Strategy - The upgrade aims to significantly improve efficiency and reduce operational costs [1] - The initiative will further expand the product coverage and strengthen market competitiveness [1] - The move is aligned with industry development trends and supports the company's sustainable development goals [1]

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]