Summary of GCL-Poly Energy Conference Call Company Overview - **Company**: GCL-Poly Energy - **Industry**: Renewable Energy and Energy Services Key Financial Metrics - **Revenue**: 7 billion CNY for the first three quarters, a year-on-year increase of 46.39% [2][3] - **Net Profit**: 7.62 billion CNY, up 25.78% year-on-year [3] - **Earnings Per Share**: 0.4819 CNY, a 25.76% increase [2][3] - **Total Assets**: 409.62 billion CNY, a growth of 1.24% [2][3] - **Net Assets**: 123.38 billion CNY, up 5.1% [2][3] - **Return on Equity**: 5.62%, an increase of 0.48% year-on-year [2][3] Business Development and Performance - **Distributed Energy and Storage Projects**: Significant expansion in distributed energy and storage projects, with a focus on energy services like electricity sales and virtual power plants [2][4] - **Virtual Power Plant Load**: Managed adjustable load reached 850,000 kW, representing a significant share of the national virtual power plant load [2][8] - **Commercial Solar Power**: New commercial solar installations of 850,000 kW, a 28% increase [9] - **Electricity Sales Volume**: 241 billion kWh in electricity sales transactions [9] - **Carbon Neutral Projects**: 12 carbon-neutral projects operational, providing comprehensive solutions for major clients [9] Market Position and Strategy - **Energy Center Operations**: Stable operation of regional energy centers with electricity generation of 6.82 billion kWh and gas consumption of 7.73 million tons [10] - **Installed Capacity**: Total installed capacity of 6.4 million kW, with wind and solar accounting for 60% [10] - **User Capacity Management**: Managed user capacity reached 20 GW, with 850,000 kW in adjustable load market testing [11] Technological Integration - **AI Utilization**: Leveraging over 30 years of energy experience and 13 years of user data to enhance predictive capabilities in energy supply and demand [11][26] - **Collaboration with Ant Group**: Partnership to integrate energy management experience with machine learning algorithms for optimizing energy asset aggregation [5][13] Regulatory and Market Challenges - **Policy Impact**: Existing projects are less affected by policy changes, while new projects face market competition [7] - **Market Opportunities**: Despite challenges, the company remains optimistic about future growth opportunities [6] Future Outlook - **Investment in Renewable Energy**: Continued investment in wind, solar, and storage to achieve carbon neutrality goals [22] - **Strategic Partnerships**: Plans to enhance collaboration with leading technology companies to improve market competitiveness [19] - **Response to Market Changes**: Strategies in place to manage risks associated with market fluctuations and regulatory changes [35] Conclusion GCL-Poly Energy is positioned for growth in the renewable energy sector, with strong financial performance and strategic initiatives aimed at expanding its market presence and technological capabilities. The company is optimistic about future opportunities despite facing regulatory challenges and market competition.

Core Viewpoint - The implementation of the "Stablecoin Regulation" in Hong Kong on August 1, 2025, marks the establishment of the world's first comprehensive regulatory framework for fiat-backed stablecoins, facilitating the development of tokenized assets in the renewable energy sector [1] Group 1: Regulatory Framework and Initiatives - The Hong Kong Monetary Authority launched the Ensemble project sandbox in August last year to explore various use cases for tokenized assets, with a focus on "green and sustainable finance" [1] - The first domestic RWA based on renewable energy assets was completed by Longxin Group and Ant Group in Hong Kong, amounting to approximately 100 million RMB, aimed at supporting small and medium-sized operators in the energy sector [3][5] - The first global RWA for photovoltaic green assets was finalized by GCL-Poly Energy and Ant Group in December 2024, with financing exceeding 200 million RMB [3][5] Group 2: Key Projects and Financing - Longxin Group's project involved tokenizing charging stations as RWA, with each digital asset representing a portion of the revenue rights from the corresponding charging station [3][5] - GCL-Poly Energy's RWA project is anchored by 82 MW of distributed photovoltaic power stations in Hunan and Hubei provinces, with reported electricity sales revenue of 5.2 billion RMB in the previous year [3][4] - The first RWA based on battery swap assets was successfully completed by Xunying Group in March 2025, involving several tens of millions of Hong Kong dollars [4][5] Group 3: Challenges and Solutions - Key challenges in the operation of these projects include ensuring asset authenticity, data accuracy, and timeliness [2][9] - The transition of off-chain data to on-chain platforms poses significant challenges, with industry experts emphasizing the need for independent verification and cross-validation of data [9][10] - Recommendations for improving the RWA model include enhancing digital infrastructure at the asset level, providing clearer regulatory guidelines, and facilitating cross-border transactions [12][13]