Core Viewpoint - GCL-Poly Energy achieved significant growth in Q1 2025, driven by rapid advancements in distributed photovoltaic and energy storage projects, alongside effective cost management strategies [1][2]. Financial Performance - In Q1 2025, the company reported revenue of 2.933 billion yuan, a year-on-year increase of 21.49% - Net profit attributable to shareholders reached 254 million yuan, up 35.15% year-on-year - Non-recurring net profit surged to 193 million yuan, reflecting a substantial year-on-year growth of 176.61% [1]. Strategic Layout - The company has established a dual-driven development model focusing on "energy assets + energy services" - The goal for the next five years is to have energy service revenue exceed 50% of total revenue - In energy asset management, the company is exploring value-added operational scenarios such as load forecasting and price arbitrage, aiming for a dual revenue structure of guaranteed returns from physical assets and flexible returns from market services - The company is expanding its comprehensive energy services, including virtual power plants, energy trading, and energy-saving renovations, with a current adjustable load capacity of 550 MW in Jiangsu Province, representing 30% of the province's actual adjustable load [2]. Technological Innovation - The company partnered with Ant Group to launch the "EnergyTS Energy Power Time Series Model Integration Machine," which significantly outperformed international mainstream products in photovoltaic scenario evaluations - The partnership also led to the issuance of China's first photovoltaic green asset RWA (Real World Asset), creating a new financing model that transforms "green production" into "green finance" [2]. Investor Returns - The company plans to distribute a cash dividend of 1 yuan per 10 shares (tax included), totaling approximately 158 million yuan, which accounts for 32.34% of the net profit attributable to shareholders for 2024 - The management emphasizes the importance of value-based market capitalization management and aims to enhance core competitiveness through continuous technological innovation and operational quality improvements [3]. Future Outlook - GCL-Poly Energy aims to align with the "dual carbon" strategic goals and accelerate business transformation and upgrades through the dual-driven approach of energy assets and services - The company anticipates establishing a differentiated competitive advantage in the evolving new energy system, creating sustained value for investors [3].

Core Viewpoint - GCL-Poly Energy (协鑫能科) reported a significant increase in net profit for 2024, driven by asset optimization and favorable national "dual carbon" policies, with a focus on energy services for future growth [1][2][6] Financial Performance - In 2024, GCL-Poly achieved operating revenue of 9.796 billion yuan, a slight decrease of 5.42% year-on-year, but net profit attributable to shareholders reached 489 million yuan, with a non-recurring net profit of 294 million yuan, marking a substantial increase of 190.83% [1][2] - For Q1 2025, the company reported a net profit of 254 million yuan, a year-on-year growth of 35.15%, with a non-recurring net profit growth of 176.61% [1] Growth Drivers - The company's performance improvement is attributed to the elimination of inefficient coal-fired units and increased investment in renewable energy assets, raising the share of renewable energy installations from 24.94% in 2022 to 57.38% in 2024 [2] - GCL-Poly completed green electricity transactions of 4.42 billion kWh in 2024, with a corresponding green certificate volume of 1.224 billion kWh [2] Energy Storage and Services - The company is expanding its new energy storage business, achieving a grid-side storage capacity of 650 MW/1300 MWh and a user-side storage capacity of 11.75 GW/31.96 MWh [3] - GCL-Poly's dual-driven strategy of "energy assets + energy services" has created an ecological closed loop, participating in market transactions of 27.057 billion kWh [4] Technological Innovation - The company has partnered with Ant Group to complete the largest domestic RWA (Real World Asset tokenization) project, exceeding 200 million yuan, enhancing digital technology in the green industry [4][5] - GCL-Poly has developed a time-series model for photovoltaic scenarios, reducing curtailment rates by 18%, breaking the technological monopoly of Western companies in the energy AI sector [5] Strategic Goals - GCL-Poly aims for energy service revenue to exceed 50% within five years, with a current share of 12.18% and a gross margin of 59.03%, significantly higher than traditional energy sales [6] - The company is positioned to benefit from the green electricity and energy storage markets, with projections indicating a potential net profit exceeding 1.1 billion yuan by 2025 [6][7] Shareholder Returns - GCL-Poly plans to distribute a cash dividend of 1.00 yuan per share, totaling 158 million yuan, which represents 32.34% of the 2024 net profit [7]