Core Viewpoint - GCL-Poly Energy Holdings Limited has decided to terminate its plan for a private placement of shares due to the cyclical and structural adjustments in the photovoltaic industry, focusing instead on enhancing its core competitiveness through technological innovation and market expansion [1][4]. Summary by Sections Termination of Share Issuance - On October 24, 2025, GCL-Poly's board approved the termination of the private placement of shares, which does not require further shareholder approval due to prior authorizations [1]. - The decision aligns with the current market conditions and the company's strategic adjustments in response to the photovoltaic industry's challenges [1][4]. Financial Performance - In the first half of 2025, GCL-Poly reported a revenue of 7.694 billion yuan, a decrease of 5.16% year-on-year, and a net loss attributable to shareholders of 326.87 million yuan, compared to a profit of 43.33 million yuan in the same period last year [4][5]. - The net profit excluding non-recurring items was a loss of 343.57 million yuan, a significant decline from a profit of 11.96 million yuan in the previous year [5]. Future Plans and Funding - GCL-Poly's private placement was initially intended to raise up to 484.2 million yuan, with funds allocated for the Wuhu GCL 20GW (Phase II 10GW) high-efficiency battery project and to supplement working capital [2][3]. - The total investment for the Wuhu project is 376.3 million yuan, with 340 million yuan expected to be funded from the private placement [3].

Core Viewpoint - Company has decided to terminate the issuance of shares to specific targets in response to the structural adjustments in the photovoltaic industry, focusing on enhancing core competitiveness through technological innovation and market expansion [1] Company Actions - Company held the 17th meeting of the 6th Board of Directors on October 24, where it approved the termination of the stock issuance plan [1] - The original plan aimed to raise a total of no more than 4.842 billion yuan, which was intended for a high-efficiency battery project and to supplement working capital [1] Industry Context - The photovoltaic industry is currently experiencing both phase and structural adjustments, prompting the company to refocus its resources [1] - The decision reflects a strategic shift towards improving product performance, cost reduction, and deepening global market channels [1]

Core Insights - The 2025 Suzhou International New Energy Expo commenced on October 22, focusing on "Energy Transformation, Low-Carbon Future," attracting over a hundred renowned domestic and international companies [1] - The expo covers an exhibition area of over 20,000 square meters, showcasing the latest technological achievements to promote international cooperation and accelerate the development of the new energy industry [1] Group 1: Exhibition Highlights - The first day of the event saw high attendance, with eight thematic exhibition areas showcasing cutting-edge achievements and innovations in the new energy sector, including photovoltaic technology, electric vehicles, and energy storage solutions [3] - The photovoltaic technology and application area displayed high-efficiency battery cells and photovoltaic modules, highlighting the vitality of the photovoltaic industry [3] - The new energy vehicle area featured complete vehicles, batteries, and intelligent driving systems, leading the way for green transportation [3] Group 2: Strategic Collaborations - Suzhou Energy Development Group held a signing ceremony, marking a significant highlight of the expo, with 13 strategic cooperation projects signed across traditional energy, new energy, urban lighting, industrial investment, and energy technology sectors [5] - Notable collaborations include natural gas trade partnerships with companies like Yanchang Petroleum and Zhenhua Petroleum, as well as projects in charging and swapping stations and photovoltaic energy storage [5] - The establishment of the "Suzhou Smart Energy Laboratory" in collaboration with Youfu Network and other partners reflects Suzhou Energy Group's commitment to green and low-carbon initiatives [5] Group 3: Innovation and Investment Opportunities - The expo featured a project roadshow segment where global new energy companies and startups presented their latest technological achievements and business plans [7] - Presentations included high-efficiency photovoltaic cells, intelligent energy storage solutions, and innovative hydrogen applications, fostering communication between investors and entrepreneurs [7] - This initiative aims to stimulate innovation and collaboration within the industry, enhancing the overall dynamism of the new energy sector [7]