[Xinbo Co., Ltd.: Malaysia PV aluminum frame project expected to commence production by the end of 2025] According to the investor relations activity record released by Xinbo Co., Ltd. on June 30, the new generation PV aluminum frame project has commenced production in phases since June 2025, and has achieved bulk supply to some customers. With the increasing penetration rate of new frames, the company's unit profitability will steadily improve. The total designed capacity of the company's Malaysia base is 100,000 mt, including 60,000 mt of PV aluminum frames and 40,000 mt of automotive parts. The PV aluminum frame project is expected to commence production by the end of 2025. Profitability side, Malaysia targets overseas markets, where processing fees are significantly higher than those in China. Therefore, the profitability of the Malaysia base is considerable, making it one of the company's important future profit contributors.