GCL Technology Holdings Limited (GCL TECH) released its audited results for the year ended 31 December 2025, highlighting a sharp recovery in operating performance and a strengthened balance sheet.
Revenue & Profitability • Group revenue slipped 4.5% year-on-year to RMB 14.42 billion, weighed down by lower wafer sales volumes and prices, partly offset by higher polysilicon shipments.
• Gross profit rebounded to RMB 1.34 billion (2024: RMB –2.51 billion), lifting the gross margin to 9.3% from –16.6% a year earlier.
• Loss attributable to owners narrowed to RMB 2.87 billion, an improvement of 39.6% versus the 2024 loss of RMB 4.75 billion. Basic and diluted loss per share fell to RMB 9.96 cents (2024: RMB 17.97 cents).
Segment Performance • Solar Materials contributed 99% of revenue at RMB 14.34 billion (-4.1% YoY) and achieved a 9.4% gross margin (2024: –16.9%), supported by a 25.1% reduction in granular polysilicon cash cost to RMB 25.12/kg.
• Solar Farms generated RMB 84 million revenue (2024: RMB 140 million) with a gross loss margin of 22.5% amid lower subsidy income.
Operating Metrics • Adjusted EBITDA turned positive at RMB 2.85 billion (2024: RMB –1.40 billion), driven by cost cuts and improved product mix.
• Impairment charges on financial assets reached RMB 1.76 billion, mainly linked to dividend and consideration receivables; property, plant and equipment impairment totalled RMB 0.26 billion.
• Finance costs declined 24.4% to RMB 0.47 billion following lower average debt levels.
Financial Position • Cash and cash equivalents rose to RMB 9.29 billion, boosted by two equity placings that raised a combined HK$6.92 billion (HK$1.53 billion in January 2025; HK$5.39 billion in November 2025).
• Total borrowings edged down to RMB 18.50 billion; net debt fell to RMB 4.61 billion (2024: RMB 9.17 billion), cutting net-debt-to-equity to 11.6% from 24.7%.
• Capital expenditure commitments stood at RMB 1.09 billion, with additional RMB 0.36 billion earmarked for equity investments.
Corporate Actions & Investments • Disposed of a 24.55% stake in Jiangsu Xinhua, booking a disposal gain of RMB 0.79 billion. • Recognised a RMB 25 million gain on the deemed disposal of Taicang Qianyuan; recorded a RMB 6 million loss on a deemed partial disposal of an associate. • Acquired a 4.76% stake in Zhonghuan Advanced Semiconductor Technology via subsidiary restructuring, increasing financial assets at FVOCI to RMB 2.92 billion.
Operational Highlights • Polysilicon capacity remained at 480,000 MT; average granular polysilicon selling price was RMB 35.40/kg. • Average polysilicon cash manufacturing cost dropped to RMB 25.12/kg from RMB 33.52/kg. • Wafer production totalled 22.33 GW (-30.7% YoY); wafer sales reached 23.93 GW. • Solar farm portfolio stood at 183 MW (133 MW PRC; 50 MW overseas), generating 193,160 MWh electricity in 2025.
Outlook Management positions 2026 as a “decisive year” focused on overseas capacity build-out and scaling perovskite technology, while maintaining prudent capital management to navigate industry cyclicality.
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