GCL New Energy (00451) Issues Profit Warning: FY2025 Net Loss to Widen to RMB1.10 Billion on RMB900 Million Indemnity Provisions

Bulletin Express03-15

GCL New Energy Holdings Limited (stock code: 00451) expects to post a net loss of approximately RMB1.10 billion for the financial year ended 31 December 2025 (FY2025), widening sharply from the RMB223 million loss reported for FY2024.

The deterioration is mainly attributed to a substantial RMB900 million provision for indemnification related to previously disposed solar power plant projects. Key components include:

• RMB295 million booked in 1H 2025, as previously disclosed. • An additional RMB605 million to be recognised in 2H 2025, driven by: – About RMB278 million of higher tax-related indemnities after purchasers or disposed plants received payment demands for cultivated-land occupation tax and land-use tax. – Roughly RMB326 million set aside as potential compensation for lost electricity-sales income claimed by a purchaser of an Inner Mongolia plant amid compliance disputes with local authorities.

The indemnity clauses cover rectification costs, tax liabilities and other obligations stipulated in the sale-and-purchase agreements for the divested assets. Management continues to monitor negotiations with local tax authorities and to support purchasers in contesting outstanding claims.

The Group is finalising its audited FY2025 results, scheduled for release by end-March 2026. Figures in the profit warning are based on unaudited management accounts and may be subject to adjustment.

Investors are advised to exercise caution when dealing in GCL New Energy’s securities.

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