“At the outset, on behalf of the management team, I would like to express my apologies to all investors and shareholders.” During GCL Technology Holdings’s 2025 annual results briefing held on March 31, Zhu Gongshan, Chairman of GCL Group and Chairman and Co-CEO of GCL Technology, apologized twice, saying: “The share price has fallen too low. We are even more anxious than everyone else. We have worked so hard, yet the stock price has fallen back to square one. We are deeply distressed as well. Please trust that both management and I will continue working hard, immediately adjust our strategy, and leverage the technological capabilities we have accumulated over the years.”

On the evening of March 30, GCL Technology Holdings became the first among major polysilicon producers to release its annual results. According to the report, the company recorded revenue of RMB 14.425 billion last year, down 4.5% year-on-year. Net profit attributable to shareholders was a loss of RMB 2.868 billion, with losses narrowing by 39.6%. Gross profit turned positive at RMB 1.336 billion, while gross margin improved from -16.6% in the previous year to 9.3%. EBITDA, the company’s core profitability indicator, also returned to positive territory.

The Paper noted that the company’s losses mainly stemmed from its photovoltaic materials business. A representative of GCL Technology told The Paper that prices for granular silicon products recovered rapidly alongside improving industry conditions, while operating cash flow remained stable. However, the company’s performance during the period was still affected by policy-related factors, particularly delayed government subsidy payments, which resulted in significant provisions for receivables and asset impairment related to its power plant business.

Regarding cost reductions in granular silicon, financial data showed that GCL Technology’s average cash production cost for granular silicon (including R&D expenses) in 2025 was RMB 25.12/kg, down 25.1% year-on-year. The average external selling price excluding tax was approximately RMB 35.4/kg. In the fourth quarter of 2025, the average cash production cost further declined to RMB 24.03/kg, while the selling price rose to RMB 48.49/kg.

In other words, despite deep losses across the industry, based on the average selling price of RMB 35.4/kg last year, the company’s unit loss for granular silicon was only around RMB 1–2/kg. During the earnings briefing, Lan Tianshi, Executive Director and Co-CEO of GCL Technology, stated that the company’s granular silicon market share approached 23% in 2025. “Our next step is to promote more affordable and competitive silicon-carbon anodes to meet the future demands of frontier technologies such as solid-state batteries and black phosphorus batteries.”

“Please do not continue valuing GCL Technology as merely a solar materials company,” Zhu Gongshan emphasized during the briefing. He stated that the company’s future business portfolio will cover granular silicon, perovskite, cathode materials, and anode materials. “If one sector dims, another will shine. We will no longer follow a single-industry path.”

When asked about consolidation and mergers within the photovoltaic industry, Zhu Gongshan clearly stated that GCL would not participate in the current round of industry restructuring. “At this stage, mergers and acquisitions are undoubtedly the right direction and inevitable for the industry. Regardless of how others restructure, GCL will no longer pursue expansion within the photovoltaic materials sector.”

In its annual report, GCL Technology announced a “Three-Step Space Strategy”: deepening deep-space endurance testing in 2026, achieving mass production of space-specific modules between 2027 and 2028, and striving to become the “standard power source” for Chinese spacecraft.

GCL’s perovskite business is operated through GCL Optoelectronics, which currently has approximately 500MW of production capacity. Lan Tianshi stated that GCL Optoelectronics is exploring cooperation with crystalline silicon manufacturers to jointly develop silicon-perovskite tandem modules while also expanding into space application scenarios.

During the briefing, Fan Bin, Chairman of GCL Optoelectronics, said that the company’s first-phase plan targets 2GW of capacity, of which 1GW of commercialized perovskite capacity has already commenced production. Full-year shipment targets are expected to reach the 100MW level. He admitted that perovskite technology platforms have historically focused on terrestrial applications, while space applications introduce many new challenges. For example, the temperature cycling range in space is much wider, expanding from -40°C to 85°C for terrestrial environments to -90°C to 110°C in space, imposing higher requirements on material formulations, encapsulation processes, and expansion coefficients. The company’s goal is to achieve a service life exceeding five years for perovskite products in space environments.

“From a timeline perspective, we expect our first launch to take place as early as July this year, and we hope to complete two to three launches within the year,” Fan Bin said.

Zhu Gongshan also revealed that GCL Optoelectronics is expected to complete a Hong Kong IPO within the year, with progress currently moving smoothly. He added that the company’s overseas expansion strategy for perovskite technology carries a high degree of certainty. Following the IPO fundraising, GCL Optoelectronics plans to build a 500MW production line in the United States and has already reached broad consensus with its partners on the project.