On March 30, global granular silicon leader GCL Technology Holdings released its full-year results for 2025. During the reporting period, the company achieved a significant turning point in operational performance, with revenue reaching RMB 14.425 billion. Net profit attributable to shareholders was a loss of RMB 2.868 billion, with losses narrowing substantially. Gross profit successfully turned positive to RMB 1.336 billion, corresponding to a gross margin of 9.3%.

The company’s core profitability indicator, EBITDA, also returned to positive territory, exceeding RMB 2.8 billion, while cash flow safety margins improved significantly. The financial structure continued to optimize, with the company’s asset-liability ratio (excluding recourse factoring and discounted bills) declining by a further 2.8 percentage points quarter-on-quarter to 37%, substantially strengthening its risk resilience.

A representative of GCL Technology stated that the company’s sharp turnaround in gross profit and cash flow during the reporting period was primarily driven by precise strategic adjustments and timely loss-control measures in its photovoltaic materials business, with business-side losses narrowing by 61% quarter-on-quarter. Supported by continuously declining granular silicon costs and steadily improving product quality, product prices rebounded rapidly alongside the industry recovery, while operating cash flow remained stable.

As the company’s core business, the granular silicon segment made further progress in cost, quality, and market share in 2025. Average cash production cost for granular silicon (including R&D expenses) was RMB 25.12/kg, down 25.1% from 2024. The company also received a Life Cycle Assessment Verification Statement issued by the British Standards Institution (BSI), certifying that the “cradle-to-gate” carbon footprint of its granular silicon products was only 14.2756kg CO₂e/kg, setting a new benchmark for low-carbon production in silicon-based materials.

In terms of quality, GCL Technology maintained its industry-leading position in controlling metallic impurity levels in granular silicon products throughout 2025. The company further strengthened partnerships with leading global wafer manufacturers, enhancing customer stickiness. Polysilicon production capacity remained stable at 480,000 metric tons, further consolidating its market position during the industry downturn.

While reinforcing its core advantages in granular silicon, GCL Technology has also actively expanded into frontier sectors such as perovskites and silicon-carbon anodes, building a “one core, multiple growth drivers” strategy for its second growth curve.

In June 2025, GCL Optoelectronics officially commenced operations at the world’s first GW-scale perovskite industrial base in Kunshan, marking a milestone in the commercialization of the company’s perovskite business. According to reports, GCL’s perovskite space strategy has officially begun, with a planned “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.

In addition, as the solar-plus-storage market enters a period of rapid growth, the concept of synchronized lifecycles for solar and storage systems is becoming achievable, ushering zero-carbon energy into an era of lower costs. Leveraging advantages such as 600,000 tons of self-produced silane gas, CVD technology, and low-carbon emissions, the company is pioneering a new pathway for silicon-carbon anode materials, laying the foundation for the high-quality development of next-generation carbon materials.

Looking ahead to 2026, GCL Technology stated that the year will be critical for achieving transformational success and fully unlocking corporate value. The company will focus on the core strategy of “global expansion + continuous exploration of a second growth curve” to achieve high-quality leapfrog development. By accelerating global capacity and market expansion, and leveraging technological advantages in granular silicon and perovskites, the company aims to expand aggressively into key markets including the United States, Europe, the Middle East, and Africa, while building a global supply chain and service system.

GCL Technology is accelerating its evolution toward a diversified zero-carbon materials technology platform built around “granular silicon (cash cow) + perovskites (future star) + energy storage materials (new growth engine).”