GCL Tech plunges to loss amid solar sector downturn

GCL Technology Holdings (HKEX: 3800) announced audited annual results for the year ended December 31, 2024, revealing a net loss of RMB 4.75 billion, a sharp contrast to the RMB 2.51 billion profit in 2023. Revenue plummeted 55.2% to RMB 15.098 billion. The decline was attributed to a drastic drop in polysilicon prices, although sales volume increased. The company's gross profit margin turned negative at -16.6%.