GCL Technology reports wider losses as revenue slides

GCL Technology Holdings Limited reported a loss attributable to owners of the company of RMB1,776 million for the six months ended June 30, 2025, up 20.0% from RMB1,479.6 million in the corresponding period of 2024. Revenue for the period decreased by 35.3% to RMB5,734.7 million from RMB8,862.9 million, primarily due to a decline in the average selling price of photovoltaic products. The company recorded a negative gross profit margin of 12.2%, with a gross loss of RMB700.2 million compared to RMB552.6 million in 2024.

The solar material business saw its revenue decrease by 35.4% to RMB5,665 million. However, granular silicon production capacity increased to 480,000 metric tons, and its average external selling price was RMB30.17 per kilogram. The company's market share for granular silicon surged to 24.32% in the first half of 2025, up from 14.58% in 2024, indicating strengthening customer loyalty and quality improvements.

Finance costs decreased by 10.5% to RMB273 million, mainly due to a reduction in average interest-bearing debts. The company did not recommend an interim dividend for the six months ended June 30, 2025. Total assets were approximately RMB71 billion, with net debt amounting to RMB8,805 million.