Core Viewpoint - GCL-Poly Energy (03800) reported a significant turnaround in its photovoltaic materials business, achieving profitability in Q3 2025 after a previous loss, indicating a positive trend in the company's financial performance [1] Financial Performance - The photovoltaic materials business recorded a profit of approximately 960 million yuan in Q3 2025, compared to a loss of 1.81 billion yuan in the same period last year [1] - The profit includes a post-tax gain of about 640 million yuan from the sale of an associate company [1] Pricing and Cost Analysis - The average external selling price of granular silicon reached 42.12 yuan per kilogram in Q3 2025, up from 32.93 yuan per kilogram in Q2 2025 [1] - The average production cash cost (including R&D costs) for granular silicon decreased to 24.16 yuan per kilogram, down from 27.07 yuan per kilogram in Q1 2025 [1]

Core Viewpoint - GCL-Poly Energy (03800) reported a significant turnaround in its photovoltaic materials business, achieving profitability in Q3 2025 after a previous loss, which positively impacted its stock price [1] Financial Performance - The photovoltaic materials business recorded a profit of approximately 960 million yuan in Q3 2025, compared to a loss of 1.81 billion yuan in the same period last year [1] - The profit includes a post-tax gain of about 640 million yuan from the sale of an associate company [1] Pricing and Cost Analysis - The average external tax-inclusive selling price of granular silicon reached 42.12 yuan per kilogram, an increase from 32.93 yuan per kilogram in Q2 [1] - The average cash production cost of granular silicon (including R&D costs) decreased to 24.16 yuan per kilogram, down from 27.07 yuan per kilogram in Q1 [1]

Core Viewpoint - The company has reported a significant turnaround in its photovoltaic materials business, achieving profitability in the third quarter of 2025 compared to losses in the same period last year [1][2]. Financial Performance - The unaudited profit for the photovoltaic materials segment during the period from July 1, 2025, to September 30, 2025, is approximately RMB 960 million, which includes a post-tax gain of RMB 640 million from the sale of an associate [1]. - The adjusted EBITDA for the same segment is approximately RMB 1.41 billion, marking a recovery from the previous year's adjusted LBITDA [1]. - The average external selling price of granular silicon (including tax) is RMB 42.12 per kilogram, while the average production cash cost is RMB 24.16 per kilogram, including R&D costs [1]. Industry Positioning - The company is recognized as a transformer in the polysilicon industry and a leader in the new quality productivity of the nation [1]. - The company utilizes advanced silane fluidized bed technology, which provides a significant energy consumption advantage, aligning with the new mandatory national standards for energy consumption limits for polysilicon and germanium products [1]. - The company is committed to overcoming the challenges of "involution" and unhealthy competition in the polysilicon industry by enhancing collaboration with upstream and downstream partners to achieve a win-win situation across the industry chain [2].

Core Viewpoint - GCL-Poly Energy Holdings Limited (03800.HK) reported a significant turnaround in its photovoltaic materials segment, achieving a profit in the latest assessment period compared to a loss in the same period last year [1] Financial Performance - The company’s photovoltaic materials segment recorded an unaudited profit of approximately RMB 960 million for the period from July 1, 2025, to September 30, 2025, which includes a post-tax gain of about RMB 640 million from the sale of an associate [1] - This profit marks a substantial improvement compared to an unaudited loss of approximately RMB 1.81 billion in the same period last year [1] - The adjusted EBITDA for the photovoltaic materials segment was approximately RMB 1.41 billion, contrasting with an adjusted LBITDA of about RMB 571 million in the previous year, indicating a successful turnaround [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性或完整 性亦不發表任何聲明，並明確表示概不會就本公告全部或任何部分內容而產生或因倚賴該等內容而引 致之任何損失承擔任何責任。 GCL Technology Holdings Limited 協鑫科技控股有限公司 （於開曼群島註冊成立之有限公司） （股份代號：3800） 自願公告 有關光伏材料業務分部的最新進展 本公告乃協鑫科技控股有限公司（「本公司」，連同其附屬公司，統稱「本集團」）自願作 出，以令本公司股東（「股東」）及潛在投資者知悉本集團的最新業務發展。 根據對本集團最新未經審核管理帳目的初步評估，本公司董事會（「董事會」）謹此知會 本公司股東及潛在投資者，2025年7月1日至2025年9月30日（「有關期內」）有關光伏 材料業務分部之未經審核的主要經營資料如下： * 經調整EBITDA/(LBITDA)之定義，請參閱2024年報。 – 1 – 本公告所載的資料並不可作為預測本集團 2025年度全年財務表現之依據。本公告所載 有關期內的光伏材料業務分部資料僅基於本集團的初步管理賬目作出，並未經本公司 的審核委員會審閱或獨立審 ...

Core Viewpoint - GCL-Poly Energy (03800) has seen a stock price increase of over 3%, currently trading at 1.37 HKD with a transaction volume of 877 million HKD, driven by rising polysilicon futures prices and positive policy expectations in the solar energy sector [1] Group 1: Market Performance - GCL-Poly Energy's stock rose by 3.01% [1] - The trading volume reached 877 million HKD [1] Group 2: Polysilicon Market Dynamics - Polysilicon futures prices have increased for three consecutive days, indicating a market recovery [1] - Analysts suggest that the market is currently driven by policy expectations, particularly regarding energy consumption regulations [1] Group 3: Policy Implications - A draft for energy consumption regulations has been released, with potential measures for storage and capacity control expected to follow [1] - Reports indicate that regulatory authorities may issue a document to strengthen capacity control across the solar industry, limiting operational rates and prohibiting new capacity [1] - Citigroup's research highlights that supply-side reforms will benefit the domestic solar industry, with GCL-Poly Energy expected to be a major beneficiary of these policies [1]

Core Viewpoint - GCL-Poly Energy (03800) has seen its stock price increase by over 3%, currently trading at HKD 1.37 with a transaction volume of HKD 877 million, driven by rising polysilicon futures prices and positive market sentiment regarding potential policy changes [1] Group 1: Market Performance - GCL-Poly's stock rose by 3.01% as of the latest report [1] - The trading volume reached HKD 877 million, indicating strong investor interest [1] Group 2: Polysilicon Market Dynamics - Polysilicon futures prices have shown a turnaround, with the main 2511 contract rising for three consecutive days [1] - Analysts suggest that the market is currently driven by policy expectations, particularly regarding energy consumption regulations [1] Group 3: Policy Implications - A draft for energy consumption regulations has been released, with potential measures for storage and capacity control expected to follow [1] - Reports indicate that regulatory authorities may issue a document to strengthen capacity control across the photovoltaic industry, limiting operational rates and prohibiting new capacity [1] - Citigroup's research highlights that supply-side reforms aimed at reducing competition will benefit the domestic solar industry, with GCL-Poly and other major polysilicon manufacturers likely to be the main beneficiaries of these policies [1]

Core Viewpoint - GCL-Poly Energy (03800) shares rose over 5%, currently up 5.56% at HKD 1.33, with a trading volume of HKD 606 million [1] Industry Summary - Regulatory authorities are expected to release a document to strengthen the control of photovoltaic production capacity, which will include requirements to limit the operating rates of existing capacities across the entire industry chain and prohibit new capacity additions [1] - The main contract for polysilicon futures increased by over 3% during the day, currently reported at CNY 50,885 per ton [1] Company Summary - Huatai Securities previously indicated that the company has significant cost and energy consumption advantages in granular silicon, which may lead to a steady increase in market share [1] - The outlook for the company is positive due to expected effective industry self-discipline and the gradual implementation of supply-side policies, suggesting substantial potential for profit recovery [1]

Core Viewpoint - The photovoltaic sector in China is experiencing a significant rally, driven by market rumors regarding new capacity control policies and a multi-billion yuan polysilicon storage platform expected to be finalized soon [1][2]. Group 1: Market Performance - On October 14, the A-share photovoltaic main industry chain saw a collective surge, with stocks like Longi Green Energy and JA Solar hitting their daily limits, and Trina Solar rising over 15% [1]. - The net inflow into the photovoltaic equipment sector reached 1.969 billion yuan, ranking second in the A-share market, with Longi Green Energy being the largest beneficiary [1]. Group 2: Policy Developments - A new capacity control policy is rumored to be jointly issued by six ministries, aiming to prohibit new capacity and limit the operating rates of existing capacity to achieve supply-demand balance [2]. - The Ministry of Industry and Information Technology has held two high-level meetings to discuss the importance of the photovoltaic manufacturing sector and to establish guidelines for regulating competition within the industry [3]. Group 3: Industry Trends - The industry is witnessing a consensus on production control and price stabilization due to ongoing losses and operational pressures, with significant price increases observed in silicon materials and related products [2]. - The photovoltaic sector is facing a phase of insufficient demand, with a notable drop in new installations following a record high in May, leading to a decline in subsequent months [5].

Group 1 - Ctrip (TCOM.US) increased by 0.96% after announcing a long-term strategic partnership with Live Nation Asia to integrate travel and live music experiences in key Asian markets [2] - Toyota (TM.US) rose by 1.44% as it plans to launch its first mass-produced solid-state battery vehicle by 2027, aiming for advancements in range, charging speed, and performance [3] - New Energy (02688) surged over 2% due to a reasonable privatization plan, with institutions indicating potential progress in Q4 [3] - JD Health (06618) increased over 2% as Morgan Stanley noted the company's steady performance in Q3, providing upward potential for its FY25 targets [3] - XPeng Motors (09868) rose over 1% after signing an order agreement for 600 flying cars in the Middle East [3] Group 2 - Gao Xin Technology (03800) increased over 4% after announcing the completion of issuing 1.015 billion shares based on subscription and placement agreements [3] - InnoCare (02577) surged over 7% after announcing a collaboration with NVIDIA to provide a full GaN power solution for 800 VDC power architectures [3] - Hesai (HSAI.US) rose by 6.71% after announcing the production of its 1 millionth lidar unit by the end of September 2023, becoming the first company to achieve this milestone [3] - Baidu (BIDU.US) increased by 3.31% as Macquarie upgraded its investment rating from "Neutral" to "Outperform" due to Baidu's shift towards diversified revenue sources [3] - Tesla (TSLA.US) rose by 5.42% as it reportedly delivered over 240,000 vehicles in Q3 [3]