10月16日，协鑫科技(03800.HK)发布自愿公告，披露三季度光伏材料业绩情况。 数据显示，公司光伏材料业务录得利润约9.6亿元，与去年同期18.1亿元的亏损形成巨大反差，实现扭亏。 这一消息在行业内卷的大背景下显得很扎眼，有人认为，这一业绩喜报给整个光伏材料板块带来了信心支撑。不过，也有人认为，单季度盈利不代表整体 翻身，未来发展还有待观察。 出售资产获利 协鑫科技表示，扭亏的主要原因有两个：其一，硅料反内卷，价格终于上涨了，颗粒硅赚钱了；其二，公司出售了一家联营公司税后收益6.4亿元。 公告数据显示，2025年第三季度，颗粒硅平均外部含税售价为人民币42.12/公斤，较第二季度的32.93元/公斤显著上升，反映市场对高品质颗粒硅需求的 回暖与价格修复。同时，颗粒硅的平均生产现金成本(含研发成本)进一步下降至人民币24.16/公斤，较第一季度的27.07元/公斤持续优化，凸显公司在能耗 控制、工艺改进与规模效应方面的持续突破。 出售资产获利才是协鑫科技扭亏的最大原因。据悉，协鑫科技出售的资产是公司另外一项黑科技——鑫华半导体。该公司由协鑫集团(持股24.57%)与国家 集成电路产业投资基金(国家大基金， ...

Core Viewpoint - GCL-Poly Energy (协鑫科技) has reported a turnaround in its photovoltaic materials business, achieving profitability in Q3 2025 after a significant loss in the same period last year, primarily due to a one-time gain from the sale of an associate company [4]. Company Summary - GCL-Poly's photovoltaic materials business recorded a profit of approximately 960 million RMB in Q3 2025, compared to a loss of 1.81 billion RMB in the same quarter of the previous year [4]. - The main factor for the turnaround was a tax-adjusted gain of about 640 million RMB from the sale of an associate company; excluding this non-recurring gain, the business still achieved operational profit [4]. - The EBITDA for the photovoltaic materials segment was approximately 1.41 billion RMB, a significant improvement from an adjusted LBITDA loss of about 571 million RMB in the previous year [4]. Cost and Pricing Summary - GCL-Poly has successfully reduced the average production cash cost of granular silicon to 24.16 RMB/kg in Q3 2025, down from 25.31 RMB/kg in Q2 2025 [5]. - The average external selling price of granular silicon increased significantly to 42.12 RMB/kg in Q3 2025, compared to 32.93 RMB/kg in Q2 2025 [5]. - The company's announcements reflect a decline in costs, a recovery in demand, and a price correction in the granular silicon segment [5]. Industry Context - The photovoltaic materials sector is experiencing a shift towards profitability, with several companies reporting reduced losses or turning profitable in the first half of the year [6]. - GCL-Poly is among the first in the silicon material industry to achieve a phase of profitability, attributed to stable pricing in the multi-crystalline silicon supply chain amidst intense competition [6]. - The domestic multi-crystalline silicon industry has seen a cumulative reduction of about 12,000 tons in inventory over the first nine months of the year, with production expected to be around 130,000 tons in October, indicating a slight increase in supply [6].

Core Viewpoint - GCL-Poly Energy Holdings Limited (协鑫科技) has achieved a turnaround in its photovoltaic materials business, reporting 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][2] Financial Performance - The profit includes a post-tax gain of about 640 million yuan from the sale of an associate company. Excluding this non-recurring income, the photovoltaic materials business still demonstrated robust operational profit [1] - The EBITDA for this business segment reached approximately 1.41 billion yuan, a significant improvement from an adjusted LBITDA of about 571 million yuan in the previous year [1] Pricing and Cost Efficiency - The average external selling price of granular silicon was 42.12 yuan/kg in Q3 2025, a notable increase from 32.93 yuan/kg in Q2 2025, indicating a recovery in market demand for high-quality granular silicon [1] - The average production cash cost of granular silicon (including R&D costs) decreased to 24.16 yuan/kg, down from 27.07 yuan/kg in Q1 2025, showcasing the company's continuous breakthroughs in energy consumption control, process improvement, and economies of scale [2] Strategic Adjustments - In response to intense competition in the photovoltaic industry, the company has adjusted its operational strategy to focus on production based on sales and maintaining low inventory levels, while enhancing collaboration with upstream and downstream partners [2] - The company aims to promote the quality release of granular silicon capacity and optimize its carbon footprint, contributing to a rational return of prices across the entire industry chain and sustainable development [2] Industry Context - Analysts note that the competitive pressure in the industry is driving technological advancements and encouraging companies to build intellectual property defenses, which supports and promotes the country's new quality productivity [2] - The company's ability to achieve profitability in Q3 2025 is attributed to its comprehensive breakthroughs in technology, cost management, talent acquisition, low-carbon initiatives, and market strategies [2]

Group 1 - GCL-Poly Energy (03800.HK) opened over 4% higher, currently up 4.35%, trading at HKD 1.44 [2] - The trading volume reached HKD 55.2686 million [2]

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].

格隆汇10月16日丨协鑫科技(03800.HK)公告，根据对集团最新未经审核管理帐目的初步评估，公司董事 会谨此知会公司股东及潜在投资者，2025年7月1日至2025年9月30日有关光伏材料业务分部之未经审核 的主要经营资料如下： 2.有关期内，公司有关光伏材料业务分部之未经审核经调整EBITDA(息税折旧摊销前利润)*约为人民币 14.1亿元；与去年同期公司有关光伏材料业务分部之未经审核经调整LBITDA(息税折旧摊销前亏损)*约 为人民币5.71亿元相比，有关期内实现扭亏为盈； 1.有关期内，公司有关光伏材料业务分部之未经审核利润约为人民币9.6亿元(其中包括出售一家联营公 司之税后出售收益约为人民币6.4亿元)；与去年同期之公司有关光伏材料业务分部之未经审核亏损约为 人民币18.1亿元相比，有关期内实现扭亏为盈； ...

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]