GCL TECH(HK:03800) Mei Ri Jing Ji Xin Wen·2025-09-04 08:50Core Viewpoint - GCL-Poly Energy (03800.HK) reported a significant increase in EBITDA by 325.8% year-on-year, despite a revenue drop, indicating resilience in its core product, granular silicon, amidst industry challenges [1][2]. Financial Performance - In the first half of 2025, GCL-Poly achieved revenue of 5.735 billion yuan, with a gross loss of 700 million yuan, while EBITDA was approximately 380 million yuan [1]. - The company's external customer revenue from photovoltaic materials reached 5.665 billion yuan, accounting for 98.8% of total revenue, despite a year-on-year decline of 35.4% [2]. Product and Market Dynamics - GCL-Poly's granular silicon cash cost decreased to 25.31 yuan/kg, with a market share increase from 14.58% in 2024 to 24.32% in the first half of 2025 [1][5]. - The average selling price of granular silicon was approximately 30.17 yuan/kg, reflecting a competitive edge over traditional N-type dense materials [1][4]. Industry Context - The photovoltaic industry is experiencing structural imbalances, with a low operating rate of 34% for polysilicon production, while GCL-Poly effectively managed inventory to less than 10,000 tons, resulting in a turnover period of less than 7 days [1][9]. - The overall polysilicon market is facing a "L-shaped bottom" trend, with many months below cash flow costs until recent regulatory actions prompted a price recovery [7][12]. Cost and Quality Management - GCL-Poly's granular silicon production maintained a leading edge in metal impurity control, with 95% of products meeting stringent impurity standards [6]. - The company has implemented cost control measures, resulting in a 21.9% decrease in distribution and sales expenses and an 8.5% reduction in administrative expenses [9]. Future Outlook - GCL-Poly is positioned to benefit from ongoing industry reforms aimed at curbing disorderly competition and enhancing product quality, with expectations of returning to profitability by late August to September [4][12]. - The company is also advancing in the carbon footprint management area, with a significantly lower carbon footprint for its granular silicon compared to traditional methods, potentially contributing to substantial carbon reduction value [14][16]. Technological Advancements - GCL-Poly is entering the commercialization phase for perovskite solar cells, with a goal to achieve a production efficiency of 26% by 2026 and a shipment volume exceeding 100 MW [16].