协鑫科技三季度盈利9.6亿 颗粒硅成本降至24.16元/公斤

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]