GCL TECH(HK:03800) Ge Long Hui·2025-10-20 21:04Group 1 - The company's photovoltaic materials business turned profitable in Q3 2025, reporting a profit of 960 million RMB, aided by a significant increase in polysilicon prices since late July [1] - The average selling price of granular silicon reached 37,300 RMB per ton in Q3 2025, a quarter-on-quarter increase of 810 RMB, while production cash costs decreased to 24,200 RMB per ton [1] - The company's silicon wafer business transitioned from severe losses in Q2 2025 to a slight profit, with inventory impairment being partially reversed due to rising product prices [1] Group 2 - The company announced a fundraising of 5.392 billion HKD through a share issuance at 1.15 HKD per share, with specific allocations for polysilicon capacity adjustments, R&D, and debt repayment [2] - A new national standard for polysilicon energy consumption is expected to significantly reduce effective production capacity in China to approximately 2.4 million tons, a 31.4% decrease from the existing capacity of 3.5 million tons [2] - The company maintains a "buy" rating, adjusting net profit forecasts upward while slightly lowering earnings per share estimates for 2026/27 due to share dilution, with a target price revised to 1.54 HKD [2]