GCLSI(SZ:002506) Chang Jiang Shang Bao·2025-10-27 01:45Core Viewpoint - GCL-Poly Energy has announced the termination of its planned private placement after nearly three years of planning, shifting its focus from capacity expansion to high-quality development driven by technology and innovation [3][12]. Group 1: Termination of Private Placement - On October 24, GCL-Poly Energy announced the termination of its private placement plan, which aimed to raise up to 6 billion yuan for various projects [3][5]. - The initial plan included issuing up to 1.755 billion shares, with 3.4 billion yuan allocated for a high-efficiency battery manufacturing project and 800 million yuan for a smart energy storage system [5][8]. - The private placement faced multiple revisions, totaling seven, over the three-year period, ultimately leading to its failure [7][11]. Group 2: Market Conditions and Strategic Shift - The decision to terminate the private placement was influenced by the structural oversupply in the photovoltaic industry and the overall pressure on business operations [3][14]. - GCL-Poly Energy plans to shift its operational focus from horizontal capacity expansion to vertical quality enhancement, emphasizing technological advancement and innovation [12][13]. - The company aims to strengthen its core competitiveness and improve profitability while achieving a more stable financial condition and operational cash flow [13][14]. Group 3: Financial Performance - In the first half of 2025, GCL-Poly Energy reported a net loss of 327 million yuan, a significant decline compared to the previous year [14]. - The company's revenue for the first half of 2025 was 7.694 billion yuan, reflecting a year-on-year decrease of 5.16% [14]. - The decline in profitability is attributed to an imbalance in supply and demand within the industry, leading to lower component prices and reduced gross margins [14]. Group 4: Research and Development Investment - GCL-Poly Energy's R&D investment was notably low, with 210 million yuan in 2024, accounting for only 1.29% of its revenue [16]. - In the first half of 2025, R&D spending dropped to 104 million yuan, significantly lower than the previous year's 161 million yuan [16].