Investment Rating - The investment rating for the company is "Buy" and it is maintained [9]. Core Views - The company reported a revenue of 5.735 billion yuan for the first half of 2025, a year-on-year decrease of 35.30%, and a net loss of 1.776 billion yuan [2][7]. - The company's market share in granular silicon has significantly increased to 24.32% in the first half of 2025, up from 14.58% in 2024 [11]. - The average selling price of granular silicon decreased to 32,900 yuan per ton in Q2 2025 from 35,700 yuan per ton in Q1 2025, while cash costs improved to 25,300 yuan per ton from 27,100 yuan per ton [11]. - The company has successfully completed a threefold IEC stability test for its perovskite commercial components and established a GW-level perovskite industrial base in June [11]. - Financially, the company recognized a financial asset impairment loss of 264 million yuan in the first half of 2025, which is an increase compared to 196 million yuan in the same period last year [11]. - The company has effectively reduced administrative expenses by 8.5% year-on-year to 625 million yuan, reflecting strong cost control [11]. - The quality of the company's products is steadily improving, with the total metal impurity content of five elements maintained at approximately 95% for products meeting the ≤0.5 ppbw standard [11]. - The company anticipates a potential turnaround in performance due to the recovery of polysilicon prices and ongoing optimization of cash costs and expense control [11].

Core Insights - GCL-Poly's perovskite production base in Kunshan has officially commenced commercial operations, marking a significant milestone in the solar industry [1] - The project represents a total investment of 5 billion yuan, with an initial production capacity of 1 GW and a future target of 2 GW [1] - GCL-Poly aims to create a perovskite industry ecosystem, aspiring for a revenue target of 100 billion yuan [1] Group 1 - GCL-Poly has achieved multiple global records in perovskite technology, including the largest perovskite single-junction and tandem components, as well as the highest efficiency for large-sized components [1] - The company has been committed to the commercialization of perovskite technology since 2013, with significant advancements in component size and efficiency [1][2] - GCL-Poly's perovskite commercial components have passed rigorous testing by T V Rheinland, becoming the first in the world to meet enhanced aging test standards [2] Group 2 - The company has successfully demonstrated perovskite technology in various applications, including a megawatt-level demonstration project in Qinghai and a perovskite energy management station in Shenzhen [3] - GCL-Poly's rapid project execution in Kunshan has set multiple records, including land approval in just 18 working days and project completion milestones [3][4] - The collaboration between GCL-Poly and the city of Kunshan has evolved into a deep integration of industry, technology, and urban development [4][5]