On October 16, GCL Technology Holdings Limited announced a major earnings turnaround in its photovoltaic materials business for the third quarter of 2025, becoming one of the first companies in the industry to return to profitability. According to the company’s disclosure, the photovoltaic materials segment recorded a profit of approximately RMB 960 million during the period, a sharp reversal from a loss of RMB 1.81 billion in the same quarter last year.

It is worth noting that the reported profit includes approximately RMB 640 million in after-tax gains from the disposal of an associate. Excluding this non-recurring item, the photovoltaic materials segment still delivered solid operating profits. Segment EBITDA reached approximately RMB 1.41 billion, compared with an adjusted LBITDA (loss before interest, tax, depreciation and amortization) of around RMB 571 million a year earlier, underscoring a fundamental improvement in operating fundamentals and profitability driven by sustained technological innovation.

As a leading player in the polysilicon industry, GCL Technology continues to advance cost optimization, efficiency enhancement and carbon emission reduction for its granular silicon products, underpinned by its proprietary silane-based fluidized bed reactor (FBR) technology. According to the announcement, in the third quarter of 2025, the average external VAT-inclusive selling price of granular silicon rose significantly to RMB 42.12 per kilogram, up from RMB 32.93 per kilogram in the second quarter, reflecting a recovery in downstream demand for high-quality granular silicon and a normalization of market pricing.

Meanwhile, the average production cash cost of granular silicon, including R&D expenses, declined further to RMB 24.16 per kilogram, improving from RMB 27.07 per kilogram in the first quarter. This highlights the company’s continued breakthroughs in energy efficiency management, process optimization and economies of scale. Such a cost advantage has also positioned GCL Technology among the few companies in the industry capable of meeting China’s newly implemented national standards for energy consumption per unit of polysilicon and germanium products, aligning closely with the country’s dual-carbon objectives and the photovoltaic industry’s push toward high-quality, sustainable development driven by new-quality productive forces.

GCL Technology has consistently adhered to a sales-driven production model and low-inventory operations, while strengthening coordination with upstream and downstream partners to promote rational price recovery and long-term sustainability across the entire value chain. The company stated that it will continue to accelerate the high-quality release of granular silicon capacity and further optimize carbon footprint performance, fostering a virtuous industry cycle and contributing to the structural renewal of the photovoltaic ecosystem.

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