GCL TECH(03800) 经济观察报·2025-03-29 15:16Core Viewpoint - GCL-Poly Energy Holdings Limited reported a significant decline in revenue and a substantial net loss for 2024, primarily due to the sharp drop in silicon material prices, which fell from approximately 70,000 RMB/ton to 40,000 RMB/ton during the year [1] Financial Performance - GCL-Poly achieved approximately 15.1 billion RMB in revenue for 2024, a year-on-year decrease of 55% [1] - The net loss attributable to shareholders was approximately 4.75 billion RMB, compared to a profit of 2.51 billion RMB in 2023 [1] - The photovoltaic materials segment generated about 15 billion RMB in revenue but incurred a loss of around 5.3 billion RMB, while the photovoltaic power station business reported revenue of about 0.1 billion RMB with a loss of 0.3 billion RMB [1] Business Segments - The company’s silicon material business, particularly granular silicon, is a focal point, with production costs significantly lower than traditional methods [3][4] - Granular silicon production costs are reported to be below 30,000 RMB/ton, compared to approximately 40,000 RMB/ton for the modified Siemens method [4] - GCL-Poly has been developing granular silicon since 2011 and has established significant production capacity, with long-term contracts for hundreds of thousands of tons announced in April 2024 [3] Market Position and Strategy - The company anticipates achieving positive cash flow starting in Q1 2024, with expectations for monthly profitability by Q3 and quarterly profitability by Q4 [1][2] - GCL-Poly's CEO emphasized the importance of granular silicon in reducing carbon footprints, which is crucial for compliance with upcoming carbon border adjustment mechanisms in the EU [4][6] - The company aims to evolve into a silicon-based company, expanding into silicon-related products and integrating lithium-based industries for battery production [8] Future Outlook - GCL-Poly is focusing on enhancing production efficiency and reducing costs through automation and energy utilization improvements [6] - The company is also exploring new markets, including silicon carbide and silicon-carbon anodes, which are projected to have substantial market potential by 2028 [9] - The strategic vision includes leveraging existing resources and technology to meet the growing demand for high-purity silicon and related materials [9]