on March 30, xiexin new energy (0451.HK) released its 2025 annual performance report, with a net loss of 1.148 billion yuan for the whole year. The increase in this loss is mainly a one-time non-cash provision. Objectively speaking, this is a key measure for the company to unload its historical burden and go into battle with light equipment. A one-time full provision can avoid the continuous negative financial impact due to historical reasons in the future, so that the transformation results can be more fully reflected. From the statement, the company’s financial situation is still sound, for the follow-up focus on overseas operations, the expansion of digital operations and other new business to create a more relaxed financial environment and development space.
travel light: ecological reconstruction from “power station owner” to “digital energy steward”
the transformation logic of xiexin new energy directly refers to the deep reconstruction of the value chain of photovoltaic industry. In the past decade, domestic photovoltaic enterprises rely on the “scale expansion cost leadership” strategy to seize the global market, but as the industry enters a mature period, the traditional model of heavy assets and high investment is difficult to sustain, refinement, service has become the new core of competition.
Facing the opportunities and challenges of industrial restructuring, GCL New Energy firmly grasps the general trend of transformation, anchors the core strategy of “energy, digital intelligence, computing power-driven”, reconstructs the whole chain of energy operation and maintenance with digital intelligence AI, and realizes the two-way breakthrough of “technology empowerment” and “service value-added. Make good use of GCL Group’s existing strategic layout and bases in Africa, Central Asia, Southeast Asia, America and other places, bring core competitiveness, seize the golden window of overseas green energy, and accelerate the digitalization and intelligent upgrading of operation and maintenance. “Digital intelligence innovation” drives growth, takes value creation as the ultimate guidance, and enhances the company’s market operation and maintenance competitiveness.
the company’s operation technology company has provided intelligent operation and maintenance services for nearly 20GW photovoltaic power stations. in the future, it will build a replicable and expandable systematic energy solution based on the broad scenarios of energy transformation at home and abroad, complete the identity upgrade from a single power station operator to a full value chain energy ecological builder, and export xiexin solutions for global energy transformation.
digital intelligence upgrade: Token reconstructs the liquidity of energy assets and seizes the new track of Web3.0
at present, digital economy has become the core driving force of global economic growth. as the core production factor of digital economy, the deep integration of computing power and energy has become an inevitable trend. If the transformation of light assets is “subtraction”, then the upgrading of digital intelligence is the “multiplication” that GCL New Energy is doing “.
January-March 2026, a very forward-looking capital operation surfaced. GCL New Energy announced that it has signed a subscription and investment agreement with Pharos Network Technology to obtain an investment of US $24.74 million in the latter through the issuance of 0.183 billion shares. What’s special about the deal is the payment method-Pharos is not paid in cash, but by signing a simple future equity agreement and buying warrants through a pass.
At present, GCL New Energy is in a critical period of transformation from a “traditional power operator” to a “digital energy asset management service provider. Web3.0 is reconstructing the development model of the digital economy, which brings unprecedented opportunities for the integration of industry and finance in the energy industry. GCL New Energy takes this opportunity to take the lead in exploring the “certification” solution path of physical energy assets and looking for new value anchors in the digital world.
Pharos is a Layer 1 public chain that focuses on building institutional-level certification asset application scenarios. According to the agreement, Xiexin New Energy not only acquires the right to acquire Pharos shares in the future, but more importantly, has the right to invest in Pharos’s native governance pass at the agreed exercise price, thus participating in the construction of Pharos public chain and sharing the prosperous ecology and development achievements of Pharos public chain. As the world’s leading blockchain infrastructure, the Pharos blockchain is capable of supporting real-world assets (RWAs) for 7 days, 24 hours, 365 days of uninterrupted transactions. In layman’s terms, it is the asset owner who “certificates” the income rights of physical energy assets such as photovoltaic power stations, energy storage facilities and charging piles through block chain technology, so that they have the attributes of being separable, tradable and circulating, and are linked on Pharos.
“The essence of pass-through is to make the heavy assets that were originally sleeping on the balance sheet liquid.” GCL New Energy insiders said, “When the income right of a photovoltaic power station is divided into countless tokens, it is no longer a fixed asset that can only be held for 20 years, but a financial asset that can be traded at any time and quickly realized.”
From the industry background, the energy transition into deep water, heavy asset model is facing severe challenges: high power station development costs, subsidies decline, electricity price fluctuations, traditional financing channels under pressure. Both power plant developers and operators are looking for more efficient ways to recycle capital.
and the pass-through provides a new solution to this problem:
(1) liquidity release: after the power station income right is passed-through, assets can be split into small shares, lowering the investment threshold and attracting a wider investor group;
(2) capital efficiency improvement: the asset inventory cycle is shortened from the “year” level to the “day” level, accelerating capital reinvestment;
(3) Cross-border financing facilitation: blockchain-based Token enables 24-hour transactions worldwide, breaking geographical restrictions.
The unique advantage of GCL New Energy is that it has a large number of real operating energy assets and operation and maintenance capabilities-which is precisely the scarcest “asset-side” resource on this track. Pharos’ Layer 1 public chain technology, on the other hand, provides the infrastructure of the “pass-end.
The 2025 annual report of GCL New Energy is like a mirror, reflecting the pain of the transformation of China’s photovoltaic industry from “scale worship” to “value creation. The expansion of its losses is not only the objective result of policy fluctuations and industry cycles, but also the active choice of active strategic adjustment. In the short term, the company will have to bear the cost of one-off profit pressure, but looking forward, the new strategy may open up the imagination of valuation reconstruction-when a new energy company begins to have the attributes of “Web3.0 assets”, the market’s pricing logic will also change.
Standing at the historical node of the intersection of new energy and Web3.0, GCL New Energy’s transformation experiment may open up a new asset circulation path for the entire energy industry. As market watchers put it: “When the income rights of energy assets become a string of codes, the boundaries of traditional energy finance are being redefined.”
