GCL Technology (03800.HK) is building technical barriers with zero-carbon high-tech materials to steadily fulfill its growth promise through the cycle during the deep adjustment period of the photovoltaic industry.
on March 30, the global granular silicon leader xiexin technology released its full-year results announcement for 2025. During the reporting period, the company’s operating quality ushered in a fundamental inflection point: operating income of 14.425 billion yuan (RMB, the same below), net profit attributable to the parent -2.868 billion yuan, the loss range significantly narrowed. Particularly bright is that the company’s gross profit successfully turned a profit to 1.336 billion yuan, corresponding to a gross profit margin of 9.3; core earnings indicator EBITDA (EBITDA) also turned positive, more than 2.8 billion yuan, cash flow margin of safety significantly enhanced. The financial structure continued to be optimized, and the company’s asset-liability ratio (endorsement and discounted notes are not returned to the table) decreased by another 2.8 percentage points from the previous month to only 37%, and the ability to resist risks was significantly improved.
the relevant person in charge of xiexin technology said: “during the reporting period, the company’s gross profit and cash flow achieved a substantial turnaround. the core benefited from the precise strategic adjustment and timely stop loss of photovoltaic materials business, the business side reduced losses by 61% month-on-month. Driven by the continuous downward exploration of granular silicon costs and steady upward quality, the selling price of products increased rapidly with the recovery of the industry, and the operating cash flow remained stable. Performance during the period was still disturbed by policy factors, mainly due to the delay in the issuance of state subsidies, resulting in a large scale of receivables and asset impairment charges for the power station business, which had a phased impact on overall profits.”
granular silicon: the basic plate is as solid as a rock, with cost, quality and market share shooting at the same time
the average cash manufacturing cost (including research and development) of granular silicon in 2025 is 25.12 yuan/kg, down 25.1 from 33.52 yuan/kg in 2024, and the average external sales price of granular silicon excluding tax is about 35.4 yuan/kg. In the fourth quarter of 2025, the average cash manufacturing cost of granular silicon has been reduced to 24.03 yuan/kg, while the selling price has reached 48.49 yuan/kg.
Some analysts pointed out that according to the average selling price of 35.4 yuan per kilogram last year, the unit loss of granular silicon was only 1 to 2 yuan. Under the condition of general deep losses in the industry, Xiexin Technology has maintained sufficient operating toughness.
In terms of quality, granular silicon products in 2025 will continue to maintain the industry-leading level in controlling metal impurity levels. The company’s granular silicon has basically fully realized the high standards of ≤ 0.5ppbw for 5 elements of total metal impurity content and ≤ 1ppbw for 18 elements of total metal impurity content.
the turbidity of granular silicon is also continuously optimized. granular silicon has basically achieved turbidity below 100NTU in an all-round way. at the same time, the proportion of products with turbidity ≤ 70NTU of granular silicon has also increased significantly in Q4 2024, from 25% in September 2024 to 96.9 in December 2025. The company’s granular silicon has also received a life cycle assessment verification opinion statement issued by the British Standards Institute (BSI), an international authoritative certification body, stating that the “cradle to gate” carbon footprint is only 14.2756 kgCOe/kg, setting a new record for low-carbon production of silicon-based materials.
Technology and cost advantages are quickly transformed into market competitiveness. In 2025, the company’s top five customer shipments of granular silicon will reach 59500 metric tons, 59300 metric tons, 33200 metric tons, 26300 metric tons and 23600 metric tons, respectively, deeply bound to the global head silicon wafer enterprises, customer stickiness continues to increase. Polysilicon production capacity has been steadily maintained at 480000 tons, further consolidating its market position during the industry adjustment period, and the competitiveness of the industrial chain and ecological chain using granular silicon as raw materials has continued to improve.
“Continuous breakthroughs in quality cannot be achieved without firm R & D investment.” The above-mentioned person in charge added, “In 2025, the company’s overall R & D investment will be about 0.849 billion yuan, of which more than half of the funds will be focused on the technical iteration and process upgrade of granular silicon, providing inexhaustible power for the company’s long-term leadership.”
it is reported that in 2025, xiexin technology will apply for 253 new patents, including 71 invention patents and 179 new patents, including 40 invention patents.
the second curve: perovskite commercialization breaks the wall, space strategy sets sail, silicon-carbon negative electrode opens territory
while consolidating the core advantages of granular silicon, xiexin technology actively explores the frontier fields of perovskite and silicon-carbon negative electrode, and constructs the second growth curve of “one main element and multiple elements.
In June 2025, the world’s first gigawatt perovskite industrial base was officially put into operation in Kunshan, marking the “natural moat” from the laboratory to commercialization of the technology “. In October 2025, the company built the world’s first 500MW laminated component production line, 2.76 square meters of full-size component production efficiency steadily across 27%, established the world’s largest mass production of commercial products leading position. With 3 times the strict aging test and the world’s first IEC double standard certification, the company has consolidated the quality base, completely through the commercial “last mile”.
More importantly, GCL perovskite technology has started its journey of “asking the sky. Relying on the rosefinch 2 remote three launch vehicle, the company successfully completed the world’s first space in-orbit test, verified the extreme stability in the extreme cosmic environment. With this as the cornerstone, the company officially launched the “three-step space” strategy: 2026 to deepen the deep space endurance test, 2027-2028 to achieve mass production of space-specific components, and strive to become the “standard power supply” of China’s spacecraft “. From surface green electricity to deep space energy, GCL is using disruptive technology to make clean energy truly move towards the sea of stars.
In addition, as the optical storage market enters an explosive period, it becomes possible for optical storage to have the same life, and zero-carbon energy enters a low-cost era.
it is reported that xiexin is creating a new path of silicon-carbon negative electrode through the advantages of 600000 tons of self-produced silane gas, CVD process and low carbon emission, laying a solid foundation for the high-quality development of the next generation of new carbon materials.
At the same time, GCL is actively building a carbon-carbon cycle innovation ecosystem to promote the transformation of carbon neutrality from a “cost center” to a “profit engine” to meet the needs of cutting-edge technologies such as solid-state batteries and black phosphorus batteries.
strategic outlook for 2026: global expansion, realization of technology, full release of value
in terms of operation, xiexin science and technology has achieved remarkable results in cost control. in 2025, the company’s administrative expenses will decrease by 13.0 year on year, and its financing costs will decrease by 24.4 year on year, mainly due to the reduction of average interest-bearing debt and optimization of financing structure. The company strictly controls capital expenditure, refuses to expand production blindly, focuses on technology reduction and efficiency improvement, and provides solid support for the company’s sound operation.
Xiexin Technology also said in the announcement that 2026 is a key year for the company’s successful transformation and full release of value. The company will focus on the core strategy of “overseas expansion + continuous exploration of the second growth curve” to achieve high-quality leapfrog development. In 2026, GCL Technology will accelerate global production capacity and market layout, relying on technological advantages such as granular silicon and perovskite, focusing on expanding core markets such as the United States, Europe, the Middle East, and Africa, building a global supply chain and service system, and forming a “Multi-regional, multi-node, localized” supply chain system.
An industry analyst told reporters that GCL Technology’s 2025 financial report handed over a cycle reversal and a jump in quality. In the photovoltaic industry experienced deep de-capacity, anti-roll of the critical moment, the company by virtue of the absolute cost advantage of the particle silicon FBR technology route and the extreme low-carbon properties, not only the first to achieve the main turnaround, but also in the industry trough period against the trend to expand the market share, showing a strong cycle through the ability. More valuable is that the company has evolved from a single silicon leader to a composite zero-carbon material technology platform of “granular silicon (cash cow) + perovskite (future star) + energy storage material (new engine). In the short term, the rise in the price of particle silicon and the optimization of financial structure will drive the sustained release of performance, and in the long term, the commercial landing of perovskite and the star sea of space photovoltaics have opened up the growth space of the company’s market value. In 2026, with the overseas production capacity layout and the commercialization of perovskites, GCL Technology’s technology dividend and valuation repair is expected to resonate, and its value as a global new energy technology leader will be revalued by the market.
