GCL-Poly Energy Holdings (HK:3800) has released an update.
GCL Technology Holdings Limited warns of an anticipated loss of approximately RMB1.45 billion for the first half of 2024, a stark contrast to the RMB5.52 billion profit in the same period of 2023, largely due to a significant drop in polysilicon and wafer product prices and inventory impairments. Despite the downturn, the company reports promising R&D breakthroughs in granular silicon and expects improved production costs and quality, which may lead to a performance turnaround after completing a system optimization project by September 2024. The company notes increased customer recognition and reduced inventory levels for granular silicon, setting the stage for a potential recovery in the second half of the year.
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