Chinese PV Industry Brief: GCL Technology reports CNY 8.9 billion of H1 revenue

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GCL Technology Holdings said it generated CNY 8.863 billion in revenue in the first half of 2024, with a gross loss of CNY 553 million. Its nominal capacity for granular silicon reached 420,000 tons per year, fully utilized. Granular silicon output surged 65.6% year on year to 136,359 tons – more than 96% n-type silicon. The company said that production line optimizations have significantly improved silicon consumption, energy usage, and efficiency. It said it expects cash costs for granular silicon to soon fall below CNY 30/kg.

Jingyuntong (JYT) said group revenue hit CNY 2.891 billion in the first half of 2024, down 43.73% from the previous year, with a net loss attributable to shareholders of CNY 1.085 billion. It attributed its poor performance to the ongoing decline of market prices for polysilicon wafers, which weighed on revenue and gross margins in its new materials business, leading to operational losses.

Gstar and Siraj Group have agreed to collaborate on a 2 GW solar module manufacturing project. Gstar said it expects to finalize the formal contract soon and begin construction in November. The companies have not disclosed the location of the project or any details about its specific phases.

Xinte Energy said revenue fell 33.23% year on year to CNY 11.74 billion in the six months to June 30, 2024. It said its net loss attributable to shareholders was CNY 887.02 million, from a net profit of CNY 4.75 billion in the first half of 2023. The group’s polysilicon production capacity reached 146,500 tons, with polysilicon sales increasing by 92.55% to 136,800 tons.

Irico Group New Energy said it recorded an unaudited net profit of CNY 4.19 billion and CNY 2.03 billion of revenue in the first six months of 2024. It aid it expects its Jiangxi project to support future sales and operating profit, and vowed to reduce product costs through technological improvements, quality control, and supply chain measures.

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