GCL Technology released a profit warning, expecting an unaudited loss of approximately CNY 1.45 billion in the first half of 2024, in sharp contrast to the approximately CNY 5.52 billion profit in the same period in 2023. The loss is mainly due to the significant decline in the average selling price of polycrystalline silicon and silicon wafer products, as well as inventory impairment. However, the company has made progress in granular silicon business, with research and development expenses exceeding CNY 0.7 billion, and achieving significant breakthroughs in production costs and product quality. The granular silicon production line of the company will be completed in September 2024 after systematic optimization, and is expected to achieve performance reversal. In addition, the quality improvement of granular silicon products has increased downstream customer recognition, significantly reduced inventory, and maintained the industry's leading level in controlling metal impurities. The company reminds shareholders and potential investors to be cautious when buying and selling shares, and will release its mid-term performance announcement at the end of August 2024.

GCL Technology released a profit warning, expecting an unaudited loss of approximately CNY 1.45 billion in the first half of 2024, in sharp contrast to the approximately CNY 5.52 billion profit in the same period in 2023. The loss is mainly due to the significant decline in the average selling price of polycrystalline silicon and silicon wafer products, as well as inventory impairment. However, the company has made progress in granular silicon business, with research and development expenses exceeding CNY 0.7 billion, and achieving significant breakthroughs in production costs and product quality. The granular silicon production line of the company will be completed in September 2024 after systematic optimization, and is expected to achieve performance reversal. In addition, the quality improvement of granular silicon products has increased downstream customer recognition, significantly reduced inventory, and maintained the industry's leading level in controlling metal impurities. The company reminds shareholders and potential investors to be cautious when buying and selling shares, and will release its mid-term performance announcement at the end of August 2024.