GCL Technology (3800) H2 2025 earnings summary

Executive summary

• Achieved a turnaround from gross loss to gross profit in 2025, with revenue of RMB14,425 million and gross profit of RMB1,336 million, compared to a gross loss in 2024.

• Loss attributable to owners narrowed to RMB2,868 million in 2025 from RMB4,750 million in 2024.

• Adjusted EBITDA improved to RMB2.8 billion in 2025 from a negative RMB1.4 billion in 2024.

• No dividend was recommended for 2025.

Financial highlights

• Revenue decreased by 4.5% year-over-year to RMB14,425 million.

• Gross profit margin turned positive to 9.3% in 2025 from negative 16.6% in 2024.

• Net loss for the year was RMB2,923 million, a significant reduction from RMB5,648 million in 2024.

• Finance costs decreased by 24.4% to RMB467 million.

• Impairment losses on financial assets increased to RMB1,761 million.

Outlook and guidance

• 2026 is positioned as a pivotal year for transformation, focusing on overseas expansion and scaling perovskite production.

• Plans to accelerate global production capacity and market layout, especially in the US, Europe, Middle East, and Africa.

• Emphasis on AI-driven digital transformation and continued R&D investment.