GCL-Poly’s silicon materials arm plummets to a US$150 million loss in 2019

Facebook
Twitter
LinkedIn
Reddit
Email
Leading polysilicon and multicrystalline solar wafer producer, GCL-Poly Energy Holdings has reported a loss of RMB 1,011.4 million (US$150.7 million) for its ‘Solar Material Business’ unit in 2018, citing the demand impact from the China 531 New Deal that led to overcapacity and rapidly falling selling prices. Image: GCL-Poly

Leading polysilicon and multicrystalline solar wafer producer, GCL-Poly Energy Holdings has reported a loss of RMB 1,011.4 million (US$150.7 million) for its ‘Solar Material Business’ unit in 2018, citing the demand impact from the China 531 New Deal that led to overcapacity and rapidly falling selling prices.
 
GCL-Poly’s Solar Material Business’ unit, which includes 70,000MT of polysilicon production capacity and 30,000MW of multicrystalline solar wafer capacity reported total revenue from external customers in 2018 of RMB 14,436 million (US$2.15 billion), down 25.4% from RMB 19,355 million in 2017.

This article requires Premium SubscriptionBasic (FREE) Subscription

Unlock unlimited access for 12 whole months of distinctive global analysis

Photovoltaics International is now included.

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Unlimited digital access to the PV Tech Power journal catalogue
  • Unlimited digital access to the Photovoltaics International journal catalogue
  • Access to more than 1,000 technical papers
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

GCL-Poly’s Solar Material Business’ unit has customer sales of RMB 14,436 million

Polysilicon production declined 17.4% to around 61,785MT, compared to 74,818MT in the previous year. However, polysilicon sales to external customers increased by 173.9% in 2018.

Multicrystalline wafer production only increased 1.2% in 2018, reaching 24,189MW, compared to 23,902MW in 2019.

Multicrystalline wafer production only increased 1.2% in 2018, reaching 24,189MW, compared to 23,902MW in 2019.

Wafer sales volume in 2018 was 24,761MW, up 5.7%, compared to a sales volume of 23,417MW, in 2017.

GCL-Poly said that the decrease in revenue and negative profits were primarily due to steep declines in average selling prices (ASPs). The average ASP of polysilicon in 2018 (excluding tax), declined to US$11.73/kg, compared to US$15.46/kg in 2017, a 24.8% decline, year-on-year.

The average ASP decline for wafers was higher, having been at US$0.134/W in 2017, declined 37% to US$0.087/W in 2018. The ASP declines were more pronounced in the second-half of 2018, after China’s utility-scale and Distributed Generation (DG) support policies were stopped at the end of May, 2018.
 

GCL-Poly reported a US$150 million loss in its solar materials segment.

GCL-Poly reported total 2018 revenue of RMB 20,565.4 (US$3.06 billion), down 13.6% from the previous year. Total loss for 2018 was RMB 458.4 million (US$68.2 million), down 38.6% from 2017.

Total loss for 2018 was RMB 458.4 million (US$68.2 million), down 38.6% from 2017.
7 October 2025
San Francisco Bay Area, USA
PV Tech has been running an annual PV CellTech Conference since 2016. PV CellTech USA, on 7-8 October 2025 is our third PV CellTech conference dedicated to the U.S. manufacturing sector. The events in 2023 and 2024 were a sell out success and 2025 will once again gather the key stakeholders from PV manufacturing, equipment/materials, policy-making and strategy, capital equipment investment and all interested downstream channels and third-party entities. The goal is simple: to map out PV manufacturing in the U.S. out to 2030 and beyond.
10 March 2026
Frankfurt, Germany
The conference will gather the key stakeholders from PV manufacturing, equipment/materials, policy-making and strategy, capital equipment investment and all interested downstream channels and third-party entities. The goal is simple: to map out PV manufacturing out to 2030 and beyond.

Read Next

June 26, 2025
A group of minority shareholders in Norwegian silicon firm REC Silicon has triggered an investigation into the circumstances surrounding the closure of the company’s US polysilicon production site.
June 24, 2025
Chinese solar manufacturing giant LONGi has signed an agreement with Indonesia’s Pertamina New & Renewable Energy to build a 1.4GW module assembly plant in West Java, Indonesia.
June 24, 2025
The Chinese polysilicon industry could face a shortage by 2028, despite persistent overcapacity in recent years, according to polysilicon market analyst Bernreuter Research.
June 23, 2025
China notched up close to 100GW of new PV in May, in the processes surpassing a terawatt of cumulative installed capacity, figures show.
June 19, 2025
The China Enterprise Bankruptcy and Reorganization Case Information Network has published a notice regarding creditor claims for Suntech.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
July 1, 2025
London, UK
Solar Media Events
July 1, 2025
London, UK
Media Partners, Solar Media Events
July 2, 2025
Bangkok, Thailand
Media Partners, Solar Media Events
September 2, 2025
Mexico City, Mexico
Solar Media Events
September 16, 2025
Athens, Greece