GCL-SI eked out small operating profit in 2018 as revenue declined 23%

Facebook
Twitter
LinkedIn
Reddit
Email

‘Solar Module Super League’ (SMSL) member GCL System Integration Technology (GCL-SI) has reported preliminary ‘express’ financial results for 2018, noting a return to a small profit, despite ASP declines impacting total revenue. 

The SMSL reported preliminary full-year 2018 revenue of around RMB 11.12 billion (US$1.65 billion), down 23% from RMB 14.44 billion in the previous year.

This article requires Premium SubscriptionBasic (FREE) Subscription

Try Premium for just $1

  • Full premium access for the first month at only $1
  • Converts to an annual rate after 30 days unless cancelled
  • Cancel anytime during the trial period

Premium Benefits

  • Expert industry analysis and interviews
  • Digital access to PV Tech Power journal
  • Exclusive event discounts

Or get the full Premium subscription right away

Or continue reading this article for free

GCL System Integration Technology reported preliminary full-year 2018 revenue of around RMB 11.12 billion (US$1.65 billion), down 23% from RMB 14.44 billion in the previous year.

GCL-SI reported it had eaked out a small operating profit in 2018 of RMB 70.9 million (US$10.5 million), compared to an operating loss of RMB 30.9 million in 2017, equating to a 329.06% increase over the previous year. 

The net profit attributable to shareholders declined 42.7% in 2018 to RMB 41.5 million (US$6.1 million).
 
The SMSL noted that the operating income was affected by the decline in the market price of module products, after the implementation of the China 531 New Deal at the end of May, 2018.

However, GCL-SI said that it was able to maintain module shipments in-line with shipment figures in 2017. This was achieved by increasing its overseas business to account for over 50% of shipment totals. The company was represented in 40 countries in 2018, according to the company. 

Efforts were also implemented to reduce production costs, intended to limit gross profit margin declines, as well as reducing debt via asset sales and turning to an asset-lite business model. The company also sought to improve its account receivables, via a factoring deal to improve its balance sheet. 

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.
25 November 2025
Warsaw, Poland
Large Scale Solar Central and Eastern Europe continues to be the place to leverage a network that has been made over more than 10 years, to build critical partnerships to develop solar projects throughout the region.
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

September 17, 2025
US renewables developer Longroad Energy has reached financial close for its 400MW 1000 Mile solar project in the US state of Texas.
September 17, 2025
Nexamp has secured US$350 million through a long-term financing facility to expand its 6GW utility-scale solar and battery storage pipeline in the US. 
September 17, 2025
Chinese module producer DAS Solar is planning a 5GW manufacturing facility focused on producing high-efficiency back contact cells.
Premium
September 17, 2025
PV CellTech: Martin Pochtaruk, CEO of North American solar module manufacturer Heliene, says US producers must learn to survive without tax incentives.
September 16, 2025
Chinese polysilicon producer GCL-Tech has entered into a strategic financing agreement with Infini Capital, a globally renowned investment institution backed by a Middle Eastern sovereign wealth fund.
September 16, 2025
IB Solar is investing INR30 billion (US$340 million) in a 4GW TOPCon solar cell and module manufacturing plant in Jewar, Uttar Pradesh.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
September 30, 2025
Seattle, USA
Solar Media Events
October 1, 2025
London, UK
Solar Media Events
October 2, 2025
London,UK
Solar Media Events
October 7, 2025
Manila, Philippines
Solar Media Events
October 7, 2025
San Francisco Bay Area, USA