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

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 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

July 28, 2025
Australia’s Clean Energy Finance Corporation (CEFC) has announced it has invested a record AU$4.7 billion (US$3.09 billion) in large-scale renewables, energy storage, and transmission projects during the 12-month period ending 30 June 2025.
July 28, 2025
KKR has invested AU$500 million in Australia’s CleanPeak Energy to support the rollout of DERs such as rooftop solar PV and battery storage.
July 25, 2025
A round-up of news from the Indian solar sector this week, including Reliance Industries' cell plant, Juniper Green Energy powering solar PV and Solex Energy launching new modules.
Premium
July 25, 2025
At the SNEC expo, Carrie Xiao took the temperature of the industry as it seeks a way out of cutthroat competition and squeezed margins.
Premium
July 25, 2025
Prices of products across various segments of China's PV industry chain—polysilicon, wafers, cells, modules—have begun to rise recently.
July 25, 2025
According to a report from the International Renewable Energy Agency (IRENA), the global levelised cost of electricity (LCOE) for solar PV reached US$0.043/kWh in 2024.

Subscribe to Newsletter

Upcoming Events

Media Partners, Solar Media Events
September 2, 2025
Mexico City, Mexico
Solar Media Events
September 16, 2025
Athens, Greece
Solar Media Events
September 30, 2025
Seattle, USA
Solar Media Events
October 1, 2025
London, UK
Solar Media Events
October 2, 2025
London,UK