GCL Technology: Polysilicon Price May Stabilize at 45 yuan/kg in the Future

August 28, Xiexin Technologies released its interim results announcement for the six months ended June 30, 2026.

The announcement shows that during the reporting period, the company realized operating income of 5.777 billion yuan, a slight increase of 0.7% over the same period last year; the net profit loss of the parent company was 2.081 billion yuan , an increase of 17.2% over the same period last year. However, it is noteworthy that the company's gross loss in the first half of the year was 434 million yuan , down 38.1% from 700 million yuan in the same period last year.

By the end of June 2026, the total assets of Xiexin Technology were 69.952 billion yuan, the total liabilities were 28.878 billion yuan, and the asset-liability ratio was 41.28% . Bank balances and cash amounted to about 9.724 billion yuan .

At the same time, Xiexin Technologies said in the announcement that the first half of 2026 was the most stressful period for the photovoltaic industry in recent years, and the average price of polysilicon and silicon wafers had fallen below the cash cost of most enterprises. The low price and the high inventory of polysilicon in the market put pressure on the price and sales volume of the company's granular silicon .

According to the announcement, in the first half of 2026, the average selling price of GCL's granular silicon is about 31.97 yuan/kg ; the average production cash cost of granular silicon is 25.23 yuan/kg . Among them, the cash cost in the first quarter and the second quarter was 25.37 yuan/kg and 25.09 yuan/kg respectively.

According to relevant media reports, Xiexin Technologies said at the performance presentation held on August 31 that the company's overall price of granular silicon is between 40 yuan/kg and 43 yuan/kg, and some transactions have been completed. At present, the operating rate of GCL's granular silicon is between 50% and 60%. In terms of

production capacity, as of June 30, 2026, the production capacity of GCL's granular silicon was 480 thousand tons . In terms of

market share, the market share of GCL's polysilicon production in the first half of 2026 reached 23.12%. In addition, it should be noted that the customer structure of Xiexin Technologies is relatively stable. In the first half of 2026, the top five customers of granular silicon accounted for 34%, 26%, 12%, 6% and 5% respectively.

As for the follow-up price trend of polysilicon, according to media reports, Xiexin Technologies said at the performance presentation held on August 31 that the current price is being transmitted from upstream to downstream, and in the long run, the price of polysilicon will probably stabilize at about 45 yuan/kg .

At the same time, Xiexin Technologies said that the industry's polysilicon inventory is still more than 500000 tons , while the company's own granular silicon inventory is maintained at 1 to 2 weeks.

According to Yan Dazhou, supervisor/director of China Photovoltaic Industry Association /National Engineering Laboratory of Polycrystalline Silicon Material Preparation Technology, on July 22, 2026. The annual output of polysilicon in China was about 1.25 million tons , representing a year-on-year decrease of about 8.5%.