On August 31, GCL TECH fell 5.06% in regular trading, trading at HKD 0.765, with turnover of approximately HKD 42.50 million.

The decline was primarily triggered by the company's interim results released on August 28, which revealed a net loss attributable to shareholders of RMB 2.081 billion for the first half of the year — far exceeding a major brokerage's earlier forecast of approximately RMB 671 million in full-year net loss. Revenue came in at RMB 5.777 billion, up only 0.7% year-over-year, while sales costs declined modestly from RMB 6.435 billion to RMB 6.210 billion. R&D expenses rose 4.5% to RMB 369 million, accounting for 6.38% of revenue. The average selling price of granular silicon was approximately RMB 31.97 per kilogram, with total capacity at 480,000 metric tons.

Although the company simultaneously announced positive developments including the commissioning of a 200,000-ton lithium iron phosphate project in Leshan and the launch of a silicon-carbon anode pilot line, the magnitude of the interim loss overwhelmed these catalysts. Additionally, the stock had already surged over 6% on the previous trading day in anticipation of earnings improvement, prompting profit-taking as the results disappointed.

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