On January 30, GCL System Integration Technology Co., Ltd. (GCLSI) and Henan BCCY Environmental Energy Co., Ltd. (BCCY) successively released their 2025 annual performance forecasts. Impacted by global supply-demand adjustments in the PV industry, commodity price volatility, and policy shifts, both enterprises faced severe operational challenges over the past year, with net profits attributable to shareholders expected to result in losses.
01 GCL System：Profits Squeezed by Rising Auxiliary Material Costs and Falling Module Prices
The announcement from GCLSI indicates that the company expects a net loss attributable to shareholders of between 890 million and 1.29 billion yuan for 2025, swinging from profit to loss compared to the same period last year. Net profit after deducting non-recurring gains and losses is projected to be a loss of 920 million to 1.34 billion yuan.
The primary cause of this deficit lies in the sustained price pressure across the entire photovoltaic value chain. Particularly in the second half of 2025, driven by global commodity prices, the cost of key auxiliary materials—such as silver paste, aluminum frames, and ribbon—rose sharply. Meanwhile, due to constraints in the terminal market, the price of finished modules saw only marginal increases, severely compressing the company's profit margins.
Despite these headwinds, GCL System achieved steady growth in module shipments during the reporting period and maintained a leading position in tenders for large-scale projects from state-owned central enterprises. Indicators such as capacity utilization and non-silicon costs remain in the industry's top tier. The company stated it will continue to optimize its financial structure to prepare for a new cycle where industry supply and demand return to balance.
02 BCCY：Strategic Contraction in PV Projects and Impairment Charges Amid Business Transformation
BCCY expects a net loss attributable to shareholders of 340 million to 420 million yuan for 2025, a widening of losses compared to the previous year. Net profit after deducting non-recurring gains and losses is projected to be a loss of 336 million to 416 million yuan.
The company's performance was weighed down by a combination of factors. On one hand, its core biogas power generation business continued to shrink due to policy adjustments. Additionally, extended collection cycles for accounts receivable from sanitation projects led the company to recognize significant asset impairment and credit loss provisions.
On the other hand, in response to the cyclical adjustment of the PV industry, BCCY adopted a proactive contraction strategy. The company suspended investments and R&D pilot lines for Heterojunction (HJT) battery PV projects in Deqing, Zhejiang, and Shanghai. Following the principle of financial prudence, the company made corresponding impairment provisions for these assets.
Source：EnergyTrend