According to the Zhitong Finance App, GCL (03800) announced the results for the year ended December 31, 2023. The group obtained revenue of RMB 33.7 billion (same unit), a year-on-year decrease of 6.2%; profit attributable to company owners was RMB 2.51 billion, a year-on-year decrease of 84.3%; and basic profit per share was 9.47 points.

During the period, the slight decrease in revenue was mainly due to the combined effects of the decrease in the average sales price of photovoltaic material products during the year and the increase in sales of granular silicon products due to the continued release of granular silicon production capacity at the Leshan and Baotou bases.

In 2023, the quality of the company's products continued to improve and achieve further breakthroughs. Currently, it still maintains the leading level in the industry in controlling metal impurity levels. The company has stabilized the overall ratio of products with a total 5-element metal impurity content of less than 90%; at the same time, the overall proportion of 5-element total metal impurity content ≤ 0.5 ppbw products has increased to about 75%, and some bases are close to 90%. This type of product can fully meet the quality standards for N-type precision compound dosing in the market. In order to provide customers with better product quality and better product experience, the company's internal requirements for total metal impurities were raised to 18 elements. The proportion of products with 18 elements of granular silicon with total metal impurities ≤ 1 ppbW increased from 23% in Q2 in 2023 to 43% in Q4, an increase of nearly 90%, with remarkable results.

Continued investment in R&D is a key driving force for commercialization of new photovoltaic technologies, and it is also the core guarantee for the company to lead the new technological revolution in the photovoltaic industry. The company's R&D cost in 2023 was 1,873 billion yuan, an increase of 11.10% over the previous year. During the reporting period, the company actively promoted intellectual property work. A total of 219 new patent applications were added, covering 88 invention patents and 131 utility model patents. The company has obtained 110 patent authorizations, including 18 invention patents and 92 utility model patents. Consolidate intellectual property rights to further enhance the technical strength and market competitiveness of enterprises, and provide strong support for the company's future innovation and development.

On December 31, 2023, the Group's nominal polysilicon production capacity reached 420,000 metric tons, and the effective production capacity reached 340,000 metric tons, an increase of 200,000 tons compared to the beginning of the year. Currently, the Xinhuan (Xinhuan) project in Hohhot, Inner Mongolia is still in the process of climbing capacity, and it is expected that all production will be completed by June 2024.

For the year ended December 31, 2023, the Group produced a total of 232,256 metric tons of polysilicon, an increase of 122% over 10,4723 metric tons of polysilicon in the same period in 2022. Among them, granular silicon production was 20,3561 metric tons, up 346% year-on-year from 45,599 metric tons in 2022.

As of December 31, 2023, the Group had an annual production capacity of 12 gigawatts of monocrystals and 58.5 gigawatts of silicon wafers.

As of December 31, 2023, the Group has produced a total of 51,077 megawatts of silicon wafers (including 22,294 megawatts of foundry silicon wafers), an increase of 9.5% over the previous year compared to the total output of 46661 megawatts of silicon wafers in 2022 (27,789 megawatts including foundry wafers). The company's slicing capacity utilization rate reached 87%, maintaining the industry-leading level.