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GCL Technology Holdings Limited
(3800)
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Rating:42Neutral
Price Target:
HK$0.68
▼(-7.26% Downside)
Action:Reiterated
Date:07/09/26
The score is held down primarily by weak financial performance, led by persistent negative operating/free cash flow and ongoing losses despite a 2025 revenue rebound. Technicals add downside pressure as the stock trades below all key moving averages with negative MACD. Valuation provides limited offset because the negative P/E reflects unprofitable operations and no dividend yield data is available.
Positive Factors
2025 Revenue Rebound
The 2025 revenue rebound indicates recovering shipment demand across the company’s polysilicon and wafer businesses. If sustained, stronger volumes can improve factory utilization, spread fixed costs over more output, and provide a foundation for restoring profitability through the solar cycle.
Negative Factors
Persistent Cash Burn
Persistent negative operating and free cash flow means the business is not currently funding operations and investment internally. This weakens financial resilience, increases reliance on external capital, and could constrain expansion or force difficult funding decisions during another industry downturn.
Read all positive and negative factors
Positive Factors
Negative Factors
2025 Revenue Rebound
The 2025 revenue rebound indicates recovering shipment demand across the company’s polysilicon and wafer businesses. If sustained, stronger volumes can improve factory utilization, spread fixed costs over more output, and provide a foundation for restoring profitability through the solar cycle.
Read all positive factors
GCL Technology Holdings Limited (3800) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$23.42B
Dividend Yield3.7%
Average Volume (3M)351.92M
Price to Earnings (P/E)―
Beta (1Y)1.09
Revenue Growth24.57%
EPS Growth44.61%
CountryHK
Employees7,695
SectorTechnology
Sector Strength88
IndustrySolar
Share Statistics
EPS (TTM)-0.10
Shares Outstanding33,216,470,000
10 Day Avg. Volume465,366,354
30 Day Avg. Volume351,923,388
Financial Highlights & Ratios
PEG Ratio0.21
Price to Book (P/B)0.69
Price to Sales (P/S)1.90
P/FCF Ratio-5.24
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
HK$1.21Price Target Upside65.07% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering5
EPS Forecast (FY)-0.05
Revenue Forecast (FY)HK$14.25B
GCL Technology Holdings Limited Business Overview & Revenue Model
Company Description
GCL Technology Holdings Limited, founded in 2006 and based in Kowloon, Hong Kong, is a company primarily involved in the manufacturing and global distribution of polysilicon and wafer products. Previously known as GCL-Poly Energy Holdings Limited ...
How the Company Makes Money
The company makes money primarily by manufacturing and selling solar-industry materials, with revenue largely tied to shipment volumes and prevailing market prices for polysilicon and silicon wafers.
Key revenue streams:
1) Polysilicon sales: GCL...
GCL Technology Holdings Limited Financial Statement Overview
Summary
Income Statement
34
Negative
Balance Sheet
56
Neutral
Cash Flow
24
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 14.39B | 14.42B | 15.10B | 33.70B | 35.93B | 16.87B |
| Gross Profit | 1.61B | 1.34B | -2.51B | 11.69B | 17.50B | 5.57B |
| EBITDA | 2.40B | 2.24B | -2.73B | 8.07B | 20.74B | 8.46B |
| Net Income | -3.14B | -2.87B | -4.75B | 2.51B | 16.03B | 5.08B |
Balance Sheet | ||||||
| Total Assets | 69.94B | 75.92B | 74.87B | 82.77B | 85.56B | 64.10B |
| Cash, Cash Equivalents and Short-Term Investments | 14.68B | 14.97B | 7.00B | 8.52B | 6.89B | 7.13B |
| Total Debt | 17.81B | 18.51B | 19.10B | 15.50B | 13.74B | 12.60B |
| Total Liabilities | 28.87B | 32.48B | 32.58B | 34.45B | 40.01B | 31.80B |
| Stockholders Equity | 36.56B | 39.88B | 37.18B | 42.59B | 42.68B | 29.03B |
Cash Flow | ||||||
| Free Cash Flow | -1.44B | -5.23B | -7.53B | -16.07B | -8.06B | -4.10B |
| Operating Cash Flow | -783.25M | -3.74B | -3.30B | -3.85B | 7.87B | 1.88B |
| Investing Cash Flow | -1.13B | -1.96B | -6.04B | -10.91B | -16.55B | 742.87M |
| Financing Cash Flow | 6.48B | 9.60B | 7.69B | 14.96B | 8.40B | 959.20M |
GCL Technology Holdings Limited Technical Analysis
Negative
0.73
Price Trends
0.68
Positive
0.75
Negative
0.92
Negative
Market Momentum
<0.01
Positive
48.89
Neutral
36.61
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:3800, the sentiment is Negative. The current price of 0.73 is above the 20-day moving average (MA) of 0.72, above the 50-day MA of 0.68, and below the 200-day MA of 0.92, indicating a neutral trend. The MACD of <0.01 indicates Positive momentum. The RSI at 48.89 is Neutral, neither overbought nor oversold. The STOCH value of 36.61 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for HK:3800.
GCL Technology Holdings Limited Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
52 Neutral | HK$19.12B | 122.94 | 0.45% | 0.49% | ― | ― | |
42 Neutral | HK$23.42B | -6.04 | -8.23% | 3.70% | 24.57% | 44.61% | |
42 Neutral | HK$473.96M | 7.91 | 1.20% | 11.80% | -19.48% | ― | |
42 Neutral | HK$192.78M | -0.71 | -36.63% | 25.93% | -12.64% | -1.05% | |
42 Neutral | HK$61.48M | -1.23 | 18.47% | 0.49% | -0.32% | 5.56% | |
41 Neutral | HK$5.31B | -3.91 | -3.68% | 7.45% | 11.71% | 63.91% |
* Technology Sector Average
HK:3800
GCL Technology Holdings Limited
0.71
-0.56
-44.05%
HK:0750
China Singyes Solar Technologies Holdings
0.19
-0.10
-35.17%
HK:0757
Solargiga Energy Holdings
0.06
-0.06
-49.57%
HK:0968
Xinyi Solar Holdings
2.09
-1.31
-38.46%
HK:0712
Comtec Solar Systems Group Ltd.
0.06
-0.09
-61.59%
HK:1799
Xinte Energy Co., Ltd. Class H
3.71
-4.13
-52.68%
GCL Technology Holdings Limited Corporate Events
GCL Technology Widens Interim Loss Despite Narrower Gross Deficit
Aug 28, 2026
GCL Technology Holdings reported interim revenue of RMB5.78 billion for the six months ended 30 June 2026, essentially flat year on year, while narrowing its gross loss to RMB433.7 million from RMB700.2 million. However, the loss attributable to s...
GCL Technology Ramps Up Lithium Iron Phosphate Project as Second Growth Engine
Aug 28, 2026
GCL Technology Holdings has commenced production at the first phase of its 200,000-metric-tonne lithium iron phosphate cathode material project in Leshan, Sichuan, using a proprietary one-step process technology licensed royalty-free from an affil...
GCL Technology Sets Board Meeting to Approve Interim Results and Consider Dividend
Aug 18, 2026
GCL Technology Holdings Limited has scheduled a board meeting for 28 August 2026 to review and approve the Group’s interim results for the six months ended 30 June 2026. The board will also consider whether to declare, recommend, or pay an i...
GCL Technology Sets Three-Year Lease Framework with Connected GCL Energy Unit
Jun 23, 2026
GCL Technology Holdings has formalised its longstanding leasing arrangements by having its indirect subsidiary Suzhou GCL Research sign a three-year lease framework agreement with GCL Energy Technology. Under the deal, Suzhou GCL Research will con...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.