On June 3, GCL Technology fell 6.17% in regular trading, hitting a new 52-week low at HKD 0.76 per share, with trading volume of HKD 225 million. The decline was triggered by remarks from GCL Group Chairman Zhu Gongshan at the 19th SNEC International Solar PV Conference.

At the conference on June 2, Zhu stated that the concept of a single photovoltaic manufacturing enterprise may disappear, as PV's manufacturing attributes and energy attributes will separate into entirely different business models. He emphasized that the old development paradigm of expansion, price cuts, and scale competition has reached its physical limits, calling it a zero-sum game with no winners. Zhu further outlined a vision where PV companies evolve into digital energy asset operators or AI+energy technology service providers.

These statements intensified market uncertainty regarding GCL Technology's future business positioning. The company's fundamentals remain under significant pressure, with EPS at -0.096 yuan, a negative P/E ratio, and cumulative stock decline exceeding 30% over the past three months amid persistent industry overcapacity and price wars in the silicon materials sector.

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