GTHT issued a research report stating that GCL Tech (03800) is expected to achieve net profits attributable to shareholders of RMB 3.06 billion and RMB 13.70 billion in 2026 and 2027 respectively, with EPS of RMB 0.01 and RMB 0.05 per share, and BPS of RMB 1.24 and RMB 1.29 per share respectively. Based on comparable company analysis, the firm assigns a 2025 price-to-book ratio of 1.2x and maintains a "Buy" rating. With favorable price trends in the second half of the year, the firm is optimistic that the company's H2 2025 performance will see significant recovery.

The report indicates that in Q1 and Q2 2025, the company's granular silicon cash costs (including R&D) were RMB 27.07/kg and RMB 25.31/kg respectively, showing a continuous declining trend. Through continuous process optimization, technological improvements, and material iterations, the quality of the company's granular silicon products has steadily improved. Based on the excellent purity and stability of granular silicon products, customer loyalty to the company's granular silicon continues to strengthen.

According to Infolink statistics, in July 2025, the transaction price of granular silicon exceeded that of traditional N-type dense materials for the first time. According to the Silicon Industry Branch, on June 25, the average price of N-type granular silicon was RMB 33,500 per ton, rising to RMB 48,000 per ton on September 3, representing an increase of 43%.

On August 19, six government departments jointly held a photovoltaic industry symposium to further regulate competition in the photovoltaic industry and crack down on illegal activities such as below-cost selling and false marketing. The firm believes that anti-involution measures will support stable-to-upward silicon material prices. The participation of multiple departments indicates high policy attention, and price increases will lead to significant recovery in the company's performance.