GCL Know-how says income and profits fell in 2023 in consequence of losses on particular assets, elevated financing charges, and an uptick in R&D spending.

GCL booth on InterSolar Europe 2023

Image: Vincent Shaw

GCL Know-how Holdings said income fell by 6.2% to CNY 33.70 billion ($4.65 billion) in 2023, from CNY 35.93 billion a one year earlier. Profit attributable to householders reduced 84.3% one year on one year to CNY 2.51 billion. The firm attributed its performance to losses on particular asset holdings, elevated financing and administrative charges, and rising R&D spending, which hit CNY 1.87 billion, up 11.1% from 2022. GCL Know-how said it plans a share buyback and cancellation initiative of up to CNY 680 million in 2024. The firm has 12 GW of ingot and 58.5 GW of wafer skill and is engaged on perovskite tandem technology, with reported efficiencies of 19.04% for a single-junction module and 26.34% for a tandem module.

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