GCL TECH (03800.HK): Leshan 200,000-tonne LFP project in production; silicon-carbon anode pilot project also launched
NewTimeSpace News: On 28 August 2026, GCL Technology Holdings Limited (stock code: 03800) voluntarily announced that the first phase of its 200,000-tonne lithium iron phosphate (LFP) cathode material project in Leshan, Sichuan Province, officially commenced production in June 2026. The Leshan project adopts the GCL-PHY one-step process technology, gratuitously licensed by GCL Group Limited, a contact person of the Company's substantial shareholder, being the world's first iron-red process LFP preparation technology.
According to the announcement, following commencement of production, the products have passed strict verification procedures of major customers, and the Group's LFP materials business has received multiple orders with capacity continuously ramping up, expected to reach full production by the end of October 2026; the Group has commenced construction of the second phase of the Leshan project, adding 200,000 tonnes of capacity, expected to commence production by the end of the first quarter of 2027. Signed orders for the Group's LFP materials business have fully covered its planned capacity, with customers being leading enterprises in the industry.
The Group noted that the smooth production launch of the Leshan project marks a new stage of its "photovoltaic-storage co-lifecycle" strategy: the LFP materials business will contribute additional revenue and profit, optimize the revenue structure and reduce reliance on the single photovoltaic polysilicon business; the scaled application of the GCL-PHY one-step process builds a high technology moat; granular silicon and LFP form a positive cycle from polysilicon cost reduction to photovoltaic installation growth, driving storage supporting demand and LFP materials shipments; and as the LFP revenue contribution rises, the Group will transform from a traditional photovoltaic cyclical stock into a multi-product new energy materials platform company. The project has already achieved operating profit since production, expected to contribute positively to the Group's financial performance in the second half of 2026 and future years.
In respect of the silicon-carbon anode business, the Group's 10,000-tonne-scale silicon-carbon anode and supporting porous carbon pilot project has commenced production in Xuzhou, adopting a new process with a single-furnace annual capacity of 1,000 tonnes, built on the Group's proprietary intellectual property, and has entered the process optimization and product verification stage, with sample deliveries and verification with leading customers to follow. The Group has signed a formal cooperation agreement with the People's Government of Wutongqiao District, Leshan City, to advance the transformation of the Leshan project from granular silicon to silicon-carbon anode. With 600,000 tonnes of silane capacity as the world's largest silane producer, the Group plans to build the world's largest silicon-carbon anode production base in Leshan. The announcement also cautions on five aspects of risks, including market price and raw material fluctuations, capacity ramp-up and commercialization, technology iteration and customer verification, customer concentration and market competition, and policy, approval and trade risks.
