China Energy Engineering Corporation (Energy China) announced that a consortium of its subsidiaries — China Energy International Construction Group, Guangdong Thermal Power Engineering, and Northwest Electric Power Design Institute — has signed three engineering, procurement, and construction (EPC) contracts for renewable energy projects in Saudi Arabia. The consortium is partnering with a project company jointly established by the Saudi International Company for Power and Water, the Public Investment Fund (PIF), and Aramco Power. The total contract value is USD 2.745 billion (CNY 19.55 billion). The projects will include 3 GW of wind power and 2 GW of solar power, with completion expected within 30 months.
GCL Technology Holdings Ltd. reported that its photovoltaic materials business returned to profitability in the third quarter of 2025, marking a rebound from previous losses. The company recorded a quarterly profit of approximately CNY 960 million (USD 132 million), compared with a net loss of CNY 1.81 billion (USD 249 million) in the same period last year. GCL also disclosed that the average production cash cost of its granular silicon — including R&D expenses — fell to CNY 24.16 per kilogram (USD 3.32), down 10.8% from CNY 27.07/kg (USD 3.72) in the first quarter. The company stated that this cost level complies with the latest national standards under China’s Energy Consumption Limits for Polycrystalline Silicon and Germanium Products guidelines.
DMEGC Magnetics issued its earnings forecast for the first three quarters of 2025, projecting a net profit between CNY 1.39 billion (USD 191 million) and CNY 1.53 billion (USD 211 million), representing a year-on-year increase of 50.1%–65.2% from CNY 926 million in the same period of 2024. As of June 2025, the company’s total assets stood at CNY 25.33 billion (USD 3.48 billion), with a debt-to-asset ratio of 56.99%. By segment, photovoltaics remained DMEGC’s primary growth driver, generating CNY 8.05 billion (USD 1.11 billion) in revenue in the first half of 2025 — up 36.6% year-on-year and accounting for 67.5% of total revenue. The magnetic materials and lithium battery segments remained stable, with revenues of CNY 1.94 billion (USD 267 million) and CNY 1.29 billion (USD 177 million), respectively — each rising about 4% year-on-year.
Leascend Technology Co., Ltd. announced the termination of a major asset restructuring plan. The company had previously proposed acquiring a 69.71% stake in Xingchu Century Technology Co., Ltd. through a combination of share issuance and cash payment, alongside a plan to raise supporting funds via a private placement to its subsidiary, Hainan Leascend Technology Co., Ltd. Leascend said it decided to terminate the transaction after the parties failed to reach an agreement on key terms, including valuation and pricing.
