China Energy Engineering Corporation, which is also called Energy China, has announced that a consortium formed by its subsidiaries – Guangdong Thermal Power Engineering, China Energy International Construction Group, and Northwest Electric Power Design Institute had inked three engineering, procurement, and construction (EPC) contracts pertaining to Saudi Arabia renewable energy projects. The consortium is going to cooperate with a project company that is jointly established by the Saudi International Company for Power and Water, the Public Investment Fund (PIF), and Aramco Power. The total contract value of Saudi Arabia renewable energy projects is $2.745 billion. The project is going to include 3 GW of wind power as well as 2 GW of solar power, and the construction is expected to be completed in a period of 30 months.
GCL Technology Holdings Ltd. went on to report that its photovoltaic materials business got profitable again in the third quarter of 2025 after the previous losses. The company recorded a net profit of almost $132 million for the quarter, as compared with a net loss of $249 million in the same period of 2024. GCL also went on to state that the average production cash cost when it comes to granular silicon, which includes the research and development expenses, reduced to $3.32 per kilogram, therefore representing a 10.8% dip from $3.72 in the first quarter. The company said that this cost level happens to comply with the latest energy consumption limits of China when it comes to polycrystalline silicon as well as germanium product benchmarks.
It is well to be noted that DMEGC Magnetics went on to release its earnings forecast for the first three quarters of 2025, forecasting a net profit between $191 million and $211 million, which is an increase of anywhere between 50.1% and 65.2% as compared to CNY 926 million in the same period of 2024. As of the end of June 2025, the total assets of the company reached CNY $3.48 billion with a debt-to-asset ratio of 56.99%. Photovoltaics went on to be the main growth driver of the company, contributing $1.11 billion in revenue in the first half of 2025, which is up 36.6% year-on-year and comprised of 67.5% of the total revenue. The magnetic materials as well as the lithium battery segments continued to perform with a balanced approach, generating revenues of $267 million and $177 million, respectively, both up almost 4% year-on-year.
Apart from this, Leascend Technology Co., Ltd. made an announcement on the termination of its major asset restructuring plan. The company had initially proposed acquiring an almost 70% stake in Xingchu Century Technology Co., Ltd. by way of a combination of share issuance as well as cash payment, besides raising additional funds through Hainan Leascend Technology Co., Ltd.’s private placement to its subsidiary. Leascend went on to state that the termination resulted due to the inability of the parties to reach an agreement on major issues like valuation as well as transaction price. The company went on to note that the decision was made after careful assessment and consideration to safeguard the shareholders’ interest and also maintain operational stability.
