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Xinyi Solar says it expects a 70% to 80% profit decline for the year ending Dec. 31, 2024, due to low market prices, higher plant suspension costs, and inventory writedowns.
Xinyi Solar said it expects a 70% to 80% profit decline for the year ending Dec. 31, 2024, compared to the CNY 3.84 billion ($526.7 million) profitit recorded in fiscal 2023, citing unaudited results. The company attributed the anticipated decrease to low market prices caused by a demand-supply imbalance, higher costs from plant suspensions, and inventory writedowns. In a separate announcement, Xinyi Solar renewed contracts with Xinyi Glass to supply silica sand for float glass production and said that Anhui Xinyi Machinery, majority-owned by Xinyi Glass, will supply production equipment from January to December 2025, for up to CNY 168.8 million.
TBEA said that its Xinte Energy subsidiary has withdrawn its application for an initial public offering on the Shanghai Stock Exchange. It said the decision follows extensive talks with its sponsor and a review of market conditions. This marks a significant setback for Xinte Energy, a major producer of polysilicon materials, in its bid to go public in China.
Chint Group has announced plans to divest its residential solar assets to third-party investors, including major energy state-owned enterprises and financial institutions. The company plan to sell up to 14 GW of installed solar capacity, with the sales window set from Jan. 1, 2025, to Dec. 31, 2025.
Irico Group New Energy said that its Hefei Photovoltaic subsidiary will renew a lease equipment agreement with Shaanxi Rainbow Industrial Intelligent Technology. It will lease industrial power equipment, such as 110 kV GIS, main transformers, integrated automation systems, high-voltage switch cabinets, transformers, cables and capacitors for a term of three years starting Dec. 30, 2024, to Dec. 29, 2027, at a monthly rental of CNY 373,946, including tax.
Xiamen Tungsten said its board has decided to allocate CNY 400 million in funds raised from its capital market activities to its controlling subsidiary, Xiamen Honglu Tungsten Molybdenum Industrial. The investment will be used to expand the company’s production capacity for its photovoltaic tungsten wire manufacturing line, as part of the “100 billion Meter Photovoltaic Tungsten Wire Production Line Construction Project.”
Levima Advanced Materials said its plan to issue A-shares to raise funds has been terminated by the Shenzhen Stock Exchange. The proposal, originally filed in August 2024, aimed to raise up to CNY 2.02 billion to support the expansion of its production lines for EVA, a key material used in photovoltaic module encapsulants, along with other renewable energy materials and biodegradable projects. |
