Xinyi Solar said it expects a 70% to 80% decline in profits for the year ending December 31, 2024, due to low market prices, higher installation suspension costs and inventory write-downs.
Xinyi solar energy said it expects a profit decline of 70% to 80% for the year ending December 31, 2024, compared with the CNY3.84 billion ($526.7 million) profit posted in fiscal 2023, citing not -controlled results. The company attributed the expected decline to low market prices due to a supply-demand imbalance, higher costs due to factory suspensions and inventory write-offs. In a separate announcement, Xinyi Solar extended contracts with Xinyi Glass for the supply of quartz sand for float glass production and said Anhui Xinyi Machinery, majority owned by Xinyi Glass, will supply production equipment for up to CNY from January to December 2025 168.8 million. .
TBEA said its subsidiary Xinte Energy has withdrawn its application for an initial public offering on the Shanghai Stock Exchange. It said the decision follows extensive discussions with the sponsor and a review of market conditions. This represents 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 outside investors, including major state-owned energy companies and financial institutions. The company plans to sell up to 14 GW of installed solar capacity, with the sales period running from January 1, 2025 to December 31, 2025.
Irico Group New Energy said it Hefei Photovoltaic’s subsidiary will renew an equipment leasing 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 switchgear, transformers, cables and capacitors, for a term of three years from December 30, 2024 to December 29, 2027. , at a monthly rental of CNY 373,946, including tax .
Xiamen Tungsten said the board has decided to allocate CNY400 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 production line, as part of the “100 billion meters 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 submitted in August 2024, aimed to raise up to CNY 2.02 billion to support the expansion of production lines for EVA, a key material used in encapsulants for photovoltaic modules, along with other renewable energy materials and biodegradable projects.
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