IRICO NEWENERGY (00438) issued a profit warning, expecting a net loss attributable to shareholders of approximately RMB 350 million to RMB 400 million for the year, representing an increase of about 51.52% to 73.16% compared to the previous year.

IRICO NEWENERGY (00438) announced that it is expected to achieve operating income of approximately RMB 3.27 billion to RMB 3.3 billion for the year ending December 31, 2024, an increase of about 3.97% to 4.93% compared to operating income of approximately RMB 3.145 billion for the year ending December 31, 2023. The net loss attributable to the company's shareholders for the year ending December 31, 2024 is expected to be approximately RMB 350 million to RMB 400 million, an increase of about 51.52% to 73.16% compared to the net loss attributable to the company's shareholders of approximately RMB 2.31 billion for the corresponding period. The Board of Directors believes that the main reasons for the increase in net loss attributable to the company's shareholders are as follows: since the second half of 2024, the utilization rate of downstream customers has been insufficient, and the growth of photovoltaic power installation has slowed down. There has been a temporary imbalance in supply and demand for photovoltaic glass production capacity, leading to a significant year-on-year decrease in the price of photovoltaic glass products, resulting in a slight decline in the gross profit margin of the company's photovoltaic glass business. Due to the significant decrease in the price of photovoltaic glass products, impairment provisions have been made for certain assets in the photovoltaic glass business segment given the current industry situation and product price fluctuations.