XINYI ENERGY (03868) released its annual performance, with a net profit attributable to shareholders of 791 million yuan, a decrease of 11.96% year-on-year.

XINYI ENERGY (03868) announced its year-end performance for the year ending December 31, 2024, with a revenue of 2.44 billion yuan, a 7% increase year-on-year; net profit attributable to shareholders was 791 million yuan, a decrease of 11.96% year-on-year; basic earnings per share were 9.55 cents; and a final dividend of 2.7 Hong Kong cents per share was proposed. The announcement stated that in the 2024 fiscal year, the electricity generated by the large-scale CECEP Solar Energy power generation projects owned and operated by the Group increased by 13.8% compared to 2023. This growth was mainly due to the full-year operation of the CECEP Solar Energy power generation projects acquired in 2023 and the new acquisitions in 2024. As of the year ending December 31, 2024, the total revenue generated by the 2023 and 2024 portfolios was 313 million yuan, accounting for 12.8% of the total revenue of the Group's CECEP Solar Energy power generation business. However, grid acceptance constraints, curtailment losses, and an increase in market-oriented power trading volume partially offset the increase in electricity generation for the year ending December 31, 2024. Therefore, the Group's revenue only achieved a growth of 7.0%.