HK Stock Market Move | XINYI SOLAR's stock price rose by more than 7% after the performance report. The annual net profit attributable to shareholders was 1.008 billion yuan, a decrease of 73.8% year-on-year.

XINYI SOLAR (00968) rose more than 7% after performance announcement, with an increase of 7.6% at HK$3.54 as of press time, with a trading volume of HK$253 million. On the news front, on February 28, XINYI SOLAR (00968) released its annual results for the year ended December 31, 2024, with revenue of HK$21.921 billion, a 9.3% decrease year-on-year; net profit attributable to equity holders was HK$1.008 billion, a 73.8% decrease year-on-year; earnings per share were 11.27 cents. The announcement stated that the Group's profits significantly declined in 2024, mainly due to a decrease in contribution from CECEP Solar Energy's glass business. In 2024, the Chinese photovoltaic industry faced unprecedented challenges, transitioning from rapid growth to stable development globally. In addition to trade barriers, a high interest rate environment, and complex geopolitical conditions, supply-demand imbalances and intense competition also led to a significant drop in the average selling price of CECEP Solar Energy's glass products. Despite the difficulties, the Group's CECEP Solar Energy glass business achieved sales volume growth, but with a slight decrease in gross profit margin. Lower profitability, along with impairment provision and inventory write-offs for idle facilities, resulted in a decrease in the Group's net profit in 2024 compared to 2023.