Xinte Energy Co., Ltd. ('Xinte Energy') has issued a profit warning, forecasting an unaudited net loss of RMB 780 million to 950 million in the first half of 2024, a sharp contrast to the net profit of RMB 4.759 billion recorded in the same period in 2023. The company pointed out that although the production capacity and sales volume of polycrystalline silicon business were increased and the production cost was reduced in the first half of 2024, the significant decline in the average selling price of polycrystalline silicon due to changes in market supply and demand had a significant impact on profitability. In addition, although the company has steady growth in photovoltaic, wind power resource development, construction, operation and key equipment manufacturing businesses, the contribution to...Show More

Xinte Energy Co., Ltd. ('Xinte Energy') has issued a profit warning, forecasting an unaudited net loss of RMB 780 million to 950 million in the first half of 2024, a sharp contrast to the net profit of RMB 4.759 billion recorded in the same period in 2023. The company pointed out that although the production capacity and sales volume of polycrystalline silicon business were increased and the production cost was reduced in the first half of 2024, the significant decline in the average selling price of polycrystalline silicon due to changes in market supply and demand had a significant impact on profitability. In addition, although the company has steady growth in photovoltaic, wind power resource development, construction, operation and key equipment manufacturing businesses, the contribution to profitability is not enough to offset the impact of the decline in polycrystalline silicon selling price. The company emphasizes that the data provided in this profit warning is only a preliminary assessment and is not a prediction of the full-year financial performance. The final mid-term performance is expected to be announced before the end of August 2024. Xinte Energy advises shareholders and potential investors to proceed with caution.