Xinte Energy (01799.HK) released the financial report and corporate updates as of June 30, 2024. The report comprehensively showcases the company's financial condition, including management discussions, corporate governance, financial statements, and significant changes in policies and estimates. Xinte Energy is engaged in the development, production, and sales of high-purity polysilicon, as well as the development, construction, and operation of wind energy and photovoltaic power plants. The financial statements are prepared in accordance with Chinese accounting standards, reflecting the company's financial condition, operational results, and cash flow. The report details the consolidated balance sheet, income statement, cash flow statement, and statement of changes in equity. Key accounting policies and estimates include revenue recognition, government grants, deferred income taxes, leases, and...Show More

Xinte Energy (01799.HK) released the financial report and corporate updates as of June 30, 2024. The report comprehensively showcases the company's financial condition, including management discussions, corporate governance, financial statements, and significant changes in policies and estimates. Xinte Energy is engaged in the development, production, and sales of high-purity polysilicon, as well as the development, construction, and operation of wind energy and photovoltaic power plants. The financial statements are prepared in accordance with Chinese accounting standards, reflecting the company's financial condition, operational results, and cash flow. The report details the consolidated balance sheet, income statement, cash flow statement, and statement of changes in equity. Key accounting policies and estimates include revenue recognition, government grants, deferred income taxes, leases, and long-term asset impairments. Corporate governance changes include the appointment of new executive directors and senior management. Xinte Energy complies with the Hong Kong Companies Ordinance and the listing rules of the Hong Kong Stock Exchange. The company receives government grants related to assets and income, recognized as deferred income and amortized over the benefit period. Revenue from sales of polysilicon products is recognized upon transfer of control to customers. Operating revenue from wind energy and photovoltaic power plants is recognized based on confirmed electricity generation and approved electricity prices. The company assesses at contract inception whether leases are present and recognizes right-of-use assets and lease liabilities on the lease commencement date. There are no significant legal disputes or arbitrations that could impact the financial condition of the company. Additionally, the report provides new information on the handling of leases and incentive measures, direct initial costs related to operating leases, variable lease payments, changes in operating leases, and accounting policies for held-for-sale assets.