Xinte Energy reports loss, plans strategy shift amid price slump
** Xinte Energy (HKEX: 1799) reported a net loss of RMB4,043.74 million for the year ended December 31, 2024, a sharp reversal from the previous year's profit, primarily attributed to a 60% drop in polysilicon prices. Revenue decreased by 31.02% to RMB21,212.98 million. The company outlined proactive measures, including overhaul of production lines, cost control, and quality improvements. To offset polysilicon price volatility, Xinte Energy is strategically investing in new profit-generating units, including a 49% stake in Xinjiang Zhundong TBEA Energy through equity acquisition. The company aims to leverage this investment, along with new energy projects in Zhundong, to utilize "green power" and capitalize on circular economy advantages.
This report was generated by FilingReader's AI system from regulatory filings and company disclosures. To request a correction, contact editorial@filingreader.com
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