Tongyi Low Carbon Tech foregoes 2024 profit distribution

Tongyi Low Carbon Technology (Xinjiang) Co., Ltd. [SSE:600506] will not distribute profits for 2024, a decision based on negative retained earnings of -26,511.42 million yuan as of the end of the fiscal year. The company says its decision reflects the board’s commitment to financial health despite a net profit of 3,138.76 million yuan. The company's move aligns with its stated long-term strategy of low-carbon innovation and expansion in the new energy market. While shareholders will not receive a payout, they can anticipate future dividends if Tongyi Low Carbon achieves profitability.