Xiangtan Electric receives government subsidies, boosts 2024 net profit

Xiangtan Electric Manufacturing Co., Ltd. disclosed it received government subsidies totaling CNY 4,000,000 from the Xiangtan Municipal People's Government. This amount represents 16.07% of the company's net profit attributable to shareholders for the fiscal year 2024. The subsidies, granted in multiple installments during March, April and May 2025, are classified as revenue-related government assistance. The company anticipates a positive impact on its profits due to these subsidies. The ultimate accounting treatment and impact will be determined pending the auditor's annual review.