Xinte Energy Forecasts Major Mid-Year Loss

Xinte Energy Co., Ltd. Class H (HK:1799) has released an update.

Xinte Energy Co., Ltd. anticipates a significant net loss of RMB780 million to RMB950 million for the first half of 2024, in stark contrast to the net profit of RMB4.759 billion in the same period of 2023. The loss is primarily due to a substantial decrease in the average selling price of polysilicon, despite increased production and sales volumes, reduced production costs, and growth in the photovoltaic and wind power sectors. Investors are cautioned as these preliminary results are unaudited and may not fully represent the half-year’s financial outcome.

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