Xinyi Solar says it expects a 70% to 80% profit decline for the year ending Dec. 31, 2024, due to low market prices, higher plant suspension costs, and inventory writedowns.

Xinyi Solar said it expects a 70% to 80% profit decline for the year ending Dec. 31, 2024, compared to the CNY 3.84 billion ($526.7 million) profitit recorded in fiscal 2023, citing unaudited results. The company attributed the anticipated decrease to low market prices caused by a demand-supply imbalance, higher costs from plant suspensions, and inventory writedowns. In a separate announcement, Xinyi Solar renewed contracts with Xinyi Glass to supply silica sand for float glass production and said that Anhui Xinyi Machinery, majority-owned by Xinyi Glass, will supply production equipment from January to December 2025, for up to CNY 168.8 million.