Xinte Energy (1799) H2 2025 earnings summary

Executive summary

• Operating revenue for 2025 was RMB15,254.50 million, down 28.09% year-over-year due to a significant decline in polysilicon sales volume.

• Net loss attributable to shareholders narrowed to RMB1,205.48 million from RMB3,904.88 million in 2024, reflecting improved cost management and investment gains.

• No final dividend was proposed for 2025, prioritizing cash flow security amid ongoing industry challenges.

Financial highlights

• Gross profit increased 4.39% to RMB1,421.11 million, with gross margin rising to 9.32% from 6.42% year-over-year.

• Operating costs fell 30.32% to RMB13,833.39 million, mainly due to lower polysilicon sales.

• Basic loss per share improved to RMB0.84 from RMB2.73 in 2024.

• Net cash outflow from operating activities was RMB2,115.73 million, compared to an inflow of RMB1,754.58 million last year.

• Gearing ratio increased to 40.96% from 30.55% year-over-year.

Outlook and guidance

• The company expects continued competitive pressure and supply-demand imbalances in the PV industry in 2026.

• Plans to focus on quality, cost, and labor efficiency, with strategic emphasis on safety, lean production, and technology innovation.

• Will pursue dual strategies as a power electronics manufacturer and green smart energy service provider, targeting both domestic and international markets.