Xinyi Solar Holdings Limited (00968) announced its audited results for the 12 months ended 31 December 2025. Revenue stood at RMB20.86 billion, marking a 4.80% decline compared to 2024. Profit attributable to equity holders of the company amounted to RMB844.50 million—a 16.20% year-on-year drop—while basic earnings per share were 9.29 RMB cents. The board proposed a final dividend of 0.80 HK cent per share.
According to the announcement, sales of solar glass contributed RMB17.83 billion to the total revenue, reflecting a 5.30% decrement versus 2024. The segment’s gross margin improved relative to the previous year, supported by cost controls and production efficiency gains; however, weaker average selling prices and idled production lines weighed on segment earnings. Meanwhile, the renewable energy business brought in RMB2.99 billion in revenue, a minor dip from RMB3.02 billion in 2024, primarily tied to stable power generation activity within the group’s existing solar farms.
During the reporting period, impairment provisions totaling RMB2.32 billion were recognized, mainly relating to select idled solar glass facilities and a polysilicon manufacturing base. Management attributed the impairment to supply-demand imbalances in the solar glass market and prolonged price pressure in polysilicon. Nonetheless, cost reductions and an increase in overseas solar glass sales volume partially mitigated the impact on overall profitability.
Looking ahead, the company indicated that it aims to maintain a prudent operational stance in light of heightened uncertainties surrounding renewable-energy pricing reforms and continued volatility in key markets. The directors have recommended payment of the proposed final dividend, pending shareholder approval in the upcoming annual general meeting.
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