Xinyi Solar posts 74 percent profit drop despite solar farm growth in 2024

Due to declining solar glass prices, Xinyi Solar reduced 2024 output to 23,200 tons and reported a 73.8% profit drop despite solar farm revenue growth.

By Karthik Srivasthav G 27 Mar 2025 in Business Bytes China Bytes

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Solar farm revenue rose 12.1% in 2024 as new capacity additions and prior expansions contributed to improved segment performance. Image Credit/Source: SOLARbytes/ Xinyi Solar

Xinyi Solar Holdings Limited, a China-based solar glass manufacturer and solar farm projects operator, has reported FY24 revenue of RMB 21,921.4 million (~$3.07 billion), a 9.3% decrease from 2023. Gross profit dropped 46.3% to RMB 3,473.1 million (~$487 million) due to lower selling prices and asset impairments. The solar glass segment recorded a 9.6% increase in sales volume but saw revenue fall 11.9% to RMB 18,820.0 million (~$2.64 billion). Revenue from the solar farm segment rose 12.1% to RMB 3,017.3 million (~$423 million), supported by new capacity and full-year contributions from 2023 additions. In 2024, Xinyi Solar transferred 860 MW of solar projects to Xinyi Energy and closed the year with 6,244 MW in approved grid-connected capacity. The company reduced daily output to 23,200 tons and plans to add 4,000 tons per day in 2025, subject to market conditions.

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