Morgan Stanley has released a report stating that XINYI SOLAR (00968) reported a net profit of 845 million yuan for the last fiscal year, a 16% year-on-year decrease, which fell short of expectations. This was primarily due to a 2.3 billion yuan impairment charge recorded in its 2025 results. Excluding this one-off item, recurring profit was approximately 2.1 billion yuan, exceeding the bank's forecasts. The gross profit margin recovered to 21.4%. Morgan Stanley has assigned the stock a target price of HK$3.4 and an "Overweight" rating.