On June 24, Xinyi Solar fell 5.29% in regular trading, trading at HKD 1.96/share, with turnover of HKD 52.87 million, marking consecutive days of weakness.

On the news front, the photovoltaic industry continues to face severe supply-demand imbalance, with global capacity across all segments exceeding 1,000GW while May module utilization rates stood at only approximately 35%, resulting in a supply-demand ratio approaching 2x. June China module monthly output is projected to decline 18.4% year-over-year to 37.8GW, reflecting persistent oversupply conditions. Citigroup maintained its neutral rating on Xinyi Solar but slashed its target price by 35.1% from HKD 3.7 to HKD 2.4, citing weak domestic PV installation demand and an 18.2% year-to-date decline in 2.0mm PV glass prices to RMB 9 per square meter. The broker now expects the company to swing to a loss in fiscal year 2026. Peer Flat Glass also declined nearly 5% on the same day, underscoring broad sector pressure.

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