XINYI SOLAR (00968) has released its interim results for the 2026 financial year, reporting revenue of approximately 8.43 billion yuan, a decrease of 22.9% year-on-year.

Profit attributable to equity holders of the company stood at 39 million yuan, representing a sharp decline of 94.8% compared to the same period last year. Basic earnings per share were 0.43 cents, with an interim dividend of 0.23 Hong Kong cents per share.

Within the group, revenue from solar glass fell by 24.4% to 7.163 billion yuan. The decline was primarily driven by a significant drop in average selling prices, coupled with lower sales volumes. Revenue from the renewable energy business decreased by 15.8% to 1.21 billion yuan.

The reduction in the renewable energy segment was mainly attributed to: (i) intensified power curtailment in certain regions; (ii) new electricity pricing policies that offered less favourable terms for power sales and price guarantees on some projects compared to previous periods; and (iii) more pronounced volatility in power sales prices under the market-based trading mechanism, which increased revenue fluctuation.

The net profit margin fell from 6.8% in the first half of 2025 to 0.5% in the first half of 2026. This decline was primarily due to lower gross profit margins in both the solar glass and renewable energy businesses, though it was partially offset by reduced finance costs in the first half of 2026 and the absence of impairment losses on property, plant, and equipment.