Xinyi Energy Announces 2025 Annual Results
Xinyi Energy Announces 2025 Annual Results
Delivers Resilient Performance and Strengthens Asset Portfolio Amid Market Transition
(27 February 2026, Hong Kong) – Xinyi Energy Holdings Limited (“Xinyi Energy” or the “Group”; Stock Code: 03868), a leading non-state-owned renewable energy projects owner and operator in the PRC, today announced its consolidated annual results for the year ended 31 December 2025 (“FY2025” or the “Year”).
During the Year, the Group’s revenue increased by 0.5% to RMB2,453.3 million (FY2024: 2,440.4 million), primarily attributable to full-year operation of the solar farm projects acquired in 2024 and the newly acquired solar farm projects in 2025, yet partially offset by electricity curtailment loss arising from grid consumption constraints and the increase in the number and the volume of the Market-Based Electricity Trading. The revenue contribution from sales of electricity increased by 4.4% to RMB1,528.4 million (FY2024: RMB1,464.2 million), accounting for 62.3% of the Group’s total revenue.
The Group’s gross profit was RMB1,516.1 million (FY2024: RMB1,599.7 million), with an overall gross profit margin of 61.8% (FY2024: 65.6%). Net profit attributable to equity holders of the Group for the Year increased by 27.8% to RMB1,010.7 million (FY2024: RMB790.9 million). Net profit margin recorded an increase of 8.8 percentage points to 41.2% (FY2024: 32.4%). Basic earnings per share attributable to equity holders of the Company were 12.00 RMB cents, representing an increase of 25.7% (FY2024: 9.55 RMB cents).
The Board has proposed to declare a final dividend of 3.6 HK cents per share. Together with an interim dividend of 2.9 HK cents per share, the total dividend for the year will be 6.5 HK cents per share (FY2024: 5.0 HK cents per share), with a dividend payout ratio at 49.3%.
During the Year, the Group’s financial position remained healthy, with the cash and cash equivalents balance surging by 168.4% to RMB950.6 million while net cash generated from operating activities rose by 73.0% to RMB1,654.2 million. Notably, the Group received an aggregate payment of RMB894.9 million for the subsidies in relation to the solar power generation by the solar farm projects enlisted on the Renewable Energy Power Generation Project List, nearly doubling the amount received in FY2024. To effectively control its financial expense, the Group has increased its domestic long-term bank loans since 2024, progressively reducing its existing offshore short-term loans. As of 31 December 2025, 30.1% of its bank loans were short-term borrowings, further down from 34.7% as of 31 December 2024, reflecting the continuous improvement in the Group’s capital structure stability and risk management capabilities.
In response to industry policy adjustments and evolving market conditions, the Group has continued to optimise its strategic positioning. In addition to timely project acquisitions from Xinyi Solar, the Group has advanced its asset-light transformation through disciplined capital recycling and efficient resource allocation. During the Year, the Group acquired three utility-scale solar farm projects under grid-parity regime in the PRC from Xinyi Solar Holdings Limited (“Xinyi Solar”) and its subsidiaries, with an aggregate approved capacity of 230 MW. Meanwhile, the Group disposed of a 51% equity interest in a utility-scale solar farm project with an aggregate approved capacity of 174 MW, unlocking capital for future growth opportunities. During the year, the Group acquired a wind farm project under the feed-in tariff regime in China from Xinyi Glass Holdings Limited and its subsidiaries and Xinyi Electric Storage Holdings Limited and its subsidiaries. As of 31 December 2025, the Group owned 50 renewable energy projects, with an aggregate approved capacity of 4,804.5 MW. With a view to further diversifying the geographical layout of its solar farms, the Group successfully bid for a 100 MW large-scale solar farm project in Malaysia in 2024 and the construction commenced in the second half of 2025, with grid connection expected to be completed by the end of 2026.
Mr. Lee Shing Put, B.B.S., Chairman and Executive Director of Xinyi Energy, concluded, “In 2025, the Group adhered to a prudent and steady operating strategy, enabling us to maintain stable performance while continuously optimising our financial structure despite periodic policy adjustments and market volatility within the PV industry. The acquisition of an equity interest in Jinzhai Wind Power further strengthened our complementary wind-solar portfolio, improving the durability of our asset mix against economic cycles. In parallel, we are actively adjusting our operational strategies and promoting integrated short-term and mid-long-term deployments to enhance its adaptability to market-based transactions.
Looking ahead, the long-term development trajectory of the renewable energy sector remains intact. The Group will continue to prudently select high-quality projects, steadily advance its overseas presence and asset structure optimisation, and continuously enhance operational efficiency and risk resistance, striving to create sustainable long-term returns for shareholders.”