Summary by Moomoo AI
XINYI GLASS Holdings Limited announced a negative profit forecast for the fiscal year 2024, expecting that the consolidated net profit for the year ending December 31, 2024, will decline by 30% to 40% compared to the RMB 4.883 billion of the fiscal year 2023. The main reasons for the decline in net profit include: a decrease in revenue and gross profit from the float glass business, losses from the sale of production facilities permanently shut down in China, and a reduction in earnings contributions from the affiliated company XINYI SOLAR Holdings Limited.The company pointed out that the decline in the performance of the float glass business is mainly due to the sluggish real estate market in China, with a decrease in the number of new property...Show More