---
title: "Morgan Stanley: XINYI SOLAR's net profit last year was below expectations, but recurring net profit exceeded expectations after excluding impairments"
description: "Morgan Stanley released a report indicating that XINYI SOLAR's net profit last year fell 16% year-on-year to RMB 845 million, which was below expectations, primarily due to a RMB 2.3 billion impairmen"
type: "news"
locale: "en"
url: "https://longbridge.com/en/news/277402775.md"
published_at: "2026-03-02T04:18:25.000Z"
---

# Morgan Stanley: XINYI SOLAR's net profit last year was below expectations, but recurring net profit exceeded expectations after excluding impairments

> Morgan Stanley released a report indicating that XINYI SOLAR's net profit last year fell 16% year-on-year to RMB 845 million, which was below expectations, primarily due to a RMB 2.3 billion impairment expense included in the 2025 performance. Excluding this item, the recurring profit was approximately RMB 2.1 billion, surpassing the bank's expectations, with a gross margin returning to 21.4%. The bank set a target price of HKD 3.4 and rated it as "Overweight."

Morgan Stanley released a report indicating that XINYI SOLAR (00968.HK) had a net profit of RMB 845 million last year, a year-on-year decrease of 16%, which was below expectations, primarily due to a RMB 2.3 billion impairment expense included in the 2025 performance. Excluding this item, the recurring profit was approximately RMB 2.1 billion, exceeding the bank's expectations, with a gross profit margin returning to 21.4%. The bank set a target price of HKD 3.4 and rated it as "Overweight."

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> **Disclaimer**: This article is for reference only and does not constitute any investment advice.