Summary by Moomoo AI
Xixin Technology Holdings Limited (GCL Technology) issued an announcement on May 10, 2024, disclosing its first quarter 2024 results and updates to its photovoltaic materials business division. According to preliminary management accounts, the company's unaudited first quarter profits were estimated at RMB3,300 million, a decrease from the same period last year. The decrease was mainly due to a decrease in the market average selling price, an increase of more than RMB4 billion in R&D expenses, and a loss in the silicon side business. However, the company's new capacity in Inner Mongolia is expected to reach full production in the second half of 2024, further reducing the average cost of silicon pellets and boosting profitability. In the photovoltaic materials business, silicon particle production and shipments have reached approximately 65,000 tonnes, and the level of metal impurity control is expected to increase further. The announcement stresses that the information provided should not serve as a basis for forecasting full-year financial performance and reminds shareholders and potential investors to exercise caution.