Stock Performance - The stock price of Rainbow New Energy (00438.HK) experienced significant fluctuations over the past week, primarily influenced by cautious market sentiment and overall weakness in the new energy sector [1] - From February 9 to February 13, the stock had a price change of -3.41% with a volatility of 18.05%. On February 9, the stock dropped 7.32% to HKD 1.90, rebounded by 3.16% to HKD 1.96 on February 10, increased by 2.04% to HKD 2.00 on February 11, remained flat at HKD 2.00 on February 12, and closed at HKD 1.98 on February 13, reflecting a decline of 1.00% [1] Trading Volume and Capital Flow - Trading volume peaked at 188,600 shares on February 9 and decreased to 5,200 shares on February 13, indicating a lack of trading activity with a volume ratio of 0.09 [1] - Capital flow showed a net outflow of HKD 97,608 from major investors on February 10 and a net outflow of HKD 540 from retail investors on February 13, reflecting a risk-averse sentiment [1] Technical Indicators - The current stock price is near the lower Bollinger Band at HKD 1.887, with the MACD histogram showing a negative value of -0.039 [1] - The 5-day moving average stands at HKD 1.968, which is below the 10-day moving average of HKD 2.041, indicating a bearish trend [1] Sector Performance - During the same period, the new energy materials sector declined by 2.58%, and the Hang Seng Index fell by 1.72%, exacerbating the volatility of the individual stock [1]

Core Viewpoint - The stock price of Rainbow New Energy (00438.HK) experienced fluctuations over the past week, indicating cautious market sentiment [1] Price Movement - The stock had a price range fluctuation of -4.76% with a volatility of 13.33% from February 5 to February 11, 2026 [1] - On February 9, the stock price dropped by 7.32%, closing at 1.90 HKD; it then rebounded by 3.16% to 1.96 HKD on February 10, and further increased by 2.04% to 2.00 HKD on February 11 [1] Trading Volume - The trading volume on February 9 was notably high at 188,600 shares, while February 11 saw a significant decrease in trading activity with only 1,200 shares traded [1] Technical Indicators - Current stock price is near the lower Bollinger Band, with the MACD histogram showing negative values and short-term moving averages indicating a bearish trend, reflecting cautious market sentiment [1]

Group 1 - The Hong Kong solar energy stocks collectively declined, with notable drops including Fuyao Glass down nearly 5%, Shunfeng Photovoltaic down 3.4%, and GCL-Poly Energy down 3% [1][2] - The Ministry of Industry and Information Technology emphasized that addressing industry internal competition will be a top priority this year, indicating that the industry is undergoing a deep adjustment period with significant operational pressures on companies [1] - The China Photovoltaic Industry Association stated that the "space photovoltaic" technology is still in the early stages of exploration and validation, making it premature to determine a clear technical direction [1] Group 2 - Specific stock performance includes Fuyao Glass at 64.400 with a decline of 4.80%, Shunfeng Photovoltaic at 1.690 down 3.43%, and GCL-Poly Energy at 1.280 down 3.03% [2] - Other companies such as Sunshine Energy, Xinyi Glass, and Xinyi Energy also experienced declines, with percentage drops ranging from 1.52% to 2.08% [2] - The overall market sentiment reflects a cautious outlook as companies are reinforcing risk warnings amid ongoing challenges in the photovoltaic sector [1]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年1月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 彩虹集團新能源股份有限公司 呈交日期: 2026年2月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 其他類別 (請註明) | | | 於香港聯交所上市 (註1) | | 否 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | N/A | 說明 | 內資股 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | | 法定/註冊股本 | | | 上月底結存 | | | 80,073,400 | RMB | | | 1 RMB | | | 80,073,400 | | 增加 / 減少 (-) | | | | | | | RMB | | | | | 本月底結存 | | | 80,073,400 | RMB | | | 1 RMB | | | 80,07 ...

Core Viewpoint - The photovoltaic sector is experiencing a decline, with several key companies reporting significant losses for 2025, primarily attributed to rising silver prices impacting production costs [1] Group 1: Company Performance - Companies such as Rainbow New Energy, Flat Glass Group, Xinyi Solar, and New Special Energy have seen their stock prices drop significantly, with declines ranging from 3.54% to 6.45% [1] - Tongwei Co., Longi Green Energy, and Aiko Solar have all issued profit warnings for 2025, indicating a loss due to increased costs associated with silver and other raw materials [1] Group 2: Cost Factors - Longi Green Energy highlighted that the costs of silver paste and silicon materials surged in Q4, leading to increased production costs for silicon wafers, batteries, and modules [1] - Tongwei Co. also cited the continuous rise in prices of core raw materials, including silver, as a reason for their anticipated losses [1] Group 3: Industry Response - The photovoltaic industry is actively seeking to mitigate the impact of rising silver prices by accelerating plans to replace silver with cheaper materials like copper [1] - Silver paste currently accounts for 29% of the total cost of solar modules, a significant increase from 3.4% in 2023 and 14% the previous year [1]

Core Viewpoint - The photovoltaic sector is experiencing a decline, with several key companies reporting significant losses for 2025, primarily attributed to rising silver prices impacting production costs [1] Group 1: Company Performance - Rainbow New Energy (00438) shares fell by 6.45%, trading at HKD 2.03 [1] - Flat Glass (601865) shares decreased by 5.76%, trading at HKD 10.97 [1] - Xinyi Solar (00968) shares dropped by 4.29%, trading at HKD 3.35 [1] - New Special Energy (01799) shares declined by 3.54%, trading at HKD 7.64 [1] Group 2: Financial Forecasts - Tongwei Co. (600438), Longi Green Energy (601012), and Aiko Solar (600732) all issued profit warnings for 2025, indicating expected losses [1] - Longi Green Energy cited significant increases in silver paste and silicon material costs as a major factor for the anticipated losses [1] - Tongwei Co. also mentioned that the continuous rise in prices of core raw materials, including silver, is contributing to their financial difficulties [1] Group 3: Industry Insights - Silver paste is a critical material in solar panels, used for creating conductive contacts to transmit electricity generated by the cells [1] - The current usage of silver in battery cells accounts for 29% of the total cost of components, a significant increase from 3.4% in 2023 and 14% last year [1] - The photovoltaic industry is actively seeking to mitigate the impact of rising silver prices by accelerating plans to replace silver with cheaper materials like copper [1]

董事会认为，2025年本集团归属于母公司股东的净亏损增加的主要原因如下：本集团2025年光伏玻璃销 量与2024年相比虽有所增长，但由于光伏玻璃产能供需错配，光伏玻璃产品价格同比大幅下降，因此 2025年营业收入与2024年相比下降。面对光伏玻璃行业竞争加剧，本集团积极开展降本增效工作，加快 技术创新和高附加值产品研发、量产和销售，但光伏玻璃产品价格下跌幅度较大，导致2025年本集团光 伏玻璃业务毛利率大幅下滑。因光伏玻璃产品价格下跌，本着谨慎性原则，2025年本集团对部分存货计 提了减值准备。 彩虹新能源(00438)发布公告，根据董事会对本公司截至2025年12月31日止年度未经审核管理账目的审 阅，预期本集团截至2025年12月31日止年度实现营业收入约为人民币28.85亿元至29.15亿元，与截至 2024年12月31日止年度(对应期间)的营业收入约为人民币32.76亿元相比下降约11.02%至11.94%;截至 2025年12月31日止年度归属于母公司股东的净亏损约为人民币5.42亿元至5.92亿元，与对应期间的归属 于母公司股东的净亏损约为人民币3.76亿元相比增加约44.15%至57.45%。 ...

智通财经APP讯，彩虹新能源(00438)发布公告，根据董事会对本公司截至2025年12月31日止年度未经审 核管理账目的审阅，预期本集团截至2025年12月31日止年度实现营业收入约为人民币28.85亿元至29.15 亿元，与截至2024年12月31日止年度(对应期间)的营业收入约为人民币32.76亿元相比下降约11.02%至 11.94%;截至2025年12月31日止年度归属于母公司股东的净亏损约为人民币5.42亿元至5.92亿元，与对应 期间的归属于母公司股东的净亏损约为人民币3.76亿元相比增加约44.15%至57.45%。 董事会认为，2025年本集团归属于母公司股东的净亏损增加的主要原因如下：本集团2025年光伏玻璃销 量与2024年相比虽有所增长，但由于光伏玻璃产能供需错配，光伏玻璃产品价格同比大幅下降，因此 2025年营业收入与2024年相比下降。面对光伏玻璃行业竞争加剧，本集团积极开展降本增效工作，加快 技术创新和高附加值产品研发、量产和销售，但光伏玻璃产品价格下跌幅度较大，导致2025年本集团光 伏玻璃业务毛利率大幅下滑。因光伏玻璃产品价格下跌，本着谨慎性原则，2025年本集团对部分存货计 ...

格隆汇1月29日丨彩虹新能源(00438.HK)公告，根据董事会对公司截至2025年12月31日止年度未经审核 管理账目的审阅，预期集团截至2025年12月31日止年度实现营业收入约为人民币28.85亿元至29.15亿 元，与截至2024年12月31日日止年度(「对应期间」)的营业收入约为人民币32.76亿元相比下降约11.02% 至11.94%；截至2025年12月31日止年度归属于母公司股东的净亏损约为人民币5.42亿元至5.92亿元，与 对应期间的归属于母公司股东的净亏损约为人民币3.76亿元相比增加约44.15%至57.45%。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的 任 何 損 失 承 擔 任 何 責 任。 彩虹集團新能源股份有限公司 IRICO GROUP NEW ENERGY COMPANY LIMITED* (i) 本集團二零二五年光伏玻璃銷量與二零二四年相比 雖有所增長，但 由於光伏玻璃產 能供需 錯 配，光 伏 玻 璃 產 品 價 格 同 比 大 幅 下 降，因 此二零二五年營業收入與二零二四年相比下 降。 – 1 – 上述截至二零二五年十二月三十一日止年度的財務資料僅為基於本公 司 未 經 審 核 管 理 賬 目 及 目 前 可 得 資 料 而 作 出 的 初 步 評 估，並 非 基 於 經 本 公 司 核 數 師 審 計 或 審 閱 的 財 務 資 料。謹 此 提 請 本 公 司 股 東 及 潛 在 投 資 者 注 意，本 公 司 將 適 時 刊 發 截 至 二 零 二 五 年 十 二 月 三 十 一 日 止 年 度 的 年 ...