Group 1 - The core viewpoint of the article is that Citigroup has raised the valuation multiple for Xinyi Glass's core glass business to a forecasted P/E ratio of 10 times for this year, due to significant profit contributions from the automotive glass segment and strong gross margin performance [1] - The target price for Xinyi Glass has been increased from HKD 7.55 to HKD 9.01 while maintaining a "Neutral" rating [1] - Citigroup has lowered its revenue forecasts for Xinyi Glass for the years 2025 to 2027 by 5%, and adjusted gross margin forecasts down by 1.3 to 2.8 percentage points, to a range of 28.5% to 30.2% [1] Group 2 - Net profit forecasts have been reduced by 21% to 38%, resulting in projected profits of RMB 2.6 billion, RMB 3.3 billion, and RMB 3.7 billion for the respective years [1] - The cautious outlook for the company's short to medium-term prospects is attributed to ongoing economic and real estate market pressures that continue to hinder recovery [1]

Group 1 - The core viewpoint of the article is that Citigroup has raised the valuation multiple for Xinyi Glass's core glass business to a forecasted P/E ratio of 10 times for this year, reflecting strong profit contributions from the automotive glass segment and excellent gross margin performance [1] - Citigroup has adjusted the target price for Xinyi Glass from HKD 7.55 to HKD 9.01 while maintaining a "Neutral" rating [1] - The bank has lowered its revenue forecasts for Xinyi Glass for the years 2025 to 2027 by 5%, and gross margin forecasts have been reduced by 1.3 to 2.8 percentage points, now ranging between 28.5% and 30.2% [1] Group 2 - Net profit forecasts have been cut by 21% to 38%, with projected figures of RMB 2.6 billion, RMB 3.3 billion, and RMB 3.7 billion for the respective years [1] - The adjustments reflect pressures on average selling prices and profit margins for float glass [1] - The bank maintains a cautious outlook on the company's short to medium-term prospects due to ongoing economic and real estate market challenges that continue to suppress recovery [1]

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聯合公告之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本聯合公告全部或任何部份內容而產生或因倚 賴該等內容而引致之任何損失承擔任何責任。 Xinyi Solar Holdings Limited 信義光能控股有限公司 （於開曼群島註冊成立之有限公司） （股份代號：00968） Xinyi Glass Holdings Limited 信義玻璃控股有限公司 信義光能董事沒有理由相信二零二六年信義光能集團的表現會持續惡化。截至二 零二四年十二月三十一日止兩個年度，過往實際交易額分別為人民幣213.9百萬元 及人民幣199.4百萬元。在此背景下，二零二六年擬議年度上限為人民幣107.3百 萬元，分別佔截至二零二四年十二月三十一日止兩個年度實際交易額的50.2%及 53.8%，反映了當前營商環境趨穩以及預期存在與計劃產能擴張及生產設備的正常 利用相關的需求。 （於開曼群島註冊成立的有限公司） （股份代號：00868） 補充聯合公告 重續持續關連交易 採購生產設備 本補充聯合公告乃由信義光能控股有限公司（「信義光能」）董事會（「信義光能董事 ...

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聯合公告之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本聯合公告全部或任何部份內容而產生或因倚 賴該等內容而引致之任何損失承擔任何責任。 XINYI GLASS HOLDINGS LIMITED 信義玻璃控股有限公司 （於開曼群島註冊 成立之有限公司） （股份代號：00868） XINYI ELECTRIC STORAGE HOLDINGS LIMITED 信義儲電控股有限公司 （於開曼群島註冊 成立之有限公司） （股份代號：08328） XINYI ENERGY HOLDINGS LIMITED 信義能源控股有限公司 （於英屬處女群島註冊 成立之有限公司） （股份代號：03868） XINYI SOLAR HOLDINGS LIMITED 信義光能控股有限公司 （於開曼群島註冊 成立之有限公司） （股份代號：00968） 補充聯合公告 關連交易 出售及購買 金寨信義風能之股權 信義玻璃董事會、信義能源董事會及信義光能董事會（統稱「董事會」）及信義儲電 董事會茲提述信義玻璃、信義儲電、信義能源及信義光能刊發的日期為二零二五年 十二 ...

Core Viewpoint - Citigroup has downgraded its revenue forecasts for Xinyi Glass for the years 2025 to 2027 by 5%, reflecting pressure on average selling prices and profit margins in the float glass segment [1] Revenue and Profit Margin Adjustments - Gross margin forecasts have been reduced by 1.3 to 2.8 percentage points, now expected to range between 28.5% and 30.2% [1] - Net profit forecasts have been cut by 21% to 38%, with expected figures of 2.6 billion, 3.3 billion, and 3.7 billion yuan for the respective years [1] Business Segment Performance - The automotive glass business is expected to see a significant increase in profit contribution and has shown strong gross margin performance [1] Valuation Adjustments - The valuation multiple for Xinyi Glass's core glass business has been increased to a projected price-to-earnings ratio of 10 times for this year [1] - The target price for Xinyi Glass has been raised from 7.55 HKD to 9.01 HKD, while maintaining a "neutral" rating [1] Outlook - The company maintains a cautious outlook on the short to medium-term prospects despite the adjustments in valuation and target price [1]

Core Viewpoint - Xinyi Glass has signed a project agreement with the Saudi Industrial Cities and Technology Zones Authority (MODON) during the Future Mining Conference on January 14, 2026, with a total investment of approximately $386 million [1] Group 1: Project Details - The project will cover an area of over 350,000 square meters [1] - It plans to establish production lines for float glass, automotive glass, and high-performance Low-E energy-saving glass [1] - The products will be widely used in the construction and automotive sectors [1] Group 2: Strategic Importance - Once operational, the project will become Xinyi Glass's flagship production base in the Middle East [1] - It will also mark the establishment of the first automotive glass production facility in Saudi Arabia [1]

Investment Rating - The report suggests a focus on industry bottom layout opportunities, indicating a cautious but optimistic outlook for the company's long-term growth potential [3]. Core Insights - The signing of the investment agreement with MODON marks a significant step in the company's globalization strategy and optimization of regional and product structure [3]. - The project in Saudi Arabia is expected to fill a gap in the local automotive glass manufacturing industry, aligning with Saudi Arabia's Vision 2030 localization strategy [2]. - The project aims to enhance the company's overall profitability by introducing high-value automotive glass and Low-E energy-saving glass production lines, which will help mitigate the cyclical fluctuations of domestic float glass [2]. Summary by Sections Event Overview - On January 14, 2026, the company signed an investment agreement in Saudi Arabia with a total investment of approximately $386 million, covering over 350,000 square meters for the construction of float, automotive, and high-performance Low-E energy-saving glass production lines [1]. Strategic Significance - The project allows the company to avoid trade barriers and deepen regional layout, effectively mitigating potential tariff risks and leveraging Saudi Arabia's free trade agreements [2]. - As the first automotive glass manufacturer in Saudi Arabia, the project provides a significant first-mover advantage, enabling the company to secure local supply chain demands amid the country's automotive industry development [2]. - The project is expected to benefit from local policy support in terms of taxes and energy, while proximity to energy sources will help control production costs [2].

Group 1 - The core point of the article is that Xinyi Glass (Bozhou) Co., Ltd. has obtained a patent for a smart cutting device for glass, indicating innovation in the glass manufacturing sector [1] - The patent, titled "A Smart Cutting Device for Glass," was granted with the announcement number CN117623615B, and the application date was November 2023 [1] - Xinyi Glass (Bozhou) Co., Ltd. was established in 2015 and is primarily engaged in the non-metallic mineral products industry, with a registered capital of 10 million RMB [1] Group 2 - The company has participated in 353 bidding projects and holds 27 patents, along with 6 administrative licenses, showcasing its active engagement in the industry [1]

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The glass industry is currently experiencing a situation where supply has decreased significantly, demand is weak, and inventory shows differentiation. The pressure on inventory after the Spring Festival is relatively high, and more supply clearance is needed. For the纯碱 industry, the pattern of increasing supply and decreasing demand continues, and attention should be paid to changes on the supply - side [28][38] Summary by Directory 01 Glass Supply - Recently, there have been many production cuts in the glass industry. Multiple glass production lines in different regions such as Central China, South China, and East China are scheduled for cold repair from the end of 2025 to early 2026, with a total reduction in daily melting capacity. As of December 5, 2025, the total daily melting capacity was 155,965 tons, a 3% decrease compared to the beginning of the year, with a reduction of 4,300 tons [4][7] Demand - There is an expected difference in demand. Downstream customers adopt a back - to - back purchasing model without stockpiling. Demand has declined, with fewer orders. The deep - processing order level is also affected [13] Inventory - Inventory shows differentiation. After the reduction in supply, manufacturers' inventory has shown differences. The inventory decreased last week and is expected to continue to decline next week. However, the upstream inventory reduction is mainly driven by speculative demand from the middle - stream. Continued attention should be paid to the inventory reduction situation [17] Month - to - Month and Basis - The increase in the futures market has strengthened basis trading and driven up upstream prices. The downstream in Shahe has started to participate, but the sustainability is limited. The month - to - month spread remains weak, and attention should be paid to inventory changes [24][26] Market Outlook - Based on a 6% decline in apparent demand, if the current supply remains unchanged, the inventory can be maintained at a reasonably high level. However, considering the relatively high middle - stream inventory, the pattern of squeezing profits will not change. There is an expected seasonal inventory build - up during the Spring Festival, and there is little opportunity for profit. If the profit squeeze continues, the post - festival pressure will not be too great. Theoretically, as long as the supply continues to decrease, there is an expectation of inventory reduction in the second half of this year [29] 02纯碱 Supply - The production of soda ash has increased, mainly due to the increased production of the second - phase project in Alxa. Several enterprises and projects are expected to be put into production in the future, including Hubei Xindu Chemical, Hubei Jinjiang New Materials, etc., which will further increase the supply [32][35] Demand - The pattern of downstream customers squeezing profits in the soda ash industry remains unchanged [36] Market Situation - The pattern of increasing supply and decreasing demand in the soda ash industry continues. The spot price remains low, and the month - to - month spread remains weak. Attention should also be paid to the production reduction situation in the future [38][39]

Group 1 - The core viewpoint of the news is that the Hong Kong solar stocks have collectively declined due to regulatory scrutiny from the market supervision authority regarding potential monopoly risks in the solar industry [1] - GCL-Poly Energy has seen a drop of over 7%, while other companies like Sunshine Energy and Xinte Energy have also experienced declines of 3.5% [1][2] - The market supervision authority has held discussions with several key players in the solar industry, including the China Photovoltaic Industry Association and major companies, to address issues related to market manipulation and has mandated corrective actions by January 20 [1] Group 2 - The market supervision authority has prohibited the discussed companies from agreeing on production capacity, utilization rates, sales volumes, and pricing [1] - Companies are also restricted from dividing markets, production volumes, and profits through any form of investment ratio [1] - The authority has required the companies to submit written corrective measures by January 20 [1]