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: 2025年7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: 信義玻璃控股有限公司 呈交日期: 2025年8月5日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00868 | 說明 | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 4,357,192,919 | | 0 | | 4,357,192,919 | | 增加 / 減少 (-) | | | 40,224,108 | | | | | | 本月底結存 | | | 4,397,417,027 | | 0 | | 4,397,417,027 | 第 2 頁 共 10 頁 v 1.1.1 III.已發行股份及/或庫存股份變動詳情 (A ...

Investment Rating - The investment rating for the company is "Buy" [8] Core Views - The company holds a leading position in three major glass business segments, with continuous growth momentum driven by increasing internationalization. The revenue growth rates for the Greater China and overseas markets in H1 2025 are -20% and +16%, respectively. The company is expected to maintain a positive growth outlook despite the float glass market being at a historical low [5][14] - The revenue forecasts for the company from 2025 to 2027 are projected to be 20.7 billion, 20.4 billion, and 20.8 billion yuan, with year-over-year changes of -7.5%, -1.1%, and +1.7%, respectively. The net profit attributable to the parent company is expected to be 3.2 billion, 3.3 billion, and 3.6 billion yuan, with year-over-year changes of -6.3%, +6.1%, and +7.9%, respectively [5][14] Summary by Sections Business Performance - In H1 2025, the company's total revenue was 9.8 billion yuan, a year-over-year decrease of 10% and a quarter-over-quarter decrease of 14%. The net profit attributable to the parent company was 1 billion yuan, down 60% year-over-year but up 18% quarter-over-quarter. The float glass business faced significant pressure due to declining demand [12] - The float glass revenue in H1 2025 was 5.4 billion yuan, down 16% year-over-year and 17% quarter-over-quarter, with a gross margin of 17.8%, a decrease of 10.5 percentage points year-over-year but an increase of 8.3 percentage points quarter-over-quarter. The average market price for 5mm white glass in H1 2025 was 70 yuan per box, down 27 yuan year-over-year and 4 yuan quarter-over-quarter [12] Segment Analysis - The automotive glass segment showed resilience with revenues of 3.3 billion yuan, up 11% year-over-year and 1% quarter-over-quarter. The gross margin improved to 54.5%, an increase of 4.9 percentage points year-over-year [13] - The building glass segment reported revenues of 1.1 billion yuan, down 22% year-over-year and 33% quarter-over-quarter, with a gross margin of 29.7%, which improved by 1.3 percentage points year-over-year [13] Financial Projections - The company is expected to see a gradual recovery in revenue and profit from 2025 to 2027, with a projected EBITDA of 6.68 billion, 6.99 billion, and 7.45 billion yuan for the respective years. The earnings per share (EPS) are forecasted to be 0.72, 0.76, and 0.82 yuan [15]

Market Overview - Hong Kong stocks opened lower but closed higher, with all three major indices ending in the green. The Hang Seng Index rose by 0.92% to 24,733.45 points, with a total turnover of HKD 234.68 billion [1] - The overall upward trend in Hong Kong stocks is considered healthy, shifting from previous risk-averse sentiment to improvements in fundamentals and positive policy expectations [1] Blue Chip Performance - New Oriental-S (02057) led blue-chip stocks, rising by 6.49% to HKD 36.58, contributing 2.7 points to the Hang Seng Index. Its revenue for the fourth fiscal quarter grew by 9.4% year-on-year, exceeding market expectations [2] - Other notable blue-chip performances included Zhongsheng Holdings (00881) up 5.59%, Lenovo Group (00992) up 4.95%, while Xinyi Glass (00868) fell by 5.87% [2] Sector Highlights - Gold stocks performed strongly due to lower-than-expected U.S. non-farm payroll data, with Shandong Gold (01787) rising by 10.7% and Chifeng Jilong Gold Mining (06693) up 8.89% [3] - Semiconductor stocks also saw significant gains, with Hua Hong Semiconductor (01347) up 8.69% and Shanghai Fudan (01385) up 5.66% [4] Stablecoin Sector - The stablecoin sector continued to decline, with Yunfeng Financial (00376) down 6.91% and Guotai Junan International (01788) down 6.48%. The Hong Kong Monetary Authority's new regulations on stablecoins are expected to delay the issuance of licenses until early 2026 [5][6] Notable Stock Movements - InnoCare Pharma (02577) surged by 30.47% after announcing a partnership with NVIDIA to promote a new power architecture for AI data centers [7] - Huajian Medical (01931) rose by 20.7% following a strategic cooperation agreement with BGI [8] - China Resources Medical (01515) fell by 15.58% due to a profit warning, expecting a decline of 20% to 25% in profit for the upcoming six months [9]

Market Overview - The Hong Kong stock market saw major indices rise, with the Hang Seng Technology Index up by 1.55%, the Hang Seng Index up by 0.92%, and the National Enterprises Index up by 1.01% [1][2]. Technology Sector - Major technology stocks collectively turned positive, with Kuaishou rising by 3.22%, Tencent Holdings and NetEase both up over 2%, while Alibaba experienced a slight decline [2][5][6]. Military and Defense Sector - Military stocks showed significant gains, with China Shipbuilding Defense rising over 7% following reports of the Chinese military's advancements, including the induction of the Z-10ME helicopter into the Pakistani army [7][11]. Semiconductor Sector - Semiconductor stocks accelerated, with InnoTek soaring over 30% after announcing a partnership with NVIDIA to promote a new power architecture for AI data centers [8][9]. Gold Sector - Gold stocks were active, with Shandong Gold rising over 10% amid increasing expectations for a Federal Reserve interest rate cut, enhancing gold's appeal [10][11]. Oil Sector - Oil stocks declined due to OPEC+ agreeing to increase oil production, leading to a drop in international oil prices. Major oil companies like Sinopec and CNOOC saw their shares fall [11][12]. Coal Sector - Coal stocks experienced a rally, with China Shenhua rising over 4% as the company plans to inject significant assets to enhance its coal resource strategy [11][14]. Market Sentiment - Despite some sectors facing challenges, the overall market sentiment remains optimistic, with expectations for a trend of upward movement in the Hong Kong stock market driven by strong economic fundamentals and favorable policies [17].

Core Viewpoint - Xinyi Glass (stock code 0868.HK) reported a decline in revenue and profit for the first half of fiscal year 2025 due to weak demand and market price pressures in the glass industry, exacerbated by a significant drop in new property project areas and completions [2] Financial Performance - The company recorded a revenue of RMB 9.821 billion, representing a year-on-year decrease of approximately 9.7% [2] - Gross profit was RMB 3.102 billion, with a gross margin of 31.6% [2] - Net profit amounted to RMB 1.013 billion, with a net profit margin of 10.3% [2] - The company maintained a cash balance of RMB 2.033 billion and a net capital debt ratio of 14.3% as of June 30 [2] - The board proposed an interim dividend of HKD 0.125 per share, with a payout ratio of 49.2% [2] Business Strategy - The automotive glass segment experienced steady growth driven by demand for new energy vehicles, which helped offset declines in other business areas [3] - The company focuses on cost control and global production capacity to adapt to market fluctuations [3] - Xinyi Glass is deepening collaborations with leading domestic new energy vehicle companies, emphasizing the development of smart and lightweight automotive glass products [3] - The company is expanding its overseas production bases in Malaysia and Indonesia, enhancing its market competitiveness in Asia and other regions [3]

华泰证券发表研究报告指，信义玻璃今年上半年实现收入及归母净利润分别为98.2亿与10.1亿元，按年 下降11.6%及59.3%，归母净利润符合业绩预告(按年跌55%至65%)，业绩按年下滑主因浮法玻璃价格按 年下降、信义光能投资收益下滑、以及资产减值损失增加。该行认为，公司作为浮法玻璃龙头，具备规 模和成本优势，且汽车玻璃等多元化布局有望助力公司中长期发展，维持"买入"评级，目标价由9.6港 元微降至9.54港元。考虑到浮法玻璃价格按年延续下滑趋势，该行下调信义玻璃浮法玻璃销售均价假 设，将2025至2027年每股盈利预测分别由0.72、0.83与0.93元，下调至0.51、0.62及0.74元。 ...

Group 1 - The core viewpoint of the article indicates that Xinyi Glass (00868) experienced a decline of over 3% following the release of its interim results, with a current price of HKD 7.88 and a trading volume of HKD 61.54 million [1] - Xinyi Glass reported a revenue of RMB 9.821 billion for the period, representing a year-on-year decrease of 9.7%, primarily due to the continuous decline in the average selling price of float glass products [1] - The company's net profit was RMB 1.013 billion, down 59.6% year-on-year, with earnings per share of 23.25 cents [1] Group 2 - The gross profit margin for the first half of the year decreased from 34.2% to 31.6%, mainly due to the ongoing decline in the average selling price of float glass products, although this was somewhat alleviated by a reduction in average costs of raw materials and energy [1] - The interim dividend declared was HKD 0.125, compared to HKD 0.31 in the same period last year [1] - According to China International Capital Corporation (CICC), the performance of Xinyi Glass was in line with its previous forecast but slightly below expectations due to the overall weak demand in the float and architectural glass industry [1] - Huatai Securities noted that the supply side of photovoltaic glass has begun to reduce production, and under the "anti-involution" backdrop, the supply-demand dynamics are expected to improve, with the company being a leading player in photovoltaic glass with significant scale and cost advantages, maintaining a "buy" rating [1]

Company Performance - Xinyi Glass reported a revenue of 9.821 billion RMB, a year-on-year decrease of 9.7%, primarily due to the continuous decline in the average selling price of float glass [1] - The net profit for the period was 1.013 billion RMB, representing a significant year-on-year decline of 59.6%, with earnings per share at 0.2325 RMB [1] - The gross profit margin decreased from 34.2% to 31.6%, mainly attributed to the drop in average selling prices of float glass, although this was somewhat mitigated by lower average costs of raw materials and energy [1] Dividend and Market Reaction - The interim dividend declared was 0.125 HKD per share, down from 0.31 HKD per share in the same period last year [1] - Following the earnings announcement, Xinyi Glass's stock price fell by 3.08%, trading at 7.88 HKD with a transaction volume of 61.541 million HKD [1] Industry Outlook - CICC noted that Xinyi Glass's performance was in line with its previous forecasts but slightly below expectations due to the overall weak demand in the float and construction glass sectors [1] - Huatai Securities indicated that the supply side of photovoltaic glass is beginning to reduce production, suggesting that the supply-demand dynamics may improve under the "anti-involution" context, with Xinyi Glass being a leading player in photovoltaic glass with significant scale and cost advantages, maintaining a "buy" rating [1]

信义玻璃(00868)绩后跌超3%，截至发稿，跌3.08%，报7.88港元，成交额6154.11万港元。 消息面上，信义玻璃发布中期业绩，期内收益98.21亿人民币，同比下降9.7%，主要因浮法玻璃产品平 均售价持续下跌；纯利10.13亿元，同比下降59.6%，每股盈利23.25分。上半年毛利率由34.2%下降至 31.6%，主要由于浮法玻璃产品平均售价持续下降，但因原物料及能源平均成本降低而得到缓解。中期 息12.5港仙，上年同期派31港仙。 中金指出，信义玻璃业绩符合其前期预告，但小幅低于我们预期，主要由于浮法、建筑玻璃行业整体需 求低迷。华泰证券则表示，光伏玻璃供给端开始减产，"反内卷"背景下供需格局有望改善，公司作为光 伏玻璃龙头，规模和成本优势显著，维持"买入"。 ...

Core Viewpoint - CICC has downgraded Xinyi Glass's (00868) 2025 EPS forecast by 21% to HKD 0.52, while maintaining the 2026 EPS at HKD 0.68, reflecting a challenging float glass business in the current year but potential marginal improvement in the industry landscape [1] Group 1: Financial Performance - The company's 1H25 revenue decreased by 9.7% year-on-year to HKD 9.8 billion, and net profit attributable to shareholders fell by 59.6% to HKD 1 billion, slightly below CICC's expectations due to weak demand in the float and architectural glass sectors [2] - Automotive glass revenue increased by 10.6% year-on-year to HKD 3.3 billion, with a gross margin improvement of 5.0 percentage points to 54.5%, slightly exceeding CICC's expectations [3] - Float glass revenue dropped by 16.4% year-on-year to HKD 5.4 billion, with the industry average price falling by 28% to HKD 1,329 per ton, and the gross margin decreased by 10.6 percentage points to 17.8%, nearing historical lows [4] Group 2: Cost and Capital Expenditure - The company's selling expense ratio increased by 2.4 percentage points to 18.6%, primarily due to additional import tariffs from the U.S., with the effective tax rate rising by 5-6 percentage points due to reduced profits from joint ventures [5] - Capital expenditure decreased by 81% year-on-year to HKD 1 billion, mainly for investments in new industrial parks in China and Indonesia, while the interim dividend per share was maintained at HKD 0.125, with a payout ratio of approximately 49% [6] Group 3: Industry Outlook - The float glass industry is expected to continue adjusting supply through cold repairs, with potential for improved profitability due to rising production costs from environmental regulations [7] - The company's focus on automotive glass, particularly in the aftermarket and proactive market expansion, is anticipated to provide a safety net for overall profitability [7]