Core Viewpoint - CICC has downgraded the EPS forecast for Xinyi Glass (00868) for 2025 by 21% to HKD 0.52, while maintaining the 2026 EPS at HKD 0.68, reflecting a challenging environment for the float glass business but potential marginal improvement in the industry landscape [1] Financial Performance - The company's 1H25 revenue decreased by 9.7% year-on-year to HKD 9.8 billion, and the 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 Segment - The automotive glass segment showed a revenue increase of 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 due to the focus on high-value products and new customer acquisition [3] Float Glass Segment - The float glass segment's revenue declined by 16.4% year-on-year to HKD 5.4 billion, with the industry average price dropping by 28% to HKD 1,329 per ton, and the gross margin fell by 10.6 percentage points to 17.8%, nearing historical lows [4] Expense and Taxation - The company's expense ratio increased by 2.4 percentage points to 18.6%, with the sales expense ratio rising by 1.6 percentage points to 6.7%, attributed to increased import tariffs from the U.S. Additionally, the effective tax rate rose by 5-6 percentage points due to reduced profits from joint ventures [5] Capital Expenditure and Dividends - Capital expenditure decreased by 81% year-on-year to HKD 1 billion, primarily for investments in new industrial parks in China and Indonesia. The company declared an interim dividend of HKD 0.125 per share, maintaining a dividend payout ratio of around 49% and an interim dividend yield of 3.3% [6] Industry Outlook - The float glass industry is expected to adjust supply through cold repairs in the short term, with potential for improved profitability due to rising production costs from environmental regulations. The automotive glass segment's focus on aftermarket and proactive market expansion is anticipated to provide a safety net for overall profitability [7]

Core Viewpoint - The company's 1H25 performance slightly missed expectations, primarily due to weak demand in the float and architectural glass sectors, despite a solid performance in automotive glass [1][2]. Financial Performance - 1H25 revenue decreased by 9.7% year-on-year to 9.8 billion, while net profit attributable to shareholders fell by 59.6% to 1 billion [1]. - Automotive glass revenue increased by 10.6% year-on-year to 3.3 billion, with a gross margin improvement of 5.0 percentage points to 54.5% [1]. - Float glass revenue declined by 16.4% year-on-year to 5.4 billion, with a gross margin decrease of 10.6 percentage points to 17.8%, nearing historical lows [1]. Cost and Expenses - The selling expense ratio increased by 1.6 percentage points to 6.7%, attributed to higher import tariff costs from the U.S. [2]. - Capital expenditures decreased by 81% year-on-year to 1 billion, primarily for investments in new industrial parks in China and Indonesia [2]. Development Trends - The deep processing products are expected to provide a profit safety net, while the float glass industry may see marginal improvements in its structure [2]. - The company is focusing on expanding its automotive glass market, which is anticipated to support overall profitability [2]. Profit Forecast and Valuation - The EPS forecast for 2025 has been reduced by 21% to 0.52, while the 2026 EPS remains at 0.68 [2]. - The current stock price corresponds to a P/E ratio of 14x for 2025 and 11x for 2026, with a target price of 8.5 HKD, implying a potential upside of 5% [2].

Core Viewpoint - Xinyi Glass reported a decline in revenue and net profit for 1H25, primarily due to weak demand in the float glass and architectural glass sectors, although automotive glass earnings showed resilience [1][2]. Financial Performance - Revenue for 1H25 decreased by 9.7% YoY to Rmb9.8 billion, with net profit attributable to shareholders falling 59.6% YoY to Rmb1 billion [1]. - Automotive glass revenue increased by 10.6% YoY to Rmb3.3 billion, with gross margin rising by 5.0 percentage points YoY to 54.5% [2]. - Float glass revenue dropped by 16.4% YoY to Rmb5.4 billion, with the industry average selling price (ASP) declining by 28% YoY to Rmb1,329 per ton [3]. Cost and Expenses - The firm's expense ratio increased by 2.4 percentage points YoY to 18.6%, with selling expenses rising by 1.6 percentage points YoY to 6.7%, attributed to higher US import tariffs [4]. - The effective tax rate rose by 5-6 percentage points YoY, linked to a decrease in earnings from associates [4]. Capital Expenditure and Dividends - Capital expenditure fell by 81% YoY to Rmb1 billion, primarily for investments in new industrial parks in China and Indonesia [5]. - An interim dividend of HK$0.125 per share was proposed, with a payout ratio of approximately 49% and a dividend yield of 3.3% [5]. Industry Outlook - The float glass industry is expected to adjust supply through cold repairs, with potential cost increases for highly polluting fuels possibly improving earnings [5]. - The company's focus on deep engagement in the automotive glass aftermarket and expansion into the OEM segment may provide stability to overall earnings [5]. Financial Forecasts - The 2025 EPS forecast was cut by 21% to Rmb0.52, while the 2026 EPS forecast remains at Rmb0.68, reflecting pressures on the float glass business [5]. - The target price is maintained at HK$8.5, implying a 15x 2025e and 11x 2026e P/E ratio, with a 5% upside potential [5].

Group 1 - InnoCare (02577.HK) has partnered with NVIDIA to promote the large-scale implementation of the 800 VDC power architecture in AI data centers, which is designed for efficient power supply in megawatt-level computing infrastructure [1] - The 800 VDC system offers significant advantages over traditional 54V systems in terms of efficiency, thermal loss, and reliability, enabling a 100-1000 times increase in AI computing power [1] - The company's third-generation GaN devices provide a comprehensive power solution from 800V input to GPU terminals, covering a voltage range from 15V to 1200V [1] Group 2 - China Ruyi (00136.HK) received a strategic investment of HKD 3.9 billion from Wuji Capital to accelerate business expansion and acquisition plans [2] - LEPU Biopharma-B (02157.HK) has authorized T-cell connector technology with an upfront payment of USD 10 million and potential milestone payments of up to USD 850 million [2] - Sinopec Engineering (02386.HK) signed a front-end engineering design (FEED) contract for a large green hydrogen project in Yanbu, Saudi Arabia [2] Group 3 - Geely Automobile (00175.HK) reported total vehicle sales of 237,700 units in July, a year-on-year increase of 58% [3] - Great Wall Motors (02333.HK) achieved approximately 104,372 vehicle sales in July, reflecting a year-on-year growth of 14.34% [3] - NIO-SW (09866.HK) delivered 21,017 vehicles in July [3]

Group 1: Company Earnings - PCCW (00008.HK) reported a revenue of HKD 18.922 billion for the first half, a year-on-year increase of 7%, with a net loss of HKD 0.445 billion, narrowing by 4% [1] - Xinyi Solar (00968.HK) recorded a revenue of HKD 10.932 billion, a decrease of 6.5% year-on-year, with a net profit of HKD 0.746 billion, down 58.8% [2] - Xinyi Glass (00868.HK) had a revenue of HKD 9.821 billion, a year-on-year decrease of 9.7%, with a net profit of HKD 1.013 billion, down 59.6% [3] - Xinyi Energy (03868.HK) reported a revenue of HKD 1.21 billion, an increase of 7.7% year-on-year, with a net profit of HKD 0.45 billion, up 23.4% [4] - DTXS Silk Road Investment (02510.HK) issued a profit warning, expecting a mid-term net profit of approximately USD 180-200 million, a year-on-year increase of about 220% to 255% [5] - Lianhua Supermarket (00980.HK) issued a profit warning, expecting a mid-term net profit of approximately HKD 25-55 million [6] - Tibet Water Resources (01115.HK) issued a profit warning, expecting a mid-term net profit of approximately HKD 36 million, a year-on-year increase of about 300% [7] - Foton Motor (00420.HK) issued a profit warning, expecting a mid-term net profit of HKD 30.7 million, turning from loss to profit [8] - Hong Kong Travel (00308.HK) issued a profit warning, expecting a mid-term net loss exceeding HKD 70 million, turning from profit to loss [9] - Poly Property Group (00119.HK) issued a profit warning, expecting a mid-term net profit to decline by 40%-50% year-on-year [10] - Kefu Shan Group Holdings (08512.HK) issued a profit warning, expecting a mid-term net profit to decrease to approximately HKD 43-47 million [11] - Mobi Development (00947.HK) issued a profit warning, expecting a mid-term net loss of approximately HKD 32 million [12] - Changmao Biochemical Engineering (00954.HK) issued a profit warning, expecting a mid-term net loss of approximately HKD 24-27 million [13] - Yunyou Holdings (00484.HK) issued a profit warning, expecting a mid-term net loss to increase to approximately HKD 21 million [14] - Weiya Li (00854.HK) issued a profit warning, expecting a mid-term net profit of approximately HKD 15-25 million, turning from loss to profit [15] Group 2: Automotive Sales - BYD Company (01211.HK) reported sales of approximately 2.4903 million new energy vehicles in the first seven months, a year-on-year increase of 27.35% [16] - Great Wall Motors (02333.HK) reported total vehicle sales of approximately 674,200 units in the first seven months, a year-on-year increase of 3.57% [17] - Li Auto (02015.HK) delivered 30,731 new vehicles in July [18] - Geely Automobile (00175.HK) reported total vehicle sales of 237,700 units in July, a year-on-year increase of approximately 58% [19] Group 3: Company News - Sinopec Engineering (02386.HK) signed a front-end engineering design (FEED) contract for a large green hydrogen project in Yanbu, Saudi Arabia, with a contract value expected to reach several billion USD [20] - InnoCare Pharma (02577.HK) partnered with NVIDIA to jointly promote the large-scale implementation of 800 VDC power architecture in AI data centers [21] - Zijin Mining (02899.HK) received parliamentary approval for the mining lease of the Akyem gold mine in Ghana, with a total transaction value of USD 1 billion [22] - Codex-B (02487.HK) received approval from the Hong Kong Department of Health for the listing of CU-40102 (topical finasteride spray) for the treatment of androgenetic alopecia [23] - Mixue Group (02097.HK) subscribed to a wealth management product from Pudong Development Bank, involving an investment of HKD 300 million [24] Group 4: Buyback Activities - Hang Seng Bank (00011.HK) repurchased 200,000 shares at a cost of approximately HKD 22.5922 million, with repurchase prices ranging from HKD 112.4 to 114.3 [25] - Vitasoy International (00345.HK) repurchased 1.844 million shares at a cost of approximately HKD 16.89 million, with repurchase prices ranging from HKD 9.14 to 9.17 [26]

Core Viewpoint - Xinyi Glass (00868) reported a decline in revenue and profit for the six months ending June 30, 2025, primarily due to falling average selling prices of float glass products [1] Financial Performance - Revenue for the period was 9.821 billion RMB, a decrease of 9.74% year-on-year [1] - Shareholders' profit attributable to the company was 1.013 billion RMB, down 59.64% compared to the previous year [1] - Basic earnings per share were 23.25 cents [1] - The company proposed an interim dividend of 12.5 Hong Kong cents per share [1] Revenue Contribution - The decrease in revenue was mainly attributed to a 16.4% reduction in revenue contribution from float glass product sales compared to the first half of 2024 [1]

信义玻璃(00868)发布公告，该公司将于2025年10月10日派发截至2025年6月30日止6个月的中期股息每 股0.125港元。 ...

智通财经APP讯，信义玻璃(00868)发布公告，该公司将于2025年10月10日派发截至2025年6月30日止6个 月的中期股息每股0.125港元。 ...

智通财经APP讯，信义玻璃(00868)发布截至2025年6月30日止六个月的中期业绩，收益98.21亿元(人民 币，下同)，同比减少9.74%;股东应占溢利10.13亿元，同比减少59.64%;每股基本盈利23.25分;拟派发中 期股息每股12.5港仙。 公告称，收益金额减少主要由于2025年上半年浮法玻璃产品的平均售价持续下跌，因此，浮法玻璃产品 销售贡献的收益较2024年上半年减少16.4%。 ...

EF003 | | 香港中央證券登記有限公司 | | --- | --- | | 股份過戶登記處及其地址 | 灣仔皇后大道東183號 | | | 合和中心17樓1712-1716號舖 | | 香港 | | | 代扣所得稅信息 | | | 股息所涉及的代扣所得稅 不適用 | | | 發行人所發行上市權證/可轉換債券的相關信息 | | | 發行人所發行上市權證/可轉換債券 不適用 | | | 其他信息 | | | 其他信息 不適用 | | | 發行人董事 | | | 截至本公告日期，董事會包括四名執行董事，分別為李賢義博士（銀紫荊星章）（主席）、拿督威拉董清波D.C.S.M、丹斯里拿督 | 董清世 P.S.M, D.M.S.M（太平紳士）及李聖根先生（榮譽勳章）；四名非執行董事，分別為李清懷先生、李清涼先生、施能獅先生 | | 及吳銀河先生；以及四名獨立非執行董事，分別為林廣兆先生（金紫荊星章）、王則左先生、陳傳華博士及李慧琼議員（金紫荊星 | | | 章，太平紳士）。 | | 第 2 頁 共 2 頁 v 1.1.1 EF003 免責聲明 | 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 ...