重要数据 | 日期 | 2026-3-3 | | --- | --- | | 收盘价(港元) | 3.11 | | 总股本(亿股) | 91.47 | | 总市值(亿港元) | 284 | | 净资产(亿元) | 349 | | 总资产 (亿元) | 569 | | 52 周高低 (港元) | 4.10/2.19 | | 每股净资产(元) | 3.26 | 数据来源 :Wind 、国元证券经纪 ( 香港 ) 整理 主要股东 信义玻璃控股有限公司 (23.82%) 李贤义及关连人士 (9.99%) 相关报告 信义光能（0968.HK） 2026-03-04 星期三 | 目标价： | 3.60 | 港元 | | --- | --- | --- | | 现价： | 3.11 | 港元 | | 预计升幅： | 16% | | 首次报告-20200618 更新报告- 20200804/20201221/20210308 更新报告-20210817/1222 更新报告-20220310/0805/1130 更新报告-20230516/20240311/0806 更新报告-20250107/0612/0804 研究部 姓名 ...

EF001 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 於本公告日期，四名執行董事為李聖潑先生（銅紫荊星章）(董事會副主席)、李友情先生、李文演先生及朱燦輝先生，兩名非執行 董事為李賢義博士（銀紫荊星章）（主席）及丹斯里拿督董清世 P.S.M, D.M.S.M（太平紳士）(董事會副主席)，以及三名獨立非執 行董事為盧溫勝先生、簡亦霆先生及梁仲萍女士。 第 2 頁 共 2 頁 v 1.1.1 EF001 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，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 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的任何損失承擔任何責任。 | | | --- | --- | | 股票發行人現金股息公告 | | | 發行人名稱 | 信義光能控股有限公司 | | 股份代號 | 00968 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公告標題 | 截至2025年12月31日止年度之末期股息 | | 公告日期 | ...

证券研究报告 信义光能 (968 HK) 港股通 资产质量优化和海外业务拓展并行 2026 年 3 月 02 日│中国香港 公司公布 25 年业绩：全年实现收入 208.6 亿元，同比-4.8%；归母净利 8.45 亿元，同比-16.2%，略低于我们预测的 8.8 亿，主要是公司计提减值超过我 们预期。公司 25 年对闲置光伏玻璃及待投产的多晶硅产线合计计提了 23.2 亿元减值损失，若剔除减值影响，公司盈利能力明显改善。我们认为当前光 伏玻璃行业仍处在供需调整期，但公司作为行业龙头之一，凭借规模成本优 势、海外业务布局及资产优化策略，有望穿越周期，维持"买入"评级。 光伏玻璃毛利率显著修复，海外业务成为增长亮点 分业务看，1）公司 25 年光伏玻璃实现收入 178.3 亿元，同比-5.3%，主要 因产品均价同比-9.1%，但销量（以吨计）同比+4.2%。得益于纯碱、天然 气等原材料及能源成本下降和持续的技术改进，该业务毛利率同比提升 4.4pct 至 14.1%；2）可再生能源业务 25 年实现收入 29.9 亿元，同比基本 持平，公司年内暂停了新的光伏电站项目建设和并网。分区域看，公司海外 市场表现强劲， ...

信义光能 20260228 摘要 信义玻璃 2025 年纯利同比下降 15.5%至人民币 8.4 亿元，主要受多晶 硅及太阳能生产线减值影响；剔除减值因素，基本利润表现显著改善。 综合毛利同比增长 15.4%至人民币 44.61 亿元，综合毛利率提升至 21.4%。 太阳能玻璃业务收入同比下降 5.3%至人民币 178.3 亿元，但毛利同比 提升 38.1%至约人民币 25.10 亿元，毛利率为 14.1%。海外销售同比 增长 36%，主要由美国及印度市场推动，海外市场具备价格溢价。 可再生能源业务发电收入同比轻微下跌 0.8%至约人民币 29.9 亿元，毛 利同比下降 4.6%至约人民币 19.38 亿元，主要受限电影响。2025 年 无新增项目并网，对新项目投资采取审慎态度。 截至 2025 年底，公司净负债率显著下降至 20.1%，若不计入信义能源， 则为 2.8%。经营活动产生的现金净额为人民币 53.27 亿元，银行现金 结余约人民币 51.58 亿元。2025 年资本支出约人民币 25.31 亿元，主 要用于产能扩张及升级。 Q&A 2025 年信义光能整体经营业绩与利润变动的核心驱动因素是什么， ...

Group 1 - The report emphasizes the strengthening of supply logic in the building materials industry due to carbon neutrality policies, with a continued price increase for copper-clad laminates (CCL) and adjustments in real estate policies in Shanghai [2][14][20] - The implementation of differentiated electricity pricing policies across provinces is expected to promote technological advancements and energy-saving measures in high-energy-consuming industries, aiding in the elimination of outdated production capacity [14][15] - The report highlights a significant price increase of over 30% for CCL and adhesive films by Resonac, driven by the ongoing shortage and rising costs of key raw materials [18][19] Group 2 - The building materials industry is experiencing a recovery in demand, particularly in the consumer building materials sector, which is expected to see stable long-term demand and improved profitability for leading companies [29][32] - The national cement market price has decreased by 0.8% week-on-week, but there is potential for price increases as demand recovers [29][33] - The report notes a slight increase in float glass prices, while the trading of photovoltaic glass remains sluggish, indicating a mixed outlook for the glass segment [29][34] Group 3 - The report suggests that the building materials sector is at a historical valuation low, with potential for significant recovery in profitability as supply-side improvements support the market [29][30] - Key companies in the consumer building materials sector, such as Three Trees, Rabbit Baby, and Oriental Yuhong, are highlighted for their resilience and growth potential amid a challenging market environment [29][32] - The report indicates that the glass fiber and carbon-based composite materials sector is expected to see price increases in electronic yarns and fabrics, driven by stable demand and competitive dynamics [29][34]

信义光能（00968）公布2025年业绩，收益约208.61亿元，同比减少4.8%；公司权益持有人应占溢利 8.445亿元，同比减少16.2%；每股基本盈利9.29分，拟派每股末期股息0.8港仙。 公告称，收入减少主要原因是即使太阳能玻璃产品销售量达到高于去年的水平，但平均售价有所下降。 溢利减少主要源于固定资产减值拨备的增加。 责任编辑：卢昱君 信义光能（00968）公布2025年业绩，收益约208.61亿元，同比减少4.8%；公司权益持有人应占溢利 8.445亿元，同比减少16.2%；每股基本盈利9.29分，拟派每股末期股息0.8港仙。 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 公告称，收入减少主要原因是即使太阳能玻璃产品销售量达到高于去年的水平，但平均售价有所下降。 溢利减少主要源于固定资产减值拨备的增加。 责任编辑：卢昱君 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 ...

Performance Summary - Xinyi Solar (00968.HK) reported a revenue of 20.861 billion yuan for 2025, a decrease of 4.8% year-on-year, with a net profit of 844.5 million yuan, down 16.2%, primarily due to a decline in average selling prices of solar glass products [2] - Zhongxin Innovation (03931.HK) expects a net profit of 2.025 billion to 2.193 billion yuan for 2025, an increase of approximately 140% to 160% compared to the previous year, driven by high growth in leading technology products across passenger, commercial, and energy storage sectors [2] - Rongchang Bio (09995.HK) anticipates a revenue of 3.251 billion yuan for 2025, an increase of 89.36% year-on-year, with a net profit of 709 million yuan, turning profitable due to increased sales of Tislelizumab and injection-use Vedolizumab [2] - Xinyi Energy (03868.HK) expects a revenue of 2.453 billion yuan for 2025, a slight increase of 0.53%, with a net profit of 1.011 billion yuan, up 27.79% [2] - Sihang Property (00083.HK) reported a revenue of 5.185 billion HKD for the six months ending December 31, 2025, an increase of 34.54%, while net profit decreased by 15.77% to 1.533 billion HKD [3] - Haohai Biological Technology (06826.HK) expects a revenue of approximately 2.473 billion yuan for 2025, a decrease of 8.33%, with a net profit of about 251 million yuan, down 40.3% [4] - Chunli Medical (01858.HK) anticipates a total revenue of approximately 1.044 billion yuan for 2025, a year-on-year increase of 29.52%, with a net profit of 272 million yuan, up 117.72% [5] - Baosheng International (03813.HK) issued a profit warning, expecting a net profit of approximately 211 million yuan for 2025, a decrease of about 57.1% [6] - Chip Intelligence Holdings (02166.HK) expects a net profit of approximately 140 million to 170 million HKD for 2025, an increase of about 40% to 70%, benefiting from the booming AI technology and increasing market demand [6] - Fengcai Technology (01304.HK) anticipates a total revenue of approximately 774 million yuan for 2025, a year-on-year increase of 28.91%, with a net profit of about 227 million yuan, up 1.92% [6] - Huayou Energy (01251.HK) issued a profit warning, expecting a loss of approximately 100 million to 150 million HKD for the 2025 fiscal year [7] - Zhoneng Group (00131.HK) reported a revenue of 272 million HKD for the six months ending December 31, 2025, an increase of 250.64%, with a net profit of 180 million HKD, turning profitable [8] - Fudan Zhangjiang (01349.HK) expects a revenue of approximately 686 million yuan for 2025, a decrease of 3.33%, with a net loss of approximately 157 million yuan, turning from profit to loss [9] Company News - Bay Area Development (00737.HK) reported that the total toll revenue for January from the Guangzhou-Shenzhen Expressway, Guangzhou-Zhuhai West Line Expressway, and the Shenzhen section of the Yangtze River Expressway was approximately 241 million, 105 million, and 75.169 million yuan, respectively, representing year-on-year growth of 15%, 17%, and 19% [10] - LeCang Logistics (02490.HK) plans to acquire two large container ships [10] - Innovent Biologics (01801) received approval for Jebatuzumab (Pimobendan) in China for the indication of relapsed or refractory chronic lymphocytic leukemia or small lymphocytic lymphoma [11] Buyback Activities - Xiaomi Group-W (01810.HK) repurchased 2.8582 million shares for a total of approximately 99.9973 million HKD, with a repurchase price ranging from 34.92 to 35.04 HKD per share [12] - Geely Automobile (00175.HK) repurchased 3.673 million shares for approximately 59.4327 million HKD, with a repurchase price between 16.1 and 16.3 HKD [13] - Miniso Group (09896.HK) repurchased approximately 0.0526 million shares for about 1.8893 million HKD, with a repurchase price ranging from 35.64 to 36.34 HKD [14] - NetEase Cloud Music (09899.HK) repurchased approximately 0.09715 million shares for about 14.9959 million HKD, with an average repurchase price of 154.36 HKD [14]

EF001 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，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 | | | --- | --- | | 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的任何損失承擔任何責任。 | | | 股票發行人現金股息公告 | | | 發行人名稱 | 信義光能控股有限公司 | | 股份代號 | 00968 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公告標題 | 截至2025年12月31日止年度之末期股息 | | 公告日期 | 2026年2月27日 | | 公告狀態 | 新公告 | | 股息信息 | | | 股息類型 | 末期 | | 股息性質 | 普通股息 | | 財政年末 | 2025年12月31日 | | 宣派股息的報告期末 | 2025年12月31日 | | 宣派股息 | 每 股 0.008 HKD | | 股東批准日期 | 2026年5月29日 | | 香港過戶登記處相關信息 | | | 派息金額及公司預設派發貨幣 | 每 股 0.008 HKD | | 匯率 | 1 H ...

信义光能(00968)公布2025年业绩，收益约208.61亿元，同比减少4.8%;公司权益持有人应占溢利8.445亿 元，同比减少16.2%;每股基本盈利9.29分，拟派每股末期股息0.8港仙。 公告称，收入减少主要原因是即使太阳能玻璃产品销售量达到高于去年的水平，但平均售价有所下降。 溢利减少主要源于固定资产减值拨备的增加。 ...

公告称，收入减少主要原因是即使太阳能玻璃产品销售量达到高于去年的水平，但平均售价有所下降。 溢利减少主要源于固定资产减值拨备的增加。 智通财经APP讯，信义光能(00968)公布2025年业绩，收益约208.61亿元，同比减少4.8%;公司权益持有 人应占溢利8.445亿元，同比减少16.2%;每股基本盈利9.29分，拟派每股末期股息0.8港仙。 ...