Xinte Energy Co., Ltd. （於中華人民共和國註冊成立的股份有限公司） 股票代號：1799 2025 中期報告 Xinte Energy Co., Ltd. (A joint stock company incorporated in the People's Republic of China with limited liability) Stock code : 1799 2025 INTERIM REPORT Interim Report 2025 中期報 告 | 目 | 錄 | | | | --- | --- | --- | --- | | 公司資料 | | | 2 | | 釋義 | | | 4 | | 管理層討論及分析 | | | 9 | | 企業管治 | | | 33 | | 其他資料 | | | 36 | | 合併資產負債表 | | | 46 | | 母公司資產負債表 | | | 49 | | 合併利潤表 | | | 52 | | 母公司利潤表 | | | 55 | | 合併現金流量表 | | | 58 | | 母公司現金流量表 | | | 60 | | 合併股東權益變動表 ...

Group 1 - The core viewpoint is that the price of polysilicon is expected to remain stable in the short term, with future trends dependent on demand improvement and effective implementation of production cut policies in Q4, leading to a substantial improvement in supply-demand dynamics [1] - The report anticipates a return to normal profitability for the industry by 2026, with leading companies benefiting from significant technological and cost advantages post-capacity clearance, recommending a focus on New Energy (01799) and GCL-Poly Energy (03800) [1] - Currently, there are about 10 polysilicon producers operating, with overall operating rates remaining relatively low and stable supply of silicon materials. In September, domestic polysilicon production is expected to be around 130,000 tons, which still exceeds downstream demand [1] Group 2 - The report highlights that polysilicon inventory remains above 400,000 tons, with a slight accumulation trend due to weak market demand and ongoing supply surplus. This is compounded by self-discipline in production cuts and strong policy expectations from the government [2] - The market is experiencing a divergence between producers' pricing and actual market transaction prices, driven by high inventory levels and reduced mainstream order volumes, leading to expectations of short-term price stability at high levels [2]

Core Viewpoint - The recent decline in solar stocks is attributed to the announcement of the 2025 renewable energy pricing results in Shandong Province, which indicates a shift towards market-oriented pricing and potential reductions in solar installation volumes in the upcoming quarters [1] Group 1: Market Performance - Solar stocks experienced significant declines, with Rainbow New Energy down 5.16% to HKD 2.39, Xinte Energy down 3.73% to HKD 7.99, Flat Glass Group down 3.36% to HKD 11.23, and Xinyi Solar down 2.63% to HKD 3.33 [1] Group 2: Policy and Pricing - The Shandong Provincial Development and Reform Commission announced the competitive bidding results for the 2025 renewable energy mechanism, with solar power selected at a price of CNY 0.225 per kWh for a total of 12.48 billion kWh [1] - The recent "anti-involution" policy aims to phase out outdated production capacity, which may lead to a significant slowdown in solar installations in the fourth quarter [1] Group 3: Supply and Demand Dynamics - In August, polysilicon production rebounded to over 130,000 tons, with expectations of sustained high production levels in September [1] - The demand side saw a dramatic increase in solar installations from January to May, with a cumulative growth rate of 150%, but this has led to a depletion of demand for the second half of the year, as evidenced by only 14 GW of installations in June and further declines in July [1] - There are concerns regarding the potential weakening of polysilicon demand due to the anticipated decrease in solar installations and reduced export demand for battery components [1]

Summary of Key Points from the Conference Call Industry Overview - The conference call primarily discusses the **polysilicon industry** and its dynamics within the **photovoltaic (PV) sector** [1][2][3]. Core Insights and Arguments - **Energy Consumption Standards**: New energy consumption standards may reduce effective polysilicon production capacity by **30%**, down to **2.4 million tons/year**. Non-compliant companies may face rectification or shutdown [1][3]. - **Price Dynamics**: Polysilicon market prices are polarized; resources priced below **52,000 CNY/ton** are in high demand, while those above **53,000 CNY/ton** face limited acceptance. This is attributed to cautious price transmission from components and anticipated hydropower reductions [1][4]. - **Anti-Competition Policies**: The government has strengthened anti-competition policies, introducing penalties for below-cost dumping, which is deemed unfair pricing. This has led to a more robust internal price feedback mechanism [1][5]. - **Profitability Potential**: The average price of polysilicon is approximately **50,000 CNY/ton**, with a cash cost of about **27,000 CNY/ton**, allowing for a net profit of **7,000 CNY/ton**. However, the industry's operating rate is below **70%**, impacting profitability [1][6]. - **Supply Chain Reforms**: Expectations for supply-side reforms in the PV industry are increasing, with a clear logic for price recovery. The commitment to anti-competition measures is crucial for restoring a healthy market structure [1][7]. Additional Important Content - **Recent Price Adjustments**: As of September 5, domestic polysilicon prices have increased, with rod silicon priced at **55,000 CNY/ton** and granular silicon at **49,000 CNY/ton**. The PV sector has shown good performance, primarily driven by energy storage [1][8]. - **Challenges in the Industry**: The polysilicon industry faces challenges such as low operating rates, increased fixed costs due to depreciation, and ongoing losses for some manufacturers despite cost optimization efforts [1][11]. - **Investment Recommendations**: The industry is expected to experience a supply-demand turning point due to anti-competition measures. Key investment areas include polysilicon materials and PV glass, with specific companies recommended for attention [1][14][15]. Conclusion - The polysilicon industry is undergoing significant changes driven by new regulations and market dynamics. The focus on anti-competition measures and supply-side reforms is expected to lead to improved profitability and a healthier market structure in the photovoltaic sector.

Group 1 - Hong Kong's Hang Seng Index fell by 0.97%, down 254 points, while the Hang Seng Tech Index dropped by 2.2% with a trading volume of 165.2 billion HKD in the morning session [1] - Congo has extended its cobalt export ban, leading to a rise of over 8.9% in the stock price of Liqin Resources (02245) [1] - Cloudwise Technology (01037) surged by 79% due to potential collaboration with UBTECH [1] - Kaizhile International (02122) saw a more than 12% increase after partnering with Pokémon IP to enter the collectible card game market [1] - HuiLiang Technology (01860) rose nearly 4.76% to a new high, driven by rapid growth from its smart bidding products, with institutions optimistic about the company's growth potential [1] - Shanggao Holdings (00412) increased by over 14%, maintaining normal business operations and announcing a buyback plan of up to 100 million USD [1] - Dazhong Public Utilities (01635) rose by 6.6%, with the company holding shares in Shenzhen Capital Group, and Moer Thread's IPO on the Sci-Tech Innovation Board is set to be reviewed [1] - Datang Gold (08299) surged over 20% in the morning after raising over 270 million HKD through a placement, with the controlling shareholder of Wanguo Gold Group becoming the second-largest shareholder [1] - Hong Kong Broadband (01310) rebounded over 17%, as its controlling shareholder, China Mobile Hong Kong, plans to place existing shares, and the company aims to meet public holding requirements promptly [1] - Solar stocks collectively declined, with institutions indicating that domestic polysilicon prices remain high and the supply-demand relationship in the industry has not significantly improved. New Special Energy (01799) fell by 4.18%, Flat Glass Group (06865) dropped by 4%, Xinyi Solar (00968) decreased by 2.6%, and Xinyi Energy (03868) fell by 3% [1] Group 2 - Airline stocks collectively declined due to unexpectedly weak demand for public transportation during the summer travel season, with institutions suggesting to monitor the sustainability of public transport recovery and avoid excessive competition. China Southern Airlines (01055) fell by 4.93%, Air China (00753) dropped by 3.98%, and China Eastern Airlines (00670) decreased by 2.27% [2]

Group 1 - The core viewpoint of the article indicates that photovoltaic stocks have collectively declined, with specific companies like New Special Energy, Fuyao Glass, Xinyi Solar, and Xinyi Energy experiencing notable drops in their stock prices [1] - Goldman Sachs reports that the stock prices of China's solar industry have risen since early July due to price increases in the upstream market, with domestic polysilicon prices rising approximately 40% from July to August [1] - Despite the price increases, Goldman Sachs believes that the current market has priced in a polysilicon price of 60 RMB per kilogram, which may be too high given the weak demand outlook and the accelerating cost reduction among leading companies [1] Group 2 - CICC notes that the photovoltaic industry has experienced a rush in installations in the first half of the year and price stabilization in the third quarter, which has somewhat alleviated operational pressures, although debt pressures remain significant [1] - The supply-demand relationship in the photovoltaic sector has not shown significant improvement, and the necessity for "anti-involution" remains [1] - Efforts from various ministries, associations, and companies are gradually clarifying the "anti-involution" plans, and while challenges remain, there is optimism regarding the continued progress of these initiatives and the resilience of the sector [1]

Core Viewpoint - The solar stock sector in China is experiencing a collective decline, influenced by rising upstream prices and a weak demand outlook, despite previous price increases in the polysilicon market [1][1]. Group 1: Stock Performance - New Special Energy (01799) fell by 4.18% to HKD 7.79 [1] - Fuyao Glass (06865) decreased by 3.86% to HKD 10.96 [1] - Xinyi Solar (00968) dropped by 2.1% to HKD 3.27 [1] - Xinyi Energy (03868) declined by 2.34% to HKD 1.25 [1] Group 2: Market Analysis - Goldman Sachs reported that the solar industry in mainland China saw stock prices rise since early July, driven by price increases in upstream materials, with multicrystalline silicon prices rising approximately 40% from July to August [1] - In September, companies indicated further price increases to offset additional costs from production quota controls and capacity acquisitions [1] - The market has priced in a polysilicon price of RMB 60 per kilogram, but this level appears too high given the weak demand outlook and the accelerating cost reduction among leading companies [1] Group 3: Industry Outlook - CICC noted that the photovoltaic industry experienced a rush in installations in the first half of the year and price stabilization in the third quarter, alleviating some operational pressures, although debt pressures remain significant and supply-demand dynamics have not improved markedly [1] - The necessity for "anti-involution" remains, with ongoing efforts from various ministries, associations, and companies leading to clearer solutions in certain areas, despite substantial challenges ahead [1] - The firm maintains a positive outlook on the continued advancement of "anti-involution" and the resilience of the sector [1]

Group 1 - The solar stocks collectively declined, with Xinyi Solar (00968) down 6.42% to HKD 3.34, Flat Glass (601865) down 5.76% to HKD 11.62, New Energy (01799) down 4.13% to HKD 7.9, and Fuyao Glass (600660) down 1.95% to HKD 77.75 [1] - Huafu Securities reported that the improvement of the near-consumption pricing mechanism for renewable energy is a positive development for distributed solar/storage and green electricity direct connection [1] - In the silicon material segment, the industry saw limited production cuts in September, with weekly output remaining substantial, but insufficient orders leading to inventory accumulation [1] Group 2 - The photovoltaic glass segment experienced a decrease in purchasing volume from domestic component manufacturers, leading to a high resistance to price acceptance and a reduction in production plans [1] - According to Forward Futures, the production of polysilicon remained high in September, with supply continuing to be ample due to the resumption of production in Xinjiang, Qinghai, and Ningxia, while Yunnan reached full production [1] - The market is currently in a state of oversupply, despite some downstream demand for polysilicon due to favorable overseas demand for battery cells [1]

Core Viewpoint - The solar stock sector is experiencing a collective decline, with significant drops in share prices for companies such as Xinyi Solar, Flat Glass, and New Energy, indicating a bearish sentiment in the market [1] Group 1: Market Performance - Xinyi Solar (00968) fell by 6.42% to HKD 3.34 [1] - Flat Glass (06865) decreased by 5.76% to HKD 11.62 [1] - New Energy (01799) dropped by 4.13% to HKD 7.9 [1] - Fuyao Glass (03606) declined by 1.95% to HKD 77.75 [1] Group 2: Industry Insights - Huafu Securities reported improvements in the near-term consumption pricing mechanism for renewable energy, which is expected to benefit distributed solar/storage and green electricity connections [1] - In the silicon material segment, production cuts in September were limited, and while weekly output remains substantial, insufficient orders have led to inventory accumulation [1] - The domestic demand for solar glass has decreased, with component manufacturers reducing their purchasing volume, leading to an expected increase in glass inventory for September [1] Group 3: Supply Dynamics - According to Forward Futures, September's polysilicon production remains high, with supply continuing to be ample due to the resumption of production in regions like Xinjiang, Qinghai, and Ningxia [1] - The anticipated self-discipline production cuts have not materialized, and the market is still experiencing an oversupply situation despite some demand from downstream sectors [1] - The focus of the market is shifting away from fundamentals, with the main logic of price movements relying on the clarity and implementation of future policies [1]

港股光伏股普遍上涨，其中，协鑫科技涨超3%，福莱特玻璃涨2.6%，信义玻璃涨2%，凯盛新能、福耀 玻璃涨1.5%，协合新能源、信义光能、协鑫新能源涨超1%，新特能源、卡姆丹克太阳能跟涨。 消息上，近期，光伏产业链多个环节的价格维持上涨趋势。卓创资讯发布的数据显示，9月12日，云南 市场硅片（P型M10）日度市场价格报1.2元/片，与9月11日价格持平，高于9月10日约1.03元/片的价格； 内蒙古市场多晶硅（P型致密料）日度市场价为36元/千克，与9月11日价格持平，高于9月10日的31元/ 千克。 TrendForce集邦咨询发布的数据也显示，近期光伏行业中上游多个领域价格出现明显上涨。分析 人士认为，光伏行业"反内卷"初见成效，产业链多个环节价格后续有望维持上涨态势。 责任编辑：栎树 | 代码 | 名称 | 最新价 | 涨跌幅 √ | | --- | --- | --- | --- | | 03800 | 协鑫科技 | 1.300 | 3.17% | | 06865 | 福莱特玻璃 | 12.100 | 2.63% | | 00868 | 信义玻璃 | 8.920 | 2.06% | | 01108 | ...