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 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） 每份已授出購股權的行使價： 1.26港元 授出購股權數目： 4,000,000份購股權，每份購股權將容許承授人認購 一(1)股本公司股份（「股份」） 股份於授出日期的收市價： 1.19港元 – 1 – （股份代號：03868） 根據購股權計劃授出購股權 於二零二六年三月三十一日，本公司已根據購股權計劃向承授人授出4,000,000份 購股權，惟須獲承授人接納。 本公告乃信義能源控股有限公司（「本公司」，及其附屬公司，統稱「本集團」）董事 （「董事」）會（「董事會」）根據香港聯合交易所有限公司證券上市規則（「上市規則」）第 17.06A條作出。 於二零二六年三月三十一日，本公司根據其於二零一八年十一月二十二日採納的購 股權計劃（「購股權計劃」）向本集團高級管理層及僱員（統稱「承授人」）授 ...

Investment Rating - The report maintains a "Neutral" rating for Xinyi Energy, with a slight target price increase of 2.3% from HKD 1.28 to HKD 1.31, corresponding to a 5% dividend yield for 2026 [1]. Core Insights - The company's earnings for 2026-2027 are expected to be revised down by 2% and 5% respectively, with projected revenues and profits for 2025 at RMB 2.45 billion and RMB 1.01 billion, reflecting a year-on-year growth of 0.5% and 27.6% [1]. - The recurring profit, excluding a one-time gain of RMB 130 million from the sale of power stations, is anticipated to be RMB 910 million, which is below expectations due to lower-than-expected electricity sales caused by power restrictions [1]. - Electricity sales are projected to grow by 10% year-on-year, although a decline of 0.3% is expected in the second half of the year [1]. - The company has largely replaced its HKD borrowings with lower-interest RMB borrowings, resulting in a reduction of the average borrowing rate to 2.5%, which is a decrease of 1 and 0.4 percentage points year-on-year and quarter-on-quarter respectively [1]. - This shift is expected to reduce financial expenses by 24% in 2025, contributing significantly to core profit growth, although further reduction potential is considered limited [1]. Additional Information - The electricity restriction rate for the company is expected to exceed 10% in 2025, a significant increase from approximately 4% in 2024 [2]. - Despite this, new photovoltaic installations in mainland China are projected to reach 317 GW in 2025, representing a year-on-year growth of 14%, indicating that short-term improvements in electricity restrictions are unlikely [2]. - The company anticipates a substantial increase in subsidy receipts to RMB 910 million in 2025, up 87% year-on-year, with management indicating that accelerated subsidy receipts may become the norm [2]. - Management has stated that if future capital expenditures are lower and cash flow remains strong, there may be considerations to increase the dividend payout ratio [2].

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: 2026年2月28日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 信義能源控股有限公司 呈交日期: 2026年3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) | 03868 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 800,000,000,000 | HKD | | 0.01 | HKD | | 8,000,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 800,000,000,000 | HKD | | 0.01 | HKD | | 8,000,000,000 | ...

Investment Rating - The investment rating for the company is Neutral [4][11]. Core Insights - The company's core earnings fell short of expectations, with a significant acceleration in subsidy receipts [2][7]. - The company reported a revenue of 24.53 billion RMB for 2025, reflecting a year-on-year growth of 0.5%, while net profit is expected to reach 10.11 billion RMB, a 27.6% increase [7]. - The company is actively expanding into overseas markets, with a 100 MW solar project in Malaysia currently under construction [7]. - The average borrowing rate has decreased significantly, leading to a 24% reduction in financial expenses for 2025, which is a major contributor to core earnings growth [7]. - The company anticipates a continued increase in subsidy receipts, which could lead to a higher dividend payout ratio in the future [7]. Financial Overview - Revenue (in million RMB) is projected as follows: 2024: 2,440, 2025: 2,453, 2026E: 2,456, 2027E: 2,435, 2028E: 2,435 [3][14]. - Net profit (in million RMB) is expected to be: 2024: 791, 2025: 1,011, 2026E: 966, 2027E: 975, 2028E: 1,003 [3][14]. - Earnings per share (in RMB) are forecasted to be: 2024: 0.10, 2025: 0.12, 2026E: 0.12, 2027E: 0.12, 2028E: 0.12 [3][14]. - The company’s price-to-earnings ratio is projected to be 11.7 for 2024, decreasing to 9.4 by 2028 [3][14]. - The dividend yield is expected to be 4.2% in 2024, increasing to 5.3% by 2028 [3][14]. Key Business Data and Forecast - Electricity sales volume (in GWh) is projected to increase from 3,818 in 2023 to 5,071 by 2028 [9]. - The average electricity price (in RMB/kWh) is expected to decline from 0.67 in 2023 to 0.54 by 2028 [9]. - Gross margin is forecasted to decrease from 67.9% in 2023 to 61.0% by 2028 [9].

Investment Rating - The investment rating for the company is Neutral [4][11]. Core Insights - The company's core earnings fell short of expectations, with a significant acceleration in subsidy receipts [2][7]. - The company reported a revenue of 24.53 billion RMB for 2025, reflecting a year-on-year growth of 0.5%, while the recurring profit, excluding a one-time gain from the sale of power stations, was 9.1 billion RMB, which was below expectations due to power restrictions affecting sales volume [7]. - The company is actively expanding into overseas markets, with a 100 MW solar project in Malaysia under construction, while facing uncertainties in domestic acquisitions due to power restrictions and electricity prices [7]. Financial Overview - Revenue (in million RMB) is projected as follows: 2024: 2,440, 2025: 2,453, 2026E: 2,456, 2027E: 2,435, 2028E: 2,435, with a year-on-year growth of 0.5% in 2025 [3][14]. - Net profit (in million RMB) is expected to be: 2024: 791, 2025: 1,011, 2026E: 966, 2027E: 975, 2028E: 1,003, with a year-on-year growth of 25.9% in 2025 [3][14]. - The company’s average borrowing rate decreased significantly to 2.5%, contributing to a 24% reduction in financial expenses for 2025 [7]. - The company’s dividend per share is projected to be 0.065 HKD for 2025, maintaining a payout ratio of 49% [7]. Key Business Metrics - The company’s electricity sales volume (in GWh) is projected to be: 2023: 3,818, 2024: 4,472, 2025: 4,922, 2026E: 5,021, 2027E: 5,071, 2028E: 5,071 [9]. - The average electricity price (in RMB/kWh) is expected to decline from 0.67 in 2023 to 0.54 by 2028 [9]. - The gross margin is projected to decrease from 67.9% in 2023 to 61.0% by 2026E [9].

Summary of Xinyi Energy Conference Call Company Overview - **Company**: Xinyi Energy - **Date**: February 27, 2026 Key Points Financial Performance - In 2025, the company recorded a one-time revenue of approximately RMB 130 million from the sale of the Tianjin project, contributing over RMB 90 million to net profit [2][3] - Excluding this one-time impact, operating profit was approximately RMB 913 million, representing a year-on-year growth of about 15% [2][3] - Total electricity sales volume increased by approximately 10% to 4.922 billion kWh, while revenue grew by only 0.5% to RMB 2.45 billion, indicating that revenue growth lagged behind generation growth due to power restrictions and declining market prices [3] - Net profit for the year was RMB 1.01 billion, a year-on-year increase of 27.6% [3] Project and Capacity Overview - As of the end of 2025, the company held 49 solar projects and 1 wind project, with a total approved capacity of 4.8 GW and an operational management scale of 6.2 GW [2][4] - The company acquired three solar projects totaling 230 MW and a wind project of 64 MW during the year, all with favorable pricing and cash flow [2][4] Financing and Debt Management - By the end of 2025, the company’s bank loans were primarily denominated in RMB, with the effective interest rate reduced to 2.53% [5] - The company replaced most short-term loans with long-term bank loans to lower financing costs, resulting in a net debt ratio of 47.9%, significantly below the industry average [5] - Cash reserves stood at approximately RMB 950 million, with operating net cash flow around RMB 1.65 billion [5] Regulatory and Market Environment - Over two-thirds of the company’s existing assets are protected by mechanism electricity prices, primarily located in Anhui, Hubei, and Guangdong [6] - The market environment in Hubei has seen limited improvement in trading policies, with increased power restrictions exacerbating the situation [6] Future Plans and Investments - No large-scale domestic power station acquisitions are planned for 2026; instead, the company will focus on overseas investment opportunities, including a 100 MW project in Malaysia expected to be connected to the grid in 2026 [8] - The company plans to continue promoting the issuance of solar REITs to enhance asset liquidity [8] Subsidy and Cash Flow - The company received approximately RMB 900 million in national subsidies in 2025, nearly doubling from 2024, due to improved funding mechanisms from the grid [9][10] - The company anticipates continued acceleration in subsidy payments, although no specific quantitative guidance for 2026 was provided [10] Market Strategy and Trading - The company has established a long-term power forecasting system and is enhancing its quantitative trading capabilities, particularly in major provinces like Anhui and Hubei [16] - Approximately one-third of the electricity traded is green electricity, with various forms of green certificates and long-term contracts utilized [14] Challenges and Considerations - The company faces challenges from power restrictions, with an estimated limit rate exceeding 10% in 2025, up from 4% in 2024 [12] - The economic viability of energy storage projects is currently limited due to insufficient price differentials in the market [7] Dividend Policy - The board has proposed a final dividend of HKD 0.036 per share, with considerations for increasing dividends if cash flow remains strong and capital expenditures are low [5][16] Conclusion - Xinyi Energy is navigating a complex market environment with a focus on overseas expansion and strategic asset management while addressing domestic challenges related to power restrictions and pricing pressures. The company is committed to enhancing its operational efficiency and exploring new investment opportunities to drive future growth.

信义能源（03868）发布截至2025年12月31日止年度的末期业绩，该公司取得收益人民币24.53亿元，同 比增加0.53%；公司权益持有人应占溢利人民币10.11亿元，同比增加27.79%；每股基本盈利人民币 12.00分；每股建议末期股息3.6港仙。 来源：新浪港股 公告称，与2024年财政年度比较，本集团由电力销售及电价调整净额贡献的收益分别增加4.4%至人民 币15.28亿元，及减少5.1%至人民币9.16亿元。总收益增加乃主要由于2024年组合及2025年组合的贡 献，惟其被年内电网消纳限制以及市场化电力交易次数及交易量增加的影响所抵销。 ...

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]

Core Viewpoint - Xinyi Energy (03868.HK) reported an annual performance for the year ending December 31, 2025, with revenue of RMB 2.453 billion, a year-on-year increase of 0.5%, and a profit attributable to equity holders of RMB 1.011 billion, representing a 27.8% increase [1] Revenue Breakdown - Revenue from electricity sales and net adjustments in electricity prices increased by 4.4% to RMB 1.528 billion, while revenue from other sources decreased by 5.1% to RMB 916 million [1] - The overall revenue increase was primarily due to contributions from the 2024 and 2025 portfolios, although this was offset by grid consumption restrictions and an increase in market-based electricity trading frequency and volume [1] Solar Power Operations - The company recorded revenue of RMB 9 million from providing operation and management services for solar power plants, accounting for 0.4% of total revenue [1] - According to the operation and management agreement, Xinyi Solar has agreed to appoint the company to operate and manage its solar power projects that are ready for grid connection [1] - The decrease in revenue from solar power operations and management services was mainly due to a reduction in the number of solar power projects that were grid-connected compared to 2024 [1]

Core Viewpoint - Xinyi Energy (03868) reported its annual results for the year ending December 31, 2025, showing a slight increase in revenue and a significant rise in profit attributable to equity holders [1] Financial Performance - The company achieved revenue of RMB 2.453 billion, an increase of 0.53% year-on-year [1] - Profit attributable to equity holders was RMB 1.011 billion, reflecting a year-on-year increase of 27.79% [1] - Basic earnings per share were RMB 0.12, with a proposed final dividend of HKD 0.036 per share [1] Revenue Breakdown - Compared to the fiscal year 2024, revenue from electricity sales and net contributions from electricity price adjustments increased by 4.4% to RMB 1.528 billion, while another segment decreased by 5.1% to RMB 0.916 billion [1] - The overall revenue increase was primarily due to contributions from the 2024 and 2025 portfolios, although it was offset by grid consumption restrictions and an increase in the frequency and volume of market-based electricity transactions during the year [1]