交银国际发表报告指，信义能源上半年收入/盈利按年增7.7%/23.4%。售电量增长22.7% ，由于光照较 强，利用小时增长超3%，限电率则提高约10个百分点至14%-15%。由于新收购项目电价较低和市场交 易电价下降，含税平均电价下降12%至0.55元/千瓦时，低于该行预期。该行预计由于电价全面市场化将 压缩新建项目收益率，公司未来收购速度将明显放缓。 该行指，公司股价近期大涨后已接近目标价，认为在不确定性较多的情况下估值吸引力有限，下调 至"中性"评级；将2025-2027年盈利预测下调6%、7%及9%，由于市场整体估值提升，将估值基准由9.5 倍市盈率提高至10倍，并由2025年切换至2026年，目标价由1.17港元上调至1.28港元。 ...

中银国际认为，作为民营企业，信义能源在收购新资产时，展现审慎的品质与时机判断，包括从母公司 信义光能(00968)的收购上。2025年上半年仅收购30兆瓦新项目，并在省级关税政策明朗前保持谨慎前 进步伐，认为其审慎态度有利于股东并将获投资者正面回应。 中银国际又认为，信义能源正与海外合作伙伴开发马来西亚太阳能电厂，信义家族企业在当地拥有丰富 营运经验。马来西亚100兆瓦合资太阳能电厂(信义能源持40%股权)将于2025年下半年动工，作为海外扩 张的试点项目，中银国际认为这将长期提升信义能源的盈利能力。 中银国际发布研报称，信义能源(03868)今年上半年净利润同比增长23%，超出市场预期。认为其进军马 来西亚市场，将有望提升股本回报率，维持对信义能源的"买入"评级，及基于现金流量折现法，目标价 定为1.5港元，隐含2026年4.1%股息收益率(假设50%派息比率)。 中银国际表示，信义能源最近几季展现了严格的资本支出纪律，助其于今年上半年实现正面自由现金 流。公司积极进行债务再融资，其上半年利息支出同比减少19%。结合税务支出下降，公司成功应对限 电恶化(今年上半年毛利率降至62%，为2019年上市以来最低水 ...

Investment Rating - The report maintains a BUY rating on Xinyi Energy with a target price of HK$1.50 [5][6][7] Core Insights - Xinyi Energy's net profit for 1H25 increased by 23% year-on-year, surpassing market expectations. The company successfully reduced interest expenses by 19% year-on-year through active debt refinancing, alongside a decline in tax expenses, which helped mitigate the impact of worsening curtailment, resulting in a gross profit margin (GPM) drop to 62%, the lowest since its listing in 2019 [5][6][7] - The company has demonstrated capital expenditure discipline in recent quarters, achieving positive free cash flow (FCF) in 1H25. Its expansion into the Malaysian market is expected to be ROE-accretive in the long term [6][7] Summary by Sections Xinyi Energy - Xinyi Energy's 1H25 net profit grew by 23% YoY, exceeding consensus estimates. The company reduced interest expenses by 19% YoY through active debt refinancing, which, along with lower tax expenses, helped it overcome the challenges posed by increased curtailment, leading to a GPM of 62%, the lowest since its IPO [5][6][7] - The company has shown good capital expenditure discipline, resulting in positive FCF in 1H25. Its entry into the Malaysian market is anticipated to enhance its ROE [6][7] Xinyi Solar - Xinyi Solar reported a 59% YoY decline in net profit to RMB745.8 million, aligning with prior profit alerts. The interim dividend was set at HK$0.042 per share, down 58% YoY. The management lowered the 2025 production guidance by 10.4% to 8.137 million tonnes due to industry capacity reductions [8][9][10] - The report maintains a HOLD rating on Xinyi Solar with a target price of HK$3.00, advising investors to remain cautious until negative events occur and industry inventory decreases further [9][10] Shenhua Energy - Shenhua Energy plans to acquire several assets, including coal production entities and a mine-mouth power plant. Concerns have been raised regarding the potential negative impact on payout ratios, ROE, and EPS due to the size of the deal and financing methods [14][15][16] - The report maintains a HOLD rating on Shenhua Energy with a target price of HK$32.18 for its H shares [15][16]

智通财经APP获悉，中银国际发布研报称，信义能源(03868)今年上半年净利润同比增长23%，超出市场 预期。认为其进军马来西亚市场，将有望提升股本回报率，维持对信义能源的"买入"评级，及基于现金 流量折现法，目标价定为1.5港元，隐含2026年4.1%股息收益率(假设50%派息比率)。 中银国际又认为，信义能源正与海外合作伙伴开发马来西亚太阳能电厂，信义家族企业在当地拥有丰富 营运经验。马来西亚100兆瓦合资太阳能电厂(信义能源持40%股权)将于2025年下半年动工，作为海外扩 张的试点项目，中银国际认为这将长期提升信义能源的盈利能力。 中银国际认为，作为民营企业，信义能源在收购新资产时，展现审慎的品质与时机判断，包括从母公司 信义光能(00968)的收购上。2025年上半年仅收购30兆瓦新项目，并在省级关税政策明朗前保持谨慎前 进步伐，认为其审慎态度有利于股东并将获投资者正面回应。 中银国际表示，信义能源最近几季展现了严格的资本支出纪律，助其于今年上半年实现正面自由现金 流。公司积极进行债务再融资，其上半年利息支出同比减少19%。结合税务支出下降，公司成功应对限 电恶化(今年上半年毛利率降至62%，为20 ...

中金考虑到信义能源财务费用率及所得税率压降，上调其2025至2026年净利润5.2%和5%至10亿和10.7 亿元。中金又考虑到136号文稳定存量项目收益预期、公司存量资产优质且政策频出提振行业估值表 现，上调目标价41%至1.35港元，对应2025至2026年10.7倍和10倍市盈率，维持"中性"评级。 中金研究报告指出，信义能源公布今年上半年业绩，营业收入12.1亿元，按年增7.7%；归母净利润4.5 亿元，按年增23.4%，业绩高于该行预期，主要由于成本费用管控得当。每股中期股息2.9港仙，按年增 26.1%，分红比例微升至49.4%。截至上半年末，母公司信义光能约有1.2GW储备项目可供集团收购， 其中860MW为平价项目。公司于2024年已审批但未收购项目尚有200MW，位于广东，省内绿电需求旺 盛、尚无限电情况。 ...

1H25，公司毛利率同比微降2.5ppt至61.8%，但财务费用同比下降19%至1.5亿元，财务费用率同比下降 4ppt至12.2%，主要由于公司将部分短期银行借款转向长期银行借款、降低融资成本，1H25末，所有银 行借款均以人民币计价，实际利率降至2.88%(vs.2024年末3.5%)。同时，1H25所得税率同比-7.7ppt至 23.1%，得益于去年同期分红税影响消退，推动公司税前利润率和净利润率同比上行1.4ppt、4.7ppt至 48.4%、37.2%。 公司杠杆水平及现金流保持健康 1H25末，公司资产负债率为42.3%，与2024年末持平。1H25，公司经营性活动现金流大幅提升82.2%至 3.1亿元。 智通财经APP获悉，中金发布研报称，考虑到信义能源(03868)财务费用率及所得税率压降，上调2025- 26年净利润5.2%和5.0%至10亿元和10.7亿元。当前股价对应2025-26年9.6倍和8.9倍市盈率。维持中性评 级，考虑到136号文稳定存量项目收益预期、公司存量资产优质且政策频出提振行业估值表现，该行上 调目标价41%至1.35港元，对应2025-26年10.7倍和10.0倍市盈 ...

Core Viewpoint - CICC has raised the net profit forecast for Xinyi Energy (03868) for 2025-26 by 5.2% and 5.0% to 1 billion and 1.07 billion HKD respectively, due to reduced financial expense ratio and income tax rate [1] Financial Performance - Xinyi Energy reported 1H25 revenue of 1.21 billion HKD, a year-on-year increase of 7.7%, and a net profit attributable to shareholders of 450 million HKD, up 23.4% year-on-year, exceeding CICC's expectations due to effective cost control [2] - The company declared an interim dividend of 2.9 HKD cents per share, a 26.1% increase year-on-year, with a payout ratio slightly rising to 49.4% [2] Sales and Generation Metrics - In 1H25, electricity sales increased by 22.7%, contributing to the 7.7% rise in revenue [3] - As of the end of 1H25, the total installed capacity was 4.54 GW, with 61.8% from grid-parity projects [3] - The average electricity price in 1H25 decreased by 12.2% to 0.49 HKD per kWh, likely due to increased market trading and structural factors [3] Cost Management - The company's net profit margin improved by 4.7 percentage points to 37.2% in 1H25, despite a slight decline in gross margin by 2.5 percentage points to 61.8% [3] - Financial expenses decreased by 19% to 150 million HKD, with the financial expense ratio down by 4 percentage points to 12.2% [3] - The effective interest rate on bank loans fell to 2.88% as of the end of 1H25, down from 3.5% at the end of 2024 [3] Leverage and Cash Flow - The company's debt-to-asset ratio remained stable at 42.3% as of the end of 1H25 [4] - Operating cash flow significantly increased by 82.2% to 310 million HKD in 1H25 [4] Project Acquisition Outlook - As of the end of 1H25, the parent company, Xinyi Solar, has approximately 1.2 GW of reserve projects available for acquisition, with 860 MW being grid-parity projects [5] - There are 200 MW of projects approved in 2024 but not yet acquired, located in Guangdong, where there is strong demand for green electricity [5]

Investment Rating - The report maintains a "Buy" rating for the company [1][5] Core Views - The company has seen a continuous decline in financing costs and plans to issue REITs to further improve cash flow [2][4] - In the first half of the year, the company achieved a revenue of 1.21 billion RMB, a year-on-year increase of 7.7%, and a net profit of 450 million RMB, up 23.4% year-on-year [2] - The company’s electricity sales volume increased by 22.7% to 2482 GWh, primarily driven by contributions from acquisition projects [3] - The company holds a total solar power station capacity of 4.54 GW, with 61.8% of projects being grid-parity [3] - The company’s gross profit margin is 61.8%, a decrease of 2.4 percentage points due to a decline in settlement prices [3] Summary by Sections Company Overview - The company plans to issue solar power infrastructure REITs to enhance cash flow and risk management capabilities [4] - The company’s financing costs decreased by 19% year-on-year to 148 million RMB, attributed to lower actual interest rates and reduced interest-bearing borrowings [4] Financial Performance - The company adjusted its net profit forecasts for 2025-2027 to 917 million, 951 million, and 1.016 billion RMB respectively [5] - The expected dividend per share for 2025 is approximately 0.054 RMB, with current stock price corresponding to a PE ratio of 10.3 times [5] Market Position - The existing projects are expected to benefit from the "new and old separation" policy, which provides stable returns for existing power stations [4] - The company has approximately 1.2 GW of reserve projects available for acquisition, with 860 MW being grid-parity projects [3]

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]