Group 1 - The Hong Kong photovoltaic stocks generally rose, with notable increases including 3.5% for Shanshan New Energy, 2.5% for GCL-Poly Energy, and over 2% for Xinyi Solar [1][1][1] - The China Photovoltaic Industry Association recently issued an initiative to strengthen industry self-discipline, advocating for strict compliance with laws and regulations to combat malicious competition through pricing below cost [1][1][1] - Experts believe that as the process of "anti-involution" in the photovoltaic industry continues, the adjustment of polysilicon prices will gradually be accepted by the downstream market, leading to component prices returning to cost levels soon [1][1][1] Group 2 - The entire industry is expected to maintain low production loads and low profit margins as a new norm [1][1][1] - The push for "anti-involution" in the photovoltaic sector should not only focus on manufacturing but also emphasize the importance of the asset side [1][1][1]

Core Viewpoint - Xinyi Energy (03868.HK) announced a mid-term dividend of HKD 0.029 per share to be distributed on October 10, 2025 [1] Company Summary - The company is set to distribute a mid-term dividend, indicating a commitment to returning value to shareholders [1]

Group 1 - The company Xinyi Energy (03868) announced a mid-term dividend of HKD 0.029 per share to be distributed on October 10, 2025 [1]

Group 1 - The company Xinyi Energy (03868) announced a mid-term dividend distribution of HKD 0.029 per share, scheduled for October 10, 2025 [1]

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） （股份代號：03868） 截至二零二五年六月三十日止六個月 中期股息之 以股代息計劃 計算市值 信義能源控股有限公司（「本公司」）董事（「董事」）會（「董事會」）提述本公司日期為 二零二五年八月一日之截至二零二五年六月三十日止六個月的中期業績公告（「業績 公告」）。於業績公告中，董事會宣佈向於二零二五年八月二十日（星期三）（「記錄日 期」）名列本公司股東名冊之本公司股東（「股東」）派付截至二零二五年六月三十日 止六個月的中期股息（「中期股息」）每股本公司股份（「股份」）2.9港仙。合資格股東 （「合資格股東」）亦將獲授選擇權，選擇以現金或全部或部分以新繳足股款股份（「代 息股份」）代替現金股息方式收取中期股息（「以股代息計劃」）。以股代息計劃須待香 港聯合交易所有限公司（「聯交所」）批 ...

Group 1 - The company reported a revenue of 1.21 billion RMB for the first half of 2025, representing a year-on-year growth of 7.67%, with EBITDA at 1.12 billion RMB, also up by 7.7% [1][2] - Shareholder net profit reached 450 million RMB, marking a significant increase of 23.43%, with a net profit margin of 37.19% [1][2] - The company plans to distribute an interim dividend of 222 million HKD, which is a 26.1% increase year-on-year, with a payout ratio of 49% [1] Group 2 - The company has experienced two consecutive half-year periods of revenue growth, with a compound annual growth rate of 9.1% from 2020 to 2024, despite a decline in revenue in the first half of 2024 due to lower market electricity prices [2] - Profitability has shown significant improvement, although profit margins have been volatile due to declining electricity prices, with the shareholder net profit margin down 14.16 percentage points compared to the same period in 2020 [2][3] - The company has maintained stable core administrative and financing costs, contributing to its ability to manage profit pressures effectively [2] Group 3 - The company's electricity sales amounted to 741 million RMB, reflecting a year-on-year increase of 15.06%, while revenue from electricity price adjustments slightly declined [3][4] - The total power generation from the company's solar power projects increased by 22.7% year-on-year [3] Group 4 - As of June 30, 2025, the company operated and held approved generating capacity of 4,540.5 MW in solar power projects, with a significant portion under grid price policies [5] - The company has been expanding steadily, acquiring a large solar power project with a capacity of 30 MW under a grid parity policy [5] Group 5 - The solar energy industry continues to show high growth potential, with new installed capacity exceeding 200 GW in the first half of 2025, maintaining its position as China's third-largest power source [7] - The industry is experiencing a slowdown in growth, transitioning from policy-driven to market-driven mechanisms, with the government ceasing subsidies for new projects after May 2025 [7] Group 6 - Despite past profit volatility, the company has consistently paid dividends for seven consecutive years since 2019, with a total dividend payout of 548 million RMB and a payout ratio of 86% [8] - Analysts maintain a positive outlook on the company, with expectations of profit growth and potential market expansion in Malaysia, leading to an upward revision of target prices [8]

Core Viewpoint - Xinyi Energy has shown continuous growth in performance over the past two and a half years, with significant improvements in profitability, raising questions about whether its valuation is reversing [1] Financial Performance - For the first half of 2025, Xinyi Energy reported revenue of 1.21 billion RMB, a year-on-year increase of 7.67%, and EBITDA of 1.12 billion RMB, also up 7.7% [1] - The net profit attributable to shareholders reached 450 million RMB, reflecting a year-on-year growth of 23.43%, with a net profit margin of 37.19% [1] - The company proposed an interim dividend of 222 million HKD, with a per-share dividend of 2.9 HKD, marking a 26.1% increase [1] Cost and Efficiency - The increase in net profit was primarily driven by a decrease in financing costs and a reduction in income tax expenses, contributing a total of 7.26 percentage points to the net profit margin [1] - The financing cost rate decreased by 4.02 percentage points, and the income tax expense ratio fell by 3.24 percentage points [1] - The company has maintained stable core administrative costs (2-3%) and financing costs (12-13%), effectively alleviating profit decline pressures [2] Business Operations - Xinyi Energy's electricity sales amounted to 741 million RMB, a year-on-year increase of 15.06%, while the total power generation from solar projects grew by 22.7% [2][3] - As of June 30, 2025, the company operated and held approved generating capacity of 4,540.5 MW in solar projects [3] Industry Outlook - The solar energy sector continues to exhibit high growth potential, with new installed capacity exceeding 200 GW in the first half of 2025 [5] - However, the industry is experiencing a slowdown in growth, transitioning from policy-driven to market-driven mechanisms, with no government subsidies for new projects after May 2025 [5] - The solar industry has faced overcapacity issues, leading to a significant decline in valuations across the sector, with Xinyi Energy's market value down by 80% [5] Dividend Policy and Market Sentiment - Despite profit volatility, Xinyi Energy has consistently paid dividends for seven consecutive years since 2019, with a cumulative dividend of 548 million RMB and a payout ratio of 86% [6] - Analysts maintain a positive outlook on the company, with expectations of profit growth and potential market expansion into Malaysia [6]

Group 1 - The top three stocks with net inflow of southbound funds are Yingfu Fund (02800) with 6.292 billion, Hang Seng China Enterprises (02828) with 1.618 billion, and Southern Hang Seng Technology (03033) with 0.956 billion [1] - The top three stocks with net outflow of southbound funds are China Mobile (00941) with -0.289 billion, Jitu Express-W (01519) with -0.185 billion, and Horizon Robotics-W (09660) with -0.152 billion [1] - In terms of net inflow ratio, Anjii Food (02648), Pacific Shipping (02343), and Yuehai Investment (00270) lead the market with 55.07%, 54.09%, and 53.58% respectively [1] Group 2 - The top ten stocks with the highest net inflow include Yingfu Fund (02800) at 6.292 billion, Hang Seng China Enterprises (02828) at 1.618 billion, and Southern Hang Seng Technology (03033) at 0.956 billion [2] - The top ten stocks with the highest net outflow include China Mobile (00941) at -0.289 billion, Jitu Express-W (01519) at -0.185 billion, and Horizon Robotics-W (09660) at -0.152 billion [2] - The top three stocks with the highest net inflow ratio are Anjii Food (02648) at 55.07%, Pacific Shipping (02343) at 54.09%, and Yuehai Investment (00270) at 53.58% [3]

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: 2025年7月31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: 2025年8月6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 | ...

智通财经APP获悉，交银国际发布研报称，上调信义能源(03868)目标价9.4%，从1.17港元升至1.28港 元。公司股价近期大涨后，该行认为估值吸引力有限，评级下调至"中性"。 该行指，公司2025年上半年盈利4.5亿元人民币(下同)，同比增加23.4%。由于光照较强，利用小时增长 超3%，但平均电价下降12%，低于该行预期。上半年公司已将港元借款全部置换为人民币借款，推动 期末平均借款利率环比下降0.62个百分点至2.88%。光电抢装下，该行预期短期限电风险加大。 ...