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分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 SOLAR HOLDINGS LIMITED 信義光能控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：00968） 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19,000,000 份購股權，惟須獲承授人接納。 本公告乃信義光能控股有限公司（「本公司」，連同其附屬公司，「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，本公司根據其於二零二四年五月三十一日採納的購 股權計劃（「購股權計劃」）向本公司一名董事及本集團多名僱員（「承授人」）授出 19,000,000份購股權（「購股權」），惟須獲承授人接納。授出購股權的條款及條件概 要載列如下： 授出日期 : 二零二六年三月三十一日 每份已授出購股權的行使價 : 3.15港元 經考慮(i)僅於二 ...

Investment Rating - The report maintains a "Neutral" rating for the company with a target price raised to HKD 3.52 from HKD 3.00, reflecting an upside potential of only 3.9% [4][6]. Core Insights - The company's FY25 net profit is expected to decline by 16.2% year-on-year to RMB 845 million, primarily due to a significant increase in fixed asset impairment losses from RMB 390 million in FY24 to RMB 2.32 billion in FY25 [1][4]. - Despite a 4.2% increase in photovoltaic glass sales volume, total revenue decreased by 4.8% year-on-year to RMB 20.86 billion, attributed to a drop in selling prices [1][9]. - The gross margin improved by 3.7 percentage points to 21.4% in FY25, driven by lower costs of raw materials and energy, although the prices of photovoltaic products remain low [2][9]. Summary by Sections Financial Performance - FY25 revenue is projected at RMB 20.86 billion, down 4.8% from FY24, with photovoltaic glass revenue declining by 5.3% [1][9]. - The gross profit for FY25 is expected to be RMB 4.46 billion, reflecting a 15.4% increase due to cost reductions [9]. - The company anticipates a rebound in net profit in FY26, with a forecasted increase of 148.7% to RMB 2.10 billion [5][11]. Production Capacity - The effective melting capacity is expected to decrease by 10.3% year-on-year to 8.14 million tons in FY25 due to some production lines being offline [3]. - New production lines in Indonesia are set to increase effective melting capacity by 3.0% to 8.38 million tons in FY26 [3]. Market Conditions - The average market price for 3.2mm photovoltaic glass was reported at RMB 17.5 per square meter in March, down 22.2% from the previous year [2]. - The report highlights potential pressures on gross margins in FY26 due to fluctuations in global energy prices, despite stable domestic gas supply [2].

Summary of Xinyi Solar's Conference Call Company Overview - **Company**: Xinyi Solar - **Industry**: Photovoltaic Glass Key Points Financial Performance - In 2025, after excluding asset impairment of 1.55 billion, net profit is expected to be approximately 2.2-2.3 billion, showing significant growth year-on-year [2][4] - The capital expenditure plan for 2026 is set at 2.5 billion, a substantial reduction from historical peaks, with production expansion slowing to 1-2 lines per year to optimize cash flow [2][5] - The gross margin for photovoltaic glass improved, reaching 17.1% in the second half of 2025, benefiting from an increase in overseas sales, which now account for one-third of total sales [2][5] Production Capacity and Strategy - By 2026, the company will have a total production capacity of 22,600 tons per day after launching two new 1,200 tons/day lines in Indonesia [2][5] - The strategy focuses on releasing capacity as long as production does not incur losses, aiming to accelerate industry consolidation and increase market share [2][5] Cost Management - Significant cost advantages are noted, with double-digit declines in the procurement prices of soda ash and silica sand in 2025 [2][5] - The production line for 2.0mm thin glass exceeds 90%, and research on TCO glass has resumed to prepare for the scaling of perovskite technology [2][5] Financial Health - The financial structure is extremely robust, with a net debt ratio of only 2.8% by the end of 2025, excluding Xinyi Energy [2][5] - The company maintains a high dividend policy, planning to distribute 45%-50% of net profit as dividends [2][5] Industry Dynamics - The photovoltaic glass industry is experiencing a supply-demand imbalance of approximately 20-30%, with domestic installations expected to decline to 150-200 GW in 2026 [3][7] - Smaller manufacturers are likely to face accelerated elimination due to high costs and lack of overseas presence in a low-price environment [3][7] Market Outlook - The average price of 2mm glass is currently around 10-10.5 RMB per square meter, which is at a historical low, putting pressure on domestic profits [7][8] - Despite domestic challenges, overseas markets remain strong, with a projected increase in sales driven by demand in the U.S. and India [5][7] Research and Development - The company is actively investing in new product development, particularly in thin glass technology, to meet the increasing demand for larger and thinner photovoltaic modules [10][11] - Ongoing research includes the development of specialized glass for perovskite technology, with readiness for mass production once the technology scales [10][11] Supply Chain and Raw Material Management - The company is focused on cost control and efficiency improvements, with expectations for stable raw material prices in 2026 [12][13] - Strategies include diversifying production locations to mitigate risks associated with trade barriers and tariffs in overseas markets [13][14] Solar Power Plant Business - The solar power plant business remains stable, with a total installed capacity of 6.2 GW as of the end of 2025, contributing steady revenue and cash flow [14][15] - Plans for 2026 include a cautious approach to new installations, with potential asset sales to optimize cash flow and support new energy service initiatives [14][15] Capital Expenditure and Dividend Policy - The capital expenditure plan for 2026 is approximately 2.5 billion RMB, with allocations for solar glass production and solar power projects [15] - The company will continue its dividend policy, distributing 45%-50% of net profit, maintaining a stable financial outlook [15]

Investment Rating - The report maintains a "Buy" rating for Xinyi Solar (0968.HK) [4] Core Views - The company's revenue for 2025 is projected at 20.861 billion CNY, a year-on-year decrease of 4.8%, while the net profit attributable to shareholders is expected to be 845 million CNY, down 16.2% year-on-year [3][8] - The profitability of photovoltaic glass improved in the second half of 2025, with a significant reduction in costs contributing to this improvement, despite a large impairment loss of 2.3 billion CNY [8] - The photovoltaic industry is expected to stabilize, with a cautious approach to capacity expansion and production resumption [8] Financial Forecasts - Revenue projections for 2026, 2027, and 2028 are 20.194 billion CNY, 21.600 billion CNY, and 23.090 billion CNY respectively, with growth rates of -3.2%, +7.0%, and +6.9% [3] - Net profit attributable to shareholders is forecasted to be 1.612 billion CNY in 2026, 1.999 billion CNY in 2027, and 2.504 billion CNY in 2028, reflecting growth rates of 90.9%, 24.0%, and 25.2% respectively [3] - The earnings per share (EPS) is expected to increase from 0.09 CNY in 2025 to 0.27 CNY in 2028 [3] Market Dynamics - The average price of 2.0mm photovoltaic coated glass in the second half of 2025 is projected to be 11.9 CNY, reflecting a year-on-year decrease of 5% [8] - The domestic market price of heavy soda ash decreased by 27% year-on-year in the second half of 2025, contributing to improved profitability for the company [8] - The photovoltaic industry is experiencing a cooling phase, with a slight decrease in production capacity expected by the end of 2025 [8]

Summary of Xinyi Solar's Conference Call Company Overview - **Company**: Xinyi Solar - **Industry**: Photovoltaic (PV) Solar Energy Key Points Capacity Expansion and Production - The company is shifting its capacity layout overseas, with two 1,200 tons production lines in Indonesia expected to be operational by 2026, resulting in a total daily melting capacity of 22,600 tons [2][3] - The effective melting volume is projected to decrease by approximately 10% in 2025, with around 6,000 tons of idle capacity potentially available for resumption, contingent on market demand [2][4] - The company prefers to avoid launching new multi-crystalline silicon projects and is prioritizing asset sales instead [2][5] Demand Expectations - Domestic installation demand is expected to decline to around 200 GW in 2026, a year-on-year decrease of approximately 30% [2][6] - Overseas demand is anticipated to continue growing, but with weaker certainty; overseas sales premiums can reach between 10% and 50% [2][6][16] Financials and Capital Expenditure - Average annual capital expenditure from 2024 to 2026 is projected to be around 2.5 billion yuan, primarily directed towards photovoltaic glass [2][14] - The company currently has about 5 billion yuan in cash, with a stable dividend payout ratio maintained at 40%-50% [2][19] Supply Chain and Market Dynamics - The effectiveness of supply-side self-discipline is limited, and the company may not actively reduce production in 2026 [2][9] - Recent price adjustments in photovoltaic glass are attributed to changes in market demand and supply dynamics, with a notable price drop following a period of pre-holiday stockpiling [2][7] Technological and Strategic Developments - The company is exploring the transformation of small production lines to produce PCO glass to meet perovskite demand [2][10] - There is no substantial progress on the plan to return to A-share market listings, with current financing needs being weak [2][18] Project Updates and Future Outlook - The multi-crystalline silicon project has incurred a 1.6 billion yuan impairment in 2025, with the company leaning towards not operating it unless a reasonable sale price can be achieved [2][5] - The company is cautious about its solar power station business, focusing on overseas incremental growth, particularly in Malaysia and New Zealand [2][17] Regulatory and Policy Considerations - The company is monitoring the impact of potential policies on the photovoltaic industry, particularly regarding production capacity and energy consumption standards [2][11][18] Dividend Policy - The company aims to maintain a stable dividend policy, with a payout ratio between 40% and 50%, contingent on profitability [2][19]

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) | 00968 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 80,000,000,000 | HKD | | 0.1 | HKD | | 8,000,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 80,000,000,000 | HKD | | 0.1 | HKD | | 8,000,000,000 | 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: 信義光能控股有限公司 呈交日期: 2026年3月5日 本月底法 ...

Investment Rating - The report assigns a "Hold" rating to the company, with a target price raised to HKD 3.60 per share, indicating a potential upside of 16% from the current price of HKD 3.11 [6][11]. Core Insights - The company reported a total revenue of HKD 20.861 billion for 2025, a decrease of 4.8% year-on-year, with a net profit attributable to shareholders of HKD 845 million, down 16.2% primarily due to impairment provisions related to polysilicon production facilities and idle solar glass production lines. Excluding these impairments, the net profit would be approximately HKD 2.2 billion [3][8]. - The solar glass business generated revenue of HKD 17.83 billion in 2025, a decline of 5.3%, accounting for 85.5% of total revenue. However, overseas sales grew by 36%, now representing 33.5% of the solar glass segment's revenue, driven by markets in the US and India [4][9]. - The company is optimizing domestic production capacity while actively expanding overseas capacity. As of February 27, 2026, the daily melting capacity for solar glass was 22,600 tons, with 4,600 tons of that being overseas capacity. The company plans to increase its total capacity to approximately 23,800 tons by the end of 2026, with overseas capacity rising to 5,800 tons [5][10]. Summary by Sections Financial Performance - For 2025, the company reported total revenue of HKD 20.861 billion, a decrease of 4.8% year-on-year. The net profit attributable to shareholders was HKD 845 million, down 16.2%, with basic earnings per share at HKD 0.0929. The total dividend for the year was approximately HKD 0.05, maintaining a stable dividend payout ratio of about 49.1% [3][8]. Business Segments - The solar glass segment's revenue was HKD 17.83 billion, down 5.3% year-on-year, with average selling prices declining. However, overseas sales surged by 36%, significantly contributing to the segment's performance [4][9]. Capacity and Expansion - The company is adjusting its domestic production lines and expanding its overseas capacity. As of early 2026, it has a daily melting capacity of 22,600 tons, with plans to increase this to 23,800 tons by the end of the year, enhancing its overseas production capabilities [5][10].

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 | ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 4.55, up from the previous HKD 3.56 [7][5]. Core Insights - The company reported a revenue of RMB 20.86 billion for the year 2025, a decrease of 4.8% year-on-year, and a net profit attributable to shareholders of RMB 845 million, down 16.2% year-on-year, slightly below the forecast of RMB 880 million due to higher-than-expected impairment provisions [1][5]. - The photovoltaic glass industry is currently in a supply-demand adjustment phase, but the company, as an industry leader, is expected to navigate through the cycle due to its scale cost advantages, overseas business expansion, and asset optimization strategies [1][5]. Financial Performance - In 2025, the photovoltaic glass segment generated revenue of RMB 17.83 billion, down 5.3% year-on-year, primarily due to a 9.1% decrease in product prices, although sales volume increased by 4.2% [2][5]. - The gross margin for the photovoltaic glass business improved by 4.4 percentage points to 14.1% due to lower raw material and energy costs [2]. - The company’s financial management is prudent, with financial expenses decreasing by 21.4% year-on-year to RMB 340 million, mainly due to the conversion of foreign currency loans to lower-rate RMB loans [3]. - Operating cash flow reached RMB 5.66 billion, significantly up from RMB 1.24 billion in 2024, driven by improved profitability and reduced inventory [3]. Business Segments - The renewable energy segment achieved revenue of RMB 2.99 billion in 2025, remaining stable year-on-year, as the company paused new photovoltaic power station projects [2]. - The overseas market for photovoltaic glass showed strong performance, with revenue increasing by 36.0% year-on-year, raising its share of total revenue from 23.3% in 2024 to 33.5% in 2025 [2]. Market Outlook - The global photovoltaic installation volume is expected to remain under pressure in 2026 due to policy adjustments in major markets, although short-term export demand is supported by the cancellation of VAT export rebates starting April 1, 2026 [4]. - The company proactively reduced production capacity by halting two domestic production lines in July 2025, which helps manage inventory risks and alleviate price pressures in the industry [4]. Earnings Forecast and Valuation - The report adjusts the earnings forecasts for 2026-2028, projecting EPS of RMB 0.20, RMB 0.24, and RMB 0.28 for those years, reflecting increases of 25% and 31% compared to previous estimates [5][12]. - The company is expected to maintain a long-term value with a target PE of 20 times for 2026, corresponding to a target price of HKD 4.55 [5][12].

Summary of Xinyi Solar's Conference Call Company Overview - **Company**: Xinyi Solar - **Fiscal Year**: 2025 Key Financial Highlights - **Net Profit**: Decreased by 15.5% year-on-year to RMB 840 million, primarily due to impairment losses on polysilicon and solar production lines [2][3] - **Comprehensive Revenue**: Declined by 4.8% year-on-year to RMB 20.86 billion [3] - **Comprehensive Gross Profit**: Increased by 15.4% year-on-year to RMB 4.461 billion, with a gross margin of 21.4% [2][3] - **Solar Glass Revenue**: Decreased by 5.3% year-on-year to RMB 17.83 billion, but gross profit increased by 38.1% to approximately RMB 2.51 billion, with a gross margin of 14.1% [2][4] - **Renewable Energy Revenue**: Slightly decreased by 0.8% year-on-year to approximately RMB 2.99 billion, with gross profit down by 4.6% to approximately RMB 1.938 billion [2][5][6] - **Net Debt Ratio**: Decreased significantly to 20.1% by the end of 2025, and to 2.8% when excluding Xinyi Energy [2][7] Business Segment Performance Solar Glass Business - **Sales Volume**: Increased by 4.2% year-on-year despite a decrease in average selling prices [4] - **Production Capacity**: Daily melting capacity averaged 23,200 tons in the first half and decreased to 21,400 tons in the second half [4] - **Regional Revenue Structure**: Mainland China accounted for 66.5% of solar glass revenue, while overseas sales grew by 36%, driven by the US and Indian markets [4] Renewable Energy Business - **Installed Capacity**: Cumulative grid-connected capacity exceeded 6.2 GW by the end of 2025 [5] - **Project Development**: No new projects were connected to the grid in 2025 due to increased investment return uncertainty [6][10] Capital Expenditure and Financial Strategy - **Capital Expenditure**: Approximately RMB 2.531 billion, primarily for capacity expansion and upgrades [2][11] - **Cash Flow**: Net cash generated from operating activities was RMB 5.327 billion, with a bank cash balance of approximately RMB 5.158 billion [2][7] Shareholder Returns - **Earnings Per Share**: RMB 0.0929 [8] - **Dividend**: Final dividend declared at HKD 0.008 per share, with a total dividend payout ratio of approximately 49.1% [8] Future Outlook and Strategic Initiatives - **Overseas Expansion**: Continued focus on overseas capacity building to mitigate trade barriers and benefit from the cancellation of export tax rebates [9][12] - **Market Conditions**: Anticipated continued challenges in the domestic photovoltaic glass market in 2026, with prices expected to remain under pressure [3][14] - **Innovation and R&D**: Plans to convert some small production lines into R&D lines to explore new technology routes [17][18] Additional Insights - **Impairment Losses**: Significant impairment losses on polysilicon and idle solar production lines were a major factor in profit decline [3][17] - **Market Dynamics**: The company is adopting a cautious approach to new project investments due to increased uncertainty in investment returns and power restrictions in certain regions [6][10] This summary encapsulates the key points from Xinyi Solar's conference call, highlighting financial performance, business segment insights, strategic initiatives, and future outlook.