Financial Performance - For the first half of 2024, the company reported a total revenue of HKD 12,686.8 million, representing a 4.5% increase compared to HKD 12,141.9 million in the first half of 2023[5]. - Profit attributable to equity holders increased by 41.0% to HKD 1,962.5 million, up from HKD 1,391.5 million in the same period last year[5]. - Basic earnings per share for the first half of 2024 were HKD 22.03, compared to HKD 15.63 in the first half of 2023[5]. - The company declared an interim dividend of HKD 10.0 per share, up from HKD 7.50 per share in the previous year[5]. - The group's gross profit rose by HKD 733.7 million or 27.5% to HKD 3,406.0 million, with an improved gross profit margin of 26.8% compared to 22.0% in the previous year[29]. - The EBITDA for the first half of 2024 was HKD 3,910.3 million, a 28.0% increase from HKD 3,054.5 million in the same period of 2023, resulting in an EBITDA margin of 30.8%[39]. - The net profit attributable to equity holders increased by 41.0% to HKD 1,962.5 million, with a net profit margin rising from 11.5% to 15.5%[39]. - The revenue from the solar power segment increased by 3.8% from HKD 1,490.7 million in the first half of 2023 to HKD 1,548.0 million in the first half of 2024[28]. - The company reported a total comprehensive income of HKD 1,035,281 thousand for the period, a substantial increase from HKD 171,756 thousand in the previous year[51]. Solar Industry Insights - The solar industry continues to face challenges such as supply-demand imbalances and high-interest environments, yet the company’s solar glass business has shown improved profitability due to increased sales and production efficiency[7]. - Global photovoltaic installations reached between 407.3 GW and 446 GW in 2023, with China accounting for approximately 60% of the new installations[10]. - In the first half of 2024, China's new photovoltaic installations reached 102.48 GW, a 30.7% increase compared to the same period in 2023[12]. - The company anticipates that the photovoltaic market will maintain high growth levels in 2024, driven by declining installation costs and advancements in solar technology[13]. - The overall decline in solar component prices is expected to create more business opportunities across the solar industry chain, particularly in emerging markets[9]. - The solar industry faces challenges from increased competition, rapid technological iterations, and cyclical supply-demand imbalances, impacting profit margins across the industry[19]. Production and Capacity - The solar glass business experienced a year-on-year sales volume increase of approximately 12.2% in the first half of 2024[16]. - As of June 30, 2024, the total melting capacity of the solar glass production lines reached 29,000 tons per day, with 27,000 tons per day being operational, reflecting increases of 4.7% and 23.9% compared to December 31, 2023, and June 30, 2023, respectively[16]. - The company's solar glass production capacity is expected to increase from 25,800 tons per day at the end of 2023 to 32,200 tons per day by the end of 2024, with six new production lines adding a total of 6,400 tons per day[20]. - The total sales volume of solar glass increased by 12.2% year-on-year in the first half of 2024, reflecting strong downstream photovoltaic demand[25]. - The company continues to expand production facilities to enhance economies of scale and operational synergies, ensuring competitiveness in a rapidly changing market environment[17]. Financial Management and Investments - The company will maintain a prudent business management approach, focusing on financial risk management and cost control in response to the challenging market environment[21]. - The company's financial costs rose to HKD 239.8 million in the first half of 2024, attributed to increased interest rates and higher average bank borrowings[35]. - The company has no plans to expand its polysilicon production capacity at this time, with future investment plans contingent on successful production of existing capacity and market conditions[21]. - The company has committed but unspent capital commitments of HKD 3,565.3 million, mainly related to solar glass capacity expansion and solar power project development[42]. - The company recorded a foreign exchange loss of HKD 891.0 million due to depreciation of the Renminbi and Malaysian Ringgit against the Hong Kong Dollar[45]. Shareholder Information - The company plans to distribute an interim dividend on October 16, 2024[169]. - The proposed interim dividend per share is HKD 0.10, compared to HKD 0.075 in 2023, reflecting a 33.3% increase[94]. - The company has established performance targets for stock options that will be assessed based on key performance indicators such as revenue and profit[136]. - The company reported a market capitalization of approximately HKD 35.02 billion as of June 28, 2024[169]. - The share price as of June 28, 2024, was HKD 3.93[169]. Corporate Governance - The company has adhered to the corporate governance code as per the listing rules, with a change in CEO effective April 1, 2024[132]. - The new CEO, Mr. Li Shengpo, also serves as the Vice Chairman, which is a deviation from the governance code that recommends separation of these roles[132]. - The interim report for the first half of 2024 has been reviewed by the board's audit committee, which consists of independent non-executive directors[165].

截至 630，公司光伏玻璃产能 29000 吨。上半年点火了芜湖两条 1000 吨产线和 马来西亚一条 1200 吨产线，预计下半年会再点两条芜湖和一条马来西亚。其中 马来产线预计于 8 月上旬点火，芜湖两条产线已经具备点火条件，但要视市况 决定何时点火。全年融化量目标从年初的 1060.3 万吨下调到 984.9 万吨（同比 +25.6%）。马来新线点火后，会适时考虑老先何时冷修。 财务 公司持续将贷款从外币切换到人民币，人民币贷款比例从去年底的 34%上升到 45%，有效降低了利息支出。未来会继续减少港币贷款并转为人民币贷款。 产能 政策大致的方向是工信部按每个省份的供需情况有个大概的分类，有些过剩的 省份直接高风险，其它有空间的省份把主动权下放到省里，但后续还是要上报 工信部备案。总量的把控仍在工信部，产能政策肯定是趋紧的态势。 信义光能 1H24 业绩会纪要 截至 630，公司账上现金 23.6 亿港币，银行授信额度约 176.6 亿港币，其中 44.3%（78.3 亿港币）仍未动用。 公司在云南和江西都有项目储备，曲靖两条线和上饶三条 1200 吨线都已经获 批。海外方面则有已公布的印尼项目。预计明 ...

Financial Performance - Revenue for the six months ended June 30, 2024, was HKD 12,686.8 million, representing a 4.5% increase compared to HKD 12,141.9 million in the same period of 2023[2] - Profit attributable to equity holders of the company increased by 41.0% to HKD 1,962.5 million, up from HKD 1,391.5 million year-on-year[2] - Basic earnings per share rose by 40.9% to HKD 22.03, compared to HKD 15.63 in the previous year[2] - Gross profit for the first half of 2024 was HKD 3,405.98 million, an increase from HKD 2,672.32 million in the first half of 2023[4] - The company reported a total comprehensive income of HKD 1,035.28 million for the period, significantly higher than HKD 171.76 million in the same period last year[5] - The total comprehensive income for the six months ended June 30, 2024, was HKD 1,071,444 thousand, compared to a total comprehensive loss of HKD 188,208 thousand in the same period of 2023[11] - The operating profit before tax for the six months ended June 30, 2024, was HKD 2,661,532 thousand, up from HKD 2,018,159 thousand in 2023, indicating a growth of approximately 32%[29] - The company's EBITDA for the first half of 2024 reached HKD 3,910.3 million, an increase of 28.0% compared to HKD 3,054.5 million in the first half of 2023, with an EBITDA margin of 30.8%[111] - Net profit attributable to equity holders for the first half of 2024 was HKD 1,962.5 million, up 41.0% from HKD 1,391.5 million in the first half of 2023, resulting in a net profit margin increase from 11.5% to 15.5%[112] Assets and Liabilities - Total assets as of June 30, 2024, amounted to HKD 62,465.02 million, compared to HKD 60,432.99 million at the end of 2023[8] - Non-current assets increased to HKD 42,057.17 million from HKD 40,611.36 million at the end of 2023[7] - Current assets totaled HKD 20,407.85 million, up from HKD 19,821.63 million at the end of 2023[7] - Total liabilities increased to HKD 24,971.37 million from HKD 22,574.59 million at the end of 2023[8] - The company's total equity attributable to equity holders increased from HKD 29,748,412 thousand on January 1, 2023, to HKD 31,827,411 thousand on June 30, 2024, representing a growth of approximately 6.9%[9] - The company's borrowings increased to HKD 4,913,988 thousand in the six months ended June 30, 2024, up from HKD 3,575,927 thousand in the previous year, representing an increase of approximately 37.4%[15] - Total borrowings increased to HKD 11,155,364,000 as of June 30, 2024, from HKD 10,502,857,000, reflecting a growth of 6.2%[56] - The company's total liabilities, including trade payables and other payables, amounted to HKD 8,015,884,000 as of June 30, 2024, compared to HKD 8,307,187,000 as of December 31, 2023[52] Cash Flow and Investments - The cash generated from operating activities for the six months ended June 30, 2024, was HKD 2,057,602 thousand, a decrease from HKD 2,612,152 thousand in the prior year, reflecting a decline of approximately 21%[13] - The net cash used in investing activities for the six months ended June 30, 2024, was HKD 2,998,032 thousand, compared to HKD 4,602,425 thousand in the same period of 2023, showing a reduction of about 35%[13] - The company reported a decrease in cash and cash equivalents from HKD 3,951,921 thousand at the end of June 2023 to HKD 2,028,561 thousand at the end of June 2024, a decline of approximately 48.7%[15] - The net cash generated from operating activities was HKD 1,254.8 million, a decrease from HKD 2,189.0 million in the first half of 2023, primarily due to increased working capital requirements[114] Dividends and Shareholder Returns - The company declared an interim dividend of HKD 0.10 per share, compared to HKD 0.075 per share in the previous year[2] - The board declared an interim dividend of HKD 0.10 per share for the first half of 2024, an increase from HKD 0.075 per share in the same period of 2023[136] Market and Industry Trends - The solar industry continues to face challenges such as cyclical supply-demand imbalances and high-interest environments, yet the potential for growth remains strong due to competitive solar energy pricing[73] - In the first half of 2024, China's new photovoltaic installations reached 102.48 GW, a 30.7% increase compared to the first half of 2023[79] - The global photovoltaic market saw a significant increase in installations, with at least 407.3 GW to 446 GW of photovoltaic systems deployed in 2023, marking a growth rate of over 120% in China[77][78] - The company noted that the decline in solar component prices since mid-2023 has led to explosive growth in global photovoltaic installations, enhancing investment returns for solar projects[75] - The average selling price of solar products has decreased, but production efficiency improvements and lower raw material costs have offset this decline[72] - The company anticipates that the solar industry will maintain high growth levels in 2024, despite challenges related to grid capacity and power consumption issues[79][80] Production and Capacity - The total daily melting capacity of the company's solar glass production lines was 29,000 tons as of June 30, 2024, with 27,000 tons being operational capacity, reflecting increases of 4.7% and 23.9% compared to December 31, 2023, and June 30, 2023, respectively[84] - The company plans to add six new production lines with a total daily melting capacity of 6,400 tons, increasing total daily melting capacity from 25,800 tons at the end of 2023 to 32,200 tons by the end of 2024[119] - The company is actively expanding overseas production capacity to meet global demand, with three new production bases under construction in Yunnan, Jiangxi, and Indonesia[120] Research and Development - Research and development expenses for the six months ended June 30, 2024, were HKD 326,606 thousand, compared to HKD 317,379 thousand in 2023, indicating a slight increase of approximately 2.4%[33] Corporate Governance - The company has adhered to the listing rules and corporate governance code during the first half of 2024, with a noted exception regarding the separation of roles for the Chairman and CEO[139] - Mr. Li Shengpo has been appointed as the CEO, while also serving as Vice Chairman, which the board believes will facilitate efficient execution of business strategies[139] - The mid-term performance for the first half of 2024 has been reviewed by the board's audit committee, consisting of independent non-executive directors[142] - The interim report for the first half of 2024 will be published in accordance with the listing rules and relevant legal regulations[143]

目前产量其实如果从市场上的消息大家应该也有了解到是主电厂在东南亚的产能在6月份的时候其实已经有一些向下的一些调整所以我们看到的是说在主电厂东南亚产能向下调整的时候其实美国就是北美本土的需求也包括像亚洲一些土耳其啊等一些地区或像印度这些地方的需求其实在往上走 关键对于我们来说确实需要等到这个关税最终落地看它的税率是多少这是第一个要等的东西第二个就是说其实如果这个关税政策本质上没有影响到美国的中端需求的情况下它不会从全面的角度它不会影响到我们东南亚的光复玻璃的需求 因为这么说吧,你这个组件产品最终要销亡美国,无论它在美国产,亚洲其他地方产,还是像以前那样,东南亚产,它还是消灭一片玻璃。而对比起全球能够外供玻璃的除了东南亚,是中国。 因为印度也有光伏玻璃厂但是印度还在进口光伏玻璃也就是说其实它本地的光伏玻璃厂还不能够完全满足本地的需求所以在这个情况下其实要么选东南亚要么选中国其实没有第三个可以选择的所以无论那一片土地在哪里住 它其实影响的只是一个艺术的影响,就是说我们可能之前是运的比较近一点的,现在我们运的远一点,可能直接运到北美,运到土耳其等地方,但是本身对于我们 它一不存在着需求端的影响第二它会不会存在利润端的 ...

本次电话会议仅服务于新业证券客户会议音频及文字记录的内容版权为新业证券所有内容必须经新业证券审核后方可留存未经允许和授权转载转发此次会议内容均属侵权新业证券将保留追究其法律责任的权利电话会议所有参会人员不得泄露内幕信息以及未公开重要信息涉及外部嘉宾发言的 商业证券不保障其发言内容的准确性与完整性商业证券不承担外部嘉宾发言内容所引起的任何损失及责任不承担因转载转发引起的任何损失及责任市场有风险投资需谨慎提醒投资者注意投资风险审慎参考会议内容 好的谢谢慧祝你各位投资人大家下午好我是信息证券海外团队的张忠业欢迎大家参加今天的清一光轮小范围交流我们今天邀请到的嘉宾是公司的IID谢总我们今天的交流也是分为两个部分首先请谢总来简单介绍一下公司的一个近况然后我们再进入更大环节 谢谢张总今天的邀请,也谢谢各位投资者今天来出席策略会议。我们在6月初的时候刚点了一条马来西亚的1200吨产线,所以目前这一刻 2017千吨的这么一个规模那么还有三条这个原计划是在今年投产的产线应该也会是大体的计划是不会变的所以我们今年的这个金正海这六条产线合计6400吨的这么一个容量 那么剩下的三条大概率是在六七八月去做一个点火还有两条是在安徽省的吴 ...

然后今天也是我们的中期策略会的一个线上公司交流的主题然后我们也很荣幸的邀请到新一光能来给大家简单介绍一下近期整个光复产业链包括玻璃这一块的市场变化然后可能包括公司的一个近况也可以做一个交流跟解读然后我们还是邀请到大家的老朋友公司的正代谢总Tennis来给大家交流最近的一个情况然后我们的会议流程因为 大家对公司也都普遍比较熟悉了我们就直接这个进入QA环节然后可能就是我这边先带大家提一些这个近期可能大家比较关注的行业跟公司的问题Candice能听见吗可以啊谢谢东平谢谢大家今天来参后谢谢好的好的那Candice我这边就直接提问吧就是我们这个 首先来说是目前来看二季度其实4到5月份玻璃的价格其实还是不错的然后到5月下旬包括6月的新单价格其实都有一些回调然后首先想问一下您怎么看我们的二季度的整体的公司的盈利同环比的一个或者行业的公司的盈利同环比的一个趋势然后包括我们现在这个时间点的盈利情况大概在一个什么样的风力值上 其实因为我们本身公司是没有一个技术的这么一个盈利的报告就是业绩报告所以其实我们按照港交所的规定其实也不太方便的去过多的评论我们的盈利的状况 那我们只能说从这个市场上其实大家能看到这个一季度有其他的友商他是有 ...

Financial Performance - The company's revenue for 2023 was HKD 26,628.8 million, an increase of 29.6% compared to 2022[11]. - Profit attributable to equity holders increased by 9.6% to HKD 4,187.1 million, with basic earnings per share rising to HKD 0.4704 from HKD 0.4295 in 2022[11]. - Gross profit increased by HKD 931.2 million or 15.1% from HKD 6,158.5 million in 2022 to HKD 7,089.7 million in 2023, despite a decline in overall gross margin to 26.6% from 30.0% in 2022[54]. - The gross profit contribution from the solar glass business rose by 20.0% to HKD 5,033.6 million in 2023, while the gross margin for this segment decreased by 2.4 percentage points to 21.4%[54]. - The gross profit contribution from the solar power plant business increased by 5.3% to HKD 2,035.8 million, with a gross margin decline to 68.5% from 70.4% in 2022[55]. - EBITDA reached HKD 7,780.2 million, a 12.2% increase from HKD 6,933.3 million in 2022, with an EBITDA margin of 29.2%[65]. - Net profit attributable to equity holders increased by 9.6% to HKD 4,187.1 million, while the net profit margin decreased to 15.7% from 18.6% in 2022[65]. - The total revenue from solar glass increased by 33.3% year-on-year in 2023[21]. - In 2023, the company's revenue from solar glass sales increased by 33.3% to HKD 23,532.9 million, driven by higher sales volume and optimized sales mix[46]. Market Dynamics - The global photovoltaic (PV) installed capacity saw unprecedented growth in 2023, driven by energy transition and significant cost reductions[12]. - China's new PV installed capacity increased by 148.1% year-on-year to 216.88 GW in 2023, with 78.42 GW in the first half and 138.46 GW in the second half[15]. - The market for PV installations is diversifying, with an increasing number of countries adding over 1 GW of new capacity annually[13]. - The company anticipates that high interest rates and macroeconomic uncertainties may continue to impact future project development timelines[12]. - The global photovoltaic installation volume is expected to continue growing in 2024, although at a slower rate compared to the previous two years, driven by a significant decrease in solar component prices[31]. Production Capacity and Expansion - The company achieved a record new grid-connected capacity of 1,094 MW in 2023, with large-scale ground projects accounting for 974 MW and distributed generation projects for 120 MW[10]. - The cumulative approved grid-connected capacity of solar power projects reached 5,944 MW by December 31, 2023, with 5,541 MW from large-scale ground-mounted projects[25]. - The company expanded its daily melting capacity of solar glass to 25,800 tons by the end of 2023, an increase of 6,000 tons from the beginning of the year[21]. - The company plans to increase its total daily melting capacity of solar glass from 25,800 tons at the end of 2023 to 32,200 tons by the end of 2024, adding six new production lines with a total daily melting capacity of 6,400 tons[33]. - The company actively conducted feasibility studies for capacity expansion in various locations in China and overseas to prepare for sustainable development[21]. Supply Chain and Cost Management - The company noted that the supply chain bottlenecks in polysilicon have been resolved, leading to a significant drop in installation costs[12]. - The solar glass business experienced improved gross margins in the second half of 2023, contributing positively to overall profitability[10]. - In the first half of 2023, the average gross margin for solar glass was under pressure at 15.2%, but improved significantly to 26.4% in the second half of 2023[17]. - Solar glass sales volume increased by approximately 20.3% in the second half of 2023 compared to the first half, with a year-on-year growth of 49.3%[21]. - The market dynamics for solar glass improved steadily in the second half of 2023, transitioning from a relatively oversupplied market to a more balanced one[17]. Corporate Governance and Management - The company is committed to maintaining high standards of corporate governance and transparency in its operations[92]. - The board consists of four executive directors, two non-executive directors, and three independent non-executive directors, ensuring a diverse governance structure[100]. - The company has established a robust internal control system to monitor corporate governance practices and risk management[99]. - The board of directors has confirmed compliance with the applicable principles and provisions of the Corporate Governance Code for the year ending December 31, 2023[99]. - The company has a policy for the rotation of directors, with one-third of the board members required to retire at each annual general meeting[102]. Shareholder and Dividend Information - The company plans to distribute a final dividend of HKD 0.15 per share, subject to shareholder approval at the upcoming annual general meeting[11]. - The company reported a significant decline in distributable reserves, approximately HKD 7,441.7 million as of December 31, 2023, down from HKD 8,299.4 million in 2022[169]. - The company aims to maintain a stable dividend payout ratio while balancing operational cash needs and future growth[171]. - The board proposed a final dividend of HKD 0.15 per share for the year ending December 31, 2023, subject to shareholder approval[154]. Environmental and Social Responsibility - The company has implemented various environmental measures, including using natural gas in glass furnaces and recycling waste glass in production[156][157]. - The company aims to improve air quality and reduce carbon emissions through investments in solar power projects[158]. - The company made charitable donations amounting to HKD 18.28 million for the year ending December 31, 2023, compared to HKD 13.29 million in 2022[162]. Risks and Challenges - The company faced risks related to solar glass supply and demand, which are influenced by macroeconomic factors and production capacity of other manufacturers[166]. - The company’s operational performance may be adversely affected by foreign exchange and other financial risks[164]. - The company’s ability to adjust production levels in response to market changes may be limited, potentially leading to pricing pressures[166].

Financial Performance - For the year ended December 31, 2023, the company reported revenue of HKD 26,628.8 million, representing a 29.6% increase from HKD 20,544.0 million in 2022[2]. - The profit attributable to equity holders of the company was HKD 4,187.1 million, up 9.6% from HKD 3,820.1 million in the previous year[2]. - Basic earnings per share increased to HKD 47.04, a rise of 9.5% compared to HKD 42.95 in 2022[2]. - Gross profit for the year was HKD 7,089.7 million, up from HKD 6,158.5 million, indicating a strong operational performance[4]. - The company reported a net operating profit of HKD 5,892.77 million, an increase from HKD 5,317.69 million in the previous year[4]. - The company reported a pre-tax profit of HKD 5,571,434,000 for the year ended December 31, 2023, compared to HKD 5,180,978,000 in 2022, representing an increase of approximately 7.5%[23]. - The company’s net profit attributable to equity holders increased to HKD 4,187,127,000 in 2023 from HKD 3,820,144,000 in 2022, a growth of 9.6%[29]. - The company achieved a revenue of HKD 26,628.8 million in 2023, which is a 29.6% increase compared to 2022[52]. Dividends and Shareholder Returns - The company proposed a final dividend of HKD 0.15 per share, compared to HKD 0.10 per share in the prior year[2]. - Proposed final dividend per share increased to HKD 15.0 in 2023 from HKD 10.0 in 2022, representing a 50% increase[28]. - The board proposed a final dividend of HKD 0.15 per share for the year ending December 31, 2023, subject to shareholder approval at the annual general meeting on May 31, 2024[133]. Assets and Liabilities - Total assets increased to HKD 60,432.99 million from HKD 50,575.06 million, reflecting a growth in the company's asset base[7]. - The company's total equity rose to HKD 37,858.41 million, compared to HKD 35,231.38 million in 2022, showing improved financial stability[8]. - Total liabilities of the company rose to HKD 22,574.59 million from HKD 15,343.68 million, reflecting increased borrowing to support expansion[8]. - Total liabilities as of December 31, 2023, were HKD 22,574,587,000, compared to HKD 15,343,681,000 in 2022, reflecting an increase of approximately 47.2%[22]. - The company's total borrowings increased to HKD 10,502.9 million in 2023, up from HKD 8,032.3 million in 2022, representing a growth of 30.7%[45]. Revenue Breakdown - Solar glass sales contributed HKD 23,532,916,000 to total revenue, up from HKD 17,655,075,000, representing a growth of 33.5%[15]. - The solar power generation business generated revenue of HKD 2,970,472,000, compared to HKD 2,744,387,000 in the previous year, reflecting an increase of 8.2%[15]. - Revenue from external customers in mainland China was HKD 21,174,947,000, accounting for the majority of total revenue[19]. - The company's solar power plant business revenue grew by 8.2% year-on-year to HKD 2,970.5 million in 2023[73]. Operational Efficiency and Costs - The company reported a significant increase in sales costs, totaling HKD 19,539,056,000, compared to the previous year's costs[19]. - The company's sales and marketing expenses for the year ended December 31, 2023, were HKD 106,062,000, up from HKD 91,312,000 in 2022, indicating an increase of about 16.1%[23]. - The depreciation expense for property, plant, and equipment increased to HKD 1,732,561,000 in 2023 from HKD 1,488,577,000 in 2022, reflecting a rise of approximately 16.4%[21]. - Administrative and other operating expenses increased by 22.9% to HKD 1,203.6 million in 2023, mainly due to higher R&D expenses and increased employee costs from business expansion[90]. Market and Industry Trends - In 2023, China's newly installed photovoltaic capacity increased by 148.1% year-on-year to 216.88 GW, with 78.42 GW in the first half and 138.46 GW in the second half[56]. - The average selling price of solar glass declined in the first half of 2023 but improved significantly in the second half due to increased demand and reduced supply chain constraints[51]. - The decline in installation costs in the second half of 2023 was a key driver for the surge in downstream photovoltaic installations[58]. - The geographical distribution of solar glass sales remained stable, with sales in mainland China accounting for 77.0% of total sales in 2023[78]. Research and Development - R&D expenses increased to HKD 766,521,000 in 2023, compared to HKD 561,890,000 in 2022, reflecting a growth of 36.5%[26]. - The joint venture for polysilicon production in Yunnan is nearing completion, with trial production expected to start in Q2 2024[108]. Governance and Compliance - The company has maintained compliance with the corporate governance code as per the Hong Kong Stock Exchange listing rules for the year ending December 31, 2023[122]. - The board consists of four executive directors and three independent non-executive directors, ensuring a diverse governance structure[138].

Financial Performance - The company reported a consolidated revenue of HKD 12,141.9 million for the first half of 2023, representing a 25.2% increase compared to HKD 9,697.5 million in the same period of 2022[8]. - Profit attributable to equity holders decreased by 26.9% to HKD 1,391.5 million in the first half of 2023, down from HKD 1,904.6 million in the first half of 2022[8]. - The basic earnings per share for the first half of 2023 was HKD 15.63, compared to HKD 21.42 in the first half of 2022[8]. - The company declared an interim dividend of HKD 7.5 per share, down from HKD 10.0 per share in the previous year[4]. - Gross profit decreased by HKD 308.3 million or 10.3% to HKD 2,672.3 million, with the overall gross margin dropping to 22.0% from 30.7% in the same period last year[52]. - The net profit attributable to equity holders for the first half of 2023 was HKD 1,391.5 million, down 26.9% from HKD 1,904.6 million in the same period of 2022, resulting in a net profit margin decrease from 19.6% to 11.5%[66]. - The company reported a net profit of HKD 1,904,638 thousand for the six months ended June 30, 2023, compared to HKD 2,929,081 thousand in the same period last year, representing a decrease of approximately 35%[93]. - The company reported a pre-tax profit of HKD 2,018,159 thousand for the first half of 2023, a decline of about 24.1% compared to HKD 2,657,283 thousand in the prior year[131]. Sales and Revenue Growth - The company experienced a 49.8% increase in solar glass sales volume and a 30.8% increase in revenue compared to the first half of 2022[7]. - The company's solar glass revenue increased by 30.8% year-on-year to HKD 10,578.9 million in the first half of 2023, primarily due to increased sales volume[44]. - Solar glass sales accounted for HKD 10,578,891 thousand, representing a 30.7% increase from HKD 8,090,646 thousand in the previous year[111]. - The solar power generation business generated revenue of HKD 1,490,675 thousand, slightly down from HKD 1,518,253 thousand in the prior year, with power sales at HKD 872,756 thousand[111]. - Total revenue for the six months ended June 30, 2023, was HKD 12,141,921 thousand, an increase of 25.2% compared to HKD 9,697,539 thousand for the same period in 2022[111]. Production and Capacity Expansion - The company continues to expand its production capacity in response to strong market demand and declining costs in the photovoltaic sector[7]. - The company added two new solar glass production lines with a daily melting capacity of 1,000 tons in the first half of 2023, enhancing overall production efficiency[21]. - The total daily melting capacity of solar glass is expected to rise from 19,800 tons at the end of 2022 to 26,800 tons by the end of 2023, with two new production lines already operational in the first half of 2023[34]. - The company plans to construct two new solar glass production lines in Malaysia, each with a daily melting capacity of 1,200 tons, expected to commence operations in the first half of 2024[34]. Market Trends and Demand - New installed photovoltaic capacity in China reached 78.42 GW in the first half of 2023, a year-on-year increase of 154%[14]. - The market share of large-scale centralized projects increased in the first half of 2023, with installed capacity growth outpacing that of 2022[15]. - The average selling price of solar glass declined, impacting the gross margin negatively, although there was a recovery in the second quarter of 2023[7]. - The average selling price of solar glass in the first half of 2023 was lower than that of the first half of 2022, primarily due to increased industry supply[19]. - The company anticipates that the release of polysilicon capacity and the decrease in solar component costs will drive global photovoltaic installation growth in the second half of 2023[38]. Financial Position and Debt - The net debt ratio increased from 7.7% as of December 31, 2022, to 12.9% as of June 30, 2023, primarily due to increased financing for solar power projects[28]. - Total assets increased by 4.9% to HKD 53,042.9 million, while shareholders' equity decreased by 2.4% to HKD 29,028.2 million as of June 30, 2023[67]. - The net cash inflow from operating activities was HKD 2,189.0 million, down from HKD 2,929.1 million in the first half of 2022, primarily due to increased working capital requirements[70]. - The company raised HKD 3,575,927 thousand from borrowings during the first half of 2023, significantly higher than HKD 540,000 thousand in the same period last year[96]. - The total liabilities rose to HKD 18,227,159 thousand, up from HKD 15,343,681 thousand at the end of 2022, indicating a 19.0% increase[89]. Cost Management and Expenses - The gross profit contribution from the solar glass business decreased compared to the first half of 2022 due to RMB depreciation and increased financial costs[7]. - Administrative and other operating expenses rose by 30.9% to HKD 565.3 million, driven by increased R&D expenses and employee benefits[60]. - Financial costs increased to HKD 172.2 million in the first half of 2023, primarily due to rising interest rates[61]. - The company implemented various targeted measures to alleviate gross margin pressure, including flexible marketing strategies and cost control initiatives[19]. Research and Development - Research and development expenses for the first half of 2023 amounted to HKD 317,379 thousand, up from HKD 238,804 thousand in the same period of 2022, representing a rise of about 32.9%[140]. - The company continues to develop the thin glass and large-size glass markets to meet customer demand and drive technological advancements in the solar industry[21]. Related Party Transactions - The company reported significant related party transactions, including procurement of machinery amounting to HKD 120.7 million and procurement of glass products totaling HKD 2.19 million for the six months ended June 30, 2023[190]. - The company’s related party transactions with Xinyi Glass included sales of silica sand totaling HKD 38.23 million for the six months ended June 30, 2023[190].

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 容而引致的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） 截 至 二 零 二 三 年 六 月 三 十 日 止 六 個 月 的 中 期 業 績 公 告 財務摘要 截至六月三十日止六個月 二零 二三年 二零 二二年 變動 百萬港元 百萬港元 收益 12,141.9 9,697.5 +25.2% 本公司權益持有人應佔溢利 1,391.5 1,904.6 -26.9% 每股盈利－基本 15.63港仙 21.42港仙 -27.0% ...