Core Viewpoint - Morgan Stanley has reduced its stake in Xinyi Solar Holdings Limited, indicating a potential shift in investment strategy or market outlook [1] Group 1: Shareholding Changes - On October 21, Morgan Stanley sold approximately 14.95 million shares of Xinyi Solar at a price of HKD 3.4694 per share, totaling around HKD 51.88 million [1] - After the reduction, Morgan Stanley's remaining shareholding stands at approximately 626.1 million shares, representing a 6.84% ownership stake in Xinyi Solar [1]

Core Viewpoint - Xinyi Solar Holdings Limited (00968) announced the issuance of 68.5963 million shares as part of its scrip dividend scheme for the interim dividend for the six months ending June 30, 2025, scheduled for October 10, 2025 [1] Summary by Category - **Company Announcement** - The company will issue 68.5963 million shares under the scrip dividend plan [1]

信义光能(00968)发布公告，于2025年10月10日，根据截至2025年6月30日止6个月的中期股息的以股代 息计划发行的代息股份6859.63万股。 ...

格隆汇10月10日丨信义光能(00968.HK)发布公告，于2025年10月10日，根据截至2025年6月30日止六个 月的中期股息的以股代息计划发行6859.63万股代息股份。 ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 | 第一章節 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | 是 | | | | 證券代號 (如上市) | 00968 | 說明 | | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | | 庫存股份變動 | | | | | 事件 | | 已發行股份（不包括庫存股份）數 目 | | 佔有關事件前的現有已發 行股份（不包括庫存股 份）數目百分比 (註3) | 庫存股份數目 | 每股發行/出售價 (註4) | | 已發行股份總數 | | 於下列日期開始時的結存(註1) | 2025年9月30日 | | 9,078,447,365 | | 0 | | | 9,078,447,365 | | 1). ...

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: 2025年10月3日 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9月30日 狀態: 新提交 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 | 本月底 ...

Core Viewpoint - The Hong Kong solar stocks experienced a significant increase in share prices on October 2, 2023, indicating positive market sentiment towards the solar energy sector [1] Company Summaries - Xinyi Solar (00968.HK) saw a rise of 9.01%, reaching HKD 3.75 [1] - Fuyao Glass (06865.HK) increased by 6.69%, trading at HKD 12.12 [1] - Xinyi Energy (03868.HK) rose by 3.13%, with shares priced at HKD 1.32 [1] - GCL-Poly Energy (03800.HK) experienced a 3.05% increase, with a share price of HKD 1.35 [1]

Core Insights - The company reported a significant decline in net profit for H1 2025, with a year-on-year decrease of 58.8%, while revenue fell by 6.5% to approximately 10.932 billion yuan [1] - The average selling price of solar glass products dropped sharply, impacting profit margins, despite an increase in sales volume [1] - The company is pausing some solar glass production capacity while expanding in Indonesia, with new production lines expected to start in Q1 2026 [1] Financial Performance - For H1 2025, the company achieved a revenue of approximately 10.932 billion yuan, down 6.5% year-on-year, and a net profit of about 746 million yuan, down 58.8% [1] - The company’s comprehensive performance showed significant improvement compared to H2 2024 [1] Market Dynamics - The average price of photovoltaic glass has started to recover, with a notable increase in prices for both 3.2mm and 2.0mm coated glass as of September 25, 2025 [2] - The surge in photovoltaic installations in China during H1 2025 was driven by anticipated policy changes, leading to a year-on-year increase of 107.1% in new installed capacity [3] Strategic Outlook - The company has not developed any large-scale solar power projects for grid connection as of H1 2025, with a total approved grid-connected capacity of 6,245 MW [2] - The company maintains a profit forecast for 2025-2027, projecting net profits of 1.458 billion yuan, 2.082 billion yuan, and 2.553 billion yuan respectively, with a target price of 4.34 HKD based on a 25x PE ratio for 2025 [3]

Charles Zhuang 庄怀超 SFC CE: BTE209 微信: zhuangcharles; 电话: (852) 9748 7114; 26 Sep 2025 环球富盛理财有限公司 信义光能 Xinyi Solar Holdings (0968.HK) 动向解读 策略建议 ➢ 盈利预测。我们维持公司 2025-2027 年归母净利润分别为 14.58 亿元、20.82 亿元、25.53 亿元。结合可 比公司估值，给予公司 2025 年 25 倍 PE，按照港元兑人民币 0.92 汇率计算，对应目标价为 4.34 港币，首 次覆盖给予"买入"评级。 See the last page for disclaimer 1 [Table_header2] 受益于光伏玻璃去产能，产品价格触底回升 Benefiting from the reduction of capacity & Price of photovoltaic glass rebounded 最新动态 ➢ 2025H1 归母净利润同比下降 58.8%。2025H1，集团实现营业收入约 109.32 亿元，同比下降 6.5%，实现 归母净利润约 ...

Dear Non-Registered Holder of Securities of the Company(1) , XINYI SOLAR HOLDINGS LIMITED 信義光能控股有限公司 (Incorporated in the Cayman Islands with limited liability) （於開曼群島註冊成立之有限公司） (Stock code: 00968) 19 September 2025 Xinyi Solar Holdings Limited (the "Company") - Notice of Publication of Interim Report 2025 (the "Current Corporate Communications") and Arrangement of Electronic Dissemination of Corporate Communications The English and Chinese versions of the Company's Current Corporate Communications are avai ...