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，並明確表示概不就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) 董事會會議通知 承董事會命 信義光能控股有限公司 執行董事兼公司秘書 朱燦輝 香港，二零二六年二月十二日 於本公告日期，董事會包括兩名非執行董事，分別為李賢義博士（銀紫荊星章）（董事會主席） 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)，四名執行董事，分別為李聖潑先生 （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，以及三名獨立非執行 董事，分別為盧溫勝先生、簡亦霆先生及梁仲萍女士。 本公告將於聯交所網站 www.hkexnews.hk 及本公司網站 www.xinyisolar.com 刊載。 信義光能控股有限公司(「本公司」，連同其附屬公司統稱「本集團」) 董事(「董事」) 會(「董事會」) 謹此宣佈，本公 ...

Core Viewpoint - CICC maintains a neutral rating for Xinyi Solar (00968) with a target price of HKD 3.6, indicating a potential upside of 1.4% from the current stock price, which corresponds to P/E ratios of 14.2 and 12.1 for 2026 and 2027 respectively. New revenue forecast for 2027 is set at CNY 21.293 billion, with a profit forecast of CNY 2.355 billion [1] Group 1: Company Status - The reduction in export tax rebates has led to a temporary increase in domestic demand for solar components, resulting in a slight rise in photovoltaic glass prices. The company is experiencing a recovery in sales profits for photovoltaic glass. The first half of the year saw weak demand for components, with inventory clearance being the main focus for photovoltaic glass, expected to continue until mid-February [2] - Year-to-date, the inventory days in the glass industry have decreased from 40.17 days to 34.18 days, a reduction of approximately 6 days. The company aims to control inventory days to alleviate pressure from accumulation during the Spring Festival [2] Group 2: Overseas Shipment and Profitability - The company has increased its overseas shipment ratio, with a new 1200-ton production line in Indonesia launched on January 15. Another line is expected to be operational soon, aiming for full production and sales within the year. Overseas production capacity now accounts for 24.7% of the company's total production capacity [3] - Given the demand for overseas components and the supply of glass, it is estimated that the company will need to export 10-15% of its products domestically. Combined with overseas production shipments, the total overseas shipment ratio is expected to exceed 35%, with long-term profit margins for photovoltaic glass overseas being better than those domestically [3] Group 3: Profit Forecast and Valuation - The company has adjusted its revenue forecast for 2025 upwards by 13.4% to CNY 18.914 billion, considering that photovoltaic glass prices are expected to be higher than anticipated in October-November 2025. The profit forecast for Q4 has been raised by 2% to CNY 1.528 billion due to better-than-expected glass prices [4] - For 2026, with an increase in the export ratio and higher overseas prices compared to domestic ones, the overall sales price of glass is expected to rise, leading to a 10.3% increase in revenue forecast to CNY 20.324 billion. However, due to potential risks from silicon material capacity impairment and declining profit margins from weak domestic component demand, the profit forecast has been adjusted downwards by 1.2% to CNY 2.033 billion [4]

Company Overview - CICC maintains a neutral rating for Xinyi Solar (00968) with a target price of HKD 3.6, corresponding to P/E ratios of 14.5 and 12.3 for 2026 and 2027, indicating a potential upside of 1.4% from the current stock price [1] - The company has introduced a revenue forecast for 2027 at CNY 21.293 billion and a profit forecast of CNY 2.355 billion [1] Current Situation - The reduction in export tax rebates has led to a temporary increase in domestic demand for solar components, resulting in a slight rise in photovoltaic glass prices, with sales profits showing some recovery [1] - Demand for components was weak in the first half of the year, with photovoltaic glass primarily focused on inventory clearance, expected to last until mid-February [1] - The inventory days in the glass industry have decreased from 40.17 days to 34.18 days, a reduction of approximately 6 days [1] - The company aims to control inventory days to alleviate pressure from accumulation during the Spring Festival [1] Overseas Expansion - The company has launched a 1200-ton production line in Indonesia on January 15, with another line expected to commence soon, aiming for full production and sales within the year [1] - The overseas production capacity now accounts for 24.7% of the company's total production capacity [1] - It is estimated that the company will need to export 10-15% of its products domestically to overseas markets, with total overseas shipments expected to exceed 35%, as overseas profit margins for photovoltaic glass are anticipated to be higher than domestic ones [1] Profit Forecast and Valuation - The revenue forecast for 2025 has been raised by 13.4% to CNY 18.914 billion due to higher-than-expected photovoltaic glass prices in October-November [2] - The profit forecast for Q4 has been increased by 2% to CNY 1.528 billion due to better-than-expected glass prices [2] - For 2026, the revenue forecast has been adjusted upward by 10.3% to CNY 20.324 billion, considering the increase in export proportion and higher overseas prices [2] - However, the profit forecast has been slightly reduced by 1.2% to CNY 2.033 billion due to risks associated with silicon material impairment and declining profit margins from weak domestic component demand [2]

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1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: 信義光能控股有限公司 呈交日期: 2026年2月4日 I. 法定/註冊股本變動 | 根據《主板上市規則》第13.32D(1)條或第19A.28D(1)條 / 《GEM上市規則》第17.37D(1)條或第25.21D(1)條，我們在此確認，就上述所列股份類別而言，截至本月底: | | | --- | --- | | 已符合適用的公眾持股量要求（見下方） | ✔ | | 未符合適用的公眾持股量要求（見下方） | | | 根據《主板上市規則》第13.32B條或第19A.28B條 / 《GEM上市規則》第17.37B條或第25.21B條（視情況而定）所載的有關股份類別的最低公眾持股量要求為： | | | 適用的公眾持股量門檻 初始指定門檻 - 上市股份所屬類別的已發行股份總數(不包括庫存股份)的25% | | | | 額外信息 | 第 2 頁 共 10 頁 v 1.2.0 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港 ...

Group 1 - Morgan Stanley reduced its stake in Xinyi Solar (00968) by 26.71262 million shares at a price of HKD 3.3735 per share, totaling approximately HKD 90.115 million [2][4] - After the reduction, Morgan Stanley's remaining shareholding is approximately 625 million shares, representing a holding percentage of 6.82% [2][4]

Core Viewpoint - JPMorgan Chase & Co. has reduced its stake in Xinyi Solar Holdings Limited (00968.HK) by selling 26,712,620 shares at an average price of HKD 3.3735 per share, amounting to approximately HKD 90.115 million, resulting in a decrease in their holding percentage from 7.12% to 6.82% [1] Group 1 - On January 27, 2026, JPMorgan Chase & Co. sold 26,712,620 shares of Xinyi Solar at an average price of HKD 3.3735 [1] - The total value of the shares sold by JPMorgan Chase & Co. is approximately HKD 90.115 million [1] - After the sale, JPMorgan Chase & Co. holds a total of 624,684,910 shares in Xinyi Solar [1]

Core Viewpoint - Morgan Stanley has reduced its stake in Xinyi Solar (00968) by selling 26,712,620 shares at a price of HKD 3.3735 per share, totaling approximately HKD 90.115 million, resulting in a new holding of about 625 million shares, representing 6.82% of the company [1] Group 1 - Morgan Stanley sold 26,712,620 shares of Xinyi Solar on January 27 [1] - The sale price was HKD 3.3735 per share, amounting to a total of approximately HKD 90.115 million [1] - After the reduction, Morgan Stanley's remaining shares in Xinyi Solar are approximately 625 million, which is 6.82% of the total shares [1]

Group 1 - Morgan Stanley reduced its stake in Xinyi Solar (00968) by 26.71262 million shares at a price of HKD 3.3735 per share, totaling approximately HKD 90.115 million [1] - After the reduction, the latest number of shares held by Morgan Stanley is approximately 625 million, representing a holding percentage of 6.82% [1]

Group 1 - JPMorgan Chase & Co. increased its stake in Xinyi Solar Holdings Limited (00968.HK) by acquiring 21,234,012 shares at an average price of HKD 3.4614 per share, totaling approximately HKD 73.5 million [1] - Following this acquisition, JPMorgan's total holdings in Xinyi Solar rose to 651,397,530 shares, increasing its ownership percentage from 6.88% to 7.12% [1]

香港联交所最新资料显示，1月26日，小摩增持信义光能(00968)2123.4012万股，每股作价3.4614港元， 总金额约为7349.94万港元。增持后最新持股数目约为6.51亿股，持股比例为7.12%。 ...