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]

Investment Rating - The report initiates coverage with a "Buy" rating for Xinyi Solar Holdings, assigning a target price of HKD 4.34 based on a 25x PE for 2025 [3][28]. Core Insights - The company is benefiting from a reduction in photovoltaic glass capacity, leading to a rebound in product prices [1][4]. - The average selling price of photovoltaic glass has shown signs of recovery, with significant month-on-month increases [4][28]. - The surge in China's photovoltaic installed capacity in 2025H1, driven by anticipated policy changes, has created a rush to complete projects before key deadlines [4][28]. Financial Performance - In 2025H1, the company reported a revenue of approximately RMB 10.932 billion, a year-on-year decline of 6.5%, and a net profit of approximately RMB 746 million, down 58.8% year-on-year [4][28]. - The forecasted net profits for 2025, 2026, and 2027 are RMB 1.458 billion, RMB 2.082 billion, and RMB 2.553 billion, respectively [3][28]. - The company’s revenue is expected to decline by 3% in 2025, followed by a significant growth of 41% in 2026 [5][28]. Production Capacity and Market Dynamics - As of June 30, 2025, the total daily melting capacity of the company's solar glass production is 23,200 tons, with some production lines temporarily suspended [4][28]. - The company is actively evaluating further expansion opportunities in strategic locations while adjusting operational capabilities based on market dynamics [4][28]. Price Trends and Market Conditions - The national average price for 3.2mm photovoltaic glass coating increased by 11.11% month-on-month to 20 yuan/square meter, while the price for 2.0mm coating rose by 18.18% to 13 yuan/square meter [4][28]. - The photovoltaic glass market is experiencing a rebound in prices after a period of decline, indicating potential recovery in profit margins [4][28]. Policy Impact - The anticipated changes in policies have led to a significant increase in the installed capacity of photovoltaic systems in China, with a 107.1% year-on-year growth in 2025H1 [4][28]. - Developers are rushing to complete projects before the deadlines set by new policy implementations, which has contributed to short-term price increases for solar modules and glass [4][28].

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 ...

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) Dear Registered Shareholder, 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 available on the Company's website at www.xinyisolar.c ...

目 錄 | 財務摘要 | 2 | | --- | --- | | 主席報告書 | 3 | | 管理層討論及分析 | 13 | | 簡明綜合收益表 | 23 | | 簡明綜合全面收益表 | 24 | | 簡明綜合資產負債表 | 25 | | 簡明綜合權益變動表 | 27 | | 簡明綜合現金流量表 | 29 | | 簡明綜合財務資料附註 | 31 | | 集團之相關資料 | 68 | | 公司資料 | 83 | 1 信義光能控股有限公司 I 二零二五年中期報告 財務摘要 | | | | 截至 | | --- | --- | --- | --- | | | | | 十二月三十一日 | | | 截至六月三十日止六個月 | | 止年度 | | | 二零二五年 | 二零二四年 | 二零二四年 | | | （未經審核） | （未經審核） | （經審核） | | | | （經重列） | | | （人民幣千元） | | | | | 收入 | 10,931,769 | 11,693,929 | 21,921,447 | | 除所得稅前溢利 | 1,142,902 | 2,454,933 | 1,935,298 | | 本公司權 ...

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) 10 September 2025 Dear Registered Shareholder, Xinyi Solar Holdings Limited (the "Company") The English and Chinese versions of the Company's Current Corporate Communications are available on the Company's website at www.xinyisolar.com and the HKEXnews website of The Stock Exchange of Hong Kong Limited (the "HKEXnews website") at www.hkexnews.hk (the "Website Version"). Yo ...

THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION IF YOU WISH TO RECEIVE ONLY CASH, DO NOT COMPLETE THIS FORM 如欲僅以現金收取股息，不用填寫本表格 此乃要件，請即處理 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的有限公司） (Stock Code: 00968) （股份代號：00968） INTERIM DIVIDEND FOR THE SIX MONTHS ENDED 30 JUNE 2025 AND SCRIP DIVIDEND SCHEME 截至2025年6月30日止六個月的中期股息及以股代息計劃 FORM OF ELECTION 選擇表格 IF YOU WISH TO RECEIVE ALL OR PART OF YOUR INTERIM DIVIDEND BY WAY OF THE SC ...

此乃要件 請即處理 閣下如對本通函任何方面或應採取之行動有任何疑問，應諮詢 閣下之股票經紀商或其他 註冊證券商、銀行經理、律師、專業會計師或其他獨立專業顧問。 閣下如已將名下之信義光能控股有限公司股份全部售出或轉讓，應立即將本通函連同隨附 之選擇表格送交買主或承讓人或經手買賣或轉讓之銀行、持牌證券商或其他代理商，以便 轉交買主或承讓人。 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通函之內容概不負責，對其準 確性或完整性亦不發表任何聲明，並明確表示概不會就本通函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之有限公司） （股份代號：00968） 截至二零二五年六月三十日止六個月的 中期股息之以股代息計劃 二零二五年九月十日 釋 義 除文義另有所指外，本通函及選擇表格（定義見下文）所用下列詞語及詞彙具有以下涵 義： | 「董事會」 | 指 | 董事會； | | --- | --- | --- | | 「中央結算系統」 | 指 | 由香港交易及結算所有限公司運作的中央結算及交收 ...

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8月31日 狀態: 新提交 | 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 | 本月底法定/註冊股本總額： HKD 8,000,000,000 FF301 第 1 頁 共 10 頁 v 1.1.1 致：香港交易及結算所有限公司 公司名稱: 信義光 ...

Group 1 - JPMorgan Chase & Co. increased its stake in Xinyi Solar Holdings Limited (00968.HK) by purchasing 675,300 shares at an average price of HKD 3.2912 per share, totaling approximately HKD 2.22 million [1] - Following this transaction, JPMorgan's total holdings in Xinyi Solar rose to 726,732,981 shares, increasing its ownership percentage from 7.99% to 8.00% [1][3]