摩根士丹利发表研报，就信义玻璃的土地使用权资产作出更新，假设其资产的平均使用期限为30.5年。 该行上调公司2026至2027年的每股盈测0.1%及0.4%，即2025至2027年的每股盈测分别为0.66元、0.72元 及0.73元，目标价由7港元微升至7.1港元，仍维持"减持"评级。 ...

第 1 頁 共 2 頁 v 1.1.1 EF003 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（可選擇以股份代替）公告 | | 發行人名稱 | 信義玻璃控股有限公司 | | 股份代號 | 00868 | | 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6月30日止六個月之中期股息 | | 公告日期 | 2025年8月21日 | | 公告狀態 | 更新公告 | | 更新/撤回理由 | 更新現金股息轉換為代息股份的價格及選擇權截止時限 | | 股息信息 | | | 股息類型 | 中期（半年期） | | 股息性質 | 普通股息 | | 財政年末 | 2025年12月31日 | | 宣派股息的報告期末 | 2025年6月30日 | | 宣派股息 | 每 股 0.125 HKD | | 股東批准日期 | 不適用 | | ...

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佈之內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不對因本公佈全部或任何部份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 GLASS HOLDINGS LIMITED 信義玻璃控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：00868） 截至二零二五年六月三十日止六個月 中期股息之 以股代息計劃 計算市值 以股代息計劃詳情 就計算代息股份數目而言，代息股份的市值（「市值」）已釐定為股份於二零二五年八 月十四日（星期四）起至二零二五年八月二十日（星期三）（包括首尾兩日）連續五個交 易日在聯交所所報每股平均收市價的95%（向下調整至兩個小數位）。按此方式計 – 1 – 算，平均收市價為8.622港元，故市值釐定為8.19港元。因此，代息股份數目將按 下列公式計算： | | | 已選擇以股代息計劃 | | 12.5港仙 | | --- | --- | --- | --- | --- | | 代息股份數目 | ＝ | 並於記錄日期持有 | x | （中期股息） | | | | 的現有股份數目 | | 8.1 ...

Core Viewpoint - Meiyuan Jixiang (600868) plans to acquire 65% of Shanghai Xinjiyu Information Technology Service Co., Ltd. for 106 million yuan to expand its BPO business, despite facing significant financial losses and scrutiny from the Shanghai Stock Exchange regarding the necessity and valuation of the transaction [1][2][3]. Financial Performance - Meiyuan Jixiang has reported continuous losses, with an expected net loss of 32 million to 27 million yuan for the first half of 2025 [1]. - The company recorded a net loss of 82.82 million yuan in 2024, a slight improvement from a 100 million yuan loss in 2023 [6]. - The company's hydroelectric power business generated 224 million yuan in revenue in 2024, a year-on-year increase of 26.51%, with a gross margin of 40.9%, making it the most profitable segment [7]. Acquisition Details - The acquisition of Xinjiyu is valued at a 266.03% premium, with an estimated goodwill of approximately 76 million yuan post-acquisition [2][3]. - Xinjiyu's revenue for 2024 and the first five months of 2025 were reported at 171 million yuan and 66.76 million yuan, respectively, with net profits of 7.44 million yuan and 4.92 million yuan [1]. Business Model and Risks - Xinjiyu primarily operates in customer service and e-commerce outsourcing, with major clients including NIO, Daikin, and Adidas, but its business model is considered light asset [2]. - The Shanghai Stock Exchange has raised concerns about the sustainability of Xinjiyu's business model and the potential risks associated with the integration of the two companies [2][3]. Performance Commitments - Meiyuan Jixiang has set performance commitments for Xinjiyu, requiring a combined net profit of no less than 55 million yuan from 2025 to 2028, with penalties for non-compliance [4][5]. - The company must demonstrate the feasibility of these commitments based on market conditions and existing orders [5]. Market Comparison - Xinjiyu's gross margin of 8.79% is significantly lower than its peers, such as Jingbeifang and Cai'an Financial, which have gross margins of 21.43% and 20.15% for 2024, respectively [5].

香港联交所最新资料显示，8月18日，信义玻璃(00868)股东将股票由花旗银行转入香港上海汇丰银行， 转仓市值13.37亿港元，占比3.46%。 信义玻璃公布，2025年8月6日公司耗资约4973.25万港元回购622.7万股股份。 ...

信义玻璃公布，2025年8月6日公司耗资约4973.25万港元回购622.7万股股份。 智通财经APP获悉，香港联交所最新资料显示，8月18日，信义玻璃(00868)股东将股票由花旗银行转入 香港上海汇丰银行，转仓市值13.37亿港元，占比3.46%。 ...

Core Viewpoint - Xinyi Glass Holdings Limited (信义玻璃) has experienced a significant decline in its financial performance for the first half of 2025, with a notable drop in both revenue and profit [1] Financial Performance - The company reported revenue of 9.821 billion RMB for the six months ending June 30, 2025, representing a year-on-year decrease of 9.74% [1] - Shareholders' profit attributable to the company was 1.013 billion RMB, down 59.64% compared to the previous year [1] - Basic earnings per share were reported at 23.25 cents [1] - The company proposed an interim dividend of 0.125 HKD per share [1] Shareholder Activity - On August 14, 2023, shareholders transferred shares from HSBC to Citibank, with a transfer market value of 1.713 billion HKD, accounting for 4.48% of the total shares [1]

信义玻璃发布截至2025年6月30日止六个月的中期业绩，收益98.21亿元(人民币，下同)，同比减少 9.74%；股东应占溢利10.13亿元，同比减少59.64%；每股基本盈利23.25分；拟派发中期股息每股12.5港 仙。 智通财经APP获悉，香港联交所最新资料显示，8月14日，信义玻璃(00868)股东将股票由香港上海汇丰 银行转入花旗银行，转仓市值17.13亿港元，占比4.48%。 ...

Summary of Xinyi Glass Conference Call Company Overview - **Company**: Xinyi Glass - **Industry**: Glass manufacturing, specifically float glass, automotive glass, and construction glass Key Financial Performance - **Revenue**: Decreased by 7% year-on-year to RMB 98.00 billion [2][3] - **Net Profit**: Decreased by 59.6% to RMB 11.3 million, with a net profit margin dropping from 12.8% to 10.3% [2][4] - **Gross Profit**: Decreased by 16.7% to RMB 3.1 billion, with a gross margin decline of 2.6 percentage points to 31.6% [2][4] - **Float Glass Revenue**: Decreased by 16.4%, accounting for 55% of total revenue, with a gross margin decline of approximately 10 percentage points to 17.8% [2][3] - **Automotive Glass Revenue**: Increased by 10.4%, accounting for 34% of total revenue, with a gross margin increase of 5 percentage points to 54.5% [2][3] - **Construction Glass Revenue**: Increased by 22.3%, accounting for 41% of total revenue, with slight gross margin improvement [2][3] Market Dynamics - **Real Estate Impact**: Domestic real estate market weakness led to a 14.8% decline in construction area, affecting float glass prices [2][3] - **Inventory Trends**: Industry inventory increased in the first half of the year, but improved in July with sales exceeding production [4][28] - **Automotive Glass Market**: Xinyi Glass holds over 26% market share in the global aftermarket, with significant exports to 140 countries [5][6] Strategic Initiatives - **Cost Structure Optimization**: The company aims to enhance competitiveness and profitability through cost optimization and product development [3][7] - **International Expansion**: New factories established in Malaysia and Indonesia to meet overseas demand, with expected overseas sales growth of approximately 15% in 2025 [5][6][19] - **Production Capacity**: Anticipated 10% increase in effective float glass capacity, primarily from the new Indonesian factory [3][14][15] Financial Health - **Liquidity Ratios**: Current ratio improved from 1.06 to 1.18; net debt ratio decreased from 16.3% to 14.3% [3][11] - **Cash Reserves**: Cash reserves reached RMB 2 billion, an increase of RMB 300 million from the previous year [3][11] - **Debt Management**: Transitioning from HKD loans to RMB loans to reduce interest expenses [3][13] Challenges and Risks - **Price Volatility**: Float glass prices are expected to remain stable, with no significant fluctuations anticipated in the near term [28] - **Raw Material Costs**: Lower prices for soda ash and natural gas are beneficial for maintaining current price levels [29] Future Outlook - **Market Strategy**: Continued focus on international market expansion and product innovation to adapt to changing customer needs [7][19] - **Production Plans**: No new domestic float glass capacity expected; future growth will be concentrated overseas [16][17] Additional Insights - **Fixed Asset Impairments**: Significant impairments noted in Hainan and Chongqing operations due to production line changes [8] - **Dividend Policy**: EPS for 2025 is projected at RMB 0.2325, with a dividend payout ratio of 49.2% [9][10]

Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, primarily due to the ongoing downturn in the float glass business and the negative impact from its stake in Xinyi Glass [1][2]. Group 1: Financial Performance - In H1 2025, the company's revenue was 9.8 billion yuan, a year-on-year decrease of 10% and a quarter-on-quarter decrease of 14% [1]. - The net profit attributable to shareholders was 1 billion yuan, down 60% year-on-year but up 18% quarter-on-quarter [1]. - Float glass revenue was 5.4 billion yuan, reflecting a year-on-year decline of 16% and a quarter-on-quarter decline of 17% [2]. Group 2: Float Glass Business - The float glass business faced continuous demand downturn, leading to pressure on both price and volume [2]. - The average market price for 5mm white glass was 700 yuan per box, down 27 yuan year-on-year and 4 yuan quarter-on-quarter [2]. - The gross margin for float glass was 17.8%, a decrease of 10.5 percentage points year-on-year, although it improved by 8.3 percentage points quarter-on-quarter due to falling raw material prices [2]. Group 3: Automotive and Processed Glass - Automotive glass sales showed resilience with revenues of 3.3 billion yuan, up 11% year-on-year, while processed glass revenue was 1.1 billion yuan, down 22% year-on-year [3]. - The gross margin for automotive glass was 54.5%, an increase of 4.9 percentage points year-on-year, while processed glass had a margin of 29.7%, up 1.3 percentage points year-on-year [3]. - The decline in processed glass revenue is attributed to pressure on demand, while the improvement in margins for both segments is driven by lower raw material costs [3]. Group 4: Future Outlook - The company maintains a positive growth outlook, with expectations for revenue in 2025-2027 to be 20.7 billion, 20.4 billion, and 20.8 billion yuan respectively, reflecting year-on-year changes of -7.5%, -1.1%, and +1.7% [4]. - Net profit forecasts for the same period are 3.2 billion, 3.3 billion, and 3.6 billion yuan, with year-on-year changes of -6.3%, +6.1%, and +7.9% [4]. - The company is focusing on potential supply-side measures to counteract the downturn in the float glass market and is maintaining a "buy" rating [4].