Group 1 - The core point of the article is that Xinyi Glass (00868.HK) repurchased 6.227 million shares on August 6, 2023, at a total cost of HKD 49.7325 million [1] - The repurchase price ranged from HKD 7.820 to HKD 8.080 per share, with the closing price on that day being HKD 8.070, reflecting a 1.77% increase [1] - The total trading volume for the day was HKD 149 million, indicating active market participation [1] Group 2 - The detailed repurchase information includes the date, number of shares repurchased, highest and lowest repurchase prices, and total repurchase amount [1] - On August 6, 2023, the company repurchased 622.70 thousand shares at a maximum price of HKD 8.080 and a minimum price of HKD 7.820, totaling HKD 49.7325 million [1]

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 公司名稱： 信義玻璃控股有限公司 呈交日期： 2025年8月6日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 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) | 00868 | 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 ...

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7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: 信義玻璃控股有限公司 呈交日期: 2025年8月5日 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) | 00868 | 說明 | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 4,357,192,919 | | 0 | | 4,357,192,919 | | 增加 / 減少 (-) | | | 40,224,108 | | | | | | 本月底結存 | | | 4,397,417,027 | | 0 | | 4,397,417,027 | 第 2 頁 共 10 頁 v 1.1.1 III.已發行股份及/或庫存股份變動詳情 (A ...

Investment Rating - The investment rating for the company is "Buy" [8] Core Views - The company holds a leading position in three major glass business segments, with continuous growth momentum driven by increasing internationalization. The revenue growth rates for the Greater China and overseas markets in H1 2025 are -20% and +16%, respectively. The company is expected to maintain a positive growth outlook despite the float glass market being at a historical low [5][14] - The revenue forecasts for the company from 2025 to 2027 are projected to be 20.7 billion, 20.4 billion, and 20.8 billion yuan, with year-over-year changes of -7.5%, -1.1%, and +1.7%, respectively. The net profit attributable to the parent company is expected to be 3.2 billion, 3.3 billion, and 3.6 billion yuan, with year-over-year changes of -6.3%, +6.1%, and +7.9%, respectively [5][14] Summary by Sections Business Performance - In H1 2025, the company's total revenue was 9.8 billion yuan, a year-over-year decrease of 10% and a quarter-over-quarter decrease of 14%. The net profit attributable to the parent company was 1 billion yuan, down 60% year-over-year but up 18% quarter-over-quarter. The float glass business faced significant pressure due to declining demand [12] - The float glass revenue in H1 2025 was 5.4 billion yuan, down 16% year-over-year and 17% quarter-over-quarter, with a gross margin of 17.8%, a decrease of 10.5 percentage points year-over-year but an increase of 8.3 percentage points quarter-over-quarter. The average market price for 5mm white glass in H1 2025 was 70 yuan per box, down 27 yuan year-over-year and 4 yuan quarter-over-quarter [12] Segment Analysis - The automotive glass segment showed resilience with revenues of 3.3 billion yuan, up 11% year-over-year and 1% quarter-over-quarter. The gross margin improved to 54.5%, an increase of 4.9 percentage points year-over-year [13] - The building glass segment reported revenues of 1.1 billion yuan, down 22% year-over-year and 33% quarter-over-quarter, with a gross margin of 29.7%, which improved by 1.3 percentage points year-over-year [13] Financial Projections - The company is expected to see a gradual recovery in revenue and profit from 2025 to 2027, with a projected EBITDA of 6.68 billion, 6.99 billion, and 7.45 billion yuan for the respective years. The earnings per share (EPS) are forecasted to be 0.72, 0.76, and 0.82 yuan [15]

Core Viewpoint - Xinyi Glass (stock code 0868.HK) reported a decline in revenue and profit for the first half of fiscal year 2025 due to weak demand and market price pressures in the glass industry, exacerbated by a significant drop in new property project areas and completions [2] Financial Performance - The company recorded a revenue of RMB 9.821 billion, representing a year-on-year decrease of approximately 9.7% [2] - Gross profit was RMB 3.102 billion, with a gross margin of 31.6% [2] - Net profit amounted to RMB 1.013 billion, with a net profit margin of 10.3% [2] - The company maintained a cash balance of RMB 2.033 billion and a net capital debt ratio of 14.3% as of June 30 [2] - The board proposed an interim dividend of HKD 0.125 per share, with a payout ratio of 49.2% [2] Business Strategy - The automotive glass segment experienced steady growth driven by demand for new energy vehicles, which helped offset declines in other business areas [3] - The company focuses on cost control and global production capacity to adapt to market fluctuations [3] - Xinyi Glass is deepening collaborations with leading domestic new energy vehicle companies, emphasizing the development of smart and lightweight automotive glass products [3] - The company is expanding its overseas production bases in Malaysia and Indonesia, enhancing its market competitiveness in Asia and other regions [3]

Group 1 - The core viewpoint of the article indicates that Xinyi Glass (00868) experienced a decline of over 3% following the release of its interim results, with a current price of HKD 7.88 and a trading volume of HKD 61.54 million [1] - Xinyi Glass reported a revenue of RMB 9.821 billion for the period, representing a year-on-year decrease of 9.7%, primarily due to the continuous decline in the average selling price of float glass products [1] - The company's net profit was RMB 1.013 billion, down 59.6% year-on-year, with earnings per share of 23.25 cents [1] Group 2 - The gross profit margin for the first half of the year decreased from 34.2% to 31.6%, mainly due to the ongoing decline in the average selling price of float glass products, although this was somewhat alleviated by a reduction in average costs of raw materials and energy [1] - The interim dividend declared was HKD 0.125, compared to HKD 0.31 in the same period last year [1] - According to China International Capital Corporation (CICC), the performance of Xinyi Glass was in line with its previous forecast but slightly below expectations due to the overall weak demand in the float and architectural glass industry [1] - Huatai Securities noted that the supply side of photovoltaic glass has begun to reduce production, and under the "anti-involution" backdrop, the supply-demand dynamics are expected to improve, with the company being a leading player in photovoltaic glass with significant scale and cost advantages, maintaining a "buy" rating [1]

Company Performance - Xinyi Glass reported a revenue of 9.821 billion RMB, a year-on-year decrease of 9.7%, primarily due to the continuous decline in the average selling price of float glass [1] - The net profit for the period was 1.013 billion RMB, representing a significant year-on-year decline of 59.6%, with earnings per share at 0.2325 RMB [1] - The gross profit margin decreased from 34.2% to 31.6%, mainly attributed to the drop in average selling prices of float glass, although this was somewhat mitigated by lower average costs of raw materials and energy [1] Dividend and Market Reaction - The interim dividend declared was 0.125 HKD per share, down from 0.31 HKD per share in the same period last year [1] - Following the earnings announcement, Xinyi Glass's stock price fell by 3.08%, trading at 7.88 HKD with a transaction volume of 61.541 million HKD [1] Industry Outlook - CICC noted that Xinyi Glass's performance was in line with its previous forecasts but slightly below expectations due to the overall weak demand in the float and construction glass sectors [1] - Huatai Securities indicated that the supply side of photovoltaic glass is beginning to reduce production, suggesting that the supply-demand dynamics may improve under the "anti-involution" context, with Xinyi Glass being a leading player in photovoltaic glass with significant scale and cost advantages, maintaining a "buy" rating [1]

信义玻璃(00868)绩后跌超3%，截至发稿，跌3.08%，报7.88港元，成交额6154.11万港元。 消息面上，信义玻璃发布中期业绩，期内收益98.21亿人民币，同比下降9.7%，主要因浮法玻璃产品平 均售价持续下跌；纯利10.13亿元，同比下降59.6%，每股盈利23.25分。上半年毛利率由34.2%下降至 31.6%，主要由于浮法玻璃产品平均售价持续下降，但因原物料及能源平均成本降低而得到缓解。中期 息12.5港仙，上年同期派31港仙。 中金指出，信义玻璃业绩符合其前期预告，但小幅低于我们预期，主要由于浮法、建筑玻璃行业整体需 求低迷。华泰证券则表示，光伏玻璃供给端开始减产，"反内卷"背景下供需格局有望改善，公司作为光 伏玻璃龙头，规模和成本优势显著，维持"买入"。 ...

Core Viewpoint - CICC has downgraded Xinyi Glass's (00868) 2025 EPS forecast by 21% to HKD 0.52, while maintaining the 2026 EPS at HKD 0.68, reflecting a challenging float glass business in the current year but potential marginal improvement in the industry landscape [1] Group 1: Financial Performance - The company's 1H25 revenue decreased by 9.7% year-on-year to HKD 9.8 billion, and net profit attributable to shareholders fell by 59.6% to HKD 1 billion, slightly below CICC's expectations due to weak demand in the float and architectural glass sectors [2] - Automotive glass revenue increased by 10.6% year-on-year to HKD 3.3 billion, with a gross margin improvement of 5.0 percentage points to 54.5%, slightly exceeding CICC's expectations [3] - Float glass revenue dropped by 16.4% year-on-year to HKD 5.4 billion, with the industry average price falling by 28% to HKD 1,329 per ton, and the gross margin decreased by 10.6 percentage points to 17.8%, nearing historical lows [4] Group 2: Cost and Capital Expenditure - The company's selling expense ratio increased by 2.4 percentage points to 18.6%, primarily due to additional import tariffs from the U.S., with the effective tax rate rising by 5-6 percentage points due to reduced profits from joint ventures [5] - Capital expenditure decreased by 81% year-on-year to HKD 1 billion, mainly for investments in new industrial parks in China and Indonesia, while the interim dividend per share was maintained at HKD 0.125, with a payout ratio of approximately 49% [6] Group 3: Industry Outlook - The float glass industry is expected to continue adjusting supply through cold repairs, with potential for improved profitability due to rising production costs from environmental regulations [7] - The company's focus on automotive glass, particularly in the aftermarket and proactive market expansion, is anticipated to provide a safety net for overall profitability [7]

Core Viewpoint - CICC has downgraded the EPS forecast for Xinyi Glass (00868) for 2025 by 21% to HKD 0.52, while maintaining the 2026 EPS at HKD 0.68, reflecting a challenging environment for the float glass business but potential marginal improvement in the industry landscape [1] Financial Performance - The company's 1H25 revenue decreased by 9.7% year-on-year to HKD 9.8 billion, and the net profit attributable to shareholders fell by 59.6% to HKD 1 billion, slightly below CICC's expectations due to weak demand in the float and architectural glass sectors [2] Automotive Glass Segment - The automotive glass segment showed a revenue increase of 10.6% year-on-year to HKD 3.3 billion, with a gross margin improvement of 5.0 percentage points to 54.5%, slightly exceeding CICC's expectations due to the focus on high-value products and new customer acquisition [3] Float Glass Segment - The float glass segment's revenue declined by 16.4% year-on-year to HKD 5.4 billion, with the industry average price dropping by 28% to HKD 1,329 per ton, and the gross margin fell by 10.6 percentage points to 17.8%, nearing historical lows [4] Expense and Taxation - The company's expense ratio increased by 2.4 percentage points to 18.6%, with the sales expense ratio rising by 1.6 percentage points to 6.7%, attributed to increased import tariffs from the U.S. Additionally, the effective tax rate rose by 5-6 percentage points due to reduced profits from joint ventures [5] Capital Expenditure and Dividends - Capital expenditure decreased by 81% year-on-year to HKD 1 billion, primarily for investments in new industrial parks in China and Indonesia. The company declared an interim dividend of HKD 0.125 per share, maintaining a dividend payout ratio of around 49% and an interim dividend yield of 3.3% [6] Industry Outlook - The float glass industry is expected to adjust supply through cold repairs in the short term, with potential for improved profitability due to rising production costs from environmental regulations. The automotive glass segment's focus on aftermarket and proactive market expansion is anticipated to provide a safety net for overall profitability [7]