Core Viewpoint - The company's 1H25 performance slightly missed expectations, primarily due to weak demand in the float and architectural glass sectors, despite a solid performance in automotive glass [1][2]. Financial Performance - 1H25 revenue decreased by 9.7% year-on-year to 9.8 billion, while net profit attributable to shareholders fell by 59.6% to 1 billion [1]. - Automotive glass revenue increased by 10.6% year-on-year to 3.3 billion, with a gross margin improvement of 5.0 percentage points to 54.5% [1]. - Float glass revenue declined by 16.4% year-on-year to 5.4 billion, with a gross margin decrease of 10.6 percentage points to 17.8%, nearing historical lows [1]. Cost and Expenses - The selling expense ratio increased by 1.6 percentage points to 6.7%, attributed to higher import tariff costs from the U.S. [2]. - Capital expenditures decreased by 81% year-on-year to 1 billion, primarily for investments in new industrial parks in China and Indonesia [2]. Development Trends - The deep processing products are expected to provide a profit safety net, while the float glass industry may see marginal improvements in its structure [2]. - The company is focusing on expanding its automotive glass market, which is anticipated to support overall profitability [2]. Profit Forecast and Valuation - The EPS forecast for 2025 has been reduced by 21% to 0.52, while the 2026 EPS remains at 0.68 [2]. - The current stock price corresponds to a P/E ratio of 14x for 2025 and 11x for 2026, with a target price of 8.5 HKD, implying a potential upside of 5% [2].

Core Viewpoint - Xinyi Glass reported a decline in revenue and net profit for 1H25, primarily due to weak demand in the float glass and architectural glass sectors, although automotive glass earnings showed resilience [1][2]. Financial Performance - Revenue for 1H25 decreased by 9.7% YoY to Rmb9.8 billion, with net profit attributable to shareholders falling 59.6% YoY to Rmb1 billion [1]. - Automotive glass revenue increased by 10.6% YoY to Rmb3.3 billion, with gross margin rising by 5.0 percentage points YoY to 54.5% [2]. - Float glass revenue dropped by 16.4% YoY to Rmb5.4 billion, with the industry average selling price (ASP) declining by 28% YoY to Rmb1,329 per ton [3]. Cost and Expenses - The firm's expense ratio increased by 2.4 percentage points YoY to 18.6%, with selling expenses rising by 1.6 percentage points YoY to 6.7%, attributed to higher US import tariffs [4]. - The effective tax rate rose by 5-6 percentage points YoY, linked to a decrease in earnings from associates [4]. Capital Expenditure and Dividends - Capital expenditure fell by 81% YoY to Rmb1 billion, primarily for investments in new industrial parks in China and Indonesia [5]. - An interim dividend of HK$0.125 per share was proposed, with a payout ratio of approximately 49% and a dividend yield of 3.3% [5]. Industry Outlook - The float glass industry is expected to adjust supply through cold repairs, with potential cost increases for highly polluting fuels possibly improving earnings [5]. - The company's focus on deep engagement in the automotive glass aftermarket and expansion into the OEM segment may provide stability to overall earnings [5]. Financial Forecasts - The 2025 EPS forecast was cut by 21% to Rmb0.52, while the 2026 EPS forecast remains at Rmb0.68, reflecting pressures on the float glass business [5]. - The target price is maintained at HK$8.5, implying a 15x 2025e and 11x 2026e P/E ratio, with a 5% upside potential [5].

Core Viewpoint - Xinyi Glass (00868) reported a decline in revenue and profit for the six months ending June 30, 2025, primarily due to falling average selling prices of float glass products [1] Financial Performance - Revenue for the period was 9.821 billion RMB, a decrease of 9.74% year-on-year [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 23.25 cents [1] - The company proposed an interim dividend of 12.5 Hong Kong cents per share [1] Revenue Contribution - The decrease in revenue was mainly attributed to a 16.4% reduction in revenue contribution from float glass product sales compared to the first half of 2024 [1]

信义玻璃(00868)发布公告，该公司将于2025年10月10日派发截至2025年6月30日止6个月的中期股息每 股0.125港元。 ...

智通财经APP讯，信义玻璃(00868)发布公告，该公司将于2025年10月10日派发截至2025年6月30日止6个 月的中期股息每股0.125港元。 ...

智通财经APP讯，信义玻璃(00868)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。 公告称，收益金额减少主要由于2025年上半年浮法玻璃产品的平均售价持续下跌，因此，浮法玻璃产品 销售贡献的收益较2024年上半年减少16.4%。 ...

EF003 | | 香港中央證券登記有限公司 | | --- | --- | | 股份過戶登記處及其地址 | 灣仔皇后大道東183號 | | | 合和中心17樓1712-1716號舖 | | 香港 | | | 代扣所得稅信息 | | | 股息所涉及的代扣所得稅 不適用 | | | 發行人所發行上市權證/可轉換債券的相關信息 | | | 發行人所發行上市權證/可轉換債券 不適用 | | | 其他信息 | | | 其他信息 不適用 | | | 發行人董事 | | | 截至本公告日期，董事會包括四名執行董事，分別為李賢義博士（銀紫荊星章）（主席）、拿督威拉董清波D.C.S.M、丹斯里拿督 | 董清世 P.S.M, D.M.S.M（太平紳士）及李聖根先生（榮譽勳章）；四名非執行董事，分別為李清懷先生、李清涼先生、施能獅先生 | | 及吳銀河先生；以及四名獨立非執行董事，分別為林廣兆先生（金紫荊星章）、王則左先生、陳傳華博士及李慧琼議員（金紫荊星 | | | 章，太平紳士）。 | | 第 2 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 ...

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之有限公司） （股份代號：00868） 截至二零二五年六月三十日止六個月之 中期業績公告 | 財務摘要 | | | | | --- | --- | --- | --- | | | 截至六月三十日止六個月 | | | | | 二零二五年 | 二零二四年 | 變動 | | | 人民幣百萬元 | 人民幣百萬元 | | | | | （經重列） | | | 收益 | 9,821.3 | 10,881.7 | -9.7% | | 本公司股本權益 | | | | | 持有人應佔溢利 | 1,012.8 | 2,509.3 | -59.6% | | 每股盈利－基本 | 人民幣23.25分 | 人民幣59.41分 | -60.9% | | 每股中期股息 | 12.5港仙 | 31.0港仙 | -59.7% | – 3 – ...

信义玻璃(00868)发布公告，于2025年7月30日，根据截至2024年12月31日止的全年末期期股息的以股代 息计划发行4022.4万股代息股份。 ...

智通财经APP讯，信义玻璃(00868)发布公告，于2025年7月30日，根据截至2024年12月31日止的全年末 期期股息的以股代息计划发行4022.4万股代息股份。 ...