2H25 beat on higher ASP; higher profitability from overseas market to support current valuation; upgrade to 2026 | 4:19PM CST | Research | Equity Xinyi Solar reported net profit of Rmb99mn in 2H25, which came in substantially higher than GSe of 2,257mn net loss, due to higher-than-expected ASP (Rmb16/sqm vs. China spot pricing in 2H25) from higher revenue mix overseas (North America and India). Looking ahead, management guided continued investment overseas with 2.4kton/day capacity scheduled to launch in 2.3kton/day phase II capacity started construction, taking overseas capacity to 25% of total effective capacity in 2030 from 13% in 2025 per our estimate.