IRICO Group New Energy Co. Ltd. Class H (HK:0438)
:0438
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IRICO Group New Energy Co. Ltd. Class H
(0438)
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Select Model
Rating:43Neutral
Price Target:
HK$2.00
▲(0.50% Upside)
Action:UpgradedDate:12/30/25
The score is held down primarily by weak financial performance (recent losses, negative cash flow, and high leverage). Technical indicators also point to soft momentum, while valuation is hard to assess favorably given negative earnings and no dividend yield data.
Positive Factors
PV glass supply-chain focus
A clear focus on PV glass and downstream deep-processing positions the company within a structural growth market: solar module demand underpins long-term volume potential. Specialized manufacturing for modules creates sticky customer relationships and technical barriers to entry versus general glass producers.
Negative Factors
Recent sustained losses and margin collapse
A shift to negative gross profit signals structural margin pressure from pricing, cost inflation, or oversupply. Sustained losses erode reserves and operational flexibility, making consistent profitability recovery dependent on durable demand improvement or meaningful cost/price recovery.
Read all positive and negative factors
Positive Factors
Negative Factors
PV glass supply-chain focus
A clear focus on PV glass and downstream deep-processing positions the company within a structural growth market: solar module demand underpins long-term volume potential. Specialized manufacturing for modules creates sticky customer relationships and technical barriers to entry versus general glass producers.
Read all positive factors
IRICO Group New Energy Co. Ltd. Class H (0438) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$324.43M
Dividend YieldN/A
Average Volume (3M)31.53K
Price to Earnings (P/E)―
Beta (1Y)0.59
Revenue Growth-29.43%
EPS Growth-752.95%
CountryHK
Employees2,548
SectorTechnology
Sector Strength88
IndustrySolar
Share Statistics
EPS (TTM)-1.64
Shares Outstanding96,248,670
10 Day Avg. Volume29,170
30 Day Avg. Volume31,527
Financial Highlights & Ratios
PEG Ratio-0.02
Price to Book (P/B)0.35
Price to Sales (P/S)0.16
P/FCF Ratio-0.51
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
IRICO Group New Energy Co. Ltd. Class H Business Overview & Revenue Model
Company Description
IRICO Group New Energy Company Limited, together with its subsidiaries, engages in the research and development, production, and sale of new energy photovoltaic glass in the People's Republic of China and internationally. The company also offers s...
How the Company Makes Money
IRICO Group New Energy Co. Ltd. generates revenue primarily through the production and sale of solar photovoltaic products, including solar modules and cells. The company capitalizes on the growing demand for renewable energy by supplying solar pr...
IRICO Group New Energy Co. Ltd. Class H Financial Statement Overview
Summary
Income Statement
24
Negative
Balance Sheet
28
Negative
Cash Flow
22
Negative
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 2.76B | 3.28B | 3.15B | 2.47B | 2.07B | 2.52B |
| Gross Profit | -393.75M | -95.22M | 217.70M | 362.85M | 448.32M | 577.30M |
| EBITDA | -280.79M | -7.65M | 85.47M | 289.17M | 288.13M | 325.83M |
| Net Income | -675.85M | -375.95M | ― | 89.23M | 164.43M | 219.66M |
Balance Sheet | ||||||
| Total Assets | 8.89B | 8.78B | 8.84B | 6.38B | 5.13B | 4.98B |
| Cash, Cash Equivalents and Short-Term Investments | 880.78M | 399.54M | 950.93M | 409.09M | 737.99M | 718.24M |
| Total Debt | 6.37B | 5.36B | 5.32B | 2.53B | 1.66B | 1.91B |
| Total Liabilities | 7.77B | 7.30B | 7.04B | 4.46B | 3.21B | 3.24B |
| Stockholders Equity | 1.12B | 1.48B | 1.80B | 1.92B | 1.92B | 1.75B |
Cash Flow | ||||||
| Free Cash Flow | -1.31B | -1.00B | -664.34M | -456.07M | -635.80M | 138.49M |
| Operating Cash Flow | -979.34M | -513.25M | 276.96M | 89.23M | -537.90M | 185.60M |
| Investing Cash Flow | -315.95M | -474.69M | -925.71M | -508.40M | 197.94M | 229.13M |
| Financing Cash Flow | 1.10B | 409.67M | 1.19B | 594.99M | 358.25M | -166.03M |
IRICO Group New Energy Co. Ltd. Class H Technical Analysis
Negative
1.99
Price Trends
1.99
Negative
2.06
Negative
2.22
Negative
Market Momentum
-0.05
Positive
44.29
Neutral
23.89
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:0438, the sentiment is Negative. The current price of 1.99 is above the 20-day moving average (MA) of 1.91, above the 50-day MA of 1.99, and below the 200-day MA of 2.22, indicating a bearish trend. The MACD of -0.05 indicates Positive momentum. The RSI at 44.29 is Neutral, neither overbought nor oversold. The STOCH value of 23.89 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for HK:0438.
IRICO Group New Energy Co. Ltd. Class H Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
45 Neutral | HK$100.69M | -0.80 | ― | ― | 3.70% | -42.25% | |
44 Neutral | HK$75.07M | -1.44 | -11.75% | ― | -11.09% | 69.57% | |
43 Neutral | HK$324.43M | -0.56 | -56.71% | ― | -29.43% | -752.95% | |
43 Neutral | HK$249.28M | -0.84 | -24.72% | ― | -43.94% | -162.54% | |
43 Neutral | HK$184.84M | -5.85 | 122.88% | ― | 13.38% | 33.42% | |
42 Neutral | HK$544.55M | -7.28 | -1.39% | ― | 36.71% | 8.15% |
* Technology Sector Average
HK:0438
IRICO Group New Energy Co. Ltd. Class H
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IRICO Group New Energy Co. Ltd. Class H Corporate Events
IRICO Group New Energy Warns of Wider 2025 Loss on PV Glass Price Slump
Jan 29, 2026
IRICO Group New Energy Company Limited has issued a profit warning, flagging that its operating revenue for 2025 is expected to fall about 11%–12% year-on-year to roughly RMB2.89–2.92 billion, while its net loss attributable to shareho...
IRICO Group New Energy Appoints Veteran Executive as Deputy General Manager
Jan 28, 2026
IRICO Group New Energy Company Limited has appointed Mr. Zhang Jikui as deputy general manager of the company, effective 28 January 2026, strengthening its senior management team. Mr. Zhang, 53, has been with the group since 1990 and brings extens...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.