Xinyi Solar Holdings (0968) AI Stock Analysis

• Market Cap: $28.45B
• Dividend Yield: 1.41%
• Average Volume (3M): 91.84M
• Price to Earnings (P/E): 25.4
• Beta (1Y): 1.10
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: HK
• Employees: 9,645
• Sector: Technology
• Sector Strength: 88
• Industry: Solar
• EPS (TTM): 0.09
• Shares Outstanding: 9,147,044,000
• 10 Day Avg. Volume: 109,086,387
• 30 Day Avg. Volume: 91,837,705
• PEG Ratio: -0.36
• Price to Book (P/B): 0.97
• Price to Sales (P/S): 1.28
• P/FCF Ratio: -7.61
• Enterprise Value/Market Cap: 1.43
• Enterprise Value/Revenue: 1.92
• Enterprise Value/Gross Profit: 18.06
• Enterprise Value/Ebitda: 11.84
• 1Y Price Target: $3.51
• Price Target Upside: 12.79% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 2
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 55 Neutral
• Price Target: HK$3.00 ▼(-3.54% Downside)

The overall stock score is primarily influenced by financial performance, which shows strong revenue growth but declining profitability margins and cash flow volatility. Technical analysis indicates a bearish trend, and valuation metrics suggest moderate pricing with a low dividend yield. These factors combine to yield a moderate overall score.

Positive Factors

Revenue Growth

Consistent revenue growth indicates strong market demand and effective business strategies, positioning the company well for future expansion.

Market Position

Being a leader in solar glass manufacturing provides a competitive edge, ensuring steady demand from photovoltaic manufacturers globally.

Operational Resilience

A strong EBITDA margin suggests efficient operations and the ability to withstand cost pressures, supporting long-term profitability.

Negative Factors

Declining Profit Margins

Decreasing profit margins indicate rising costs or pricing pressures, which could affect future profitability if not addressed.

Increased Leverage

Higher leverage can increase financial risk and limit the company's ability to invest in growth opportunities without incurring more debt.

Cash Flow Volatility

Volatile cash flow suggests challenges in cash management, which could impact the company's ability to fund operations and growth sustainably.

Xinyi Solar Holdings Business Overview & Revenue Model

Company Description

Xinyi Solar Holdings Limited, an investment holding company, produces and sells solar glass products in the People's Republic of China, rest of Asia, North America, Europe, and internationally. It operates in two segments, Sales of Solar Glass and Solar Farm Business. The company offers photovoltaic power station, ultraclear patterned glasses, back glasses, and AR photovoltaic glasses. It also develops, operates, and manages solar farms; and provides engineering, procurement, and construction services. In addition, the company engages in the provision of solar power systems; and trading of solar glass products. Xinyi Solar Holdings Limited was founded in 2008 and is headquartered in Wuhu, the People's Republic of China.

How the Company Makes Money

Xinyi Solar generates revenue primarily through the sale of its solar glass products, which are supplied to photovoltaic manufacturers globally. The company benefits from economies of scale due to its large production capacity, allowing it to meet the growing demand for solar energy solutions. Additionally, Xinyi Solar earns income from its solar power generation segment, where it develops, operates, and sells electricity from solar power plants. The company also engages in strategic partnerships with other firms in the renewable energy sector to enhance its market reach and operational efficiency. Fluctuations in solar glass prices, government policies favoring renewable energy, and technological advancements in solar energy are significant factors influencing its revenue streams.

Xinyi Solar Holdings Financial Statement Overview

Summary

Xinyi Solar Holdings shows strong revenue growth, but profitability margins have declined due to cost pressures. The balance sheet remains stable, though leverage has increased. Cash flow volatility is a concern, indicating a need for better cash management.

Income Statement

Xinyi Solar Holdings has shown consistent revenue growth with a CAGR of approximately 15.2% over the past five years. Gross profit margin has decreased from 54.3% in 2020 to 31.5% in 2023, indicating increased cost pressures. Net profit margin also declined from 37% in 2020 to 15.7% in 2023. Nevertheless, the company maintains a healthy EBITDA margin reflecting operational resilience.

Balance Sheet

The company's debt-to-equity ratio has increased from 0.26 in 2020 to 0.36 in 2023, indicating higher leverage. Return on equity has decreased from 17.2% in 2020 to 13.1% in 2023. The equity ratio remains strong at 52.9% in 2023, suggesting a balanced asset structure.

Cash Flow

Free cash flow has been volatile, with a significant decline in 2021 and 2022. Operating cash flow to net income ratio was positive in 2020 but has faced challenges due to increased capital expenditures. The company needs to improve its cash management strategies to ensure sustainable growth.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	21.21B	21.92B	26.63B	20.54B	16.06B	12.32B
Gross Profit	2.26B	3.47B	7.09B	6.12B	7.52B	6.56B
EBITDA	3.44B	4.26B	7.78B	6.90B	7.85B	6.82B
Net Income	-137.07M	1.01B	4.19B	3.82B	4.92B	4.56B
Balance Sheet
Total Assets	58.70B	56.93B	60.43B	50.58B	49.07B	43.42B
Cash, Cash Equivalents and Short-Term Investments	3.08B	1.03B	2.88B	5.37B	7.89B	9.29B
Total Debt	14.16B	12.54B	11.51B	8.91B	8.85B	6.81B
Total Liabilities	23.25B	22.52B	22.57B	15.34B	12.96B	11.40B
Stockholders Equity	29.95B	29.05B	31.97B	29.75B	30.31B	26.52B
Cash Flow
Free Cash Flow	-1.50B	-3.69B	-4.10B	-723.25M	-1.15B	1.06B
Operating Cash Flow	1.78B	1.31B	5.79B	5.92B	3.79B	4.35B
Investing Cash Flow	-2.89B	-4.01B	-10.40B	-5.52B	-4.91B	-2.36B
Financing Cash Flow	1.42B	822.27M	2.19B	-1.99B	-805.82M	4.99B

Xinyi Solar Holdings Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 3.11
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:0968, the sentiment is Neutral. The current price of 3.11 is above the 20-day moving average (MA) of 3.04, below the 50-day MA of 3.30, and above the 200-day MA of 3.04, indicating a neutral trend. The MACD of -0.02 indicates Negative momentum. The RSI at 48.32 is Neutral, neither overbought nor oversold. The STOCH value of 74.92 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for HK:0968.

Xinyi Solar Holdings Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
0968	55 Neutral	$28.45B	25.45	―	1.41%	―	―
1799	45 Neutral	HK$9.72B	-2.74	-9.60%	―	-32.90%	-152.00%
0750	42 Neutral	HK$597.50M	-9.56	-1.39%	―	36.71%	8.15%
3800	38 Underperform	HK$34.88B	-5.19	-13.00%	―	-44.73%	-10.66%

Xinyi Solar Holdings Corporate Events

Xinyi Solar and Xinyi Glass Renew Connected Production Equipment Purchase Deal for 2026

Xinyi Solar and Xinyi Glass have renewed their intra-group production equipment procurement arrangement, with subsidiaries of the two Hong Kong–listed companies signing a new 2026 Production Equipment Purchase Agreement on 24 December 2025 for a one-year term from 1 January to 31 December 2026. Because Xinyi Glass is a substantial shareholder of Xinyi Solar and both groups share common controlling shareholders, the deal is classified as a continuing connected transaction for each company under Hong Kong Listing Rules; however, as the applicable percentage ratios remain above 0.1% but below 5%, the arrangement is only subject to reporting and announcement requirements and is exempt from circular and independent shareholders’ approval, signalling a routine renewal that maintains operational continuity without triggering more onerous regulatory procedures.

The most recent analyst rating on (HK:0968) stock is a Buy with a HK$3.40 price target. To see the full list of analyst forecasts on Xinyi Solar Holdings stock, see the HK:0968 Stock Forecast page.

Xinyi Solar to Supply Surplus Rooftop Solar Power to Xinyi Glass Under 2026 Framework Deal

Xinyi Solar Holdings and Xinyi Glass Holdings have entered into an Electricity Framework Agreement under which, from 1 January to 31 December 2026, members of the Xinyi Solar group will supply surplus electricity generated from their distributed rooftop solar power systems to members of the Xinyi Glass group, after first satisfying their own power demand. As the two Hong Kong-listed groups share substantial and controlling shareholders, the arrangement is classified as a continuing connected transaction for both companies; given that the relevant percentage ratios are above 0.1% but below 5%, the deal is subject to reporting and announcement requirements under Hong Kong’s Listing Rules but is exempt from the need for an independent shareholders’ circular, financial advice or approval, streamlining implementation of the intra-group renewable power supply while maintaining disclosure obligations for investors.

The most recent analyst rating on (HK:0968) stock is a Buy with a HK$3.40 price target. To see the full list of analyst forecasts on Xinyi Solar Holdings stock, see the HK:0968 Stock Forecast page.

Xinyi Group Units Restructure Stake in JinzhaI Wind Power via Connected Deal

Xinyi Glass, Xinyi Electric Storage, Xinyi Energy and Xinyi Solar jointly announced that their respective subsidiaries have entered into an equity transfer agreement on 23 December 2025 for the sale and purchase of an equity interest in JinzhaI Wind Power, effectively reallocating ownership of the wind power asset within the Xinyi group. The transaction, treated as a connected transaction for all four listed entities under the Hong Kong Main Board and GEM Listing Rules, falls within the lowest disclosure band, triggering reporting and announcement obligations but exempting the parties from issuing a circular, obtaining independent financial advice or securing independent shareholders’ approval, thereby streamlining internal asset restructuring while maintaining regulatory transparency for investors.

The most recent analyst rating on (HK:0968) stock is a Buy with a HK$3.40 price target. To see the full list of analyst forecasts on Xinyi Solar Holdings stock, see the HK:0968 Stock Forecast page.

Xinyi Solar Holdings Announces Disposal of Equity Stake in Solar Farm Subsidiary

Xinyi Solar Holdings and Xinyi Energy Holdings announced the disposal of a 51% equity interest in Xinyi Solar (Tianjin) to a purchaser comprising state-owned entities in China. The disposal was based on a valuation of RMB 1,009 million, considering factors such as operating history, financial performance, and future prospects. This transaction allows Xinyi to maintain a 49% stake, retain dividends, and oversee management, signaling strategic realignment while benefiting from operational efficiencies and the continuation of solar farm dividends for stakeholders.

The most recent analyst rating on (HK:0968) stock is a Hold with a HK$3.00 price target. To see the full list of analyst forecasts on Xinyi Solar Holdings stock, see the HK:0968 Stock Forecast page.

Xinyi Solar Holdings Announces Major Equity Disposal in Tianjin Subsidiary

Xinyi Solar Holdings Limited announced the disposal of a 51% equity interest in Xinyi Solar (Tianjin) for RMB514.59 million, marking a significant transaction under the Listing Rules. This move results in Xinyi Solar (Tianjin) ceasing to be a subsidiary of Xinyi Energy and Xinyi Solar, with remaining interests to be accounted for using the equity method. The transaction, subject to notification and announcement requirements, reflects strategic adjustments in the company’s operations, potentially impacting its market positioning and stakeholder interests.

The most recent analyst rating on (HK:0968) stock is a Hold with a HK$3.50 price target. To see the full list of analyst forecasts on Xinyi Solar Holdings stock, see the HK:0968 Stock Forecast page.