Xinyi Solar Holdings (HK:0968)
:0968
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Xinyi Solar Holdings
(0968)
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Rating:52Neutral
Price Target:
HK$3.00
▼(-10.98% Downside)
Action:Reiterated
Date:05/02/26
The score is driven primarily by mixed financial performance—cash flow rebounded and revenue growth returned, but margins/ROE remain weak and leverage has increased. Technicals are notably negative (below key moving averages with negative MACD), and valuation is not especially supportive given the high P/E and modest yield.
Positive Factors
Improved cash generation
Operating cash flow of ~6.16B and positive free cash flow of ~3.42B in 2025 create a durable internal funding source. Stronger cash generation reduces reliance on external financing, supports maintenance capex and working capital, and provides a buffer versus cyclical demand.
Negative Factors
Compressed profitability
Net margin near ~4% in 2025, materially below earlier double-digit profitability, signals persistent pressure on the business model. Low margins limit retained earnings for reinvestment, depress ROE rebuilding, and make long-term returns highly sensitive to raw-material and pricing swings.
Read all positive and negative factors
Positive Factors
Negative Factors
Improved cash generation
Operating cash flow of ~6.16B and positive free cash flow of ~3.42B in 2025 create a durable internal funding source. Stronger cash generation reduces reliance on external financing, supports maintenance capex and working capital, and provides a buffer versus cyclical demand.
Read all positive factors
Xinyi Solar Holdings (0968) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$25.98B
Dividend Yield1.41%
Average Volume (3M)91.84M
Price to Earnings (P/E)63.5
Beta (1Y)1.14
Revenue GrowthN/A
EPS GrowthN/A
CountryHK
Employees9,645
SectorTechnology
Sector Strength88
IndustrySolar
Share Statistics
EPS (TTM)0.10
Shares Outstanding9,147,044,000
10 Day Avg. Volume109,086,387
30 Day Avg. Volume91,837,705
Financial Highlights & Ratios
PEG Ratio-3.16
Price to Book (P/B)0.81
Price to Sales (P/S)1.16
P/FCF Ratio7.91
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
HK$3.65Price Target Upside8.31% Upside
Rating ConsensusHold
Number of Analyst Covering5
EPS Forecast (FY)0.17
Revenue Forecast (FY)HK$19.85B
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...
How the Company Makes Money
Xinyi Solar makes money mainly by producing and selling solar glass (including processed forms such as tempered/AR-coated solar glass) to photovoltaic module manufacturers. Revenue is primarily generated on a business-to-business basis through con...
Xinyi Solar Holdings Financial Statement Overview
Summary
Income Statement
54
Neutral
Balance Sheet
62
Positive
Cash Flow
58
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 23.22B | 21.92B | 26.63B | 20.54B | 16.06B |
| Gross Profit | 4.96B | 3.47B | 7.09B | 6.12B | 7.52B |
| EBITDA | 6.34B | 4.26B | 7.78B | 6.90B | 7.85B |
| Net Income | 939.88M | 1.01B | 4.19B | 3.82B | 4.92B |
Balance Sheet | |||||
| Total Assets | 63.39B | 56.93B | 60.43B | 50.58B | 49.07B |
| Cash, Cash Equivalents and Short-Term Investments | 5.99B | 1.03B | 2.88B | 5.37B | 7.89B |
| Total Debt | 15.60B | 12.54B | 11.51B | 8.91B | 8.85B |
| Total Liabilities | 24.48B | 22.52B | 22.57B | 15.34B | 12.96B |
| Stockholders Equity | 33.23B | 29.05B | 31.97B | 29.75B | 30.31B |
Cash Flow | |||||
| Free Cash Flow | 3.42B | -3.69B | -4.10B | -723.25M | -1.15B |
| Operating Cash Flow | 6.16B | 1.31B | 5.79B | 5.92B | 3.79B |
| Investing Cash Flow | -1.92B | -4.01B | -10.40B | -5.52B | -4.91B |
| Financing Cash Flow | 282.05M | 822.27M | 2.19B | -1.99B | -805.82M |
Xinyi Solar Holdings Technical Analysis
Negative
3.37
Price Trends
3.12
Negative
3.20
Negative
3.30
Negative
Market Momentum
-0.02
Positive
39.17
Neutral
30.63
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:0968, the sentiment is Negative. The current price of 3.37 is above the 20-day moving average (MA) of 3.04, above the 50-day MA of 3.12, and above the 200-day MA of 3.30, indicating a bearish trend. The MACD of -0.02 indicates Positive momentum. The RSI at 39.17 is Neutral, neither overbought nor oversold. The STOCH value of 30.63 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for HK:0968.
Xinyi Solar Holdings 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% | |
54 Neutral | HK$31.13B | 116.39 | 4.12% | 5.67% | -9.40% | 163.75% | |
52 Neutral | HK$25.98B | 63.46 | 2.93% | 1.41% | ― | ― | |
52 Neutral | HK$625.23M | 2.90 | -1.39% | ― | -12.35% | ― | |
43 Neutral | HK$98.57M | -0.60 | ― | ― | 35.19% | -28.35% | |
41 Neutral | HK$28.90B | -6.71 | -7.45% | ― | -4.24% | 44.71% | |
41 Neutral | HK$242.64M | -0.34 | -24.72% | ― | -34.39% | -25.91% |
* Technology Sector Average
HK:0968
Xinyi Solar Holdings
2.86
0.46
19.27%
HK:0750
China Singyes Solar Technologies Holdings
0.25
-0.03
-11.07%
HK:6865
Flat Glass Group Co
8.07
-0.38
-4.52%
HK:3800
GCL Technology Holdings Limited
0.86
0.02
2.38%
HK:0757
Solargiga Energy Holdings
0.07
<0.01
4.48%
HK:0712
Comtec Solar Systems Group Ltd.
0.09
0.01
17.95%
Xinyi Solar Holdings Corporate Events
Xinyi Solar Sets 2026 AGM to Approve Dividend, Director Slate and 10% Buyback Mandate
Apr 30, 2026
Xinyi Solar Holdings has called its annual general meeting for 29 May 2026 in Hong Kong, where shareholders will review the audited financial statements for the year ended 31 December 2025 and vote on a proposed final dividend of 0.8 Hong Kong cen...
Xinyi Solar Shifts Hong Kong Authorised Representative Role to CEO
Apr 30, 2026
Xinyi Solar Holdings has announced a change in its regulatory representation arrangements in Hong Kong, effective 1 May 2026. Vice Chairman and Chief Executive Officer Lee Shing Put will assume the roles of authorised representative to the Hong Ko...
Xinyi Solar Grants 19 Million Performance-Linked Share Options to Director and Staff
Mar 31, 2026
Xinyi Solar Holdings has granted 19 million share options to one director and selected employees under its share option scheme adopted in May 2024, with each option exercisable at HK$3.15 compared with a closing share price of HK$2.91 on the grant...
Xinyi Solar Sets Final 2025 Dividend and Confirms July Payout Date
Mar 3, 2026
Xinyi Solar Holdings has announced a final ordinary cash dividend of HKD 0.008 per share for the financial year ended 31 December 2025, with shareholder approval slated for 29 May 2026. The stock will trade ex-dividend on 2 June 2026, with a recor...
Xinyi Solar Declares Final Dividend for 2025 Financial Year
Feb 27, 2026
Xinyi Solar Holdings Limited has declared a final ordinary cash dividend of HKD 0.008 per share for the financial year ended 31 December 2025, with shareholder approval scheduled for 29 May 2026. The stock will trade ex-dividend on 2 June 2026, wi...
Xinyi Solar Profit Falls on Heavy Impairments as Revenue Slips
Feb 27, 2026
Xinyi Solar Holdings reported a 4.8% year-on-year decline in revenue to RMB20.86 billion for 2025, as lower sales were offset by improved gross profit of RMB4.46 billion. Profit attributable to equity holders dropped 16.2% to RMB844.5 million, wit...
Xinyi Solar Sets February 2026 Board Meeting to Approve 2025 Results and Consider Final Dividend
Feb 12, 2026
Xinyi Solar Holdings has scheduled a board meeting for 27 February 2026 to review and approve the group’s annual results for the financial year ended 31 December 2025. The meeting will also consider whether to recommend a final dividend, sig...
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.