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Xinyi Solar Holdings
(0968)
Xinyi Solar Holdings (0968) vs. iShares MSCI Hong Kong ETF (EWH)
Xinyi Solar Holdings Business Overview & Revenue Model
Xinyi Solar Holdings Financial Statement Overview
| 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
Xinyi Solar Holdings Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
62 Neutral | HK$30.92B | 28.64 | ― | 1.41% | ― | ― | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
47 Neutral | HK$10.88B | -3.07 | -9.60% | ― | -32.90% | -152.00% | |
46 Neutral | HK$35.87B | -5.34 | -13.00% | ― | -44.73% | -10.66% | |
42 Neutral | HK$602.54M | -9.64 | -1.39% | ― | 36.71% | 8.15% |
Xinyi Solar Holdings Corporate Events
Xinyi Solar Holdings and Xinyi Glass Holdings have issued a supplemental joint announcement clarifying the pricing mechanism for their continuing connected transactions under an Electricity Framework Agreement, which governs sales of surplus rooftop solar electricity from Xinyi Solar to Xinyi Glass. The companies explain that the annual cap of RMB35.4 million is based on prior purchasing levels and the maximum output of rooftop solar systems that can be transmitted without using the State Grid, and that the price paid by Xinyi Glass will not exceed its historical weighted average local electricity cost and will be set at a 15–20% discount to prevailing State Grid tariffs, benchmarked against other available third-party suppliers. Both boards emphasise that the arrangement is on normal commercial terms, agreed at arm’s length, and will be subject to strict internal controls, aiming to ensure that the connected transaction remains in line with market pricing while allowing Xinyi Solar to monetise surplus green power and Xinyi Glass to reduce its energy costs under a transparent framework.
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 Glass, Xinyi Electric Storage, Xinyi Energy and Xinyi Solar have issued a supplemental joint announcement detailing valuation and compliance matters relating to the connected transaction for the sale and purchase of an equity interest in Jinzhai Wind Power. The companies clarified that the valuation of Jinzhai Wind Power as of 31 October 2025, prepared by independent valuer Graval Consulting using a discounted cash flow model based on free cash flow to the firm over the wind farm’s remaining 13-year operating life, is treated as a profit forecast under Hong Kong listing rules. Auditor Ernst & Young has reviewed the arithmetical accuracy of the income-approach forecast, confirmed its independence from the Xinyi group entities, and consented to the inclusion of its opinion, while the boards of the listed companies state the profit forecast was made after due and careful enquiry, reinforcing regulatory compliance around this connected transaction. The supplemental disclosure also notes that Jinzhai Wind Power’s limited indirect ownership by Xinyi Electric Storage means certain GEM listing requirements do not apply, underlining the transaction’s structural and regulatory nuances for investors monitoring the group’s expanding wind power footprint.
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 and Xinyi Glass Holdings issued a supplemental joint announcement explaining the rationale behind the proposed 2026 annual cap of RMB107.3 million for Xinyi Solar’s purchases of production equipment from Xinyi Glass under their continuing connected transactions. The companies clarified that the sharp drop in purchase volume in the first eleven months of 2025, which saw only RMB1.2 million of equipment purchases against a cap of RMB168.8 million, was driven by a supply-demand imbalance in the solar glass market that forced Xinyi Solar to slow capacity expansion, suspend production lines and rely on spare parts from under-utilised facilities. Despite a significant profit decline in the first half of 2025, Xinyi Solar’s board believes performance will not continue to deteriorate in 2026 and has set the 2026 cap at roughly half the actual transaction levels seen in 2023 and 2024, arguing that 2024 purchasing patterns are a better guide than the unusually weak 2025 period. Citing improved industry statistics and customer feedback, the company signals an expectation of gradual recovery in solar glass supply-demand dynamics in both China and overseas markets, framing the new cap as aligned with a stabilising business environment and planned capacity expansion, which is relevant for investors tracking its capital expenditure and utilisation of related-party supply arrangements.
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 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 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 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 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 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.