Announcement • May 29
Xinyi Solar Holdings Limited Approves Final Dividend for the Year Ended 31 December 2025 Xinyi Solar Holdings Limited announced at annual general meeting held on May 29, 2026, the shareholders approved to declare and pay a final dividend of 0.8 HK cents per share for the year ended 31 December 2025. Reported Earnings • May 05
Full year 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2025 results: EPS: CN¥0.093 (down from CN¥0.11 in FY 2024). Revenue: CN¥20.9b (down 4.8% from FY 2024). Net income: CN¥844.5m (down 16% from FY 2024). Profit margin: 4.0% (down from 4.6% in FY 2024). Revenue exceeded analyst estimates by 15%. Earnings per share (EPS) missed analyst estimates by 26%. Revenue is forecast to grow 3.6% p.a. on average during the next 3 years, compared to a 18% growth forecast for the Semiconductor industry in Hong Kong. Over the last 3 years on average, earnings per share has fallen by 53% per year but the company’s share price has only fallen by 28% per year, which means it has not declined as severely as earnings. Reported Earnings • Mar 02
Full year 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2025 results: EPS: CN¥0.093 (down from CN¥0.11 in FY 2024). Revenue: CN¥20.9b (down 4.8% from FY 2024). Net income: CN¥844.5m (down 16% from FY 2024). Profit margin: 4.0% (down from 4.6% in FY 2024). Revenue exceeded analyst estimates by 16%. Earnings per share (EPS) missed analyst estimates by 25%. Revenue is forecast to grow 4.5% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Semiconductor industry in Hong Kong. Over the last 3 years on average, earnings per share has fallen by 53% per year but the company’s share price has only fallen by 27% per year, which means it has not declined as severely as earnings. Announcement • Feb 27
Xinyi Solar Holdings Limited, Annual General Meeting, May 29, 2026 Xinyi Solar Holdings Limited, Annual General Meeting, May 29, 2026. Announcement • Feb 12
Xinyi Solar Holdings Limited to Report Fiscal Year 2025 Results on Feb 27, 2026 Xinyi Solar Holdings Limited announced that they will report fiscal year 2025 results at 4:00 PM, China Standard Time on Feb 27, 2026 Reported Earnings • Sep 20
First half 2025 earnings released: EPS: CN¥0.082 (vs CN¥0.20 in 1H 2024) First half 2025 results: EPS: CN¥0.082 (down from CN¥0.20 in 1H 2024). Revenue: CN¥10.9b (down 6.5% from 1H 2024). Net income: CN¥745.8m (down 59% from 1H 2024). Profit margin: 6.8% (down from 16% in 1H 2024). Revenue is forecast to grow 8.0% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Semiconductor industry in Hong Kong. Over the last 3 years on average, earnings per share has fallen by 33% per year whereas the company’s share price has fallen by 28% per year. New Risk • Aug 05
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. The company is paying a dividend despite being loss-making. The company is paying a dividend despite having no free cash flows. Dividend yield: 2.7% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. This is currently the only risk that has been identified for the company. Declared Dividend • Aug 04
Dividend of HK$0.042 announced Shareholders will receive a dividend of HK$0.042. Ex-date: 14th August 2025 Payment date: 10th October 2025 Dividend yield will be 1.4%, which is lower than the industry average of 3.4%. Reported Earnings • Aug 02
First half 2025 earnings released: EPS: CN¥0.082 (vs CN¥0.20 in 1H 2024) First half 2025 results: EPS: CN¥0.082 (down from CN¥0.20 in 1H 2024). Revenue: CN¥10.9b (down 7.0% from 1H 2024). Net income: CN¥745.8m (down 59% from 1H 2024). Profit margin: 6.8% (down from 16% in 1H 2024). Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Semiconductor industry in Hong Kong. Over the last 3 years on average, earnings per share has fallen by 33% per year whereas the company’s share price has fallen by 37% per year. Announcement • Jul 22
Xinyi Solar Holdings Limited to Report First Half, 2025 Results on Aug 01, 2025 Xinyi Solar Holdings Limited announced that they will report first half, 2025 results on Aug 01, 2025 Announcement • Jul 18
Xinyi Solar Holdings Limited Provides Earnings Guidance for the Six Months Ended 30 June 2025 Xinyi Solar Holdings Limited provided earnings guidance for the six months ended 30 June 2025. For the period, the company expects net profit to decrease by 56% to 66%, as compared to the amount of the Net Profit of RMB 1,810.4 million 1 for the six months ended 30 June 2024. The expected decrease in the amount of the Net Profit for 1H2025 is primarily attributable to the following factors: the significant decreases in the average selling prices of the solar glass products as compared to the 1H2024, which were primarily due to the oversupply of the solar glass products that could not be offset by (a) the improved sales volume following the surge in the solar installations in China and (b) the reduction in the cost of raw materials and energy cost; and recognition of impairment loss for certain solar glass production facilities which were either non-operational or undergoing repairs or refurbishment and
recognition of impairment loss for certain solar glass production facilities which were either non-operational or undergoing repairs or refurbishment. Valuation Update With 7 Day Price Move • Jul 03
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to HK$2.75, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 16x in the Semiconductor industry in Hong Kong. Total loss to shareholders of 75% over the past three years. New Risk • Jun 24
New major risk - Revenue and earnings growth Earnings have declined by 1.3% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 1.3% per year over the past 5 years. Minor Risk Profit margins are more than 30% lower than last year (4.6% net profit margin). Reported Earnings • May 02
Full year 2024 earnings: EPS in line with analyst expectations despite revenue beat Full year 2024 results: EPS: CN¥0.11 (down from CN¥0.43 in FY 2023). Revenue: CN¥21.9b (down 9.3% from FY 2023). Net income: CN¥1.01b (down 74% from FY 2023). Profit margin: 4.6% (down from 16% in FY 2023). The decrease in margin was primarily driven by lower revenue. Revenue exceeded analyst estimates by 5.0%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Semiconductor industry in Hong Kong. Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has fallen by 39% per year, which means it is performing significantly worse than earnings. Announcement • Apr 30
Xinyi Solar Holdings Limited, Annual General Meeting, May 30, 2025 Xinyi Solar Holdings Limited, Annual General Meeting, May 30, 2025, at 10:15 China Standard Time. Location: 21/f, rykadan capital tower, 135 hoi bun road, kwun tong, kowloon, Hong Kong Recent Insider Transactions • Apr 11
Non Executive Vice Chairman recently bought HK$6.8m worth of stock On the 8th of April, Ching Sai Tung bought around 3m shares on-market at roughly HK$2.33 per share. This trade did not impact their existing holding. This was the largest purchase by an insider in the last 3 months. This was Ching Sai's only on-market trade for the last 12 months. Valuation Update With 7 Day Price Move • Apr 07
Investor sentiment deteriorates as stock falls 20% After last week's 20% share price decline to HK$2.39, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 20x in the Semiconductor industry in Hong Kong. Total loss to shareholders of 80% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at HK$3.02 per share. Buy Or Sell Opportunity • Apr 07
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 27% to HK$2.39. The fair value is estimated to be HK$3.02, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 15% over the last 3 years. Earnings per share has declined by 14%. For the next 3 years, revenue is forecast to grow by 13% per annum. Earnings are also forecast to grow by 36% per annum over the same time period. New Risk • Mar 01
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 4.6% Last year net profit margin: 16% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (4.6% net profit margin). Reported Earnings • Mar 01
Full year 2024 earnings: EPS in line with analyst expectations despite revenue beat Full year 2024 results: EPS: HK$0.11 (down from HK$0.47 in FY 2023). Revenue: HK$21.9b (down 18% from FY 2023). Net income: HK$1.01b (down 76% from FY 2023). Profit margin: 4.6% (down from 16% in FY 2023). The decrease in margin was driven by lower revenue. Revenue exceeded analyst estimates by 5.0%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is forecast to grow 19% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Semiconductor industry in Hong Kong. Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has fallen by 36% per year, which means it is performing significantly worse than earnings. Announcement • Feb 18
Xinyi Solar Holdings Limited to Report Fiscal Year 2024 Results on Feb 28, 2025 Xinyi Solar Holdings Limited announced that they will report fiscal year 2024 results on Feb 28, 2025 Valuation Update With 7 Day Price Move • Feb 10
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to HK$3.62, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 15x in the Semiconductor industry in Hong Kong. Total loss to shareholders of 71% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at HK$2.77 per share. Buy Or Sell Opportunity • Feb 07
Now 29% overvalued after recent price rise Over the last 90 days, the stock has risen 1.4% to HK$3.59. The fair value is estimated to be HK$2.78, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 21% over the last 3 years. Earnings per share has declined by 11%. For the next 3 years, revenue is forecast to grow by 12% per annum. Earnings are also forecast to grow by 4.4% per annum over the same time period. Buy Or Sell Opportunity • Jan 15
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 8.5% to HK$3.32. The fair value is estimated to be HK$2.74, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 21% over the last 3 years. Earnings per share has declined by 11%. For the next 3 years, revenue is forecast to grow by 12% per annum. Earnings are also forecast to grow by 4.4% per annum over the same time period. Major Estimate Revision • Jan 07
Consensus EPS estimates fall by 17% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from HK$27.0b to HK$26.1b. EPS estimate also fell from HK$0.367 per share to HK$0.305 per share. Net income forecast to shrink 34% next year vs 41% growth forecast for Semiconductor industry in Hong Kong . Consensus price target down from HK$4.62 to HK$4.39. Share price rose 4.1% to HK$3.27 over the past week. Price Target Changed • Jan 04
Price target decreased by 7.3% to HK$4.40 Down from HK$4.75, the current price target is an average from 20 analysts. New target price is 47% above last closing price of HK$2.99. Stock is down 27% over the past year. The company is forecast to post earnings per share of HK$0.34 for next year compared to HK$0.47 last year. Announcement • Jan 02
Xinyi Solar Holdings Limited Provides Earnings Guidance for the Year Ending 31 December 2024 Xinyi Solar Holdings Limited provided earnings guidance for the year ending 31 December 2024. For the period, the company expects to decrease by 70% to 80%, as compared to the amount of the Net Profit (1) of RMB 3,843 million for the year ended 31 December 2023. Such decrease in the amount of the Net Profit was primarily due to the following reasons: (1) decrease in the amount of revenue and gross profit generated from the Group's solar glass business because of the imbalance between the market demand and supply of the solar glass products and the corresponding significant decline in the market prices during the six months ending 31 December 2024 as compared to the same period last year; (2) provision for impairment of the solar glass production facilities of the Group which have been suspended operation or are under repairs, refurbishment and replacement; and (3) provision for inventory write-down because of the significant decline in the market prices and hence a decrease in the net realisable value of the Group's inventory of finished and work-in-progress solar glass products. Valuation Update With 7 Day Price Move • Oct 25
Investor sentiment improves as stock rises 32% After last week's 32% share price gain to HK$4.20, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 10x in the Semiconductor industry in Hong Kong. Total loss to shareholders of 72% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at HK$3.25 per share. Buy Or Sell Opportunity • Oct 23
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 1.9% to HK$3.80. The fair value is estimated to be HK$3.13, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 21% over the last 3 years. Earnings per share has declined by 11%. For the next 3 years, revenue is forecast to grow by 15% per annum. Earnings are also forecast to grow by 13% per annum over the same time period. Valuation Update With 7 Day Price Move • Oct 02
Investor sentiment improves as stock rises 45% After last week's 45% share price gain to HK$4.49, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 10x in the Semiconductor industry in Hong Kong. Total loss to shareholders of 66% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at HK$3.34 per share. Buy Or Sell Opportunity • Sep 30
Now 29% overvalued after recent price rise Over the last 90 days, the stock has risen 14% to HK$4.22. The fair value is estimated to be HK$3.27, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 21% over the last 3 years. Earnings per share has declined by 11%. For the next 3 years, revenue is forecast to grow by 15% per annum. Earnings are also forecast to grow by 13% per annum over the same time period. Reported Earnings • Sep 26
First half 2024 earnings released: EPS: HK$0.22 (vs HK$0.16 in 1H 2023) First half 2024 results: EPS: HK$0.22 (up from HK$0.16 in 1H 2023). Revenue: HK$12.7b (up 4.5% from 1H 2023). Net income: HK$1.96b (up 41% from 1H 2023). Profit margin: 16% (up from 12% in 1H 2023). Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Semiconductor industry in Hong Kong. Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has fallen by 41% per year, which means it is performing significantly worse than earnings. Major Estimate Revision • Aug 07
Consensus revenue estimates fall by 10% The consensus outlook for revenues in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from HK$32.7b to HK$29.4b. EPS estimate fell from HK$0.555 to HK$0.457 per share. Net income forecast to shrink 0.06% next year vs 23% growth forecast for Semiconductor industry in Hong Kong . Consensus price target down from HK$6.16 to HK$5.18. Share price fell 2.2% to HK$3.63 over the past week. Price Target Changed • Aug 02
Price target decreased by 11% to HK$5.50 Down from HK$6.16, the current price target is an average from 23 analysts. New target price is 58% above last closing price of HK$3.49. Stock is down 54% over the past year. The company is forecast to post earnings per share of HK$0.49 for next year compared to HK$0.47 last year. Declared Dividend • Aug 02
First half dividend increased to HK$0.10 Dividend of HK$0.10 is 33% higher than last year. Ex-date: 13th August 2024 Payment date: 16th October 2024 Dividend yield will be 7.2%, which is higher than the industry average of 3.4%. Sustainability & Growth Dividend is covered by earnings (47% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 29% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 54% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Aug 01
First half 2024 earnings released: EPS: HK$0.22 (vs HK$0.16 in 1H 2023) First half 2024 results: EPS: HK$0.22 (up from HK$0.16 in 1H 2023). Revenue: HK$12.7b (up 4.5% from 1H 2023). Net income: HK$1.96b (up 41% from 1H 2023). Profit margin: 16% (up from 12% in 1H 2023). Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Semiconductor industry in Hong Kong. Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has fallen by 41% per year, which means it is performing significantly worse than earnings. Announcement • Jul 20
Xinyi Solar Holdings Limited to Report First Half, 2024 Results on Jul 31, 2024 Xinyi Solar Holdings Limited announced that they will report first half, 2024 results on Jul 31, 2024 Valuation Update With 7 Day Price Move • Jun 10
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to HK$4.43, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 9x in the Semiconductor industry in Hong Kong. Total loss to shareholders of 68% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at HK$6.38 per share. Announcement • Jun 01
Xinyi Solar Holdings Limited Approves Final Dividend for the Year Ended 31 December 2023 Xinyi Solar Holdings Limited announced that at its Annual General Meeting held on 31 May 2024, declare a final dividend of 15.0 HK cents per Share for the year ended 31 December 2023. Upcoming Dividend • May 28
Upcoming dividend of HK$0.15 per share Eligible shareholders must have bought the stock before 04 June 2024. Payment date: 07 August 2024. Payout ratio is a comfortable 48% but the company is not cash flow positive. Trailing yield: 4.3%. Lower than top quartile of Hong Kong dividend payers (7.5%). Higher than average of industry peers (2.9%). New Risk • May 27
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Hong Kong stocks, typically moving 11% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (11% average weekly change). Buy Or Sell Opportunity • May 21
Now 21% undervalued Over the last 90 days, the stock has risen 30% to HK$5.14. The fair value is estimated to be HK$6.50, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 23% over the last 3 years. Earnings per share has declined by 18%. For the next 3 years, revenue is forecast to grow by 15% per annum. Earnings are also forecast to grow by 17% per annum over the same time period. Announcement • May 02
Xinyi Solar Holdings Limited (SEHK:968) acquired Solar farm project of Qujing Yingli Photovoltaic Power Development from Qujing Yingli Photovoltaic Power Development Limited. Xinyi Solar Holdings Limited (SEHK:968) acquired Solar farm project of Qujing Yingli Photovoltaic Power Development from Qujing Yingli Photovoltaic Power Development Limited on February 2023.Xinyi Solar Holdings Limited (SEHK:968) completed the acquisition of Solar farm project of Qujing Yingli Photovoltaic Power Development from Qujing Yingli Photovoltaic Power Development Limited on February 2023. Reported Earnings • May 02
Full year 2023 earnings: EPS and revenues exceed analyst expectations Full year 2023 results: EPS: HK$0.47 (up from HK$0.43 in FY 2022). Revenue: HK$26.6b (up 30% from FY 2022). Net income: HK$4.19b (up 9.6% from FY 2022). Profit margin: 16% (down from 19% in FY 2022). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 3.2%. Earnings per share (EPS) also surpassed analyst estimates by 7.9%. Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Semiconductor industry in Hong Kong. Over the last 3 years on average, earnings per share has fallen by 18% per year whereas the company’s share price has fallen by 20% per year. Announcement • May 01
Xinyi Solar Holdings Limited, Annual General Meeting, May 31, 2024 Xinyi Solar Holdings Limited, Annual General Meeting, May 31, 2024, at 10:15 China Standard Time. Location: 21/F, Rykadan Capital Tower, No. 135 Hoi Bun Road, Kwun Tong, Kowloon Kowloon Hong Kong Valuation Update With 7 Day Price Move • Apr 17
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to HK$5.40, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 10x in the Semiconductor industry in Hong Kong. Total loss to shareholders of 58% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at HK$6.60 per share. Buy Or Sell Opportunity • Apr 16
Now 24% undervalued Over the last 90 days, the stock has risen 48% to HK$5.60. The fair value is estimated to be HK$7.34, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 23% over the last 3 years. Earnings per share has declined by 18%. For the next 3 years, revenue is forecast to grow by 15% per annum. Earnings are also forecast to grow by 17% per annum over the same time period. Valuation Update With 7 Day Price Move • Mar 06
Investor sentiment improves as stock rises 38% After last week's 38% share price gain to HK$5.27, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 10x in the Semiconductor industry in Hong Kong. Total loss to shareholders of 59% over the past three years. Declared Dividend • Mar 01
Final dividend of HK$0.15 announced Shareholders will receive a dividend of HK$0.15. Ex-date: 4th June 2024 Payment date: 7th August 2024 Dividend yield will be 4.6%, which is higher than the industry average of 3.4%. Sustainability & Growth Dividend is covered by earnings (48% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 29% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 63% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Feb 29
Full year 2023 earnings: EPS and revenues exceed analyst expectations Full year 2023 results: EPS: HK$0.47 (up from HK$0.43 in FY 2022). Revenue: HK$26.6b (up 30% from FY 2022). Net income: HK$4.19b (up 9.6% from FY 2022). Profit margin: 16% (down from 19% in FY 2022). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 3.2%. Earnings per share (EPS) also surpassed analyst estimates by 7.9%. Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Semiconductor industry in Hong Kong. Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has fallen by 29% per year, which means it is performing significantly worse than earnings. Announcement • Feb 29
Xinyi Solar Holdings Limited Announces Change of Chief Executive Officer, Effective 1 April 2024 The board of directors of Xinyi Solar Holdings Limited announced the following change in the senior management of the Group. Mr. LEE Yau Ching (Mr. Wesley Lee) will resign as the Chief Executive Officer of the Company effective from 1 April 2024 because of his desire to spend more time with his family in Hong Kong. Over the past 13 years, Mr. Wesley Lee has been acting as the Chief Executive Officer of the Company since November 2010 and has led and witnessed the business growth of the Group to become one of the leaders in the global solar glass industry. Following the resignation, Mr. Wesley Lee will remain one of the executive Directors with the primary focus on supporting the strategic business development and growth of the Group. Following the resignation of Mr. Wesley Lee and effective from 1 April 2024, Mr. LEE Shing Put, B.B.S. (Mr. Lee), an executive Director and a Vice Chairman of the Group, will act as the Chief Executive Officer of the Company. Mr. Lee, aged 46, is currently an executive Director and a Vice Chairman of the Company. Prior to joining the Group, Mr. Lee was engaged in information technology and investment businesses in Hong Kong and China. Mr. Lee was an executive director of Xinyi Glass Holdings Limited, during the period from June 2004 to October 2008. Mr. Lee acted as a non-executive Director during the period from 20 September 2013 to 30 July 2023. Mr. Lee has then been re-designated as an executive Director and a Vice Chairman of the Group from 31 July 2023. Mr. Lee is also the Chairman and an executive director of Xinyi Energy Holdings Limited. Mr. Lee graduated from The Hong Kong University of Science and Technology in 2000 with a bachelor's degree in business administration majoring in finance and economics and obtained the Executive master's degree in business administration from the Peking University in 2016. Mr. Lee is an Honorary Fellow of The Hong Kong University of Science and Technology. Mr. Lee is currently a member of the 13th Guangdong Provincial Standing Committee of the Chinese People's Political Consultative Conference and a deputy to the 14th National People's Congress. Mr. Lee is an executive director and chairman of Xinyi Energy Holdings Limited. Mr. Lee is the son of Dr. LEE Yin Yee, S.B.S., a non-executive Director and the Chairman of the Group, the cousin of Mr. Wesley Lee and the nephew of Tan Sri Datuk TUNG Ching Sai P.S.M, D.M.S.M, J.P., a non-executive Director and a Vice Chairman of the Group. Mr. Lee is also a director of a subsidiary of the Company. Announcement • Feb 28
Xinyi Solar Holdings Limited Proposes Final Dividend for the Year Ended 31 December 2023, Payable on 07 August 2024 The Board of Xinyi Solar Holdings Limited proposed final dividend of HKD 0.15 per share for the year ended 31 December 2023. Record date: 11 June 2024. Payment date: 07 August 2024. Ex-dividend date 04 June 2024. Date of shareholders' approval 31 May 2024. Price Target Changed • Feb 23
Price target decreased by 8.5% to HK$7.46 Down from HK$8.15, the current price target is an average from 22 analysts. New target price is 83% above last closing price of HK$4.07. Stock is down 57% over the past year. The company is forecast to post earnings per share of HK$0.44 for next year compared to HK$0.43 last year. Announcement • Feb 17
Xinyi Solar Holdings Limited to Report Q4, 2023 Results on Feb 28, 2024 Xinyi Solar Holdings Limited announced that they will report Q4, 2023 results on Feb 28, 2024 Recent Insider Transactions • Nov 09
Non Executive Vice Chairman recently bought HK$4.9m worth of stock On the 7th of November, Ching Sai Tung bought around 1m shares on-market at roughly HK$4.94 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger purchase from another insider worth HK$11m. Ching Sai has been a buyer over the last 12 months, purchasing a net total of HK$33m worth in shares. Recent Insider Transactions • Oct 25
Non Executive Vice Chairman recently bought HK$5.5m worth of stock On the 19th of October, Ching Sai Tung bought around 1m shares on-market at roughly HK$5.54 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger purchase from another insider worth HK$11m. Ching Sai has been a buyer over the last 12 months, purchasing a net total of HK$18m worth in shares. Recent Insider Transactions • Sep 27
CEO & Executive Director recently bought HK$2.8m worth of stock On the 25th of September, Yau Ching Lee bought around 500k shares on-market at roughly HK$5.54 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Yau Ching's only on-market trade for the last 12 months. Major Estimate Revision • Aug 07
Consensus EPS estimates fall by 21% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from HK$27.7b to HK$26.2b. EPS estimate also fell from HK$0.56 per share to HK$0.444 per share. Net income forecast to grow 52% next year vs 16% growth forecast for Semiconductor industry in Hong Kong. Consensus price target down from HK$12.29 to HK$11.09. Share price fell 4.8% to HK$8.00 over the past week. Upcoming Dividend • Aug 04
Upcoming dividend of HK$0.075 per share at 2.0% yield Eligible shareholders must have bought the stock before 11 August 2023. Payment date: 06 September 2023. Payout ratio is a comfortable 47% but the company is not cash flow positive. Trailing yield: 2.0%. Lower than top quartile of Hong Kong dividend payers (7.6%). In line with average of industry peers (2.0%). Announcement • Aug 03
Xinyi Solar Holdings Limited Announces Interim Dividend for the Six Months Ended 30 June 2023, Payable on 6 September 2023 Xinyi Solar Holdings Limited announced interim dividend for the six months ended 30 June 2023 of HKD 0.075 per share. Ex-dividend date: 11 August 2023. Record date: 17 August 2023. Payment date: 6 September 2023. Price Target Changed • Aug 03
Price target decreased by 7.2% to HK$11.44 Down from HK$12.33, the current price target is an average from 24 analysts. New target price is 51% above last closing price of HK$7.60. Stock is down 37% over the past year. The company is forecast to post earnings per share of HK$0.45 for next year compared to HK$0.43 last year. Reported Earnings • Aug 01
First half 2023 earnings released: EPS: HK$0.16 (vs HK$0.21 in 1H 2022) First half 2023 results: EPS: HK$0.16 (down from HK$0.21 in 1H 2022). Revenue: HK$12.1b (up 25% from 1H 2022). Net income: HK$1.39b (down 27% from 1H 2022). Profit margin: 12% (down from 20% in 1H 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 25% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Semiconductor industry in Hong Kong. Over the last 3 years on average, earnings per share has fallen by 9% per year whereas the company’s share price has fallen by 7% per year. 
