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<Research>BOCOMI Downgrades XINYI SOLAR to Neutral; Production Capacity Clearance Still Needs Time
According to BOCOMI's research report, XINYI SOLAR (00968.HK)'s 2025 revenue/ earnings dropped by 5%/ 16% YoY to RMB20.8 billion/ RMB844 million.Specifically, XINYI SOLAR&#...
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<Research>BOCOMI Downgrades XINYI SOLAR to Neutral; Production Capacity Clearance Still Needs Time
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According to BOCOMI's research report, XINYI SOLAR (00968.HK)  0.000 (0.000%)    Short selling $39.20M; Ratio 138.182%   's 2025 revenue/ earnings dropped by 5%/ 16% YoY to RMB20.8 billion/ RMB844 million.

Specifically, XINYI SOLAR's 2H25 earnings of RMB99 million fell below BOCOMI's expectations. This underperformance was attributable to a full-year fixed asset impairment provision of RMB2.32 billion, including RMB720 million for photovoltaic glass and RMB1.6 billion for a 52% stake in a polysilicon project. Excluding the impact of impairment, the earnings would have reached around RMB2 billion.

Currently, most of XINYI SOLAR's production capacity is low-cost capacity with a shorter operating time, and there is little willingness for further cold repairs. With the capacity that has already been built being put into production gradually, the company has only recorded a slight decrease in production capacity since October. BOCOMI believes it will take more time to clear the production capacity.

BOCOMI has tweaked down its target price for XINYI SOLAR from HKD3.7 to HKD3.67 and downgraded the rating to Neutral.
(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-04-02 16:25.)

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