Xinyi Solar Holdings Limited released its unaudited interim results for the six months ended 30 June 2026, revealing a sharp downturn driven by China’s photovoltaic (PV) market contraction and industry-wide oversupply.
Revenue and Profitability • Consolidated revenue fell 22.9 % year on year to RMB 8.43 billion. • Profit before tax declined 72.7 % to RMB 312.22 million. • Profit attributable to equity holders plunged 94.8 % to RMB 39.02 million; basic EPS slid to 0.43 RMB cents from 8.21 RMB cents. • Gross profit dropped 54.0 % to RMB 920.32 million; gross margin contracted to 10.9 % from 18.3 %. • Interim dividend reduced to 0.23 HK cents per share, down from 4.2 HK cents a year earlier, totalling RMB 18.23 million.
Segment Performance • Solar glass revenue, 85 % of the total, declined 24.4 % to RMB 7.16 billion as average selling prices fell more than 20 % and sales volume slipped 5.8 %. Mainland China contributed 61.2 % of segment sales versus 68.4 % a year ago; overseas share rose to 38.8 %. • Renewable energy revenue (mainly electricity sales and tariff adjustments) decreased 15.8 % to RMB 1.21 billion due to higher curtailment and lower market-based power prices. Approved grid-connected capacity remained 5,885 MW, with no new utility-scale projects commissioned in the period.
Cash Flow and Balance Sheet • Operating cash inflow was RMB 1.23 billion (-21.4 % YoY). • Cash and cash equivalents rose to RMB 5.90 billion from RMB 4.99 billion at end-2025. • Net debt-to-equity ratio improved to 18.6 % from 20.1 % as at 31 December 2025. • Capital expenditure reached RMB 997.40 million, mainly for solar-glass capacity expansion and renewable projects.
Operational Update • Total daily solar-glass melting capacity remained 22,600 tonnes; overseas facilities (Malaysia and newly commissioned Indonesia line) account for ~20 %. A 1,000-tonne domestic line was taken offline in July 2026 amid weak demand. • The Indonesian Phase 1 line (2,400 t/d) started in January; a second line is slated for commissioning later this year. • Construction of the Yunnan polysilicon plant is complete but commercial start-up has been deferred due to market oversupply.
Outlook Management expects solar-glass pricing to stay under pressure through 2H 2026 as global PV installations slow, led by China’s shift to market-based tariffs and persistent industry overcapacity. The group will prioritise cost control, capacity rationalisation, and overseas diversification while maintaining prudent capital allocation and focusing on operational excellence.
Governance and Dividends The board declared an interim dividend of 0.23 HK cents per share payable on 2 September 2026; the register of members will be closed 17–19 August 2026 for entitlement determination.