Xinyi Glass Holdings (0868) investor relations material

Executive summary

• Revenue for the six months ended 30 June 2025 declined 9.7% year-over-year to RMB9,821.3 million, with net profit attributable to equity holders down 59.6% to RMB1,012.8 million.

• The decrease in revenue was mainly due to lower average selling prices of float glass, while net profit was impacted by reduced gross profit and lower share of profits from associates.

• Gross profit margin fell to 31.6% from 34.2% in the prior year period, reflecting pricing pressure in float glass.

• The Group maintained a solid financial position with net current assets of RMB1,960.8 million and a current ratio of 1.18 as of 30 June 2025.

• An interim dividend of 12.5 HK cents per share was declared, down from 31.0 HK cents in the prior year.

Financial highlights

• Revenue decreased 9.7% year-over-year to RMB9,821.3 million; net profit dropped 59.6% to RMB1,012.8 million.

• EBITDA fell 43.3% to RMB2,102.9 million; net profit margin declined to 10.3% from 23.1%.

• Gross profit was RMB3,101.7 million, down 16.7% year-over-year; gross margin at 31.6%.

• Earnings per share (basic) was 23.25 RMB cents, down from 59.41 RMB cents.

• Interim dividend declared at 12.5 HK cents per share.

Outlook and guidance

• Directors remain optimistic about global and PRC automobile glass demand, with new product launches and capacity expansions in Indonesia and Malaysia to mitigate tariff risks.

• PRC government policies are expected to support property market recovery, potentially boosting float and architectural glass demand.

• The Group will continue to invest in R&D, automation, and energy efficiency, focusing on carbon neutrality and differentiated product offerings.

• Management expects soda ash and energy costs to remain low, supporting margins.