On August 31, XINYI SOLAR fell 5.19% in regular trading to HK$2.285, with turnover of approximately HK$40.13 million. The decline comes amid persistent weakness in the photovoltaic solar sector, compounded by sharply deteriorating interim results and a key management transition taking effect the same day.

The company reported first-half revenue of RMB 8.43 billion, down 22.9% year-over-year, with net profit attributable to shareholders plunging 94.8% to just RMB 39 million. The core solar glass segment saw gross margin collapse to 3.3%, driven by a sharp drop in average selling prices as downstream solar panel installations declined significantly, creating a severe supply-demand imbalance. Additionally, executive director Zhu Canhui officially stepped down on August 31, with Lin Zhiguang succeeding as CFO and company secretary effective September 1.

BOCOM International maintained a neutral rating, while Huatai Securities noted that although industry cold repairs have accelerated — with domestic operating capacity falling from 87,000 tonnes in March to 71,000 tonnes — this remains insufficient to support a rapid price recovery. The stock was also recently removed from the MSCI China Index, adding further selling pressure.

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