Xinyi Glass Overview
Market capitalisation detail. AD HOC NEWS (15 October 2026) gives HK$35.3bn. Applying HK$8.11 to c.4,457m shares gives c.HK$36.1bn (derived).
Xinyi Glass is one of the world's largest integrated flat-glass groups. It is vertically integrated:
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Upstream, it owns silica sand mines and ships.
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In the middle of the chain, it operates float glass furnaces.
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Downstream, it processes high-value automobile and energy-saving architectural glass.
The Group operates production complexes in eleven PRC locations, in Malacca (Malaysia) and in Gresik, East Java (Indonesia). A Saudi Arabian base worth about US$386m is under development. The economic engine has shifted decisively. Automobile glass, chiefly global aftermarket replacement glass, is now the main profit contributor, with gross margins above 50%. The float glass business remains the volume base but has been squeezed by China's property-completion slump. The Group is controlled by its founding families, holds about 56% insider ownership, and keeps net gearing in low single digits. It pays out roughly half of earnings, partly in scrip.
The defining 2026 catalyst is the proposed spin-off and separate Main Board listing of Xinyi Automobile Glass Holdings Limited. That listing would crystallise the value of the auto franchise separately from the cyclical float glass business.
Company's own description (AR2025, MD&A introduction — paraphrased)
The Group produces and sells a wide range of glass products:
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high-quality float glass;
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automobile glass;
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energy-saving architectural glass;
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glass for various commercial and industrial applications.
These are made at facilities in the PRC, Indonesia and Malaysia. The Group also produces:
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rubber and plastic parts and components related to glass;
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components for advanced driver assistance systems (ADAS) and head-up displays (HUD) mounted on automobile glass.
Customers are located in more than 150 countries and territories. They range across:
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automobile glass manufacturing, wholesaling and distribution;
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automobile repair and maintenance;
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car manufacturing;
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curtain-wall design, engineering and installation;
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architectural and furniture glass fabrication;
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electronic, industrial and household appliance manufacturing;
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float glass wholesaling and distribution.
Business model and revenue model
| Ancillary line | Where reported | Evidence |
|---|---|---|
| Rental income from investment properties | Other income | Fair value RMB2,866m across 14 properties at 30 Jun 2026 (1H26 Ann., Note 14) |
| Sales of self-generated electricity to the grid | Other income | FY24 Ann. |
| Sales of automated machinery | Other income | Reduction cited in the 1H2025 analysis by POEMS |
| Shipping service income from Xinyi Solar | Related-party income | RMB26.2m in 1H2026 (1H26 Ann., Note 23) |
| Government subsidies | Other income | — |
Revenue type. Revenue is almost entirely product revenue, recognised at a point in time on delivery and acceptance (FY24 Ann., Note 4). There are no meaningful subscription or licensing streams. The ancillary income lines are:
Customer concentration is low. No customer exceeded 10% of revenue in FY2024 or FY2023. The top five customers made up 15.9% of trade and bills receivables at end-2024, and the largest customer made up 7.8% (FY24 Ann., Note 9).
Value-chain position
The Group is integrated across several stages:
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Raw materials. Silica sand mine and processing in Beihai, Guangxi, operating since end-2020 (FY24 Ann.). Raw materials are also bought from associates, including:
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Wuxuan Xinbao Mining;
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Dongyuan County Xinhuali Quartz Sand;
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Beihai Yiyang Mineral;
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PT Anxin Mining and Processing in Indonesia.
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Energy. Natural gas is bought partly from the associate Tianjin Wuqing District Xinke Natural Gas Investment. This totalled RMB139.5m in 1H2026 (1H26 Ann., Note 23). The Group also runs residual-heat power generation and rooftop solar.
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Float glass (primary glass). Furnaces run in multiple PRC provinces, Malaysia and Indonesia. Float glass is sold externally and transferred internally. Inter-segment float revenue was RMB2,433.6m in FY2024 and RMB1,078.9m in 1H2026.
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Processing. Automobile glass covers OEM and aftermarket (ARG). Architectural glass covers Low-E coated, insulated, laminated and fritted products.
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Logistics. The Group operates its own vessels. It also has a Marine Transportation Agreement with Xinyi Solar and Xinyi Shipping running from 17 December 2024 to 31 December 2026 (TipRanks summary of HKEX announcement).
End-markets
| End-market | Segment exposure | Demand driver |
|---|---|---|
| PRC residential and commercial construction (completions) | Float glass, architectural glass | Property completions, window retrofits, green building codes |
| Global automotive aftermarket (replacement windshields) | Automobile glass | Vehicle parc size, accident and breakage rates, ADAS recalibration complexity |
| PRC automotive OEM (especially new-energy vehicles) | Automobile glass | NEV production growth; HUD and ADAS content |
| Overseas construction (ASEAN, Middle East, others) | Float and architectural glass | Infrastructure, urbanisation |
| Industrial, furniture and appliances | Float glass downstream | General consumption |
Independent characterisation
Economically, Xinyi Glass is three businesses under one roof.
First, a global auto-replacement-glass franchise. It has earned gross margins of 47.6% (FY2023), 52.3% (FY2024), 54.1% (FY2025) and 52.6% (1H2026). It is a category leader in North American and international aftermarket distribution. Its advantages are cost, breadth of part numbers and logistics, which are hard to replicate.
Second, a commodity float-glass manufacturer. Its segment gross margin collapsed from 26.7% in FY2023 to about 16.7% in 1H2026 as Chinese float prices fell with property completions.
Third, a sizeable portfolio of equity-accounted stakes. These are chiefly Xinyi Solar and Xinyi Energy, plus a polysilicon associate. Their carrying value was RMB9.34bn at 30 June 2026, about 25% of equity. Their earnings contribution has collapsed: RMB912m in FY2023, RMB25m in 1H2026.
The proposed auto-glass spin-off is best understood as management responding to a sum-of-the-parts discount. The market had been valuing the whole Group on cyclical float-glass earnings.
Strategy
Stated corporate strategy (themes from AR2025 and the 1H2026 press release, paraphrased)
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"Product Differentiation and a Global Production Footprint." The core strategy named in the 3 August 2026 release. Aims:
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reduce reliance on the PRC property market;
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grow high value-added products (NEV glass, low-carbon/energy-saving glass, specialty glass such as Ice Blue).
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Operational efficiency. Advanced technology, AI and big-data analytics, centralised control, robotics and automated stereoscopic warehouses, integrated supply chain, and self-operated vessels to cut freight costs.
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Vertical integration and cost leadership. Ownership of silica sand mines and processing, natural-gas sourcing, recycling, residual heat and rooftop solar.
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Prudent balance sheet. Low gearing; RMB refinancing that brought the effective rate to 2.36%; a "relatively stable" dividend payout ratio of about 49%.
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Overseas expansion to mitigate tariffs and geopolitics. Malaysia and Indonesia supply non-China-origin glass. The Middle East (Saudi Arabia) and Vietnam are being explored for acquisitions and greenfield sites (1H26 Ann. outlook).
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Carbon neutrality. A dedicated division since 2021; natural-gas furnaces; green finance.
Strategic initiatives in the last 24 months
| Initiative | Date | Description / targets | Status |
|---|---|---|---|
| Spin-off of Xinyi Automobile Glass Holdings | Form A1 filed 31 Aug 2026 | c.80% of XYA shares distributed in specie to XYG shareholders; XYG to sell some XYA shares and XYA to issue new shares in a global offering; BNP Paribas sponsor (reported) | Pending HKEX approval; confidential filing |
| Saudi Arabia (MODON) base | Signed 14 Jan 2026 | c.US$386m; more than 350,000 m²; float, auto and Low-E lines; first auto-glass maker in the Kingdom; serves Saudi Arabia, the Middle East, North Africa and Europe | "Progressing steadily as planned" (Aug 2026) |
| Indonesia (Gresik, East Java) complex | Build-out 2024–2025 | Float lines (phased), auto and architectural glass; non-China origin for tariff mitigation | Operating "smoothly" (Aug 2026) |
| Vietnam capacity | 2,026 | Capital commitments include Vietnam (1H26 Ann.) | Planning |
| Ice Blue glass commercialisation | 2025–2026 | Patented differentiated float glass positioned as a growth driver | Commercial; showcased Sep 2026 |
| NEV / HUD / ADAS auto glass | 2024–2026 | New products for new and existing models including EVs | Ongoing |
| Debt reduction and RMB refinancing | 2024–2026 | All HKD loans repaid by Jan 2025; borrowings down to RMB3.9bn | Achieved |
| Capex discipline | FY2025 | Capex cut 72% to RMB1.4bn | Achieved |
| Divestment of non-core wind asset | Dec 2025 | 82% of Jinzhai wind farm sold to Xinyi Energy | Completed |
| 2025 Share Option Scheme | 30 May 2025 | 10-year scheme; mandate limit 435.7m shares | Active |
Medium-term financial targets / guidance
No quantitative medium-term targets (revenue, margin or ROE) are published. Qualitative guidance (1H26 Ann.; AR2025):
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Soda ash prices are expected to stay stable to low in 2026.
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Energy costs in Malaysia are expected to rise in 2H2026 because of crude volatility linked to the US–Iran conflict (company's own wording).
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PRC float supply-demand is expected to improve as cold repairs accelerate.
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Directors are optimistic on auto glass aftermarket and OEM growth in 2026.
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Dividend policy: relatively stable payout ratio (48.6% at the 1H2026 interim).
Products & Services
Pricing models are not disclosed for any product beyond spot/contract selling. Specifications below come from company disclosures and the website product taxonomy. Launch years are mostly not publicly disclosed.
Float Glass segment
| Product | Description / capabilities | Target customer | Launch / latest | Notes |
|---|---|---|---|---|
| Clear float glass | Standard soda-lime float glass in multiple thicknesses | Processors, distributors, internal auto and architectural units | Core since float entry (date not disclosed) | Natural-gas-fired furnaces (AR2025) |
| Ultra-clear float glass | Low-iron, high-transmittance float glass | Premium architectural, furniture, appliance, display processors | — | Named in 1H26 Ann. as a differentiation focus |
| "Ice Blue" glass | Proprietary coloured float glass protected by an exclusive Group patent; broad applications | Architectural and decorative processors, auto | Promoted 2025–2026 | Management calls it a "new growth driver" (press release, 3 Aug 2026); showcased at Automechanika Frankfurt, Sep 2026 |
| F-green glass | Green-tinted float glass for solar-control applications | Auto and architectural processors | Long-standing | Listed in company profile |
| European grey glass | Grey-tinted float glass | Architectural and auto | Long-standing | Listed in company profile |
| Other colours and thicknesses | Tinted and specialty-thickness float glass, mirrors | Processors, furniture makers | Ongoing | AR2025 cites "different colours and thickness" and mirrors |
| Electronic glass | Ultra-thin and ultra-clear substrate glass | Electronics processors | Wuhu Phase III LOI c.2011; current scale not disclosed | EVP LENG Xue Feng oversees "float glass and electronic glass operations" (AR2025) |
Automobile Glass segment
| Product | Description / capabilities | Target customer | Launch / latest | Notes |
|---|---|---|---|---|
| Front windshield, laminated | Laminated safety windshields for passenger and commercial vehicles | Aftermarket distributors and installers; OEMs | Core since 1988–1990s | Sold in 150+ countries (AR2025) |
| Laminated wire glass / heated laminated glass | Windshields with embedded heating wires or elements for de-icing | Aftermarket, OEM (cold-climate markets) | — | Listed in product portfolio |
| Tempered glass (side and back lites) | Toughened door, quarter and rear glass | Aftermarket, OEM | Core | — |
| Solar-X heat-reflective glass | Heat-reflective coated auto glass | Aftermarket, OEM | — | Branded product in portfolio |
| HUD windshields | Wedge/PVB windshields compatible with head-up displays | OEM (incl. NEV), aftermarket | Launched progressively 2024–2026 | Featured at Automechanika 2026 |
| ADAS-ready windshields | Windshields with made-to-order camera and sensor brackets and components | Aftermarket (ADAS recalibration), OEM | 2024–2026 | AR2025, 1H26 Ann. |
| Acoustic (noise-insulation) glass | Acoustic PVB laminated glass | OEM, aftermarket | 2024–2026 | — |
| Low-E coated auto glass / thermal management | Coated glazing for cabin heat management, incl. EVs | OEM (NEV) | 2024–2026 | — |
| Sunroofs / panoramic roofs | Large-format laminated/tempered roof glass | OEM, aftermarket | 2024–2026 | — |
| Encapsulation, mouldings, rubber and plastic parts | Glass mouldings and rubber/plastic components | Aftermarket, OEM | Ongoing | Included in auto segment revenue (AR2025 note) |
| PVB interlayer | PVB sales network maintained (website "Sales Network – PVB") | Laminators | — | Scale not disclosed |
Architectural Glass segment
| Product | Description / capabilities | Target customer | Launch / latest | Notes |
|---|---|---|---|---|
| Single-silver Low-E coated glass | Off-line magnetron-sputtered low-emissivity coating | Curtain-wall contractors, window makers | Long-standing | — |
| Double-silver and triple-silver Low-E | Higher selectivity coatings for green buildings | Government/SOE projects, premium developers | Ongoing; investment stepped up 2026 | 1H26 press release |
| Insulating glass units (single, double, triple) | Hollow/IGU structures | Window and curtain-wall projects | Ongoing | AR2025 mentions single and double-insulated Low-E |
| Laminated architectural glass | Safety and acoustic laminated glazing | Projects | Ongoing | — |
| Tempered / heat-strengthened glass | Safety glass | Projects | Ongoing | — |
| Ceramic-fritted glass | Printed/fritted decorative and solar-control glass | Façade projects | Ongoing | 1H26 press release |
| Window-structure upgrade products, mirrors, energy-saving coatings | Value-added architectural products | Projects, retrofit market | Ongoing | AR2025 |
Customer strategy. Given liquidity stress among private developers, the Group focuses architectural project sales on PRC government-related entities, state-owned enterprises and financially strong developers (AR2025).
Non-segment and ancillary activities
| Activity | Description | Evidence |
|---|---|---|
| Silica sand mining | Beihai, Guangxi mine and processing (since end-2020); associate quarries | FY24 Ann.; 1H26 Ann., Note 23 |
| Shipping | Self-operated vessels; marine transport to Xinyi Solar (RMB26.2m income in 1H2026) | 1H26 Ann. |
| Investment properties | 13 PRC properties plus 1 in Hong Kong; fair value RMB2,866.2m | 1H26 Ann., Note 14 |
| Renewable electricity | Rooftop solar, residual heat recovery; Jinzhai wind farm (82% sold Dec 2025) | AR2025 |
| Automation equipment | Sales of automated machinery (incl. to Xinyi Solar) | 1H26 Ann., Note 23 |
Financial Narrative
Income statement — RMB basis (FY2023 restated; FY2024; FY2025)
Sources and derivations:
FY2023–FY2024: FY24 Ann. income statement and MD&A.
FY2025: AR2025 for revenue, gross profit, EBITDA, associates, finance costs, tax, attributable profit and EPS.
- FY2025 operating profit, PBT and profit for the year are derived. Profit for the year assumes the disclosed −18.8% net profit change applied to FY2024's RMB3,371.9m. PBT = derived profit + disclosed tax. Operating profit is backed out from PBT, associates, finance costs and estimated finance income. Treat these three FY2025 numbers as approximations (±RMB50m).
FY2024 adjusted gross margin: excluding PP&E impairment and disposal losses was 32.4% (FY24 Ann. MD&A).
Diluted EPS: FY2023 117.36 RMB cents; FY2024 79.23; FY2025 not captured.
DPS composition: - FY2023: interim 26 + final 37 HK cents.
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FY2024: interim 31 + final 10.
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FY2025: interim 12.5 + final 21.5.
Income statement — HK$ basis as originally reported (FY2021–FY2023)
Sources: FY2021, FY2022 and FY2023 Final Results Announcements; 1H2022 and 1H2023 Interim Reports for PBT and dividend detail.
Additional HK$ data points:
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FY2022 gross profit HK$8,686.4m; FY2023 HK$8,611.8m.
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FY2022 operating profit HK$5,337.9m; FY2023 HK$5,643.4m.
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FY2020 revenue HK$18,615.9m.
DPS composition:
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FY2021: interim 66 + final 76 HK cents.
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FY2022: interim 40 + final 22.
Half-year income statement: notes and sources
Source: 1H26 Ann.
Balance sheet
FY2022 is the restated opening balance sheet at 1 January 2023 (FY24 Ann.).
Sources: FY24 Ann. balance sheet (FY2022 opening and FY2023 restated); AR2025 MD&A and 1H26 Ann. comparative column (FY2025).
Derived items:
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FY2022 net debt, gearing and net current assets are derived from the restated opening balance sheet.
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FY2025 intangibles and investments in associates come from the 31 December 2025 comparative in the 1H26 Ann.
Cash flow
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Revenue by Segment and Segment Margins & Growth (%)
| Segment metric (CNY Mn unless stated) | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
Float glass external revenue | 15,839.7 | 12,909.9 | 11,514.1 |
Automobile glass revenue | 5,417.3 | 6,304.8 | 6,861.3 |
Architectural glass revenue | 3,036.7 | 3,108.9 | 2,453.6 |
Total revenue | 24,293.7 | 22,323.6 | 20,829.0 |
Float glass gross profit | 4,221.9 | 2,441.6 | 2,072.5 |
Automobile glass gross profit | 2,578.8 | 3,299.9 | 3,711.9 |
Architectural glass gross profit | 1,016.9 | 988.1 | 697.4 |
Float glass gross margin (%) | 26.7 | 18.9 | 18.0 |
Automobile glass gross margin (%) | 47.6 | 52.3 | 54.1 |
Architectural glass gross margin (%) | 33.5 | 31.8 | 28.4 |
Float glass revenue YoY (%) | -8.0 | -18.5 | -10.8 |
Automobile glass revenue YoY (%) | 16.4 | 16.4 | 8.8 |
Architectural glass revenue YoY (%) | 2.4 | 2.4 | -21.1 |
Float glass % of revenue | 65.2 | 57.8 | 55.3 |
Automobile glass % of revenue | 22.3 | 28.3 | 32.9 |
Architectural glass % of revenue | 12.5 | 13.9 | 11.8 |
Revenue by Segment and Segment Margins & Growth (%) (1H2025–1H2026)
| Segment metric (CNY Mn unless stated) | 1H2025 | 1H2026 |
|---|---|---|
Float glass external revenue | 5,381.0 | 5,101.5 |
Automobile glass revenue | 3,322.9 | 3,452.6 |
Architectural glass revenue | 1,117.4 | 966.6 |
Float glass gross profit | 959.3 | 852.5 |
Automobile glass gross profit | 1,810.0 | 1,816.2 |
Architectural glass gross profit | 332.4 | 194.7 |
Float glass gross margin (%) | 17.8 | 16.7 |
Automobile glass gross margin (%) | 54.5 | 52.6 |
Architectural glass gross margin (%) | 29.7 | 20.1 |
Inter-segment float revenue | 890.5 | 1,078.9 |
Segment total assets (CNY Mn)
| Segment total assets (CNY Mn) | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
Float glass | 20,991.0 | 23,622.8 | 24,462.6 |
Automobile glass | 6,461.5 | 6,173.7 | 5,360.0 |
Architectural glass | 1,777.2 | 1,965.5 | 1,930.2 |
Unallocated (incl. associates) | 17,086.5 | 16,316.3 | 15,870.8 |
Income metric (CNY Mn unless stated)
| Income metric (CNY Mn unless stated) | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
Revenue | 24,293.7 | 22,323.6 | 20,829.0 |
Gross profit (reported) | 7,817.5 | 6,729.7 | 6,481.8 |
Operating profit | 5,141.6 | 4,185.5 | 2,850.0 |
EBITDA (company-defined) | 7,423.6 | 5,832.4 | 4,509.8 |
Share of profits of associates | 912.3 | 196.9 | 141.4 |
Finance costs | 456.4 | 181.0 | 122.6 |
Profit before income tax | 5,775.1 | 4,248.0 | 2,906.0 |
Income tax expense | 879.7 | 876.1 | 167.7 |
Profit for the year | 4,895.5 | 3,371.9 | 2,738.0 |
Profit attributable to equity holders | 4,883.1 | 3,369.2 | 2,729.0 |
Basic EPS (MYR Bn cents) | 117.60 | 79.23 | 62.31 |
DPS (HK cents) | 63.0 | 41.0 | 34.0 |
Gross margin (%) | 32.2 | 30.1 | 31.1 |
Operating margin (%) | 21.2 | 18.7 | 13.7 |
EBITDA margin (%) | 30.6 | 26.1 | 21.7 |
Net margin, attributable (%) | 20.1 | 15.1 | 13.1 |
Effective tax rate (%) | 15.2 | 20.6 | 5.8 |
Income metric (HKD Mn unless stated)
| Income metric (HKD Mn unless stated) | FY2021 | FY2022 | FY2023 |
|---|---|---|---|
Revenue | 30,459.1 | 25,746.0 | 26,798.5 |
Profit before income tax | 13,501.7 | 6,000.0 | 6,344.3 |
Profit attributable to equity holders | 11,555.9 | 5,127.2 | 5,365.1 |
Basic EPS (HK cents) | 287.0 | 126.6 | 129.2 |
DPS (HK cents) | 142.0 | 62.0 | 63.0 |
Net margin, attributable (%) | 37.9 | 19.9 | 20.0 |
Income Statement and Per-Share Data
| Half-year metric (CNY Mn unless stated) | 1H2025 | 1H2026 |
|---|---|---|
Revenue | 9,821.3 | 9,520.8 |
Gross profit | 3,101.7 | 2,863.4 |
Operating profit | 1,181.8 | 1,416.0 |
EBITDA | 2,102.9 | 2,209.1 |
Share of profits of associates | 202.9 | 25.5 |
Finance costs | 62.8 | 35.4 |
Profit before income tax | 1,335.0 | 1,422.7 |
Profit attributable to equity holders | 1,012.8 | 1,184.1 |
Basic EPS (MYR Bn cents) | 23.25 | 26.76 |
Interim DPS (HK cents) | 12.5 | 15.0 |
Gross margin (%) | 31.6 | 30.1 |
Net margin, attributable (%) | 10.3 | 12.4 |
CAGR measure
| CAGR measure | Value (%) | Basis |
|---|---|---|
Revenue CAGR FY2023–FY2025 (MYR Bn) | -7.4 | Derived: (20,829.0 / 24,293.7)^(1/2) − 1 |
Revenue CAGR FY2021–FY2023 (HKD) | -6.2 | Derived: (26,798.5 / 30,459.1)^(1/2) − 1 |
Company-disclosed 5-year sales CAGR to FY2024 | 7.6 | FY24 Ann. MD&A (base year 2019) |
Attributable profit CAGR FY2023–FY2025 (MYR Bn) | -25.2 | Derived |
Balance Sheet and Margin Analysis (%)
| Balance sheet metric (CNY Mn) | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|
Total assets | 46,742.9 | 46,316.1 | 48,078.3 | 47,623.6 |
Cash and bank balances (incl. fixed and pledged deposits) | 7,308.9 | 3,123.4 | 1,709.3 | 2,917.7 |
Short-term bank borrowings (current) | 5,185.4 | 4,788.9 | 5,430.9 | 3,499.1 |
Long-term bank borrowings (non-current) | 6,909.7 | 2,661.7 | 1,882.2 | 1,305.1 |
Total bank borrowings | 12,095.2 | 7,450.6 | 7,313.1 | 4,804.2 |
Net debt (borrowings + leases − cash) | 4,805.2 | 4,343.4 | 5,612.9 | 1,889.5 |
Total equity | 28,715.9 | 32,694.7 | 34,377.1 | 36,858.0 |
Equity attributable to shareholders | 28,613.2 | 32,589.9 | 34,284.8 | 36,808.9 |
Intangible assets (no goodwill line disclosed) | 779.5 | 1,129.0 | 1,141.2 | 1,097.5 |
Investments in associates | 8,366.7 | 9,066.7 | 9,203.6 | 9,417.9 |
Inventories | 3,845.1 | 3,470.9 | 3,492.2 | 3,543.4 |
Net current assets (working capital) | 909.2 | 2,063.3 | 666.0 | 3,143.0 |
Net debt gearing (%) | 16.7 | 13.3 | 16.3 | 5.1 |
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View Subscription PlansFinancial Analysis
| Item | CNY Mn |
|---|---|
Total assets | 47,122.3 |
Cash and bank | 2,383.5 |
Borrowings, current | 2,722.8 |
Borrowings, non-current | 1,134.4 |
Total borrowings | 3,857.2 |
Net debt | c.1,480.4 |
Total equity | 36,990.0 |
Net current assets | 3,420.5 |
Net gearing | 4.0% |
Operating cash flow | 923.0 (1H2025: 1,564.6) |
PP&E purchases (cash) | 667.8 |
Capex (incl. right-of-use and investment properties) | 786.8 |
Bank loan repayments | 1,347.0 |
New borrowings | 400.0 |
Cash flow metric (CNY Mn)
| Cash flow metric (CNY Mn) | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
Net cash from operating activities | 4,476.4 | 5,589.7 | 5,321.5 |
Capital expenditure | 3,202.9 | 5,124.0 | 1,431.3 |
Free cash flow (OCF − capex) | 1,273.5 | 465.7 | 3,890.2 |
Dividends declared for the year | 2,427.3 | 1,634.9 | 1,325.0 |
Share buybacks | 0 | 0 | 0 |
Net bank loan repayment | 4,645.0 | 162.3 | 2,421.0 |
Returns & Leverage Ratios (%) and Financial Ratios (x)
| Ratio | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
ROE (%) | 16.0 | 10.1 | 7.7 |
ROA (%) | 10.5 | 7.1 | 5.7 |
ROIC (%) | 11.8 | 8.9 | 6.3 |
Current ratio (x) | 1.20 | 1.06 | 1.36 |
Debt to equity (%) | 22.8 | 21.3 | 13.0 |
Net debt to EBITDA (x) | 0.59 | 0.96 | 0.42 |
Interest coverage, EBITDA / finance costs (x) | 16.3 | 32.2 | 36.8 |
Asset turnover (x) | 0.52 | 0.47 | 0.44 |
Days inventory outstanding | 76.9 | 81.7 | 90.1 |
Days sales outstanding (trade + bills) | 46.0 | 53.7 | 56.2 |
Days payables outstanding | 40.9 | 42.1 | 57.6 |
Cash conversion cycle (days) | 82.0 | 93.3 | 88.7 |
Region revenue (CNY Mn)
| Region revenue (CNY Mn) | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
Greater China (PRC and Hong Kong) | 17,619.3 | 15,247.5 | 13,305.7 |
Other countries | 6,674.4 | 7,076.1 | 7,523.3 |
Greater China share (%) | 72.5 | 68.3 | 63.9 |
Other countries share (%) | 27.5 | 31.7 | 36.1 |
Greater China YoY growth (%) | -13.5 | -13.5 | -12.7 |
Other countries YoY growth (%) | 6.0 | 6.0 | 6.3 |
Region revenue (CNY Mn) (1H2025–1H2026)
| Region revenue (CNY Mn) | 1H2025 | 1H2026 |
|---|---|---|
Greater China | 6,197.0 | 5,856.9 |
Other countries | 3,624.3 | 3,663.9 |
Greater China share (%) | 63.1 | 61.5 |
Other countries share (%) | 36.9 | 38.5 |
Non-current assets by location (CNY Mn)
| Non-current assets by location (CNY Mn) | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
Greater China | 31,975.3 | 32,999.6 | 32,143.2 |
Malaysia | 1,479.0 | 1,525.9 | 1,370.9 |
Other countries (mainly Indonesia) | 454.5 | 1,761.9 | 1,980.4 |
Share Price & Returns
| Reference | Price (HKD) | Source |
|---|---|---|
1 Mar 2021 option grant close | 23.70 | AR2025 option table |
1 Mar 2022 option grant close | 20.75 | AR2025 |
Apr 2023 (AR2022 date) | 15.32 | AR2022 |
1 Mar 2023 option grant close | 14.66 | AR2025 |
1 Mar 2024 option grant close | 8.00 | AR2025 |
9 Jun 2025 option grant close | 7.83 | AR2025 |
2 Mar 2026 intraday (post-results) | 12.10 | Tiger Brokers |
5 Mar 2026 option grant price | 10.80 | 1H26 Ann. |
AR2025 date (Apr 2026) | 10.38 | AR2025 |
31 Jul 2026 close | 9.32 | RTTNews |
16 Oct 2026 | 8.11 | AD HOC NEWS |
52-week range (Oct 2026) | 7.78–12.35 | AD HOC NEWS |
Share Price History
| Period | Approximate price change (%) |
|---|---|
~1-year (vs 9 Jun 2025 close) | +3.6 |
~3-year (vs 1 Mar 2023 close) | -44.7 |
~5-year (vs 1 Mar 2021 close) | -65.8 |
Valuation Snapshot
| Multiple | Value | Basis |
|---|---|---|
Trailing P/E | 10.8x (AD HOC NEWS, 15 Oct 2026); c.11.3x derived from TTM EPS of 65.8 RMB cents | HK$/RMB c.1.09 assumed for derivation |
P/B | c.0.89x | Derived: equity RMB36.96bn ≈ HK$40.3bn |
EV/EBITDA (TTM) | c.7.5x | Derived: EV ≈ mkt cap HK$36.1bn + net debt ≈ HK$1.6bn. Overstates operating EV because about RMB9.3bn of associate stakes is not deducted; adjusted c.5.5x |
EV/Sales (TTM) | c.1.7x | Derived: TTM revenue RMB20.53bn |
Dividend yield (TTM) | c.4.5% | 21.5 + 15.0 HK cents |
Source / Date Details
| Source / date | Rating mix | Target (HKD) |
|---|---|---|
Investing.com via AD HOC NEWS, 7 Oct 2026 | 9 analysts: 5 Buy, 2 Hold, 2 Sell | Average 10.39; high 14.00; low 6.44 |
Investing.com via AD HOC NEWS, 8–14 Oct 2026 | 8 analysts | Average 10.18 |
Guoyuan International, 5 Mar 2026 | Hold | 12.5 |
Guotai Haitong, Oct 2026 | "Buy" (reported by Longbridge) | — |
Futunn-cited valuation, 22 Sep 2026 | — | 17.73 (outlier) |
Dividend (HK cents per share)
| Dividend (HK cents per share) | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Interim DPS | 66.0 | 40.0 | 26.0 | 31.0 | 12.5 |
Final DPS | 76.0 | 22.0 | 37.0 | 10.0 | 21.5 |
Total DPS | 142.0 | 62.0 | 63.0 | 41.0 | 34.0 |
Debt Maturity Profile
| Maturity bucket (CNY Mn) | FY2025 | 1H2026 |
|---|---|---|
Within 1 year | 3,499.1 | 2,722.8 |
Between 1 and 2 years | 459.6 | 814.4 |
Between 2 and 5 years | 845.5 | 320.0 |
Total bank borrowings | 4,804.2 | 3,857.2 |
Analyst Conclusions
Management guidance (qualitative only)
Management provides no numeric guidance. Its 2H2026 and 2027 outlook (1H26 Ann.; press release 3 August 2026):
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PRC float supply-demand should improve as cold repairs accelerate and restart thresholds rise.
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Soda ash prices are expected to be stable.
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Malaysian energy costs are expected to rise.
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The US tariff impact persists.
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Overseas capacity will be expanded, including Saudi Arabia, Southeast Asia, and acquisition or greenfield options in the Middle East and Vietnam.
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Directors are optimistic on auto glass aftermarket and OEM growth.
Consensus growth expectations
Guoyuan's March 2026 target implied:
-
16x P/E on FY2025;
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14.3x P/E on FY2026, which implies FY2026 EPS growth of about 12% from FY2025.
1H2026 profit growth of 16.9% is broadly consistent with that trajectory.
Bull case
-
Spin-off unlocks value. In FY2025, auto glass generated about RMB3.7bn of gross profit at a 54% margin on only RMB5.4bn of segment assets. The whole Group trades at about 0.9x book and about 11x trailing P/E. A separately listed auto-glass company valued nearer global auto-glass multiples could be worth a large fraction of today's entire market capitalisation. Shareholders would receive about 80% of it in specie and keep the float, architectural and associate assets.
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Float trough is behind us. PRC float capacity is at a decade low and industry melting capacity was down about 8% QoQ at end-2025. Xinyi's float margin held at 16.7% even at the trough. Any price recovery flows through to earnings with high operating leverage on a largely depreciated asset base.
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Capital returns and balance sheet. Net gearing is 4%, FCF was RMB3.9bn in FY2025 and capex has normalised. That supports the about 4.5% yield and rising DPS (FY2025 final +115%, 1H2026 interim +20%), with headroom for special distributions after the spin-off.
Bear case
-
Earnings quality is weak. FY2025 profit benefited from a one-off tax reversal (ETR 5.8%). The 1H2026 gain relied on non-recurring 2025 impairments and lower tariff and freight costs, while segment gross profit fell 7.7%. Underlying earnings are still contracting.
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The associate complex is a value trap. About RMB9.3bn of equity is tied up in Xinyi Solar, Xinyi Energy and polysilicon. Contribution has fallen to RMB25m per half, and there are RMB1.8bn of advances to solar entities plus impairment of polysilicon receivables. Further write-downs are plausible while solar-glass ASPs keep falling (Xinyi Solar 1H2026 profit −94.8%).
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Spin-off removes the crown jewel. After distribution, "RemainCo" Xinyi Glass would be a float and architectural business with sub-20% gross margins, heavy PRC property exposure and the associate overhang. Governance (family control, long-tenured INEDs) and scrip dilution may also limit any re-rating.
Key catalysts and monitorables (next 12 months)
| Catalyst / monitorable | Timing | What to watch |
|---|---|---|
| Spin-off progress | 4Q2026–2027 | HKEX hearing; prospectus (auto segment financials, OEM/aftermarket split, US exposure); valuation; residual XYG stake |
| FY2026 results | c.late Feb 2027 | Float ASP trend; auto margin above 50%; associates; DPS |
| PRC float prices and cold repairs | Monthly | Industry capacity, inventory days, price index |
| US tariff policy on auto glass | Ongoing | Section 301/232 changes; impact on aftermarket |
| Saudi project milestones | 2026–2027 | Construction start, financing, commissioning timeline; Guardian/GulfGuard competition |
| Xinyi Solar and polysilicon associate | Semi-annual | Further impairments; recovery of RMB1.8bn advances |
| Scrip dilution and capital allocation | Each dividend | Scrip take-up; any buyback |
| Vietnam / Middle East M&A | 2026–2027 | Deal announcements |
Concluding analyst verdict
Xinyi Glass sits at an inflection between two identities. One is a world-class, cash-generative automobile replacement glass franchise. Its gross margins have held above 50% for three consecutive years, and it sells into more than 150 countries. The other is a commodity Chinese float glass producer whose margins have been halved by the property-completion collapse. Attached to the second is a large portfolio of solar-sector associates that has stopped earning its keep.
The financial record since FY2021 is one of earnings compression. Attributable profit fell from HK$11.6bn in FY2021 to RMB2.7bn in FY2025, and ROE dropped to 7.7%. Management has executed well on what it controls:
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debt cut by about two-thirds since early 2023;
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capex halved and then normalised;
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tariff-resilient capacity built in Malaysia and Indonesia;
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dividends raised even before profits turned.
The 1H2026 profit increase is real but flattered by one-offs. Segment gross profit is still declining, and the associate drag has worsened.
The investment case now hinges on the proposed spin-off of Xinyi Automobile Glass Holdings. At about HK$36bn market capitalisation, about 0.9x book and about 11x trailing earnings, the market is effectively capitalising the whole Group as a cyclical float producer. The auto franchise and the RMB9.3bn associate book receive little explicit value. A successful separate listing, with about 80% distributed to shareholders, is the most direct path to closing that gap. Consensus targets around HK$10.2–10.4 imply about 25–28% upside.
Offsetting this are real risks:
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RemainCo quality after the separation;
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related-party exposure to the Xinyi Solar complex;
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US tariff policy;
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a governance structure that limits minority influence.
On balance: constructive with high event dependency — an Accumulate-style stance for investors willing to underwrite spin-off execution. Position sizing should reflect the risk that the auto-glass value is distributed while the cyclical and associate risks remain. Prospectus disclosure on the auto business's standalone earnings and US exposure is the key near-term evidence point.
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View Subscription PlansExecutive Leadership
Board of Directors
| Name | Role | Age | Appointed to board | Background / education |
|---|---|---|---|---|
Dr. LEE Yin Yee, S.B.S. | Chairman, Executive Director, founder; Chair of Nomination Committee; Remuneration Committee member | 73 | 25 Jun 2004 | More than 35 years in auto glass; formerly auto-parts trading. Honorary engineering doctorate, Universiti Teknikal Malaysia Melaka (2018). Member of 10th–13th CPPCC National Committee. Chairman and NED of Xinyi Solar. |
Datuk Wira TUNG Ching Bor, D.C.S.M | Vice Chairman, Executive Director, Chief Purchasing Officer | 63 | 25 Jun 2004 | Joined Jan 2000; more than 23 years' prior auto-parts purchasing; brother-in-law of the Chairman |
Tan Sri Datuk TUNG Ching Sai, P.S.M, D.M.S.M, J.P. | CEO, Executive Director; Remuneration and Nomination Committee member | 60 | 25 Jun 2004 | With the Group since Nov 1988. EMBA, Sun Yat-sen University (2007). CPPCC National Committee member. Vice-chair of China Architectural and Industrial Glass Association. Vice-chair of Xinyi Solar; vice-chair and ED of Xinyi Energy; chair of Xinyi Electric Storage. |
Mr. LEE Shing Kan, M.H. | Executive Director (oversees automobile glass operations) | 46 | 15 Oct 2008 | Joined Jan 2005. B.Com (University of Melbourne); M.App.Fin (Monash). Son of the Chairman. Likely central to the auto-glass spin-off. |
Mr. LI Ching Wai | Non-executive Director | 68 | 25 Jun 2004 | With Group since Apr 2001; auto-parts trading background |
Mr. SZE Nang Sze | Non-executive Director | 68 | 25 Jun 2004 | With Group since Apr 2001 |
Mr. LI Ching Leung | Non-executive Director | 69 | Appointed ED 25 Aug 2004; NED from 14 Sep 2005 | Formerly AGM of Wuhu complex |
Mr. NG Ngan Ho | Non-executive Director | 61 | Appointed ED 25 Jun 2004; NED from 1 Jul 2007 | Formerly oversaw Dongguan finance and purchasing; ED of Xinyi Electric Storage |
Mr. LAM Kwong Siu, G.B.S. | INED; Chair of Remuneration Committee | 92 | 30 Aug 2004 | Adviser to BOC International; INED of Fujian Holdings, Yuzhou Group, Far East Consortium |
Mr. WONG Chat Chor Samuel | INED | 76 | 30 Aug 2004 | Barrister and chartered arbitrator. MBA (Harvard); MA/BA (Tufts). |
Dr. TRAN Chuen Wah, John | INED | 54 | 31 Dec 2012 | Ex-PwC and investment banking; CPA (AICPA/HKICPA); CFA; DMin (Fuller) |
The Hon. Starry LEE Wai-king, G.B.S., J.P. | INED; Chairlady of Audit Committee | 51 | Current term from 31 May 2024 | President of HK Legislative Council; NPC Standing Committee member; KPMG consultant; former DAB chair |
Executive Leadership Team
| Name | Title | Age | Joined | Remit / background |
|---|---|---|---|---|
Mr. LAU Sik Yuen | CFO, Company Secretary, Vice President | 59 | Apr 2003 | Finance, tax, treasury, IR; ex-PwC |
Mr. LENG Xue Feng | Executive Vice President | 58 | Jul 2007 | Float and electronic glass; silicate degree |
Mr. LIAO Jiang Hong | Vice President | 48 | Apr 1994 | Architectural glass projects |
Mr. GUO Jian Lin | General Manager | 57 | Mar 2008 | IT centre, "double chain" management; PRC CPA |
Mr. XU Bi Zhong | General Manager | 57 | May 2004 | Logistics, central purchasing |
Ms. LIU Jianmei | General Manager | 41 | Mar 2008 | Office system, internal control centre |
Share-Based Incentives
| Grant date | Options | Exercise price (HKD) |
|---|---|---|
9 Jun 2025 | 38.0m | 7.88 |
5 Mar 2026 | 38.0m | 10.87 |
Governance Overview
| Item | Detail |
|---|---|
Size | 12 directors: 4 executive, 4 non-executive, 4 independent non-executive |
Independence | INEDs = 33%, the Listing Rules minimum |
Gender | 1 female director (8.3%) |
Age | 8 of 12 directors are over 60 (AR2025) |
Chair/CEO | Roles separated (Dr. LEE / Tan Sri TUNG), but both are founding-family members and brothers-in-law |
Directors' Remuneration
| Committee | Chair | Composition |
|---|---|---|
Audit | Starry LEE | All 4 INEDs; 3 meetings in FY2025 |
Remuneration | LAM Kwong Siu | 5 members (3 INEDs plus Chairman and CEO); 1 meeting |
Nomination | Dr. LEE Yin Yee (executive) | 5 members (3 INEDs) |
Directors' Shareholdings
| Director | Holding vehicles | Stake (%) |
|---|---|---|
Dr. LEE Yin Yee | Realbest Investment Ltd 18.92; Xin Yuen (joint with spouse) 1.75; personal joint account 3.27; plus deemed interest in Full Guang 1.26 | 25.20 |
Tan Sri TUNG Ching Sai | Copark Investment 6.52; spouse 5.91 | 12.43 |
Datuk Wira TUNG Ching Bor | High Park Technology 6.43; personal 1.63 | 8.06 |
Mr. SZE Nang Sze | Goldpine 3.06; personal 0.04 | 3.10 |
Mr. LI Ching Wai | Goldbo 2.88; personal 0.24 | 3.12 |
Mr. LI Ching Leung | Herosmart 2.04; personal 0.17; spouse 0.01 | 2.22 |
Mr. NG Ngan Ho | Linkall 1.94; personal 0.07 | 2.01 |
Dr. TRAN Chuen Wah, John | Personal and spouse | 0.002 |
Competitive Landscape
Key Competitors
| Competitor | Listing | Segment overlap | Positioning vs Xinyi Glass |
|---|---|---|---|
Fuyao Glass Industry Group | 600660.SH / 3606.HK | Automobile glass (OEM-dominant) | Global auto glass leader; far larger OEM share; Xinyi stronger in aftermarket |
AGC Inc. | 5201.T | Auto, architectural, float | Japanese global major; premium OEM |
Saint-Gobain (Sekurit, Glass) | SGO.PA | Auto (Sekurit), architectural, float | European major; OEM and building glass |
Nippon Sheet Glass (Pilkington) | 5202.T | Auto, architectural, float | Global; heavily indebted |
Guardian Glass (Koch Industries) | Private | Float, architectural, auto | Global float and coated-glass major; Saudi JV (GulfGuard) — a direct future competitor in the Gulf |
CSG Holding (南玻A) | 000012.SZ | Float, architectural (engineering) glass, solar, electronic | Main PRC architectural Low-E rival |
Zhuzhou Kibing Group (旗滨集团) | 601636.SH | Float, energy-saving architectural, solar | Main PRC float rival; capacity 16,600 t/d |
China Glass Holdings | 3300.HK | Float | Smaller PRC float producer |
Taiwan Glass | 1802.TW | Float, auto, architectural | Regional competitor |
Central Glass | 4044.T | Auto, architectural | Japanese competitor |
Şişecam | SISE.IS | Float, auto, architectural | Turkey; competes in Europe and Middle East |
Vitro | VITROA.MX | Architectural, auto (Americas) | Americas competitor |
Peer Comparison FY2025
| Metric | Xinyi Glass | Fuyao Glass | Kibing Group | CSG Holding |
|---|---|---|---|---|
FY2025 revenue (CNY Mn) | 20,829 | 45,787 | 15,737 | 13,719 |
Revenue growth FY2025 (%) | -6.7 | 16.65 | 0.56 | -11.2 |
Gross margin FY2025 (%) | 31.1 | 37.1 | 13.1 | 14.6 |
Net margin, attributable FY2025 (%) | 13.1 | 20.3 | 3.9 | 0.9 |
Net profit, attributable FY2025 (CNY Mn) | 2,729 | 9,312 | 619 | 126 |
R&D intensity FY2025 (%) | — | 4.2 | 3.7 | — |
“—” = not publicly disclosed.
