On August 24, XINYI SOLAR fell 5.01% in regular trading, trading at HKD 2.275 per share, with turnover of HKD 108 million. The decline came amid a broad selloff across the Hong Kong-listed photovoltaic sector, with peers including Rainbow New Energy down over 13% and Kinda down nearly 7%.

The stock remains under pressure following the company's interim results disclosure. For the first half of the year, revenue came in at RMB 8.43 billion, down 22.9% year-over-year, while net profit attributable to equity holders plunged 94.8% to just RMB 39 million. The solar glass segment saw its gross margin contract sharply to 3.3%, as downstream PV module installations declined significantly, leading to supply-demand imbalance and steep price drops in solar glass products. The company has also been removed from the MSCI China Index, and BOCOM International maintained a neutral rating citing near-term earnings headwinds.

Meanwhile, CITIC Securities noted that PV industry demand has largely bottomed, with supply-side anti-involution measures transitioning from voluntary initiatives to mandatory standards, potentially supporting a price recovery in the second half.

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