Xinyi Solar climbs to six-week high on first-half earnings beat, Citi upgrade

Xinyi Solar Holdings

03/08/2026 03:48

** Shares of Xinyi Solar Holding 0968.HK rise 8% to HK$2.375, their highest level since June 18
** Stock marks biggest intraday pct rise since January 23, and top pct gainer in benchmark Hang Seng Index .HSI, which slips 0.2%
** The solar glass producer and solar farms operator said its first-half profit attributable dropped 94.8% y/y to 39 million yuan ($5.78 million) with revenue down 22.9% y/y to 8.43 billion yuan 
** Citi upgrades Xinyi Solar to "buy" from "neutral", citing 1H26 net profit exceeded expectations and outperformed industry peers, while its profitability is expected to improve in 2H26E, driven by accelerating solar glass capacity rationalization, seasonal demand recovery and gradual supply-demand rebalancing
** "Recent regulatory initiatives aimed at curbing below-cost selling in China solar supply chain could provide incremental support," Citi says, adding industry conditions appear to be at a cyclical trough
** YTD, stock down 20.2%, while Hang Seng Index .HSI up 0.8%

($1 = 6.7509 yuan)

 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))