Loading…
World's largest maker of float glass, automotive glass and solar photovoltaic glass.
World's largest maker of float glass, automotive glass and solar photovoltaic glass.
Sells glass as a volume business where price follows industry capacity: float glass for construction, solar glass for panel makers, and car glass, partly a replacement-market business sold through an aftermarket network, which steadies it against new-car cycles. Production runs on its own furnaces fed by silica sand and energy it buys in bulk.
In one line: China's Corning/Guardian Glass, at massive scale.
Moat: narrow (scale, cost advantage). Massive low-cost float-glass and solar-glass capacity gives cost leadership, though glass remains a cyclical commodity.
Headquarters: Hong Kong / Dongguan, China · Founded: 1988 · Employees: 16,057
Size Xinyi Glass (0868.HK) is a Hong Kong Materials company (Home Furnishings) with a market value of $4.79B, the 261st largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$8.43 on 6 Nov 2026.
Performance Over six months the shares fell 18.8%, against -34.0% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — 5th highest of 20 in its peer set.
Growth Revenue fell 11.8% over the last twelve months (peer median +21.0%); the operating margin is 12.5% (peer median 9.1%).
Valuation It trades at 11.4× forward earnings against a peer median of 9.2× (8th most expensive of 17).
Price implies For today's price to make sense, revenue must grow about 7% a year for seven years (Req g). Recent delivered growth is +4%, so the hurdle is +3 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 5.3 points below its cost of capital (10.7% WACC).
Next results Next results expected around 1 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | HK$22.9B | HK$22.6B | HK$24.2B | HK$26.8B | HK$25.7B |
| Revenue growth | — | -7% | -10% | +4% | — |
| Gross profit | HK$6.70B | HK$6.77B | HK$7.08B | HK$8.46B | HK$7.47B |
| EBITDA | HK$4.62B | HK$4.34B | HK$5.20B | HK$6.55B | HK$5.98B |
| Net income | HK$3.23B | HK$2.96B | HK$3.65B | HK$5.37B | HK$5.13B |
| Free cash flow | HK$3.92B | HK$4.38B | HK$1.18B | HK$2.39B | HK$4.93B |
| Capital expenditure | HK$1.44B | HK$1.55B | HK$5.50B | HK$3.37B | HK$2.67B |
| Total debt | n/a | HK$5.35B | HK$7.79B | HK$8.19B | HK$13.5B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Xinyi Glass 0868.HK | $4.79B | -19% | -12% | 13% | 11.4× | 6.8% |
| Flat Glass 6865.HK | $2.87B | -40% | -20% | -2% | n/a | 11.2% |
| CSG 000012.SZ | $1.17B | -13% | -12% | -5% | n/a | n/a |
| Compagnie de Saint-Gobain SGO.PA | $40.7B | -3% | -2% | 10% | 12.1× | 5.1% |
Peer set: Sector in the same market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 0868.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +5.1% | -9.9% | 3rd highest of 21 |
| 6-month return | -18.8% | -34.0% | 5th highest of 20 |
| Distance from 52-week high | -30.3% | -57.6% | 3rd highest of 21 |
| Revenue growth (TTM) | -11.8% | +21.0% | 2nd lowest of 21 |
| Operating margin | 12.5% | 9.1% | 10th highest of 21 |
| Forward P/E | 11.4× | 9.2× | 8th most expensive of 17 |
| Growth the price implies (Req g, 7 yrs) | 6.8% | -1.6% | 4th most demanding of 13 |
| Growth delivered (Del g) | +3.9% | +13.4% | 4th lowest of 13 |
| Hurdle (Req g minus delivered) | +2.8 pp | -16.7 pp | 3rd most demanding of 13 |
| ROIC minus cost of capital | -5.3 pp | +0.8 pp | 3rd lowest of 21 |
| EV / EBITDA | 8.6× | 8.9× | 6th cheapest of 12 |
| Net debt / EBITDA | 0.5× | 2.5× | 5th least indebted of 12 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Xinyi Glass 0868.HK | Hong Kong | $4.79B | -19% | -12% | 13% | 11.4× | 6.8% | +3.9% |
| SICC 2631.HK | Hong Kong | $4.61B | -41% | +27% | -5% | 93.0× | n/a | n/a |
| Red Avenue New Materials 9607.HK | Hong Kong | $4.35B | n/a | +30% | 9% | 26.9× | n/a | n/a |
| United Company RUSAL international PJSC 0486.HK | Hong Kong | $4.26B | -34% | -4% | 6% | n/a | n/a | n/a |
| China Nonferrous Mining 1258.HK | Hong Kong | $5.73B | -19% | +11% | 28% | 7.4× | -14.6% | +5.8% |
| Kingboard 0148.HK | Hong Kong | $5.78B | -17% | +19% | 15% | 5.0× | n/a | n/a |
| Chuangxin Industries 2788.HK | Hong Kong | $3.82B | -43% | +23% | 23% | 5.3× | -0.8% | +8.9% |
| China International Marine Containers (Group) 2039.HK | Hong Kong | $6.11B | -35% | +6% | 4% | 12.7× | -8.1% | +9.9% |
| Huaxin Building Materials 6655.HK | Hong Kong | $6.91B | +9% | +22% | 18% | 8.1× | -7.8% | +3.0% |
| Wanguo Gold 3939.HK | Hong Kong | $7.31B | +6% | +79% | 67% | 20.2× | 1.7% | +17.0% |
| Lingbao Gold 3330.HK | Hong Kong | $2.94B | -28% | -10% | 22% | 8.0× | -5.6% | +17.8% |
| Zhaojin Mining Industry 1818.HK | Hong Kong | $7.87B | -42% | +49% | 34% | 17.0× | -2.5% | +17.9% |
| Qingdao Gon Technology 2768.HK | Hong Kong | $2.88B | +13% | +20% | 7% | 10.3× | n/a | n/a |
| Flat Glass 6865.HK | Hong Kong | $2.87B | -40% | -20% | -2% | n/a | 11.2% | +19.1% |
| China National Building Material 3323.HK | Hong Kong | $2.76B | -51% | 0% | 2% | 25.2× | 25.1% | -7.7% |
| Nine Dragons Paper 2689.HK | Hong Kong | $2.76B | -29% | +22% | 9% | 4.4× | n/a | n/a |
| GCL Technology 3800.HK | Hong Kong | $2.71B | -30% | +25% | -22% | n/a | n/a | n/a |
| Tianqi Lithium 9696.HK | Hong Kong | $8.79B | -64% | +116% | 57% | 5.0× | -10.8% | +25.3% |
| Angang Steel 0347.HK | Hong Kong | $2.48B | -32% | -1% | -7% | n/a | n/a | n/a |
| Ganfeng Lithium 1772.HK | Hong Kong | $9.76B | -72% | +123% | 18% | 6.4× | 9.0% | +32.0% |
| Maanshan Iron & Steel 0323.HK | Hong Kong | $2.27B | -50% | 0% | 0% | 18.0× | 3.8% | -1.7% |