Who are Xinyi Solar's main competitors?

Named competitors: Flat Glass Group (6865.HK), CSG Holding (000012.SZ), LONGi Green Energy (601012.SS). The cockpit's measured peer set (industry) also includes SolarEdge Technologies (SEDG), Enphase Energy (ENPH), Belden (BDC), POET Technologies (POET), TE (TE).

How has Xinyi Solar stock performed?

Over six months to 6 Nov 2026 the shares returned -32.4% against -33.4% for the median peer; over one year -41.6%.

← CockpitCompetitor Analysis › 0968.HK Xinyi SolarOpen in the cockpit ↗

Xinyi Solar0968.HKCompetitor analysis, valuation and peers

Hong Kong · HKD·Information Technology›Electrical Products

World's largest maker of solar glass, also operating utility-scale solar power plants in China.

≈ China's Guardian Glass, solar-focusedMomentum neutral 46

Competitor Analysis ▸ Charts Open in the cockpit

Mkt cap

$2.48B

US dollars, full cap

Free float

49%

of shares outstanding

$/day

$11.8M

20-day average traded

Fwd P/E

62.7×

forward earnings

ROIC−WACC

-3.6 pp

WACC 7.6%

Hurdle

-12 pp

Req g minus delivered

Next earnings

115 days

1 Mar 2027

Close · HKDHK$2.13

1D+0.2%

1W+14.5%

1M+11.2%

3M-12.7%

6M-32.4%

YTD-28.1%

1Y-41.6%

ATR %4.4%

52w lowhigh47.9% off high

What Xinyi Solar does

World's largest maker of solar glass, also operating utility-scale solar power plants in China.

Sells solar glass to module makers under supply agreements, with prices that follow supply and demand for the glass; its own solar farms add steadier income from selling power to the grid under set tariffs. It was spun out of the glass maker Xinyi Glass in 2013.

In one line: China's Guardian Glass, solar-focused.

Products and services

Solar glass
Solar farm power generation
EVA film/other solar materials

Customers

Solar module makers globally
Grid operators (own solar farms)

Where it sits in the supply chain

Solar / renewable energy
Solar glass manufacturing
Solar glass, EVA/solar materials, solar…

What could go right

Global solar module demand growth
Owned solar-farm power sales

What could go wrong

Solar glass oversupply/pricing cycles
Silica sand/soda ash input costs

Moat: narrow (scale, cost advantage). Largest global solar-glass capacity gives cost/scale edge in a commoditized materials segment.

Headquarters: Hong Kong · Employees: 7,712

Named competitors

Flat Glass Group 6865.HK
CSG Holding 000012.SZ
LONGi Green Energy 601012.SS

Xinyi Solar at a glance

Size Xinyi Solar (0968.HK) is a Hong Kong Information Technology company (Electrical Products) with a market value of $2.48B, the 383rd largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$2.13 on 6 Nov 2026.

Performance Over six months the shares fell 32.4%, against -33.4% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — 3rd highest of 6 in its peer set.

Growth Revenue fell 24.6% over the last twelve months (peer median +26.1%); the operating margin is 12.5% (peer median -6.0%).

Valuation It trades at 62.7× forward earnings.

Price implies For today's price to make sense, revenue must grow about 1% a year for seven years (Req g). Recent delivered growth is +13%, so the hurdle is -12 pp: the price already allows for a slowdown.

Capital Return on invested capital runs 3.6 points below its cost of capital (7.6% WACC).

Next results Next results expected around 1 Mar 2027 (exchange calendar; dates can move).

Relative performance

Six months, rebased to 100: Xinyi Solar against the median of its 5 peers (local-currency closes).

Xinyi Solar financials

Reported figures in HKD; fiscal year ends 2025-12-31. TTM = trailing twelve months.
	TTM	FY2025	FY2024	FY2023	FY2022
Revenue	HK$20.5B	HK$22.6B	HK$23.8B	HK$26.6B	HK$20.5B
Revenue growth	—	-5%	-11%	+30%	—
Gross profit	HK$3.74B	HK$4.81B	HK$4.16B	HK$7.06B	HK$6.12B
EBITDA	HK$4.85B	HK$6.03B	HK$5.24B	HK$7.67B	HK$6.65B
Net income	HK$153M	HK$916M	HK$1.09B	HK$4.19B	HK$3.82B
Free cash flow	HK$3.43B	HK$3.42B	-HK$3.71B	-HK$3.92B	-HK$723M
Capital expenditure	HK$2.53B	HK$2.75B	HK$5.10B	HK$9.89B	HK$6.65B
Total debt	n/a	HK$14.6B	HK$13.3B	HK$11.5B	HK$8.91B

Quarterly statements and history in the cockpit →

Xinyi Solar competitor charts

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.

Performance: 6-month against 1-month return

Up and to the right = strong over both horizons. Xinyi Solar is the large dot.

Fundamentals: revenue growth against valuation

Further right = faster growth; higher = more expensive. The dashed lines are the peer medians. Xinyi Solar is the large dot.

Capital: growth delivered against growth the price implies

Above the diagonal = the price needs more growth than the company has been delivering; below = the price already allows for a slowdown. Xinyi Solar is the large dot.

Xinyi Solar competitors and peer comparison

Head to head with its named competitors (0968.HK vs 6865.HK vs 000012.SZ vs 601012.SS)
Company	Market cap	6M return	Revenue growth	Op. margin	Forward P/E	Req g
Xinyi Solar 0968.HK	$2.48B	-32%	-25%	13%	62.7×	0.7%
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
LONGi Green Energy Technology 601012.SS	$14.1B	-25%	-16%	-12%	n/a	n/a

How Xinyi Solar compares with its peers

Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.

Xinyi Solar against its 5 peers (data as of 6 Nov 2026)
Measure	0968.HK	Peer median	Rank in peer set
1-month return	+11.2%	-15.3%	highest of 6
6-month return	-32.4%	-33.4%	3rd highest of 6
Distance from 52-week high	-47.9%	-66.1%	2nd highest of 6
Revenue growth (TTM)	-24.6%	+26.1%	lowest of 6
Operating margin	12.5%	-6.0%	2nd highest of 6
Forward P/E	62.7×	n/a	—
Growth the price implies (Req g, 7 yrs)	0.7%	11.4%	least demanding of 4
Growth delivered (Del g)	+12.9%	+7.8%	2nd highest of 4
Hurdle (Req g minus delivered)	-12.3 pp	+5.0 pp	least demanding of 4
ROIC minus cost of capital	-3.6 pp	-24.7 pp	3rd highest of 6
EV / EBITDA	7.0×	n/a	—
Net debt / EBITDA	1.8×	n/a	—

Peer table

Peer set: Industry: the same industry and sector in any market, nearest in size
Company	Market	Market cap	6M return	Revenue growth	Op. margin	Forward P/E	Req g	Delivered g
Xinyi Solar 0968.HK	Hong Kong	$2.48B	-32%	-25%	13%	62.7×	0.7%	+12.9%
SolarEdge Technologies SEDG	United States	$1.69B	-33%	+26%	-6%	n/a	11.4%	-4.1%
Enphase Energy ENPH	United States	$3.77B	-22%	-20%	13%	27.0×	18.7%	+13.7%
Belden BDC	United States	$3.83B	-13%	+18%	12%	10.2×	10.3%	+7.8%
POET Technologies POET	United States	$877M	-54%	+266%	-3,625%	n/a	n/a	n/a
TE TE	United States	$707M	-62%	+427%	-17%	n/a	n/a	n/a

Questions

Who are Xinyi Solar's main competitors?: Named competitors: Flat Glass Group (6865.HK), CSG Holding (000012.SZ), LONGi Green Energy (601012.SS). The cockpit's measured peer set (industry) also includes SolarEdge Technologies (SEDG), Enphase Energy (ENPH), Belden (BDC), POET Technologies (POET), TE (TE).
How has Xinyi Solar stock performed?: Over six months to 6 Nov 2026 the shares returned -32.4% against -33.4% for the median peer; over one year -41.6%.