HK Stock Market Move | XINYI SOLAR (00968) rebounded by more than 3% after its stock price fell by 10% in the previous two days. The devaluation impact reduced last year's performance.

XINYI SOLAR (00968) rebounds more than 3%, after falling by 10% in the previous two trading days. As of the time of writing, it has risen by 3.22%, reaching HK$3.21, with a trading volume of HK$2.45 billion. In terms of news, XINYI SOLAR recently announced its performance for 2025, with revenue of approximately 20.861 billion yuan, a year-on-year decrease of 4.8%; net profit attributable to equity holders was 844.5 million yuan, a decrease of 16.2% year-on-year. The announcement stated that the decrease in revenue was mainly due to a decrease in average selling price despite CECEP Solar Energy's glass product sales volume reaching a level higher than last year. The decrease in net profit was mainly due to an increase in provisions for impairment of fixed assets. Morgan Stanley believes that XINYI SOLAR's net profit last year was lower than expected, mainly due to 2.3 billion yuan in impairment charges included in the 2025 performance. Excluding this item, the recurring profit is approximately 2.1 billion yuan, exceeding the bank's expectations, with a gross profit margin returning to 21.4%. The bank has set a target price of HK$3.4 and a rating of "hold" for XINYI SOLAR.