# Xinyi Glass Holdings (0868.HK)

Canonical: https://gigainvestors.com/s/0868.HK

Analysis as of: 2026-10-16T07:37:48.372Z. Financial observations: FY2019–FY2025.

Listing currency: HKD. Reporting currency: CNY.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: HKD 7.97 per share; close as of 2026-10-15.

Estimated value: low HKD 9.88 per share, central HKD 11.15 per share, high HKD 12.85 per share. Buy at or below the central value HKD 11.15 per share. Valuation as of 2026-10-16T07:37:48.372Z; scenarios are not confidence intervals.

Expected annual return: 13.2% at the stated quote. About 13.2% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; HK 10-year bond 4.0% + 4 points).

## Checklist

### understandable: pass

- 3 revenue declines in the last 10 years (informational)

- Financial history: 7 years

- Years with declining revenue: 3

- Years with a net loss: 0

- Operating margin variation: 0.32×

Chart: Operating margin; fiscal year observations.

- FY2019: 0.22×

- FY2020: 0.34×

- FY2021: 0.39×

- FY2022: 0.19×

- FY2023: 0.21×

- FY2024: 0.20×

- FY2025: 0.17×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 10.2%

- ROIC, second-lowest year: 8.6%

- Typical minus recent gross margin: 2.6 pp

- Typical gross margin (annual median): 33.7%

- Recent gross margin (lower of latest and 3-year median): 31.1%

- Years with nonpositive capital: 0

- Capital spending / revenue: 13.9%

- ROIC including acquisitions, ten-year median: 9.6%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2019: 11.9%

- FY2020: 17.3%

- FY2021: 25.3%

- FY2022: 9.7%

- FY2023: 10.2%

- FY2024: 8.6%

- FY2025: 7.6%

### economics: fail

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 0.82×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: CNY 20B

- Net income, five-year total: CNY 25B

- Return on incremental invested capital: 3.6%

- Working capital / revenue, annual change: 0.5 pp

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.00×

- FY2022: 0.77×

- FY2023: 1.00×

- FY2024: -0.08×

- FY2025: 1.03×

### management: fail

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 17.3% vs 8.6%

- Per-share earnings: 1.41 to 0.79 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 1.6%

- Diluted shares, 5-year annual growth: 1.6%

- Per-share value growth: -13.5%

- Per-share value change: CNY -0.62

- Per-share value, starting three-year median: CNY 1.41

- Per-share value, ending three-year median: CNY 0.79

- Buybacks concentrated in cheaper years (correlation): 0.40

- Average buyback yield: 0.4%

- Buyback history: 4 years

- Debt-funded buybacks: No

- ROIC, first three-year median: 17.3%

- ROIC, last three-year median: 8.6%

Chart: Earnings per share; fiscal year observations.

- FY2019: CNY 0.98

- FY2020: CNY 1.41

- FY2021: CNY 2.39

- FY2022: CNY 1.07

- FY2023: CNY 1.16

- FY2024: CNY 0.79

- FY2025: CNY 0.62

### accounting: pass

- Sloan accruals: -4.9%

- Receivables to sales index (DSRI): 1.13×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 1.5%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.95×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.03×

Chart: Sloan accruals; fiscal year observations.

- FY2019: 1.9%

- FY2020: 4.5%

- FY2021: 1.1%

- FY2022: -3.0%

- FY2023: -0.2%

- FY2024: -4.6%

- FY2025: -4.9%

## Holders

## Price story

Down 64% since Oct 2021 · sales -6.7%

Story as of 2026-10-16T10:00:09.470Z; price observation 2026-10-15.

Price needs cash profits to shrink 3.6% a year for ten years

### Sales · FY2024–2025

sales -6.7%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2019: CNY 14B 

- FY2020: CNY 17B 

- FY2021: CNY 25B 

- FY2022: CNY 22B 

- FY2023: CNY 24B 

- FY2024: CNY 22B 

- FY2025: CNY 21B 

### Gross margin · FY2025

gross margin 31.1%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2019: 36.2% 

- FY2020: 41.7% 

- FY2021: 51.8% 

- FY2022: 33.7% 

- FY2023: 32.2% 

- FY2024: 32.4% 

- FY2025: 31.1% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in building materials; annual sales are CNY 20.8 billion.

- Source: https://eodhd.com/api/fundamentals/XI9.F.json#2025-12-31 (filed 2026-10-16T07:37:48.372Z); FY2025: revenue 20829014000; grossProfit 6481792000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 0868.HK: Xinyi Glass Holdings Limited, an investment holding company, produces and sells float, automobile, construction, and other glass products for commercial and industrial applications. The company operates through three segments: Float Glass, Automobile Glass, and Architectural Glass. It provides automobile rubber and plastic components; manufactures electronic glass, plastic products, and low-e products; trades in automobile glass; and engages in the research and trading of glass, as well as mining activities. The company also offers logistic and related services; supply chain services; sells solar power; automatic machines for solar glass factories and other related industries; and holds properties and car parks. It serves automobile glass manufacturing, wholesale, and distribution; automobile repairs and maintenance; car manufacturing; curtain wall design, engineering, and installing; architectural and furniture glass manufacturing; electronic, industrial, and household appliance manufacturing; and float glass manufacture, wholesale, and distribution companies. The company sells its products in the People's Republic of China, Hong Kong, the United States, Canada, Australia, and New Zealand, as well as countries in Asia, the Middle East, Europe, Africa, and the Americas. Xinyi Glass Holdings Limited was founded in 1988 and is headquartered in Kwun Tong, Hong Kong.

### Why customers stay

Margins ranged from 31.1% to 32.4% during 2023–25; it earns 10.2% on its capital.

- Source: https://eodhd.com/api/fundamentals/XI9.F.json#2023-12-31 (filed 2026-10-16T07:37:48.372Z); FY2023: grossProfit / revenue = 32.2%.

- Source: https://eodhd.com/api/fundamentals/XI9.F.json#2024-12-31 (filed 2026-10-16T07:37:48.372Z); FY2024: grossProfit / revenue = 32.4%.

- Source: https://eodhd.com/api/fundamentals/XI9.F.json#2025-12-31 (filed 2026-10-16T07:37:48.372Z); FY2025: grossProfit / revenue = 31.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:48.372Z); 7-year return on capital observations [[2019,0.11918825090122435],[2020,0.17300951030789805],[2021,0.25316904752443986],[2022,0.09684283302840481],[2023,0.10197807339392867],[2024,0.08638317123581021],[2025,0.07566442776838955]]; median 0.10197807339392867. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Reinvests 3.9% of cash earnings; earns 3.6% on new investment.

- Source: https://eodhd.com/api/eod/HKDCNY.FOREX (filed 2026-10-16T07:37:48.372Z); FY2019: growth capex 0; upkeep 2535289359.559386; owner earnings 2359922632.743907. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/eod/HKDCNY.FOREX (filed 2026-10-16T07:37:48.372Z); FY2020: growth capex 1805615859.502291; upkeep 1040607860.93168; owner earnings 5699919521.887102. Growth capex / owner earnings = 0.31677918478829614.

- Source: https://eodhd.com/api/eod/HKDCNY.FOREX (filed 2026-10-16T07:37:48.372Z); FY2021: growth capex 717773479.5310347; upkeep 1272087363.793104; owner earnings 9582127865.248281. Growth capex / owner earnings = 0.07490752467770755.

- Source: https://eodhd.com/api/eod/HKDCNY.FOREX (filed 2026-10-16T07:37:48.372Z); FY2022: growth capex 0; upkeep 2291628771.3069224; owner earnings 3398127722.672306. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/XI9.F.json#2023-12-31 (filed 2026-10-16T07:37:48.372Z); FY2023: growth capex 2001494000; upkeep 1369750000; cash acquisitions 120305000; owner earnings 4879542200. Growth capex plus acquisitions / owner earnings = 0.43483566962490866.

- Source: https://eodhd.com/api/fundamentals/XI9.F.json#2025-12-31 (filed 2026-10-16T07:37:48.372Z); FY2025: growth capex 0; upkeep 1430282000; cash acquisitions 111168000; owner earnings 2814789600. Growth capex plus acquisitions / owner earnings = 0.03949424852216308.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:48.372Z); Incremental return on capital 0.03647447769907677, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:48.372Z); Dividend observations: [[2019,1837878083.9923363],[2020,1683576337.803436],[2021,4299535778.558622],[2022,3140754380.896153],[2023,933655000],[2024,1875950000],[2025,393223000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/api/fundamentals/XI9.F.json#2025-12-31 (filed 2026-10-16T07:37:48.372Z); FY2025: cash repurchases 45600000 CNY.

### Are managers owners

Insiders own 64.3% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 0868.HK SharesStats.PercentInsiders = 64.25999999999999 percentage points; cache date 2026-10-16.

### What could break it

US import tariffs could raise product costs.

- Source: https://www.xinyiglass.com/uploadfiles/2026/05/%E4%BF%A1%E4%B9%89%E7%8E%BB%E7%92%832025%E5%B9%B4%E5%B9%B4%E6%8A%A5-%E7%AE%80%E4%BD%93.pdf (filed ); 玻璃產品平均售價偏低的負面影響。因此，本集團不同分部的業務受到各種的挑戰，而更重要的，全球市場出
現了機遇。

本年度本集團的純利減少 18.8%，主要由於浮法玻璃產品及建築玻璃產品毛利減少以及二零二五年本公司聯營公司信
義光能控股有限公司（「信義光能」）分佔利潤金額減少的淨影響所致。

本集團實施嚴格的生產成本控制及節能政策以提高生產成本效率。此外，本集團專注於生產浮法玻璃、汽車玻璃及建
築玻璃產品的高附加值部件及特性、不同顏色及厚度，以及窗戶結構升級、鏡面及節能鍍膜玻璃產品。生產安排方
面，本集團精簡生產流程及自動化物流，並就浮法玻璃、建築玻璃及汽車玻璃產品採取彈性全球營銷策略。

信義玻璃控股有限公司 I 二零二五年年報

4

鑒於中國民營房地產開發商普遍面臨資金周轉問題，本集團的建築玻璃業務已專注於新玻璃窗安裝項目，該等項目主
要由中國政府相關實體或中國國有企業或經實證財務實力雄厚的物業開發商主導。年內，由於不利市場狀況，加上中
國新建築項目及竣工的現有物業項目有所下降，建築玻璃產品的銷量下降。

節能低輻射鍍膜建築玻璃產品的需求仍然為市場主流產品，乃因本集團的良好聲譽、彪炳的往績記錄、積極及靈活的
營銷策略，以及精選各種先進鍍膜材料及複合結構玻璃產品。本集團繼續穩居大中華建築玻璃行業兩大龍頭之一。

年內，本集團的汽車玻璃分部與國際所有其他玻璃製造商一樣，繼續受美國進口關稅的影響。該業務分部已開發並繼
續推出適用於現有車型及新車型（包括電動汽車）的新玻璃產品，配備先進駕駛員輔助系統（「ADAS」）、抬頭型顯示器
（「HUD」）、隔音、低輻射鍍膜、天窗及熱能管理等定制部件。

本集團積極探索國內外新商機，鞏固與現有及新客戶的關係。本集團亦於二零二五年參加各種海內外展覽會及主動拜
訪海外客戶。本集團的汽車玻璃產品銷往全球逾 150 多個國家或地區的客戶。
作為全球行業領導者，本集團通過策略性擴張及收購，於中國、馬來西亞及印尼部署精簡及自動化生產設施，鞏固其
地位。於印尼東爪哇的浮法玻璃及汽車玻璃生產設施為客戶提供替代方案，使其能採購來源不同、成本結構各異且進
口關稅較低的玻璃產品。

營運提升包括更嚴格的原料及存貨成本控制、擁有硅砂礦場及運輸貨船、優化供應鏈及增加回收百分比。本集團亦將
自動化生產流程、中央控制系統、屋頂太陽能板及餘熱系統升級，以符合中國國家碳中和目標。

為提升競爭力，本集團繼續開發具不同顏色、厚度、塗層、結構設計及其他增值功能的獨特玻璃產品，並充分利用積
極的定價、中國及東南亞的多個供應地點、靈活的營銷策略及中國十四五規劃下的獎勵措施。

5

信義玻璃控股有限公司 I 二零二五年年報

主席報告
透過新的研究與開發
（「研發」）投資，提升生產效益、產品質量及特色、技術及規模經濟效益以提高生產效率及開
發新產品、新設備、自動化及先進浮法玻璃設計
本集團對新材料的使用、塗層、生產技術、環境保護、自動化信息技術、人工智能（「AI」）及大數據分析的利用的持續
研發投資提高了產能、收益率及可持續性，故二零二五年排放、廢棄物、勞工、生產及能源成本均有所減少。

本集團已於中國、馬來西亞及印尼設計出世界級、環保、高產能、具能源效益及高收益率的浮法玻璃生產線。實現的
規模經濟效益降低了採購及生產成本，同時優化了燃料及原材料的使用。採用清潔能源（光能及餘熱回收）將進一步控
制能源成本及排放量。

天然氣用於生產優質浮法玻璃有助減少碳排放、提升空氣質量、支持實現碳中和目標、提高產品品質並優化能源成本
架構。

本集團的研發團隊持續開發新玻璃產品，改進低幅射鍍膜、汽車元件及改良特色及流程，以把握新興商機。

擴展差異化產品組合與全球覆蓋範圍
在全球通貨膨脹、地緣政治物流中斷、新增進口關稅及二零二五年競爭激烈的情況下，本集團的汽車玻璃、建築玻璃
及優質浮法玻璃業務分部仍取得合理的盈利水平。此證明不利好的市場環境中，本集團的多元化產品分部、綜合生
產及供應鏈、全球市場覆蓋、戰略性分佈的生產設施、升級產品組合、最先進的生產線、擴大高增值及差異化產品供
應、強勁現金流量及低資產負債比率。上述種種均可減輕於任何特定業務分部或國家的營運壓力及風險。

穩健的財務及持續的資金優化，以利擴張
截至二零二五年十二月三十一日，本集團財務狀況穩健，現金及銀行存款為人民幣 2,917.7 百萬元，流動比率為 1.36，
淨資本負債比率處於 5.1% 的低水平，並有充足的銀行融資。本集團的信貸記錄良好使其實際借貸年利率降至 2.6%。
於二零二五年十二月三十一日，本集團有未償還銀行借貸人民幣 4,804.2 百萬元，年內經營所得現金淨額為人民幣
5,321.5 百萬元，顯示其能夠從多個來源取得融資及現金流入以支持資本開支及未來擴展。年內，本集團已償還淨額人
民幣 2,421.0 百萬元的銀行貸款。

信義玻璃控股有限公司 I 二零二五年年報

6

業務展望
為維持在全球玻璃製造商中的領導地位及競爭地位，本集團將透過使用先進科技、AI、中央管理、整合供應鏈、以機
器人自動化、物流（包括自營船隻以減低運費成本及增加靈活性）及主動的差異化產品組合及營銷策略以加強客戶忠誠
度，從而不斷提升其營運效率。

為響應中國碳中和政策下日益收緊的排放及能源標準，政府繼續實施嚴格的供給側改革－限制新浮法玻璃產能收購，
並逐步淘汰不合規的設施。本集團採取審慎靈活的策略，在全球競爭激烈的市場中馳騁，加強風險管理及生產成本控
制。

由於國內外的供應增加，與二零二五年相比，預期二零二六年純鹼價格將維持在低位。由於全球原油價格保持相對穩
定，二零二六年能源成本呈輕微下降趨勢。

美國進口關稅持續影響汽車玻璃售後市場客戶。本集團在馬來西亞及印尼的新汽車玻璃生產線逐步緩解該等影響。本
集團擬探索擴展海外產能及生產地點，以紓解地緣政治風險。

預計中國政府將持續推出其他經濟措施及貨幣政策，以刺激國內消費週期，並穩定國內房地產市場。有關政策將減低
指定物業竣工及向物業買家交付新物業項目的融資渠道壓力及限制，將刺激日後進行更多建築及窗戶安裝活動，進而
使浮法及建築玻璃的需求增加。

董事對本集團汽車玻璃售後市場及 OEM 業務在全球市場的發展抱持樂觀態度，此乃由於全球及中國汽車數目預期於二
零二六年有所增加，中國及海外的碳中和目標亦讓董事對先進玻璃窗結構產品（如節能及單雙絕緣低輻射玻璃分部）銷
售增長的前景抱持樂觀態度。

經過對中國及東南亞主要經濟區多年的擴充，本集團繼續尋求收購和新建項目機會，以提供進入市場的途徑、降低勞
動力及原材料成本、提供更優惠稅務待遇以及能源優勢。位於印尼東爪哇的新浮法玻璃生產設施，以及汽車及建築玻
璃設施，加強了其在東盟的影響力。

自二零二一年起，本集團已成立一個專門負責碳中和的新業務部門，負責規劃、實施及監督本集團的碳中和政策及目
標。該部門的節能計劃亦有助改善本集團的整體能源成本結構及提高僱員對本集團碳中和目

### What the price says

The price assumes cash profits shrink 3.6% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:48.372Z); Ten-year compound average after fade. Initial solved rate -0.06375465792558327. Price 7.97; FX 1.1727222788982186; discount 0.1; same standard ten-year fade to terminal 0.03.  Closing-price date 2026-10-15.

## Monthly share-price history (HKD per share)

- 2016-10: HKD 6.67 per share

- 2016-11: HKD 5.78 per share

- 2016-12: HKD 6.34 per share

- 2017-01: HKD 7.01 per share

- 2017-02: HKD 7.04 per share

- 2017-03: HKD 6.84 per share

- 2017-04: HKD 6.90 per share

- 2017-05: HKD 7.66 per share

- 2017-06: HKD 7.73 per share

- 2017-07: HKD 8.08 per share

- 2017-08: HKD 7.80 per share

- 2017-09: HKD 7.72 per share

- 2017-10: HKD 7.55 per share

- 2017-11: HKD 9.53 per share

- 2017-12: HKD 10.18 per share

- 2018-01: HKD 11.90 per share

- 2018-02: HKD 12.18 per share

- 2018-03: HKD 11.82 per share

- 2018-04: HKD 11.44 per share

- 2018-05: HKD 10.78 per share

- 2018-06: HKD 9.59 per share

- 2018-07: HKD 9.24 per share

- 2018-08: HKD 9.80 per share

- 2018-09: HKD 9.89 per share

- 2018-10: HKD 7.76 per share

- 2018-11: HKD 8.41 per share

- 2018-12: HKD 8.66 per share

- 2019-01: HKD 9.50 per share

- 2019-02: HKD 9.00 per share

- 2019-03: HKD 9.00 per share

- 2019-04: HKD 8.96 per share

- 2019-05: HKD 7.85 per share

- 2019-06: HKD 8.20 per share

- 2019-07: HKD 7.95 per share

- 2019-08: HKD 7.80 per share

- 2019-09: HKD 8.63 per share

- 2019-10: HKD 8.83 per share

- 2019-11: HKD 9.20 per share

- 2019-12: HKD 10.32 per share

- 2020-01: HKD 9.80 per share

- 2020-02: HKD 9.64 per share

- 2020-03: HKD 8.90 per share

- 2020-04: HKD 9.01 per share

- 2020-05: HKD 8.20 per share

- 2020-06: HKD 9.50 per share

- 2020-07: HKD 11.36 per share

- 2020-08: HKD 13.40 per share

- 2020-09: HKD 15.58 per share

- 2020-10: HKD 16.98 per share

- 2020-11: HKD 17.40 per share

- 2020-12: HKD 21.65 per share

- 2021-01: HKD 18.80 per share

- 2021-02: HKD 21.70 per share

- 2021-03: HKD 25.40 per share

- 2021-04: HKD 27.55 per share

- 2021-05: HKD 31.00 per share

- 2021-06: HKD 31.65 per share

- 2021-07: HKD 29.00 per share

- 2021-08: HKD 32.70 per share

- 2021-09: HKD 23.30 per share

- 2021-10: HKD 21.95 per share

- 2021-11: HKD 19.02 per share

- 2021-12: HKD 19.50 per share

- 2022-01: HKD 20.55 per share

- 2022-02: HKD 20.75 per share

- 2022-03: HKD 19.00 per share

- 2022-04: HKD 17.66 per share

- 2022-05: HKD 19.94 per share

- 2022-06: HKD 18.82 per share

- 2022-07: HKD 15.46 per share

- 2022-08: HKD 14.56 per share

- 2022-09: HKD 11.42 per share

- 2022-10: HKD 10.10 per share

- 2022-11: HKD 14.96 per share

- 2022-12: HKD 14.54 per share

- 2023-01: HKD 16.66 per share

- 2023-02: HKD 14.66 per share

- 2023-03: HKD 14.06 per share

- 2023-04: HKD 14.30 per share

- 2023-05: HKD 11.58 per share

- 2023-06: HKD 12.20 per share

- 2023-07: HKD 12.88 per share

- 2023-08: HKD 11.58 per share

- 2023-09: HKD 10.14 per share

- 2023-10: HKD 8.99 per share

- 2023-11: HKD 8.99 per share

- 2023-12: HKD 8.76 per share

- 2024-01: HKD 6.45 per share

- 2024-02: HKD 8.00 per share

- 2024-03: HKD 8.29 per share

- 2024-04: HKD 8.42 per share

- 2024-05: HKD 9.67 per share

- 2024-06: HKD 8.56 per share

- 2024-07: HKD 8.27 per share

- 2024-08: HKD 7.06 per share

- 2024-09: HKD 9.26 per share

- 2024-10: HKD 8.82 per share

- 2024-11: HKD 8.11 per share

- 2024-12: HKD 7.89 per share

- 2025-01: HKD 7.19 per share

- 2025-02: HKD 7.42 per share

- 2025-03: HKD 7.67 per share

- 2025-04: HKD 7.27 per share

- 2025-05: HKD 7.48 per share

- 2025-06: HKD 7.54 per share

- 2025-07: HKD 8.10 per share

- 2025-08: HKD 8.51 per share

- 2025-09: HKD 9.02 per share

- 2025-10: HKD 9.09 per share

- 2025-11: HKD 8.57 per share

- 2025-12: HKD 8.27 per share

- 2026-01: HKD 10.22 per share

- 2026-02: HKD 10.38 per share

- 2026-03: HKD 9.79 per share

- 2026-04: HKD 9.65 per share

- 2026-05: HKD 9.90 per share

- 2026-06: HKD 8.53 per share

- 2026-07: HKD 9.32 per share

- 2026-08: HKD 8.78 per share

- 2026-09: HKD 8.16 per share

- 2026-10: HKD 7.97 per share

## Annual estimated value (HKD per share)

- FY2023: low HKD 15.34 per share, central HKD 17.38 per share, high HKD 20.10 per share

- FY2024: low HKD 13.83 per share, central HKD 15.69 per share, high HKD 18.17 per share

- FY2025: low HKD 9.98 per share, central HKD 11.28 per share, high HKD 12.99 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:43:34.268Z where newer inputs omit a numeric field or fiscal period.

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.