Earnings release
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– 1 – Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. XINYI GLASS HOLDINGS LIMITED ʮ̡ (Incorporated in the Cayman Islands with limited liability) (Stock code: 00868) INTERIM RESULTS ANNOUNCEMENT FOR THE SIX MONTHS ENDED 30 JUNE 2026 FINANCIAL HIGHLIGHTS Six months ended 30 June 2026 2025 Change RMB million RMB million Revenue 9,520.8 9,821.3 -3.1% Profit attributable to equity holders of the Company 1,184.1 1,012.8 16.9% Earnings per share - Basic 26.76 RMB cents 23.25 RMB cents 15.1% Interim dividend per share 15.0 HK cents 12.5 HK cents 20.0%
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– 2 – The board (the “Board ”) of directors (the “Directors ”) of Xinyi Glass Holdings Limited (the “Company” or “Xinyi Glass”, together with its subsidiaries, the “Group”) announces the unaudited condensed consolidated interim results of the Group for the six months ended 30 June 2026 (the “1H2026 ”), together with the comparative figures for the six months ended 30 June 2025 (the “1H2025”), as follows: Unaudited Condensed Consolidated Statement of Profit or Loss (All amount in Chinese Renminbi thousands unless otherwise stated) Unaudited Six months ended 30 June Note 2026 2025 Revenue 4 9,520,817 9,821,324 Cost of sales 6 (6,657,407) (6,719,640) Gross profit 2,863,410 3,101,684 Other income and gains – net 4 247,223 245,719 Other losses 5 (111,185) (265,796) Selling and marketing expenses 6 (499,314) (661,272) Administrative and other operating expenses 6 (1,089,283) (1,107,069) Reversal of impairment/(net impairment losses) on financial assets 5,129 (131,432) Operating profit 1,415,980 1,181,834 Finance income 7 16,676 13,095 Finance costs 7 (35,380) (62,815) Share of net profits of associates 11 25,458 202,865 Profit before income tax 1,422,734 1,334,979 Income tax expense 8 (253,324) (316,944) Profit for the period 1,169,410 1,018,035 Profit/(loss) for the period attributable to: – Equity holders of the Company 1,184,067 1,012,838 – Non-controlling interests (14,657) 5,197 Profit for the period 1,169,410 1,018,035 Earnings per share attributable to the equity holders of the Company during the period (expressed in RMB cents per Share) – Basic 9 26.76 23.25 – Diluted 9 26.72 23.25
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– 3 – Unaudited Condensed Consolidated Statement of Comprehensive Income (All amount in Chinese Renminbi thousands unless otherwise stated) Unaudited Six months ended 30 June 2026 2025 Profit for the period 1,169,410 1,018,035 Other comprehensive income/(loss) for the period, net of tax Items that will not be reclassified subsequently to profit or loss Currency translation differences of the Company ’s financial statements — (103,158) Revaluation gains on investment properties transferred from property, plant and equipment and right-of-use assets, net of tax 6,640 — Items that may be reclassified subsequently to profit or loss Currency translation differences of foreign operations (205,283) 119,408 Share of other comprehensive (loss)/income of associates (67,001) 48,733 Total comprehensive income for the period 903,766 1,083,018 Total comprehensive income/(loss) for the period attributable to: – Equity holders of the Company 918,725 1,076,265 – Non-controlling interests (14,959) 6,753 903,766 1,083,018
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– 4 – Unaudited Condensed Consolidated Statement of Financial Position (All amounts in Chinese Renminbi thousands unless otherwise stated) As at 30 June 31 December 2026 2025 Note (Unaudited) (Audited) ASSETS Non-current assets Property, plant and equipment 12 17,696,613 18,123,845 Right-of-use assets 13(A) 3,676,321 3,742,195 Investment properties 14 2,866,177 2,793,323 Prepayments for property, plant and equipment, right-of-use assets and intangible assets 15 368,925 319,678 Intangible assets 1,087,076 1,097,521 Investments in associates 11 9,343,770 9,417,882 Fixed bank deposits 17 332,000 212,000 Deferred income tax assets 4,271 4,565 35,375,153 35,711,009 Current assets Inventories 4,052,022 3,543,410 Trade and bills receivables 15 3,228,851 3,209,241 Prepayments, deposits and other receivables 15 2,396,809 2,326,207 Financial assets at fair value through profit and loss 16 11,180 128,091 Loans to an associate 6,768 — Pledged bank deposits 17 — 79,628 Fixed bank deposits 17 20,000 — Cash and cash equivalents 17 2,031,538 2,626,042 11,747,168 11,912,619 Total assets 47,122,321 47,623,628
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– 5 – As at 30 June 31 December 2026 2025 Note (Unaudited) (Audited) EQUITY Equity attributable to the equity holders of the Company Share capital 18 414,497 414,497 Share premium 18 1,779,899 2,603,148 Other reserves 19 3,140,039 3,467,763 Retained earnings 19 31,621,457 30,323,466 36,955,892 36,808,874 Non-controlling interests 34,151 49,110 Total equity 36,990,043 36,857,984 LIABILITIES Non-current liabilities Bank borrowings 21 1,134,400 1,305,050 Deferred income tax liabilities 609,714 613,106 Lease liabilities 13(B) — 17 Other payables 20 61,486 77,848 1,805,600 1,996,021 Current liabilities Trade, other payables and contract liabilities 20 4,893,671 4,488,730 Current income tax liabilities 703,469 778,781 Lease liabilities 13(B) 6,721 2,990 Bank borrowings 21 2,722,817 3,499,122 8,326,678 8,769,623 Total liabilities 10,132,278 10,765,644 Total equity and liabilities 47,122,321 47,623,628 Total assets less current liabilities 38,795,643 38,854,005
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– 6 – Unaudited Condensed Consolidated Statement of Changes in Equity (All amount in Chinese Renminbi thousands unless otherwise stated) Unaudited Attributable to equity holders of the Company Note Share capital Share premium Other reserves Retained earnings Total Non- controlling interests Total equity Balance at 31 December 2025 and 1 January 2026 414,497 2,603,148 3,467,763 30,323,466 36,808,874 49,110 36,857,984 Profit/(loss) for the period — — — 1,184,067 1,184,067 (14,657) 1,169,410 Other comprehensive income Currency translation differences — — (204,981) — (204,981) (302) (205,283) Share of other comprehensive income of associates — — (67,001) — (67,001) — (67,001) Revaluation gains on investment properties transferred from property, plant and equipment and right-of-use assets, net of tax 14 — — 6,640 — 6,640 — 6,640 Total comprehensive income/(loss) for the period — — (265,342) 1,184,067 918,725 (14,959) 903,766 Transactions with owners Employees share option scheme: – value of employee services — — 51,542 — 51,542 — 51,542 – adjustment relating to expired share options — — (113,935) 113,935 — — — Transfer to reserve — — 11 (11) — — — Dividends relating to 2025 10 — (823,249) — — (823,249) — (823,249) Total transactions with owners — (823,249) (62,382) 113,924 (771,707) — (771,707) Balance at 30 June 2026 414,497 1,779,899 3,140,039 31,621,457 36,955,892 34,151 36,990,043
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– 7 – Unaudited Attributable to equity holders of the Company Note Share capital Share premium Other reserves Retained earnings Total Non- controlling interests Total equity Balance at 31 December 2024 and 1 January 2025 408,378 3,048,090 3,256,030 27,572,287 34,284,785 92,356 34,377,141 Profit for the period — — — 1,012,838 1,012,838 5,197 1,018,035 Other comprehensive income Currency translation differences — — 14,694 — 14,694 1,556 16,250 Share of other comprehensive income of associates — — 48,733 — 48,733 — 48,733 Total comprehensive income for the period — — 63,427 1,012,838 1,076,265 6,753 1,083,018 Transactions with owners Employees share option scheme: – value of employee services — — 48,064 — 48,064 — 48,064 – adjustment relating to expired share options — — (127,463) 127,463 — — — Transfer to reserve — — 1,769 (1,769) — — — Dividends relating to 2024 10 — (408,444) — — (408,444) — (408,444) Dividend paid to non-controlling interests — — — — — (4,661) (4,661) Total transactions with owners — (408,444) (77,630) 125,694 (360,380) (4,661) (365,041) Balance at 30 June 2025 408,378 2,639,646 3,241,827 28,710,819 35,000,670 94,448 35,095,118
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– 8 – Unaudited Condensed Consolidated Statement of Cash Flows (All amount in Chinese Renminbi thousands unless otherwise stated) Unaudited Six months ended 30 June 2026 2025 Cash flows from operating activities Cash generated from operations 1,300,948 2,007,242 Interest paid (49,633) (98,980) Income tax paid (328,342) (343,622) Net cash generated from operating activities 922,973 1,564,640 Cash flows from investing activities Purchase of property, plant and equipment (667,838) (863,897) Additions to investment properties (8,706) (6,606) Payment for right-of-use assets (114,959) (86,065) Addition to investment in associates — (30,000) Proceeds from disposal of investment in associates — 8,087 Advanced to an associate (37,508) (61,453) Loans to an associate (6,542) — (Increase)/decrease in fixed deposits (140,000) 70,000 Proceed from withdrawal of pledged deposits 79,628 3,861 Proceeds from disposals and redemption of financial assets at fair value through profit and loss 126,285 — Interests received 16,450 13,095 Other investing activities 93,778 59,185 Net cash used in investing activities (659,412) (893,793) Cash flows from financing activities Proceeds from bank borrowings 400,000 2,550,760 Repayment of bank borrowings (1,346,955) (2,809,088) Repayment of lease liabilities (3,444) (3,455) Dividend paid to non-controlling interests — (4,661) Net cash used in financing activities (950,399) (266,444) Net (decrease)/increase in cash and cash equivalents (686,838) 404,403 Cash and cash equivalents at beginning of the period 2,626,042 1,456,115 Effect of foreign exchange rate changes 92,334 (6,821) Cash and cash equivalents at end of the period 2,031,538 1,853,697
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– 9 – Notes to the Unaudited Condensed Consolidated Financial Information 1 GENERAL INFORMATION Xinyi Glass Holdings Limited (the “Company”) and its subsidiaries (together, the “Group”) is principally engaged in the production and sales of automobile glass, architectural glass and float glass products through production complexes located in the People’s Republic of China (the “PRC”), Malaysia and Indonesia. The principal place of business of the Group in Hong Kong is situated at Unit 2101-2108, 21st Floor, Rykadan Capital Tower, 135 Hoi Bun Road, Kwun Tong, Kowloon, Hong Kong. This unaudited condensed consolidated interim financial information is presented in thousands of Chinese Renminbi (“RMB’000”), unless otherwise stated. This unaudited condensed consolidated interim financial information has been approved for issue by the Board on 31 July 2026. 2 BASIS OF PREPARATION This unaudited condensed consolidated interim financial information for the six months ended 30 June 2026 has been prepared in accordance with the applicable disclosure provisions of The Rules Governing the Listing of Securities on the Stock Exchange of Hong Kong Limited and Hong Kong Accounting Standards ( “HKAS”) 34, ‘Interim financial reporting ’ issued by the Hong Kong Institute of Certified Public Accountants ( “HKICPA”). This unaudited condensed consolidated interim financial information should be read in conjunction with the annual financial statements of the Group for the year ended 31 December 2025, which have been prepared in accordance with Hong Kong Financial Reporting Standards (“HKFRSs”). 3 ACCOUNTING POLICIES Change in accounting policies Except as described below, the accounting policies adopted are consistent with those of the annual financial statements of the Group for the year ended 31 December 2025, as described in 2025 annual financial statements.
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– 10 – AMENDED STANDARDS ADOPTED BY THE GROUP The following new standards, amendments to standards are effective for accounting periods beginning on or after 1 January 2026. The adoption of these new standards, amendments to standards does not have any material impact to the results and financial position of the Group for the current or prior periods. Effective for accounting periods beginning on or after Amendments to HKFRS 9 and HKFRS 7 Amendments to the Classification and Measurement of Financial Instruments 1 January 2026 Amendments to HKFRS 9 and HKFRS 7 Contracts Referencing Nature-dependent Electricity 1 January 2026 Annual Improvements to HKFRS Accounting Standards – Volume 11 Amendments to HKFRS 1, HKFRS 7, HKFRS 9, HKFRS 10 and HKAS 7 1 January 2026 Amendments to HKAS 21 Translation to a Hyperinflationary Presentation Currency 1 January 2027 HKFRS 18 Presentation and Disclosure in Financial Statements 1 January 2027 HKFRS 19 and its amendments Subsidiaries without Public Accountability: Disclosures 1 January 2027 Amendments to HKFRS 10 and HKAS 28 Sale or Contribution of Assets between an Investor and its Associate or Joint Venture To be determined Note: There are no other new standards, amendments to standards or interpretations that are effective for the first time for this interim period that could be expected to have a material impact on results and financial position of the Group. The Group has not applied any new standards, amendments to standards and interpretations that are not effective for current accounting period.
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– 11 – 4 SEGMENT INFORMATION Management has determined the operating segments based on the reports reviewed by the Company ’s executive Directors that are used to make strategic decisions. The executive Directors consider the business from an operational entity perspective. Generally, the executive Directors consider the performance of business of each entity within the Group separately. Thus, each entity within the Group is an individual operating segment. Among these operating segments, these operating segments are aggregated into three segments based on the products sold: (1) float glass; (2) automobile glass; and (3) architectural glass. The executive Directors assess the performance of the operating segments based on a measure of gross profit. The Group does not allocate other operating costs to its segments as this information is not reviewed by the executive Directors. Sales between segments are carried out at terms mutually agreed by the relevant parties. The revenue from external parties reported to the executive Directors is measured in a manner consistent with that in the interim condensed consolidated statement of profit or loss. The unaudited segment information for the period ended 30 June 2026: Float glass Automobile glass Architectural glass Unallocated Total Segment revenue 6,180,409 3,452,635 966,649 — 10,599,693 Inter-segment revenue (1,078,876) — — — (1,078,876) Revenue from external customers 5,101,533 3,452,635 966,649 — 9,520,817 Cost of sales (4,249,014) (1,636,439) (771,954) — (6,657,407) Gross profit 852,519 1,816,196 194,695 — 2,863,410 Depreciation charge – property, plant and equipment (Note 6) 539,649 81,350 63,793 18,547 703,339 – right-of-use assets (Note 6) 26,364 3,740 1,103 22,732 53,939 Amortisation charge – intangible assets (Note 6) 9,842 604 — — 10,446 (Decrease)/increase in provision for loss allowance, net (4,924) 56 (261) — (5,129) Losses/(gains) on disposal of property, plant and equipment 5,429 10,092 7,533 (38,090) (15,036) Share of net profits of associates — — — 25,458 25,458
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– 12 – Assets and liabilities Float glass Automobile glass Architectural glass Unallocated Total Total assets 24,238,798 4,978,427 1,786,635 16,118,461 47,122,321 Total assets included: Investments in associates (Note 11) — — — 9,343,770 9,343,770 Investment properties (Note 14) — — — 2,866,177 2,866,177 Additions to non-current assets (other than financial assets and deferred income tax assets) 395,735 189,702 49,291 152,118 786,846 Total liabilities 3,330,074 1,498,073 938,431 4,365,700 10,132,278 The unaudited segment information for the period ended 30 June 2025 and the audited segment assets and liabilities as at 31 December 2025: Float glass Automobile glass Architectural glass Unallocated Total Segment revenue 6,271,490 3,322,940 1,117,412 — 10,711,842 Inter-segment revenue (890,518) — — — (890,518) Revenue from external customers 5,380,972 3,322,940 1,117,412 — 9,821,324 Cost of sales (4,421,660) (1,512,946) (785,034) — (6,719,640) Gross profit 959,312 1,809,994 332,378 — 3,101,684 Depreciation charge – property, plant and equipment (Note 6) 509,204 77,982 50,898 16,431 654,515 – right-of-use assets (Note 6) 24,207 3,613 1,259 28,617 57,696 Amortisation charge – intangible assets (Note 6) 5,349 604 — — 5,953 Increase in provision for loss allowance, net 129,388 1,389 655 — 131,432 Losses/(gains) on disposal of property, plant and equipment 114,338 6,035 1,472 (47) 121,798 Impairment losses of property, plant and equipment 100,389 — — — 100,389 Share of net profits of associates — — — 202,865 202,865
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– 13 – Assets and liabilities Float glass Automobile glass Architectural glass Unallocated Total Total assets 24,462,631 5,360,036 1,930,170 15,870,791 47,623,628 Total assets included: Investments in associates (Note 11) — — — 9,417,882 9,417,882 Investment properties (Note 14) — — — 2,793,323 2,793,323 Additions to non-current assets (other than financial assets and deferred income tax assets) 519,636 387,074 239,632 451,651 1,597,993 Total liabilities 4,354,438 1,185,827 1,054,394 4,170,985 10,765,644 A reconciliation of segment gross profit to profit before income tax is provided as follows: Unaudited Six months ended 30 June 2026 2025 Segment gross profit 2,863,410 3,101,684 Unallocated: Other income and gain – net 247,223 245,719 Other losses (111,185) (265,796) Selling and marketing expenses (499,314) (661,272) Administrative and other operating expenses (1,089,283) (1,107,069) Reversal of impairment/(net impairment losses) on financial assets 5,129 (131,432) Finance income 16,676 13,095 Finance costs (35,380) (62,815) Share of profits of associates 25,458 202,865 Profit before income tax 1,422,734 1,334,979
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– 14 – Reportable segments assets/(liabilities) for the period ended 30 June 2026 and the year ended 31 December 2025 are reconciled to total assets/(liabilities) as follows: Assets Liabilities 2026 2025 2026 2025 (Unaudited) (Audited) (Unaudited) (Audited) Segment assets/(liabilities) 31,003,860 31,752,837 (5,766,578) (6,594,659) Unallocated: Property, plant and equipment 1,359,578 1,522,772 — — Right-of-use assets 1,602,183 1,622,728 — — Investment properties 2,866,177 2,793,323 — — Prepayments for property, plant and equipment, right-of-use assets and intangible assets 98,654 15,697 — — Intangible assets 17,399 18,228 — — Financial assets at fair value through profit and loss 11,180 32,091 — — Investments in associates 9,343,770 9,417,882 — — Prepayments, deposits and other receivables 221,435 156,752 — — Loan to an associate 6,768 — — — Cash and bank balances 587,046 286,753 — — Deferred income tax assets 4,271 4,565 — — Other payables — — (170,166) (261,096) Dividend payables — — (823,249) — Current income tax liabilities — — (38,563) (3,067) Deferred income tax liabilities — — (408,705) (406,510) Bank borrowings — — (2,925,017) (3,500,312) Total assets/(liabilities) 47,122,321 47,623,628 (10,132,278) (10,765,644) The Group’s revenue is mainly derived from customers located in the Greater China (including Hong Kong and the PRC) and the Group ’s business activities are conducted predominately in the Greater China. An analysis of the Group’s sales by geographical locations of its customers is as follows: Unaudited Six months ended 30 June 2026 2025 Greater China 5,856,926 6,197,043 Other countries 3,663,891 3,624,281 9,520,817 9,821,324
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– 15 – An analysis of the Group ’s non-current assets (excluding financial instruments and deferred income tax assets) by geographical area in which the assets are located is as follows: As at 30 June 31 December 2026 2025 (Unaudited) (Audited) Greater China 31,776,670 32,143,159 Malaysia 1,363,008 1,370,873 Other countries 1,899,204 1,980,412 35,038,882 35,494,444 5 OTHER LOSSES Unaudited Six months ended 30 June 2026 2025 (Gains)/losses on disposal of property, plant and equipment, net (15,036) 121,798 Impairment losses on property, plant and equipment — 100,389 Other foreign exchange losses, net 123,837 43,609 Others 2,384 — 111,185 265,796
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– 16 – 6 EXPENSES BY NATURE Expenses included in cost of sales, selling and marketing expenses and administrative and other operating expenses are analysed as follows: Unaudited Six months ended 30 June 2026 2025 Depreciation and amortisation 767,724 718,164 Employee benefit expenses 1,137,375 1,119,111 Cost of inventories 4,995,225 4,953,475 Other selling expenses (including transportation and advertising costs) 499,314 661,272 Other expenses, net 846,366 1,035,959 Total cost of sales, selling and marketing expenses and administrative and other operating expenses 8,246,004 8,487,981 7 FINANCE INCOME AND FINANCE COSTS FINANCE INCOME Unaudited Six months ended 30 June 2026 2025 Interest income on bank deposits 16,450 13,095 Interest income on loans to an associate 226 — 16,676 13,095 FINANCE COSTS Unaudited Six months ended 30 June 2026 2025 Interest on lease liabilities 62 247 Interest on bank borrowings 49,632 98,980 Less: interest expenses capitalised on qualified assets (14,314) (36,412) 35,380 62,815
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– 17 – 8 INCOME TAX EXPENSE Unaudited Six months ended 30 June 2026 2025 Current income tax – Hong Kong profits tax (Note (a)) 24,353 3,597 – PRC corporate income tax (Note (b)) 178,412 231,570 – Overseas income tax (Note (c)) 19,868 16,785 – Withholding tax on remitted earnings (Note (d)) 30,397 49,334 Deferred income tax 294 15,658 253,324 316,944 Notes: (a) Hong Kong profits tax Hong Kong profits tax has been provided at the rate of 16.5% (2025: 16.5%) on the estimated assessable profits arising in Hong Kong for the period. (b) PRC corporate income tax ( “CIT”) CIT is provided on the estimated taxable profits of the subsidiaries established in the PRC for the period, calculated in accordance with the relevant tax rules and regulations. The applicable CIT rates in the PRC is 25% (2025: 25%). Certain major subsidiaries in Chongqing, Deyang, Dongguan, Guangxi, Shenzhen, Tianjin, Wuhu, Yingkou and Zhangjiagang enjoy high-tech enterprise income tax benefit and are entitled to a preferential tax treatment of reduction in CIT rate to 15% (2025: 15%). (c) Overseas income tax Taxation on overseas profits has been calculated on the estimated assessable profits for the periods ended 30 June 2026 and 2025 at the rates of taxation prevailing in the countries in which the Group operates. (d) Withholding tax on remitted earnings Withholding tax rate on remitted earnings from the PRC subsidiaries is 5%.
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– 18 – 9 EARNINGS PER SHARE BASIC Basic earnings per Share are calculated by dividing the profit attributable to equity holders of the Company by the weighted average number of Shares in issue during the period. Unaudited Six months ended 30 June 2026 2025 Profit attributable to equity holders of the Company (RMB’000) 1,184,067 1,012,838 Weighted average number of Shares in issue (thousands) 4,424,109 4,357,193 Basic earnings per Share (RMB cents) 26.76 23.25 DILUTED Diluted earnings per share is calculated by adjusting the weighted average number of ordinary shares outstanding to assume conversion of all dilutive potential shares. The Company has following dilutive potential ordinary shares: share options in issue. The calculation for share options is determined by the number of Shares that could have been acquired at fair value (determined as the average market price of the Company’s Shares for the period) based on the monetary value of the subscription rights attached to the outstanding share options. The number of Shares calculated as above is compared with the number of Shares that would have been issued assuming the exercise of the share options. Unaudited Six months ended 30 June 2026 2025 Earnings Profit attributable to equity holders of the Company (RMB’000) 1,184,067 1,012,838 Share of profit of an associate as a result of diluted earnings at associate level (RMB ’000) — — Profit used to determine diluted earnings per Share (RMB’000) 1,184,067 1,012,838 Weighted average number of Shares in issue (thousands) 4,424,109 4,357,193 Adjustments for: Share options (thousands) 7,684 — Weighted average number of Shares for diluted earnings per Share (thousands) 4,431,793 4,357,193 Diluted earnings per share (RMB cents) 26.72 23.25
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– 19 – 10 DIVIDENDS Six months ended 30 June 2026 2025 Final dividend payable for 2025 of 21.5 HK cents (2024: 10.0 HK cents) per Share 823,249 408,444 Declared interim dividend of 15.0 HK cents (2025: 12.5 HK cents) per Share 575,156 501,802 1,398,405 910,246 Notes: At a meeting of the Board held on 31 July 2026, the Directors declared an interim dividend of 15.0 HK cents per Share for the six months ended 30 June 2026. The amount of 2026 declared interim dividend is based on 4,424,108,852 Shares in issue as at 30 June 2026. This interim dividend is not reflected as a dividend payable in this unaudited condensed consolidated financial information, but will be deducted from the share premium or retained earnings of the Company in the year ending 31 December 2026.
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– 20 – 11 INVESTMENTS IN ASSOCIATES As at 30 June 31 December 2026 2025 (Unaudited) (Audited) At 1 January 9,417,882 9,203,629 Currency translation differences — (20,017) Addition to investment in associates — 166,678 Disposal of investment in an associate — (8,087) Share of net profits of associates 25,458 141,407 Share of other comprehensive income (67,001) 44,207 Dividend received (32,569) (109,935) At 30 June/31 December 9,343,770 9,417,882 12 PROPERTY, PLANT AND EQUIPMENT Unaudited Six months ended 30 June 2026 Construction in progress Freehold land Buildings Plant and machinery Office equipment Total Opening net book amount as at 1 January 2026 851,384 158,647 5,115,514 11,887,537 110,763 18,123,845 Currency translation differences (11,709) (4,910) (69,673) (98,098) (98) (184,488) Additions 580,247 — 11,345 86,708 807 679,107 Transfer to investment properties (17,972) — (24,889) — — (42,861) Transfers (424,626) — 98,087 325,817 722 — Disposals — — (35,022) (56,463) (71) (91,556) Depreciation charge — — (128,241) (649,243) (9,950) (787,434) Closing net book amount as at 30 June 2026 977,324 153,737 4,967,121 11,496,258 102,173 17,696,613
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– 21 – Note: Depreciation is calculated using the straight-line method to allocate their costs, net of residual values, over their estimated useful lives, as follows: – Buildings 20-30 years – Plant and machinery 5-20 years – Office equipment 3-7 years The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period. 13 LEASES 13 (A) The information for leases where the Group is a lessee is analyses as follows: Leasehold lands and land-use rights Buildings Total Period ended 30 June 2026 (Unaudited) Opening net book amount 3,739,429 2,766 3,742,195 Currency translation differences (34,321) (11) (34,332) Additions 49,786 7,136 56,922 Transfer to investments properties (22,757) — (22,757) Disposal (11,768) — (11,768) Depreciation charges (50,758) (3,181) (53,939) Closing net book amount 3,669,611 6,710 3,676,321 13 (B) Lease liabilities As at 30 June 31 December 2026 2025 (Unaudited) (Audited) Current 6,721 2,990 Non-current — 17 As at 30 June/31 December 6,721 3,007
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– 22 – Notes: (a) The total cash outflow for the leases during the period was RMB3,444,000. (b) Lands in the PRC are state-owned. The Group acquired leasehold lands from mainland China government by one-off prepayment with lease terms of 20 to 50 years. The leasehold lands were classified as “right-of-use assets”. The Group also leases various offices and warehouses. Rental contracts are typically made for fixed periods of 1 year to 3 years. Lease terms for offices and warehouses are negotiated on an individual basis and contain a wide range of different terms and conditions. The lease agreements do not impose any covenants other than the security interests in the leased assets that are held by the lessor. Leased assets may not be used as security for borrowing purposes. (c) For the period ended 30 June 2026, depreciation of the Group ’s right-of-use assets amounted to RMB53,939,000 were charged to the condensed consolidated statement of profit or loss (Note 6). 14 INVESTMENT PROPERTIES As at 30 June 31 December 2026 2025 (Unaudited) (Audited) As at 1 January 2,793,323 1,769,631 Currency translation differences — (1,890) Additions 8,706 11,708 Transferred from property, plant and equipment 42,861 397,966 Transferred from right-of-use-assets 22,757 460,449 Reduction upon receipt of government grant (10,323) (24,507) Fair value losses — (42,417) Revaluation gains on investment properties transferred from property, plant and equipment and right-of-use assets 8,853 222,383 As at 30 June/31 December 2,866,177 2,793,323 As at 30 June 2026, the Group has thirteen investment properties in the PRC and an investment property in Hong Kong. The Group ’s investment properties were valued at 31 December 2025 by independent professionally qualified valuer who holds a recognised relevant professional qualification and have recent experience in the locations and segments of the investment properties valued. For all investment properties, their current use equates to the highest and best use.
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– 23 – The Group’s finance department assesses the valuations of investment properties at fair value model based on current prices in active market for similar properties in the same location and condition for interim financial reporting purposes. This team reports directly to the chief financial officer and group senior management for discussions in relation to the valuation processes and the reasonableness of the valuation results. The Group’s interest in the investment properties at their fair values is analysed as follows: As at 30 June 31 December 2026 2025 (Unaudited) (Audited) Fair value hierarchy (level 3): – Commercial building 1 – Xiamen, the PRC 906,900 906,900 – Commercial building 3 – Wuhu, the PRC 110,138 110,138 – Commercial building 4 – Shenzhen, the PRC 463,400 463,400 – Commercial unit 1 – Shenzhen, the PRC 84,300 84,300 – Commercial unit 2 – Hong Kong 30,942 30,942 – Industrial building 1 – Jiangsu, the PRC 255,827 250,500 – Industrial building 2 – Wuhu, the PRC 415,705 365,100 – Industrial building 3 – Wuhu, the PRC 93,974 93,400 – Industrial building 4 – Wuhu, the PRC 171,570 171,570 – Industrial building 5 – Sichuan, the PRC 116,377 116,700 – Industrial building 6 – Maanshan, the PRC 151,210 161,210 – Industrial building 7 – Maanshan, the PRC 26,671 — – Industrial building 8 – Beihai, the PRC 36,600 36,600 2,863,614 2,790,760 At cost – Commercial building 2 – Shenzhen, the PRC 2,563 2,563 2,866,177 2,793,323 There were no transfers between level 1, 2 and 3 during the period.
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– 24 – 15 TRADE AND BILLS RECEIVABLES AND PREPAYMENT, DEPOSITS AND OTHER RECEIVABLES As at 30 June 31 December 2026 2025 (Unaudited) (Audited) Trade receivables (note (a)) 2,182,329 2,021,825 Less: provision for loss allowance of trade receivables (29,103) (34,273) 2,153,226 1,987,552 Bills receivables (note (b)) 1,075,625 1,221,689 Trade and bills receivables – net 3,228,851 3,209,241 Prepayments, deposits and other receivables 3,413,264 3,313,023 Less: provision for loss allowance of deposits and other receivables (647,530) (667,138) 2,765,734 2,645,885 5,994,585 5,855,126 Less: non-current portion Prepayments for property, plant and equipment, right-of-use assets and intangible assets (368,925) (319,678) Current portion 5,625,660 5,535,448 Notes: (a) The credit period granted by the Group to its customers is generally from 30 to 90 days. At 30 June 2026 and 31 December 2025, the ageing analysis of the Group ’s trade receivables, based on the invoice date, was as follows: As at 30 June 31 December 2026 2025 (Unaudited) (Audited) 0-90 days 1,818,345 1,703,222 91-180 days 311,907 230,718 181-365 days 22,910 33,593 1-2 years 14,077 36,787 Over 2 years 15,090 17,505 2,182,329 2,021,825 (b) All bills receivables are issued by licensed banks in the PRC with maturities ranging within twelve months.
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– 25 – 16 FAIR VALUE MEASUREMENT OF FINANCIAL INSTRUMENTS FAIR VALUE ESTIMATION The table below analyses financial instruments carried at fair value, by valuation method. The different levels have been defined as follows: h Quoted prices (unadjusted) in active markets for identical assets or liabilities (level 1). h Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices) (level 2). h Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs) (level 3). The following table presents the Group ’s financial assets that are measured at fair value at 30 June 2026 and 31 December 2025. Level 1 Level 2 Level 3 Total At 30 June 2026 Financial assets at fair value through profit and loss – Derivative financial assets 11,180 — — 11,180 11,180 — — 11,180 Level 1 Level 2 Level 3 Total At 31 December 2025 Financial assets at fair value through profit and loss – Listed equity securities 25,206 — — 25,206 – Structured deposits — 96,000 — 96,000 – Derivative financial assets 6,885 — — 6,885 32,091 96,000 — 128,091
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– 26 – The fair value of financial instruments traded in active markets is based on quoted market prices at the end of reporting period. A market is regarded as active if quoted prices are readily and regularly available from an exchange, dealer, broker, industry group, pricing service, or regulatory agency, and those prices represent actual and regularly occurring market transactions on an arm’s length basis. The fair value of financial instruments that are not traded in an active market (for example, over-the- counter derivatives) is determined by using valuation techniques. These valuation techniques maximise the use of observable market data where it is available and rely as little as possible on entity specific estimates. If all significant inputs required to fair value an instrument are observable, the instrument is included in level 2. If one or more of the significant inputs is not based on observable market data, the instrument is included in level 3. Specific valuation techniques used to value financial instruments include: h Quoted market prices or dealer quotes for similar instruments. h Other techniques, such as discounted cash flow analysis, are used to determine fair value for the remaining financial instruments. During six months ended 30 June 2026, there were no transfer between Level 1 and Level 2, or transfer into or out of Level 3 (2025: Nil). The group ’s policy is to recognise transfers between levels of fair value hierarchy as at the end of the reporting period in which they occur.
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– 27 – 17 CASH AND CASH EQUIVALENTS Cash and cash equivalents include the following for the purpose of the condensed consolidated statement of cash flows: As at 30 June 31 December 2026 2025 (Unaudited) (Audited) Total cash and bank balances 2,383,538 2,917,670 Less: – Fixed deposits – long term (note (a)) (332,000) (212,000) – Fixed deposits – short term (note (a)) (20,000) — – Pledged bank deposits (note (b)) — (79,628) Cash and cash equivalents 2,031,538 2,626,042 Notes: (a) The Group placed fixed bank deposits with major license banks in the PRC, with fixed maturities and fixed interest rates. These bank deposits have an average maturity of 3 years. (b) The pledged bank deposits represents deposits pledged as collateral principally as security for import duties payable to the United States government. 18 SHARE CAPITAL The share capital of the Company comprised ordinary shares (the “Shares”) of HK$0.1 each. Number of Shares Ordinary shares of HK$0.1 each Share Premium Total HK$’000 HK$’000 HK$’000 Authorised: As at 1 January 2026 and 30 June 2026 20,000,000,000 2,000,000 — 2,000,000
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– 28 – Number of Shares Ordinary shares of HK$0.1 each Share Premium Total RMB’000 RMB’000 RMB’000 Issued and fully paid: As at 1 January 2026 4,424,108,852 414,497 2,603,148 3,017,645 Dividends relating to 2025 — — (823,249) (823,249) As at 30 June 2026 4,424,108,852 414,497 1,779,899 2,194,396 Notes: (a) Details of the movements in the number of share options outstanding and their related weighted average exercise prices are as follows: For the six months ended 30 June 2026 2025 Average exercise price in HK$ per Share Options (thousands) Average exercise price in HK$ per Share Options (thousands) At 1 January 12.83 124,302 16.75 122,419 Granted 10.87 38,000 7.88 38,000 Forfeited 10.71 (5,944) 12.21 (6,361) Expired 21.80 (27,765) 23.35 (28,071) At 30 June 10.41 128,593 12.83 125,987 Out of the 128,593,000 outstanding options, 27,808,000 options were exercisable as at 30 June 2026. There was no option exercised in 2026.
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– 29 – Share options outstanding at the end of the period have the following expiry date and exercise price: Exercise price in HK$ per Share Options (thousands) Expiry date 31 March 2027 15.524 27,808 31 March 2028 8.04 31,166 31 March 2029 7.88 33,481 31 March 2030 10.87 36,138 128,593 The weighted average fair value of options granted during the period determined using the Black - Scholes valuation model, which was performed by an independent valuer, Greater China Appraisal Limited. The value of share options granted during the period was based on the following assumptions: Date of grant 5 March 2026 Option valued HK$3.2119 Share price at the date of grant HK$10.80 Exercisable price HK$10.87 Expected volatility 43.8785% Annual risk-free interest rate 2.1340% Life of option 3 years and 6 months Dividend yield 2.0833% 19 OTHER RESERVES Statutory reserve fund Enterprise expansion fund Foreign currency translation reserve Capital reserve Share options reserve Property revaluation reserve Capital redemption reserve Financial assets at fair value through other comprehensive income reserve Other reserve Subtotal Retained earnings Total Balance at 1 January 2026 3,730,415 39,837 (1,194,424) 354,163 205,216 343,493 22,968 (33,905) 3,467,763 30,323,466 33,791,229 Profit for the period — — — — — — — — — 1,184,067 1,184,067 Currency translation differences — — (204,981) — — — — — (204,981) — (204,981) Share of the other comprehensive loss of associates — — (67,001) — — — — — (67,001) — (67,001) Revaluation gains on investment properties transferred from property, plant and equipment and right-of-use assets, net of tax (note 14) — — — — — 6,640 — — 6,640 — 6,640 Employees’ share option scheme: – value of employee services — — — — 51,542 — — — 51,542 — 51,542 – adjustment relating to expired share options — — — — (113,935) — — — (113,935) 113,935 — Transfer to reserve 11 — — — — — — — 11 (11) — Balance at 30 June 2026 3,730,426 39,837 (1,466,406) 354,163 142,823 350,133 22,968 (33,905) 3,140,039 31,621,457 34,761,496
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– 30 – 20 TRADE, OTHER PAYABLES AND CONTRACT LIABILITIES As at 30 June 31 December 2026 2025 (Unaudited) (Audited) Trade payables (note (a)) 1,887,716 1,817,474 Bill payables (note (b)) 146,821 448,260 2,034,537 2,265,734 Other payables 2,406,219 1,745,310 Contract liabilities 514,401 555,534 Less: non-current portion Other payables (61,486) (77,848) Current portion 4,893,671 4,488,730 Notes: (a) At 30 June 2026 and 31 December 2025, the ageing analysis of the trade payables, based on the invoice date, was as follows: As at 30 June 31 December 2026 2025 (Unaudited) (Audited) 0-90 days 1,793,012 1,734,804 91-180 days 18,296 20,435 181-365 days 35,448 28,017 1-2 years 22,922 16,442 Over 2 years 18,038 17,776 1,887,716 1,817,474 (b) Bills payable have maturities ranging within twelve months.
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– 31 – 21 BANK BORROWINGS As at 30 June 31 December 2026 2025 (Unaudited) (Audited) Non-current Long-term bank borrowings 2,332,217 2,826,412 Less: Current portion of long-term bank borrowings (1,197,817) (1,521,362) Shown as non-current liabilities 1,134,400 1,305,050 Current Short term bank borrowings 1,525,000 1,977,760 Current portion of long-term bank borrowings 1,197,817 1,521,362 Shown as current liabilities 2,722,817 3,499,122 Total bank borrowings 3,857,217 4,804,172 Note: (a) The bank borrowings were guaranteed by corporate guarantees provided by the Company and cross guarantees provided by certain subsidiaries of the Group. At 30 June 2026 and 31 December 2025, the Group’s bank borrowings were repayable as follows: As at 30 June 31 December 2026 2025 (Unaudited) (Audited) Within 1 year 2,722,817 3,499,122 Between 1 and 2 years 814,400 459,550 Between 2 and 5 years 320,000 845,500 3,857,217 4,804,172
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– 32 – At 30 June 2026 and 31 December 2025, the carrying amounts of the Group ’s bank borrowings are denominated in the following currencies: As at 30 June 31 December 2026 2025 (Unaudited) (Audited) RMB 3,857,217 4,804,172 The carrying amounts of bank borrowings approximate their fair values as at 30 June 2026 and 31 December 2025. The effective interest rates at the end of the reporting period were as follows: As at 30 June 31 December 2026 2025 Bank borrowings 2.36% 2.60% Note: As at 30 June 2026, the PBOC one-year Loan Prime Rate for Renminbi loan was 3.0% (for reference only). 22 COMMITMENTS CAPITAL COMMITMENTS Significant capital expenditure contracted for at the end of the reporting period but not recognised as liabilities is as follows: As at 30 June 31 December 2026 2025 (Unaudited) (Audited) Property, plant and equipment, intangible assets and right-of-use assets contracted but not provided for 1,101,605 886,600
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– 33 – 23 RELATED PARTY TRANSACTION The following transactions were carried out with related parties: (A) TRANSACTION WITH RELATED PARTIES Unaudited Six months ended 30 June 2026 2025 Purchases of goods from associates – Tianjin Wuqing District Xinke Natural Gas Investment Company Limited 139,502 159,893 – Wuxuan Xinbao Mining Co., Ltd. 64,551 52,335 – Jiangsu Lianxun Technology Company Ltd. — 2,165 – Ordos City Shunagxin New Material Limited 40,138 — Purchases of fixed asses from associates – Jiangsu Lianxun Technology Company Ltd. 19,716 — – Jiangsu Dannai New Material Company Limited 19,321 39,183 Purchase of silica sands from an associate – A subsidiary of Xinyi Solar Holding Limited (“Xinyi Solar”) 1,182 611 Purchase of electricity from a related party – Subsidiaries of Xinyi Solar 10,935 5,814 Purchase of fixed assets and consumables from an associate – Subsidiaries of Xinyi Solar 11,425 4,673 Purchases of goods, fixed assets and consumables from a related party – An entity controlled by a controlling party 299 872 Purchase of electric storage products from a related party – An entity controlled by a controlling party 1,865 2,837 Purchase of electricity from a related party – An entity controlled by a controlling party 1,293 1,286 Sales of goods to an associate – Subsidiaries of Xinyi Solar 7,141 1,440 Sales of machineries to an associate – Subsidiaries of Xinyi Solar 27 798 Sales of silica sands to an associate – A subsidiary of Xinyi Solar — 1,360 Sales of consumables to associates – Ordos City Shunagxin New Material Limited 177 — Sales of goods to related parties – An entity controlled by a controlling party 4,575 5,266
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– 34 – 23 RELATED PARTY TRANSACTION The following transactions were carried out with related parties: (A) TRANSACTION WITH RELATED PARTIES Unaudited Six months ended 30 June 2026 2025 Sales of electricity to an associate – Subsidiaries of Xinyi Solar 6,783 — Rental income received from associates – Subsidiaries of Xinyi Solar 5,555 9,095 – Jiangsu Lianxun Technology Company Ltd 115 401 Rental income received from a related party – An entity controlled by a controlling party 205 294 Rental expenses paid to an associate – Subsidiaries of Xinyi Solar 3,590 3,184 Rental expenses paid to a related party – An entity controlled by a controlling party 1,041 1,392 Shipping service income received from an associate – Subsidiaries of Xinyi Solar 26,231 15,386 Shipping service income received from an entity controlled by a controlling party – An entity controlled by a controlling party 97 — Consultancy fee income from associates – Ordos City Shuangxin New Material Limited 113 82 – Jiangsu Dannai New Material Company Limited 170 85 Interest income from an associate – PT Anxin Mining and Processing 226 — Wind farm management fee paid to a related party – An entity controlled by a controlling party — 4,715
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– 35 – (B) PERIOD/YEAR-END BALANCES WITH RELATED PARTIES As at 30 June 31 December 2026 2025 (Unaudited) (Audited) Prepayment to an associate – Dongyuan County Xinhuali Quartz Sand Company Limited 17,700 17,700 Prepayment to associates arising from purchase of goods – Beihai Yiyang Mineral Company Limited 1,381 1,381 – Tianjin Wuqing District Xinke Natural Gas Investment Company Limited 33,745 10,402 Prepayment to associates arising from purchase of fixed assets – Jiangsu Lianxun Technology Company Ltd. — 9,259 Receivable from an associate arising from sales of machineries and land parcel – Subsidiaries of Xinyi Solar 52,557 80,211 Receivable from related parties arising from sales of goods – An entity controlled by a controlling party 1,412 2,265 Receivable from an associate arising from provision of shipping service – A subsidiary of Xinyi Solar 5,680 1,635 Receivable from an associate arising from sales of goods – Subsidiaries of Xinyi Solar 4,728 13,566 Receivable from an associate arising from equity transfer – A subsidiary of Xinyi Solar 5,084 5,084 Loans to an associate – PT Anxin Mining and Processing 6,768 — Advance to an associate – Subsidiaries of Xinyi Solar 1,786,865 1,769,865 Payable to a related party arising from purchase of good and processing fee and management fee – An entity controlled by a controlling party 3,621 6,760 Payable to an associate arising from purchase of goods – Subsidiaries of Xinyi Solar 11,853 895 Payable to associate arising from provision of EPC service – A subsidiary of Xinyi Solar 91 137 Payable to an associate arising from purchase of goods – Wuxuan Xinbao Mining Company Ltd. 5,784 2,840 – PT Anxin Mining and Processing — 89 – Ordos City Shuangxin New Material Limited 2,845 — Payable to an associate arising from purchase of fixed assets – Jiangsu Dannai New Material Limited 6,521 4,131 – Jiangsu Lianxun Technology Company Ltd. 1,995 —
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– 36 – MANAGEMENT DISCUSSION AND ANALYSIS FINANCIAL REVIEW During the 1H2026, the revenue and the net profit attributable to the shareholders of the Company amounted to RMB9,520.8 million and RMB1,184.1 million, respectively, representing a decrease of 3.1% and an increase of 16.9%, as compared to RMB9,821.3 million and RMB1,012.8 million for the 1H2025. Revenue The decrease in the amount of revenue for the 1H2026 was mainly attributable to the continuous decreases in the average selling prices ( “ASP”) of the float glass products since the 1H2025. As a result, the revenue contributed by the sales of the float glass products decreased by 5.2%, as compared to the 1H2025. The PRC property market continued to be sluggish during the 1H2026. The funding liquidity was tight and the number of newly completed property projects decreased significantly. The increase in the amount of revenue generated from the automobile glass business was due to the increase in sales generated from the overseas market and the OEM market in the PRC as a result of the reliable product quality and proactive marketing strategy. The decrease in the sales of architectural glass projects was mainly attributable to the decrease in the sales volume and ASP of a wide range of the Low-E coating glass products because of the significant decrease in the newly completed property projects in the PRC. Gross profit The Group ’s gross profit for the 1H2026 decreased by 7.7% to RMB2,863.4 million, as compared to RMB3,101.7 million for the 1H2025. The gross profit margin also decreased to 30.1% during the 1H2026, as compared to 31.6% for the 1H2025. The decrease in the gross profit margin was due to the continuous decreases in the ASP of float glass and architectural glass products, which have been mitigated by the low average costs of raw materials and energy, during the 1H2026.
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– 37 – Other income and gains - net Other income and gains - net increased to RMB247.2 million, as compared to RMB245.7 million for the 1H2025. The increase was mainly attributable to the increase in rental income during the 1H2026. Other losses Other losses were RMB111.2 million for the 1H2026. As compared to other losses of RMB265.8 million for the 1H2025, the significant difference was mainly due to the one-off losses of disposal and impairment of plant and equipment incurred in the 1H2025. Selling and marketing costs Selling and marketing costs decreased by 24.5% to RMB499.3 million for the 1H2026. The decrease was mainly due to the decrease of the transportation costs and the import tariff expenses in the USA. Administrative expenses and other operating expenses Administrative expenses and other operating expenses decreased by 1.6% to RMB1,089.3 million for the 1H2026. The decrease was principally attributable to the decrease in the depreciation and R&D expenses in the 1H2026. Share of profits of associates Share of profits of associates were mainly contributed by Xinyi Solar and Xinyi Energy Holdings Limited (“Xinyi Energy”), none of which is considered a subsidiary of the Company. The amount of profits shared decreased to RMB25.5 million during the 1H2026, as compared to RMB202.9 million for the 1H2025. The decrease was mainly due to the decreased profit contribution both from Xinyi Solar and Xinyi Energy. Finance costs Finance costs decreased by 43.7% to RMB35.4 million for the 1H2026. The decrease was principally due to the repayment of RMB loans during the 1H2026. A portion of the interest expenses were capitalised as part of the total cost in the purchase of plant and machinery and the construction of the Group’s production facilities in the PRC, Malaysia and Indonesia, and these expenses have been charged to the income statement of the Group following the commencement of commercial production at the relevant production facilities. Interest amounting to RMB14.3 million was capitalised under construction-in-progress for the 1H2026.
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– 38 – Earnings before interest, taxation, depreciation and amortisation (“EBITDA”) EBITDA increased by 5.1% to RMB2,209.1 million for the 1H2026, as compared to RMB2,102.9 million for the 1H2025. Income tax expense Income tax expense decreased by 20.1% to RMB253.3 million in the 1H2026 was mainly due to the decrease of operating profits generated from the PRC operations and the PRC dividend withholding tax. The effective tax rate of the Group was decreased to 17.8%, as compared to 23.7% for the 1H2025. The effective tax rate was higher in the 1H2026 mainly due to less profits shared from the associate companies as compared to the 1H2025. Most of the Group ’s PRC subsidiaries are qualified as high technology enterprises with a preferential profit tax rate of 15.0% under the applicable the PRC corporate income tax laws and regulations. Net profit Net profit was RMB1,184.1 million for the 1H2026, representing a increase of 16.9%, as compared to the 1H2025. The net profit margin for the 1H2026 also increased to 12.4% from 10.3% for the 1H2025, principally due to the non-recurring of the one-off losses of disposal and impairment of plant and equipment in 1H2025 and decrease of share of profits of associates. Trade and bills receivables Trade and bills receivables increased 0.6% to RMB3,228.9 million for the 1H2026, as compare to the year ended 31 December 2025. The increase is mainly due to the higher short term trade receivables. CAPITAL EXPENDITURE AND COMMITMENTS For the 1H2026, the Group ’s capital expenditure amounted to RMB786.8 million for the purchase of plant and machinery and the construction of production facilities in the PRC, Malaysia and Indonesia. Capital commitment contracted for but not incurred by the Group as of 30 June 2026 amounted to RMB1,101.6 million (31 December 2025: RMB886.6 million), which were mainly related to the new capacities of architectural glass, automobile glass and float glass to be added in the PRC, Malaysia, Vietnam and Indonesia. CAPITAL STRUCTURE There has been no material change in the capital structure of the Company during the 1H2026. The capital of the Group companies is the ordinary shares.
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– 39 – NET CURRENT ASSETS AND CURRENT RATIO As of 30 June 2026, the Group had net current assets of RMB3,420.5 million (31 December 2025: RMB3,143.0 million), with the current ratio of 1.41 (31 December 2025: 1.36). The increase of current ratio mainly represented a decrease of short term bank borrowings and an increase of inventory with no impact to the financial position maintained in the current period. The Group has adequate funds to meet the payment obligation of the current liabilities. FINANCIAL RESOURCES AND LIQUIDITY During the 1H2026, the Group ’s primary sources of funding included cash generated from operating activities and credit facilities provided by principal banks in Hong Kong and China. As of 30 June 2026, the net cash inflow from operating activities amounted to RMB923.0 million (30 June 2025: RMB1,564.6 million) and the Group had cash and bank balances (including fixed deposits and pledged bank deposits) of RMB2,383.5 million (31 December 2025: RMB2,917.7 million). BANK BORROWINGS As of 30 June 2026, total bank borrowings were RMB3,857.2 million, representing a decrease of 19.7%, as compare to the year ended 31 December 2025. The net debt gearing ratio calculated based on net debt, which is calculated as total borrowings plus lease liabilities less cash and cash equivalents, fixed bank deposits and pledged bank deposits, divided by total shareholders’ equity, was at 4.0% as of 30 June 2026, as compared to 5.1% as of 31 December 2025. PLEDGE OF ASSETS As of 30 June 2026, no bank balance (31 December 2025: RMB79.6 million) is pledged as collateral. CONTINGENT LIABILITIES As of 30 June 2026, the Group did not have any significant contingent liabilities (31 December 2025: Nil). MATERIAL ACQUISITIONS AND DISPOSAL OF SUBSIDIARIES There was no material acquisition and disposal of subsidiaries and associated companies during the 1H2026.
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– 40 – INTERIM DIVIDEND AND CLOSURE OF REGISTER OF MEMBERS The Group recorded an increase in the amount of the net profit for the 1H2026, as compared to the 1H2025, and the Directors consider that the Group has achieved a reasonable level of profitability in an unfavorable market condition. The Board has declared an interim dividend (the “Interim Dividend”) of 15.0 HK cents per share (the “Share”) of the Company for the 1H2026 (1H2025: 12.5 HK cents) to be paid to the shareholders (the “Shareholders”) of the Company whose names are recorded on the register of members of the Company at the close of business on Wednesday, 19 August 2026. The Interim Dividend is expected to be payable on or about Wednesday, 30 September 2026. The register of members of the Company will be closed from Monday, 17 August 2026 to Wednesday, 19 August 2026 (both days inclusive), during which period no transfer of Shares will be registered. The record date for determining the entitlement of the Interim Dividend will be Wednesday, 19 August 2026. In order to qualify for the Interim Dividend, all Share transfer documents accompanied by the relevant Share certificates must be lodged with the Company ’s branch share registrar in Hong Kong, Computershare Hong Kong Investor Services Limited, at Shops 1712-1716, 17th Floor, Hopewell Centre, 183 Queen ’s Road East, Wanchai, Hong Kong, for registration not later than 4:30 p.m. on Friday, 14 August 2026. Shareholders will be given an option to receive the Interim Dividend in cash or in new and fully-paid shares of the Company, in whole or in part, in lieu of cash dividend by scrip dividend (the “Scrip Dividend Scheme ”). The Scrip Dividend Scheme is subject to The Stock Exchange of Hong Kong Limited (the “Stock Exchange”) granting the listing of, and permission to deal in, the new shares to be allotted and issued under the Scrip Dividend Scheme. The Company will announce separately further information on the Scrip Dividend Scheme which includes the market value of the scrip shares under the Scrip Dividend Scheme which is expected to represent a discount to the average closing price per share as quoted on the Stock Exchange for the five consecutive trading days commenced on Thursday, 13 August 2026 until Wednesday, 19 August 2026 (both days inclusive) rounded down to two decimal places. TREASURY POLICIES AND EXPOSURE TO FLUCTUATION IN FOREIGN EXCHANGE RATES The Group’s transactions are mainly denominated in RMB, United States Dollars, Malaysia Ringgit, Indonesian Rupiah, Euro, Australian Dollars, Japanese Yen and Hong Kong Dollars ( “HKD”), with principal production activities conducted in the PRC, Malaysia and Indonesia. As of 30 June 2026, the Group’s bank borrowings have the bearing effective interest rates at 2.36% per annum.
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– 41 – Hence, the Group ’s exposure to foreign exchange fluctuations was limited. The Group has not experienced any material difficulty and liquidity problems resulting from foreign exchange fluctuations. The Group may use financial instruments for hedging purposes as and when required. During the 1H2026, the Group did not use any financial instrument for hedging purposes. EMPLOYEES AND REMUNERATION POLICY As of 30 June 2026, the Group had 15,837 full-time employees of whom 13,889 were based in the PRC and 1,948 in Hong Kong and other countries and territories. The Group maintains good relationship with all of its employees and provides employees with sufficient training in business and professional knowledge including information about the applications of the Group’s products and skills in maintaining good client relationship. Remuneration packages offered to the Group ’s employees are generally consistent with prevailing markets terms and reviewed on a regular basis. Discretionary bonuses may be awarded to employees taking into consideration the Group ’s performance and that of individual staff. Pursuant to applicable laws and regulations, the Group has participated in relevant defined contribution retirement schemes administered by responsible government authorities in the PRC for its employees there. The Group ’s employees in Hong Kong are all participating in mandatory provident fund arrangements as required by the Mandatory Provident Fund Schemes Ordinance (Chapter 485 of the Laws of Hong Kong). SHARE OPTION SCHEME Pursuant to the share option scheme adopted by the Company on 30 May 2025, an aggregate of 38,000,000 share options were granted to selected employees in March 2026. The share options are valid from 5 March 2026 to 31 March 2030. One third of the options would be vested on each year- end date of 2026, 2027 and 2028 if the relevant grantee has satisfied the conditions of vesting as stated in the letter of grant. PURCHASE, SALE OR REDEMPTION OF SHARES During the 1H2026, neither the Company nor any of its subsidiaries had purchased, sold or redeemed any of the Company’s listed securities (including sale of treasury shares).
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– 42 – SIGNIFICANT EVENT AFTER THE REPORTING PERIOD No significant events have taken place subsequent to 30 June 2026 and up to the date of this announcement. BUSINESS REVIEW During the 1H2026, although the PRC government continued to encourage timely completion and delivery of the property projects, the area of the new property completed for the period has decreased by 23.9% in compare to the 1H2025. Amid the challenges of the unstable global market environment and the PRC domestic supply-side structural reforms, the PRC ’s glass industry faced less favourable condition with many glass manufacturers incurring loss and suspended the operation of the production lines. The PRC operating float glass capacity has dropped to the lowest level in this decade. The demand in the PRC ’s construction and architectural glass market has further slowdown with the ASP dropped. The property sector remained weak since the fourth quarter of 2021 that was due to the high leverage and the low liquidity faced by the property developers. In response to the global macro-economic uncertainties and the high HKD bank loan interest rates, the Group endeavoured has repaid the matured bank loans and borrowed the lower interest rate RMB bank loans in the 1H2026. Such repayments and borrowing the RMB loans enable the Group to reduce the loan interest expenses in the 1H2026. Declining average costs of raw materials and energy also mitigated the negative impact of the lower ASP for the float glass products. As a result, the Group’s operations in the different segments encountered different challenges and more importantly, opportunities that emerged from the global market. The Group’s net profit increased by 16.9% for the 1H2026, primarily due to the net effect of lower amount of the gross profit of both float glass products and architectural glass products, the decreased amount of profit shared from the Company ’s associate, Xinyi Solar Holdings Limited and Xinyi Energy Holdings Limited for the period and the non-recurring of one-off losses of disposal and impairment of the plant and equipment in the 1H2025. The Group implemented stringent policies on the control of the production costs and energy conservation to enhance the production cost efficiency. Also, the Group focused on the production of high value-added components and features, Ice Blue glass, different colours and thickness of the float glass, automobile glass and architectural glass products as well as the window structure- upgraded, mirrors and energy-saving coating glass products. As for the production arrangements, the Group streamlined the production flow and the logistics with automation and adopted flexible global marketing strategies for its float glass, architectural glass and automobile glass products.
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– 43 – Given the widespread liquidity issue among the privately-owned property developers in China, the Group’s architectural project glass business has focused on the new glass window installation projects which are mainly led by the PRC government related entities, PRC State-owned enterprises or the property developers with strong and proven financial position. The sales volume of the architectural glass products decreased due to the unfavourable market condition and the decrease in both the new construction projects and completion of the new property projects in the PRC during the period. The energy-saving Low-E coating architectural glass products continued as the main stream products in the market, because of the Group ’s renowned reputation with outstanding track records, aggressive and flexible marketing strategies and the selection of a wide range of advanced coating materials and compound structured glass products. The Group continued as the top leader of the architectural glass industry in the Greater China. During the period, the Group ’s automobile glass segment, like all other international glass manufacturers, continued to be affected by the US import tariff. The business segment has developed and continued to launch new glass products with the made-to-order components for the advanced driver assistance systems ( “ADAS”), heads-up displays ( “HUD”), noise insulation, low-emissivity coatings, sunroofs and thermal management, which are suitable for both the existing and new vehicle models (including EVs). The Group actively explored new business opportunities domestically and internationally, strengthening the relationships with the existing and new customers. The Group has also participated in a wide range of domestic and overseas exhibitions and actively visited the overseas customers during the period. The Group ’s automobile glass products are sold to customers in over 150 countries or territories around the world. As a global industry leader, the Group consolidated its position through strategic expansions and acquisitions, deploying streamlined and automated production across facilities in China, Malaysia and Indonesia. The float glass and automobile glass production facilities in Malacca, Malaysia and East Java, Indonesia, provides an alternative to the overseas customers in sourcing glass products with different origins, cost structure and lower import tariffs. The operational enhancements included stricter cost controls for raw materials and inventory, ownership of silica sand mines and processing facilities, transport vessels, optimised the supply chains and increased the percentage of recycling. The Group also upgraded the automated production process, centralised control systems, automatic stereoscopic warehouse, rooftop solar panels, power storage and residual heat systems to align the national carbon neutrality goals in the PRC and overseas. To enhance the competitiveness, the Group continues developing unique glass products with “Ice Blue” and ultra clear glass, different colours, thicknesses, coatings, structural designs and other value- added features. It leverages proactive pricing, multi-supplying locations in China and Southeast Asia, flexible marketing strategies and incentives under China’s 15th Five-Year Plan.
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– 44 – Improved productivity, product quality and features, technology and economies of scale to enhance production efficiency, new products, new equipment, automation and advanced float glass line design by new research and development (“R&D”) investments The Group’s ongoing R&D investments in the use of new materials, coatings, production technologies, environmental protection, automation and information technology, the use of artificial intelligence (“AI”) and big data analytics has improved the capacity, yield and the sustainability, reducing emissions, waste, labour, production and energy costs in the 1H2026. The Group has designed the world-class, eco-friendly float glass production lines in China, Malaysia, and Indonesia with high tonnes capacity and energy efficiency and yield. The achieved economies of scale have reduced the procurement and production costs while optimising the use of energy and raw material. The use of clean energy (solar and residual heat recovery) further controls the energy cost and the level of emissions. The use of natural gas for high-quality float glass production reduced the carbon emissions, improve the air quality, supported the carbon neutrality goals, enhanced the product quality and optimised the energy cost structure. The Group ’s R&D teams continue developing new glass products, improving the low-emissivity, coatings, automotive components and glass moldings, features and process improvement to capture the emerging opportunities. Expanding Differentiated Product Portfolios and Global Reach Amid the global inflation, geopolitical and logistics disruptions, additional import tariff, foreign exchange fluctuations and intense competition in the 1H2026, the Group achieved a reasonable level of profitability in the automobile glass, architectural glass and the high-quality float glass businesses segments. These demonstrate the Group ’s diversified product segments, integrated production flow and supply chain, global market coverage, strategically located production facilities, upgraded product mix, state-of-art production lines, expanded high value-added and differentiated product offerings, strong cashflow, responsive treasury management and low debt gearing ratio. All of these mitigate the operational pressure and risks in any specific business segment or country in a less favourable market environment.
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– 45 – Robust finance and ongoing funding optimisation for expansion The Group has solid financial position with RMB2,383.5 million cash and bank deposits, current ratio of 1.41 with low net debt gearing ratio of 4.0% and sufficient banking facilities available as of 30 June 2026. The Group’s strong credit history has allowed it to reduce the effective borrowing interest rate to 2.36%. As of 30 June 2026, the Group has outstanding bank borrowings of RMB3,857.2 million with the net cash generated from operations of RMB923.0 million for the period, demonstrating its ability to secure financing and cash inflow from multiple sources to support its capital expenditure and future expansion. The Group has repaid net amount of RMB1,347.0 million in bank loans during the period. BUSINESS OUTLOOK To sustain the global leadership and the competitive position among the global glass manufacturers, the Group will continue to enhance its operational efficiency through the use of advanced technology, AI, central control management, integrated supply chains, automation with robots, logistics, including self-operated vessels to reduce freight costs with more flexibility, and proactive strategies for differentiated product portfolios and marketing to strengthen customer’s loyalty. Responding to the tightening emissions and energy standards under China ’s carbon neutrality policy, the government continues the implementation of rigorous supply-side reforms — restricting the new float glass capacity acquisitions and phasing out the environmental non-compliant facilities. The Group adopts a prudent and flexible strategy to navigate the competitive markets globally, for the purpose of strengthening the risk management and production cost controls. Soda ash prices in 2026 are expected to remain stable in compare to 2025 due to increased supply in China and overseas. Energy costs will increase in Malaysia in second half of 2026 as global crude oil prices fluctuated due to US Iran war. The U.S. import tariff continues to affect the aftermarket automobile glass customers. These effects are gradually less mitigated by the Group ’s new automobile glass production lines in Malaysia and Indonesia. The Group intends to explore the expansion of the overseas production capacity to mitigate the geopolitical risk. The PRC government is expected to continue introducing additional economic initiatives and monetary policies to boost the domestic consumption cycle and stabilise the domestic property market. The policies would put less pressure and restriction on the funding channels for completion of designated properties and the delivery of new property projects to the property buyers, which would result in more construction and window installation activities in future, in turn increasing the demand for float and architectural project glass.
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– 46 – The Directors are optimistic about the growth of the Group ’s automobile glass aftermarket and OEM business in the global market as the number of vehicles globally and in the PRC are expected to increase in 2026, as well as on the prospects of increasing sales in the advanced glass window structure products, such as the energy-saving and single and double-insulated Low-E glass segments, with the target of carbon neutrality in the PRC and overseas in the future. After years of expansion across major economic zones of China and Southeast Asia, the Group continues seeking acquisition and greenfield opportunities in Middle East, Vietnam and other overseas locations offering market access and growth, lowering labour and raw material costs, more favourable tax treatment and energy advantages. The new float glass production facilities in East Java, Indonesia, alongside the automobile and architectural glass facilities, have strengthened its ASEAN presence. Since 2021, the Group has formed a new business division dedicated to the carbon neutrality, which is vested with responsibility for the planning, implementation and monitoring of the Group ’s carbon neutrality policies and targets. Its energy conservation plan also helps to improve the overall energy cost structure and promote the employees ’ awareness of the carbon neutrality objective and ESG plan of the Group. The Directors believe that clean and renewable energy continue to be one of the major energy sources, with strong demand in both China and international markets. Solar power represents an efficient, reliable and safe renewable source of energy, offering lower installation costs and faster deployment than hydropower, nuclear or wind. Consequently, a significant growth in the solar farm construction is anticipated globally, driven by the national carbon neutrality goal and cruel oil and natural gas shortage caused by the US and Iran war. The European market, in particular, has seen accelerated growth spurred by the post-2022 energy crisis. To capitalise this market trend, the Group will allocate sufficient resources to R&D, product quality enhancement and the development of new products, materials, models, features, equipment and automation. The Group will also focus on the improvement in the production process, development of new markets, increase the operational efficiency, advance our carbon neutrality initiatives and optimise the logistics. Concurrently, enhanced staff training will ensure production safety, enhance competitiveness and marketing skills and ultimately drive greater the increase in the profitability.
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– 47 – Conclusion Despite the global volatility, financial, debt and foreign exchange risks, geopolitical tensions, tariff risk, inflation and energy price pressure, the Group continues to tackle and overcome challenges amidst changes in the global market, by bolstering its efficiency and increasing its profitability through more effective and flexible management strategies across its automation, treasury management, credit control, information technology, logistics, procurement and supply chain, production, sales and marketing, operational and R&D activities, as well as the expansion of its business collaboration with its customers, suppliers and business partners. These efforts enhance the Group ’s efficiency and profitability. The Directors believe that such measures will maximise the investment returns in China and emerging overseas markets while maintaining cautious optimism for the long-term growth. The Group will continue to refine its proven business strategies to enhance its performance. To retain the industry leadership and seek opportunities to expand across the global glass and upstream markets in a wide spectrum of industries, locations, applications and product mix, while cultivating mutually beneficial partnerships for the benefit of its business partners, employees and shareholders. CORPORATE GOVERNANCE The Directors confirm that the Company has complied with the applicable code provisions contained in the Corporate Governance Code as set forth in Part 2 of Appendix C1 to The Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the “Listing Rules”) during the 1H2026. MODEL CODE FOR SECURITIES TRANSACTIONS The Company has adopted The Model Code for Securities Transactions by Directors of Listed Issuers (the “Model Code ”) as set forth in Appendix C3 to the Listing Rules as the code of conduct for securities transactions by the Directors. Having made specific enquiries to the Directors, all Directors confirmed that they had complied with the required standard of dealings as set forth in the Model Code during the 1H2026. REVIEW OF THE INTERIM RESULTS The Company ’s unaudited interim results for the 1H2026 have not been reviewed by the external auditor but have been reviewed by the Company ’s audit committee, comprising four independent non- executive Directors.
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– 48 – PUBLICATION OF THE INTERIM REPORT The interim report of the Company for the 1H2026 containing all the relevant information required by Appendix D2 to the Listing Rules and other applicable laws and regulations will be published on the websites of the Stock Exchange and the Company in due course. By Order of the Board XINYI GLASS HOLDINGS LIMITED Dr. LEE Yin Yee, S.B.S. Chairman Hong Kong, 31 July 2026 As of the date of this announcement, the executive Directors are Chairman Dr. LEE Yin Yee, S.B.S., Datuk Wira TUNG Ching Bor D.C.S.M., Tan Sri Datuk TUNG Ching Sai P.S.M., D.M.S.M., B.B.S., J.P. and Mr. LEE Shing Kan, M.H., the non-executive Directors are Mr. NG Ngan Ho, Mr. LI Ching Wai, Mr. SZE Nang Sze and Mr. LI Ching Leung, and the independent non-executive Directors are Mr. LAM Kwong Siu, G.B.M., Mr. WONG Chat Chor Samuel, Dr. TRAN Chuen Wah, John and The Hon. Starry LEE Wai-king, G.B.S., J.P. This announcement will be published on the website of the Stock Exchange at www.hkex.com.hk and on the website of the Company at www.xinyiglass.com.hk.