# Who are Xinyi Solar's customers? Who does Xinyi Solar earn revenue from?
Canonical: https://valuechain.wiki/xinyi-solar · Facet: customers · Updated: 2026-07-12T04:30:28.774+00:00 · Source: ValueChain.wiki (cited money-flow graph)

**Citable summary**: Xinyi Solar's confirmed revenue counterparties include Xinyi Glass (parent, silica sand sales) plus 2 undisclosed/aggregate relationships. Per the valuechain.wiki graph: 3 revenue edges, backed by 5 dated sources, 2 of them primary filings (as of 2026-07-12).

### 태양광 모듈 제조사 (PV 유리, 익명) (high)
- note: Solar glass is an indispensable but largely commoditized module input, so Xinyi competes on scale and cost rather than differentiation — pushing volume as the world No.1 (~30% share) to ride out the ASP crash. Customers are module makers (undisclosed; largest 14.2%, top-5 49.2%), so single-customer risk is low, and with 77% of sales in China its results track Chinese PV installations and module utilization directly.
- [mentions] Morgan Stanley (EN, research, published 2026-07-01) https://www.investing.com/equities/xinyi-solar-consensus-estimates: "Consensus of 16 analysts: avg TP HK$3.66 (Buy). Morgan Stanley Buy HK$4.20; Goldman Hold HK$3.50; JPMorgan Hold HK$3.60; Citi Hold HK$2.40."
- [confirms] Xinyi Solar Holdings (EN, filing, published 2026-04-30) https://www.xinyisolar.com/uploadfiles/2026/04/20260430181229257.pdf: "Solar-glass revenue RMB17,831.8m (FY2025); volume +4.2%; segment gross margin 9.7%→14.1%."
- [mentions] Mordor Intelligence (EN, analysis, published 2025-12-31) https://www.mordorintelligence.com/industry-reports/solar-photovoltaic-glass-market: "Xinyi Solar ~30% of PV glass market."
- [mentions] Nate News (KO, news, published 2025-10-02) https://news.nate.com/view/20251002n09752: "Solar modules (80% of glass demand) are cutting output; China solar-glass oversupply and ASP declines persist."
- [confirms] Xinyi Solar Holdings (EN, filing, published 2025-05-06) https://www.xinyisolar.com/uploadfiles/2025/05/20250506175739643.pdf: "Sales of solar glass RMB18,820.0m (85.9% of revenue), down 11.9%; largest customer 14.2%, five largest 49.2%. Daily melting capacity 32,200 tonnes."

### 전력망(계통)·고정가격(FIT) (high)
- note: The solar-farm business supplies feed-in-tariff cash flows uncorrelated with the glass cycle, a stabilizer against earnings volatility — 6,244MW grid-connected, much held via 80.5%-owned Xinyi Energy. But its growth contribution is capped as new investment slows amid uncertain returns.
- [confirms] Xinyi Solar Holdings (EN, filing, published 2026-04-30) https://www.xinyisolar.com/uploadfiles/2026/04/20260430181229257.pdf: "Solar-farm revenue RMB2,993.5m (FY2025)."
- [confirms] Xinyi Solar Holdings (EN, filing, published 2025-05-06) https://www.xinyisolar.com/uploadfiles/2025/05/20250506175739643.pdf: "Solar farm revenue RMB3,017.3m, +12.1%. Cumulated grid-connected capacity 6,244MW (5,841MW utility-scale)."

### 신이글라스(모그룹, 규사 판매) (high)  → /xinyi-glass.md
- note: Sells silica sand from its own mine (Hepu Mining) to parent Xinyi Glass, an in-group transaction (CCT, RMB51.67m FY2024) — monetizing surplus from a vertically integrated silica resource that is itself a cost pillar of the glass business, underscoring how raw-material self-supply anchors its cost edge.
- [confirms] Xinyi Solar Holdings (EN, filing, published 2025-05-06) https://www.xinyisolar.com/uploadfiles/2025/05/20250506175739643.pdf: "2024 Silica Sand Sales Agreement — Hepu Mining sells silica sand to Xinyi Glass (Hong Kong); actual RMB51,668,000 (cap RMB96,400,000)."

### 신이글라스 홀딩스(모그룹, 23.19%) (high)  → /xinyi-glass.md
- note: Spun off and listed from Xinyi Glass in 2013 as its solar-focused arm, with parent Xinyi Glass Holdings (0868.HK) the largest shareholder at 23.19% — the vertical relationship that keeps silica and equipment in-group underpins cost and supply stability, while also being the source of related-party-transaction governance questions between two listed entities.
- [confirms] Xinyi Solar Holdings (EN, filing, published 2025-05-06) https://www.xinyisolar.com/uploadfiles/2025/05/20250506175739643.pdf: "Substantial shareholder Xinyi Group (Glass) 2,105,246,835 shares = 23.189%, held via Xinyi Glass Holdings Limited."

Reverse side: https://valuechain.wiki/xinyi-solar/suppliers.md · Ripple: https://valuechain.wiki/xinyi-solar/ripple.md

---
Full node: https://valuechain.wiki/xinyi-solar.md · JSON: https://valuechain.wiki/xinyi-solar.json