# Who does Xinyi Solar pay? Who are its key suppliers?
Canonical: https://valuechain.wiki/xinyi-solar · Facet: suppliers · Updated: 2026-07-12T04:30:28.774+00:00 · Source: ValueChain.wiki (cited money-flow graph)

**Citable summary**: Xinyi Solar's confirmed suppliers/cost counterparties include Xinyi Glass group (Anhui Xinyi Machinery, equipment) plus 2 undisclosed/aggregate relationships. Per the valuechain.wiki graph: 3 cost edges, backed by 1 dated sources, 1 of them primary filings (as of 2026-07-12).

### 신이글라스 계열(Anhui Xinyi Machinery, 설비) (high)  → /xinyi-glass.md
- note: Sources glass production equipment from parent group's Anhui Xinyi Machinery, an in-group deal (CCT, RMB199.4m FY2024) — securing line-expansion and cold-repair equipment within the group adds capacity-adjustment flexibility, but also carries related-party-dependence governance considerations.
- [confirms] Xinyi Solar Holdings (EN, filing, published 2025-05-06) https://www.xinyisolar.com/uploadfiles/2025/05/20250506175739643.pdf: "2024 Production Equipment Purchase Agreement with Anhui Xinyi Machinery (unit of substantial shareholder Xinyi Glass): actual RMB199,371,000 (cap RMB288,000,000)."

### 천연가스 공급사(익명) (high)
- note: Natural gas is the principal furnace energy source, so gas prices directly set cost competitiveness — in a down-cycle of collapsed ASPs, 2024's lower procurement costs for soda ash, silica sand and natural gas were the decisive margin cushion (suppliers undisclosed). Energy efficiency and fuel cost are the key levers of its low-cost position.
- [confirms] Xinyi Solar Holdings (EN, filing, published 2025-05-06) https://www.xinyisolar.com/uploadfiles/2025/05/20250506175739643.pdf: "Natural gas is the principal energy source for the glass melting furnaces; procurement costs for soda ash, silica sand and natural gas fell."

### 소다회·규사 공급사(익명) (high)
- note: Soda ash and low-iron silica sand are the core raw materials whose prices, alongside ASP, drive margins — low-iron silica is also sourced from parent Xinyi Glass (2024 cap RMB57.4m, actual nil). Supplier concentration is modest (largest 8.7%, top-5 28.9%, undisclosed), preserving procurement leverage.
- [confirms] Xinyi Solar Holdings (EN, filing, published 2025-05-06) https://www.xinyisolar.com/uploadfiles/2025/05/20250506175739643.pdf: "Five largest suppliers 28.9% (largest 8.7%). Low-iron silica sand purchase from Xinyi Glass (Hong Kong): cap RMB57.4m, actual nil."

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

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