IRICO Group New Energy Co. Ltd. Class H (0438) AI Stock Analysis

IRICO Group New Energy Co. Ltd. Class H

(HKEX:0438)

Select Model

Rating:38.25Underperform

Price Target:HKD 0.99▲(4.00% Upside)

Action:reiterated

Date:10/21/26

The score is driven primarily by severe financial weakness, including losses, high leverage, and cash burn. Weak technical momentum and a negative P/E provide further downside risk, with RSI near oversold levels offering only limited support.

Positive Factors

Solar Supply-Chain ExposureIRICO has a clearly defined role in the photovoltaic supply chain, supplying a specialized input to module manufacturers. This focus gives the company direct exposure to solar-sector production activity and provides an established commercial use case for its manufacturing operations over the medium term.

Negative Factors

Sustained Losses and Negative MarginsProfitability has deteriorated from earlier positive results to sustained losses, with negative gross margins showing that current pricing and production economics do not cover cost of sales. This weakens earnings quality and makes future performance highly dependent on a meaningful operating turnaround.

IRICO Group New Energy Co. Ltd. Class H (0438) vs. iShares MSCI Hong Kong ETF (EWH)

Market Cap: HKD 167.51M
Dividend Yield: ―
Average Volume (3M): 12.44K
Price to Earnings (P/E): -0.2
Beta (1Y): 0.44
Revenue Growth: -11.22%
EPS Growth: -16.85%
Country: Hong Kong
Employees: 2,088
Sector: Technology
Sector Strength: 61
Industry: Solar

IRICO Group New Energy Co. Ltd. Class H Business Overview & Revenue Model

Company Description

IRICO Group New Energy Company Limited, operating with its various subsidiaries, is primarily involved in the research, development, manufacturing, and global distribution of advanced photovoltaic glass for the new energy sector, serving both the Peo...

How the Company Makes Money

IRICO Group New Energy primarily makes money by manufacturing and selling photovoltaic (PV) glass (and related PV glass products) to customers in the solar photovoltaic supply chain, such as PV module manufacturers. Revenue is generated through (1) p...

IRICO Group New Energy Co. Ltd. Class H Financial Statement Overview

Summary

Revenue grew, but severe margin deterioration, widening net losses, 7.94x debt-to-equity, and negative operating and free cash flow indicate critical financial weakness.

Income Statement

25Negative

Balance Sheet

35Negative

Cash Flow

20Very Negative

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	2.37B	2.91B	3.28B	3.15B	2.47B	2.07B
Gross Profit	-483.97M	-298.50M	-95.22M	217.70M	362.85M	448.32M
EBITDA	-361.42M	-174.40M	147.53M	85.47M	―	―
Net Income	-759.35M	-560.34M	-375.95M	―	89.23M	164.43M
Balance Sheet
Total Assets	8.50B	8.32B	8.78B	8.84B	6.38B	5.13B
Cash, Cash Equivalents and Short-Term Investments	920.87M	372.77M	399.54M	950.93M	409.09M	737.99M
Total Debt	7.01B	6.69B	5.36B	5.32B	2.53B	1.66B
Total Liabilities	7.82B	7.47B	7.30B	7.04B	4.46B	3.21B
Stockholders Equity	682.76M	842.07M	1.48B	1.80B	1.92B	1.92B
Cash Flow
Free Cash Flow	1.30M	-240.25M	-1.00B	-664.34M	-456.07M	-635.80M
Operating Cash Flow	228.98M	-45.85M	-513.25M	276.96M	89.23M	-537.90M
Investing Cash Flow	-277.99M	-188.77M	-474.69M	-925.71M	-508.40M	197.94M
Financing Cash Flow	-218.36M	133.92M	409.67M	1.19B	594.99M	358.25M

IRICO Group New Energy Co. Ltd. Class H Technical Analysis

Technical Analysis SentimentNegative

Last Price0.95

Price Trends

50DMA1.15Negative

100DMA1.21Negative

200DMA1.54Negative

Market Momentum

MACD-0.04Positive

RSI26.33Positive

STOCH36.97Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:0438, the sentiment is Negative. The current price of 0.95 is below the 20-day moving average (MA) of 1.12, below the 50-day MA of 1.15, and below the 200-day MA of 1.54, indicating a bearish trend. The MACD of -0.04 indicates Positive momentum. The RSI at 26.33 is Positive, neither overbought nor oversold. The STOCH value of 36.97 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for HK:0438.

IRICO Group New Energy Co. Ltd. Class H Peers Comparison

Overall Rating

UnderperformOutperform

Sector (61)

Financial Indicators

HK:0438 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	61Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
HK:0968	48Neutral	HKD 16.99B	109.41	0.45%	0.55%	―	―
HK:0712	42Neutral	HKD 57.24M	-1.14	18.47%	―	-0.32%	5.56%
HK:3800	42Neutral	HKD 19.43B	-4.98	-8.23%	―	24.57%	44.61%
HK:1799	39Underperform	HKD 4.75B	-3.47	-3.68%	―	12.17%	63.91%
HK:0438	38Underperform	HKD 167.51M	-0.19	-99.60%	―	-11.22%	-16.85%
HK:2369	38Underperform	HKD 177.08M	-1.77	-5.19%	―	-16.64%	55.52%

* Technology Sector Average

Performance Comparison

HK:0438 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
HK:0438	IRICO Group New Energy Co. Ltd. Class H	0.95	-1.41	-59.75%
HK:2369	Coolpad Group	0.45	-0.63	-58.41%
HK:3800	Gcl Technology Holdings Limited	0.58	-0.80	-57.91%
HK:0968	Xinyi Solar Holdings	1.86	-1.76	-48.69%
HK:0712	Comtec Solar Systems Group Ltd.	0.05	-0.08	-60.58%
HK:1799	Xinte Energy Co., Ltd. Class H	3.32	-4.69	-58.55%

IRICO Group New Energy Co. Ltd. Class H Corporate Events

IRICO Group New Energy Reports Higher Current Assets in 2026 Interim Balance Sheet

Aug 26, 2026

IRICO Group New Energy Company Limited released its unaudited condensed consolidated interim balance sheet for the six months ended 30 June 2026, detailing the financial position of the group. The interim report shows notable movements in key current...

IRICO Group New Energy Schedules Board Meeting on Interim Results and Dividend

Aug 13, 2026

IRICO Group New Energy Company Limited has called a board meeting for 26 August 2026 to review and approve the interim financial results for the six months ended 30 June 2026. The board will also consider whether to recommend an interim dividend, a d...

IRICO Group New Energy Warns of Wider First-Half Loss on PV Glass Price Slump

Jul 28, 2026

IRICO Group New Energy Company Limited has warned that it expects to report a net loss attributable to shareholders of approximately RMB440 million to RMB495 million for the first half of 2026, widening from a loss of about RMB296 million a year earl...

Glossary

BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.

Date of analysis: Oct 21, 2026

IRICO Group New Energy Co. Ltd. Class H AI Stock Analysis