股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 03300 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 3,600,000,000 | HKD | | 0.05 HKD | | 180,000,000 | | 增加 / 減少 (-) | | | 0 | | | HKD | | | | 本月底結存 | | | 3,600,000,000 | HKD | | 0.05 HKD | | 180,000,000 | 本月底法定/註冊股本總額： HKD 180,000,000 第 1 頁 共 10 頁 v 1.1.1 FF301 FF301 II. 已發行股份 ...

近一年中国玻璃纤维及其制品进口情况统计图 相关报告：智研咨询发布的《2025-2031年中国玻璃纤维行业市场现状调查及投资前景预测报告》 数据来源：中国海关，智研咨询整理 根据中国海关数据显示：2025年6月中国玻璃纤维及其制品进口数量为0.79万吨，同比下降29.5%，进口 金额为0.93亿美元，同比增长22.1%。 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的 任 何 損 失 承 擔 任 何 責 任。 截至二零二五年六月三十日止 六個月之中期業績公告 中 國 玻 璃 控 股 有 限 公 司（「本公司」）董 事 會（分 別 為「董 事」及「董事會」） 謹 此 宣 佈 本 公 司 及 其 附 屬 公 司（統 稱 為「本集團」）截 至 二 零 二 五 年 六 月 三 十 日 止 六 個 月 之 未 經 審 核 綜 合 中 期 業 績，連 同 二 零 二 四 年 同 期 之 比 較 數 字。 1 綜合損益表 截至六月三十日止六個月 | | | | | | | | | | | | | | | 二零二五年 二零二四年 | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ...

中国玻璃(03300)发布截至2025年6月30日止6个月业绩，该集团期内取得收入21.53亿元人民币，同比减 少19.75%;公司权益股东应占亏损2.58亿元，同比扩大117.17%;每股基本亏损0.15元。 ...

Group 1 - The company reported a revenue of 2.153 billion RMB for the six months ending June 30, 2025, representing a year-on-year decrease of 19.75% [1] - The loss attributable to equity shareholders amounted to 258 million RMB, which is an increase of 117.17% compared to the previous year [1] - The basic loss per share was 0.15 RMB [1]

[Consolidated Statement of Profit or Loss](index=2&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss) [Financial Performance Overview](index=2&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss-Overview) For the six months ended June 30, 2025, the Group turned from profit to loss, recording an operating loss, a significant expansion in net loss, and an increase in basic loss per share, primarily due to decreased revenue and finance costs | Metric | Six Months Ended June 30, 2025 (thousand RMB) | Six Months Ended June 30, 2024 (thousand RMB) | Change | | :--- | :--- | :--- | :--- | | Revenue | 2,153,490 | 2,683,496 | -19.75% | | Gross Profit | 162,749 | 270,353 | -39.79% | | Operating (Loss)/Profit | (58,008) | 78,064 | Turned from Profit to Loss | | Loss Before Tax | (290,442) | (149,872) | Increased by 93.79% | | Loss for the Period | (318,743) | (136,888) | Increased by 132.85% | | Loss Attributable to Equity Holders of the Company | (258,451) | (119,006) | Increased by 117.17% | | Basic and Diluted Loss Per Share (RMB) | (0.15) | (0.07) | Increased by 114.29% | [Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=3&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) [Comprehensive Income Overview](index=3&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income-Overview) Total comprehensive income for the period was **RMB (258,961) thousand**, an improvement from **RMB (450,421) thousand** in the prior period, primarily due to the positive impact of exchange differences despite an expanded loss for the period | Metric | Six Months Ended June 30, 2025 (thousand RMB) | Six Months Ended June 30, 2024 (thousand RMB) | Change | | :--- | :--- | :--- | :--- | | Loss for the Period | (318,743) | (136,888) | Increased by 132.85% | | Exchange Differences | 59,656 | (313,859) | Turned from Negative to Positive | | Total Comprehensive Income for the Period | (258,961) | (450,421) | Improved by 42.49% | | Total Comprehensive Income Attributable to Equity Holders of the Company | (198,677) | (432,559) | Improved by 54.07% | [Consolidated Statement of Financial Position](index=4&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) [Assets and Liabilities Overview](index=4&type=section&id=Consolidated%20Statement%20of%20Financial%20Position-Overview) As of June 30, 2025, the Group's current and non-current assets both decreased, leading to a decline in total assets; while current liabilities slightly decreased, net current liabilities and net assets both deteriorated, indicating increased liquidity pressure | Metric | June 30, 2025 (thousand RMB) | December 31, 2024 (thousand RMB) | Change | | :--- | :--- | :--- | :--- | | Non-current Assets | 10,241,865 | 10,462,116 | -2.11% | | Current Assets | 3,234,569 | 3,760,649 | -14.00% | | Current Liabilities | 10,413,698 | 10,560,725 | -1.39% | | Net Current Liabilities | (7,179,129) | (6,800,076) | Deteriorated by 5.57% | | Non-current Liabilities | 2,437,671 | 2,778,014 | -12.25% | | Net Assets | 625,065 | 884,026 | -29.29% | | Total Equity | 625,065 | 884,026 | -29.29% | [Notes to the Unaudited Interim Financial Information](index=6&type=section&id=Notes%20to%20the%20Unaudited%20Interim%20Financial%20Information) [1. Company Information](index=6&type=section&id=1%20Company%20Information) China Glass Holdings Limited is incorporated in Bermuda and listed on the Hong Kong Stock Exchange, primarily engaged in the production, marketing, and distribution of glass and glass products, as well as the design, installation, and technical research and development of glass production lines - The company is incorporated in Bermuda, listed in Hong Kong, and primarily engaged in glass product manufacturing, marketing, distribution, and related technical services[10](index=10&type=chunk) [2. Basis of Preparation and Going Concern Risk](index=6&type=section&id=2%20Basis%20of%20Preparation) The interim financial report is prepared in accordance with HKAS 34 and reviewed by KPMG, revealing significant going concern uncertainties due to net losses, substantial net current liabilities, and multiple loan defaults and cross-defaults requiring immediate repayment of a large amount of borrowings, with management actively pursuing debt restructuring, strategic investors, and major shareholder support to mitigate liquidity pressure - The interim financial report is prepared in accordance with HKAS 34 and reviewed by KPMG[11](index=11&type=chunk)[12](index=12&type=chunk) - The Group's net loss for the six months ended June 30, 2025, was **RMB318,743,000**, with net current liabilities of **RMB7,179,129,000**[13](index=13&type=chunk) - Subsequent to the reporting period, the Group defaulted on **RMB1,295,854,000** in due borrowings and triggered cross-default clauses on approximately **RMB6,711,453,000** of other outstanding borrowings, resulting in a total of **RMB8,007,307,000** in borrowings becoming immediately repayable[13](index=13&type=chunk)[15](index=15&type=chunk) - Management is implementing various measures to alleviate liquidity pressure, including negotiating debt restructuring with lenders, seeking strategic investors, and receiving **RMB1,177,612,000** in financial assistance and **RMB1,253,777,000** in trade and other payables support from the largest shareholder, Kaisheng Technology Group Co Ltd, with no repayment required within the next twelve months[14](index=14&type=chunk)[16](index=16&type=chunk) [3. Changes in Accounting Policies](index=9&type=section&id=3%20Changes%20in%20Accounting%20Policies) The Group has applied amendments to HKAS 21, which had no material impact on the interim report as no foreign currency non-exchangeable transactions occurred, and no other new standards or interpretations not yet effective were adopted during the period - The Group has applied amendments to HKAS 21, but they had no material impact on the interim report[17](index=17&type=chunk) - No new standards or interpretations not yet effective were adopted during this accounting period[18](index=18&type=chunk) [4. Revenue and Segment Reporting](index=9&type=section&id=4%20Revenue%20and%20Segment%20Reporting) The Group manages its business across five reportable segments: clear glass, tinted glass, coated glass, energy-saving and new energy glass products, and design and installation related services; for the six months ended June 30, 2025, total revenue decreased by **19.75%** year-on-year, primarily due to reduced revenue from clear glass and energy-saving and new energy glass products, while revenue from tinted glass and coated glass increased, and geographically, revenue from Mainland China and Hong Kong significantly declined, offset by growth in Nigeria, the Middle East, and Kazakhstan - The Group operates five reportable segments: clear glass, tinted glass, coated glass, energy-saving and new energy glass products, and design and installation related services[19](index=19&type=chunk) Revenue by Major Product or Service Line | Product or Service Line | 2025 (thousand RMB) | 2024 (thousand RMB) | Change | | :--- | :--- | :--- | :--- | | Sales of Glass Products | 1,989,647 | 2,501,835 | -20.47% | | Revenue from Service Contracts | 109,571 | 150,271 | -27.09% | | Sales of Other Products | 54,272 | 31,390 | +72.89% | | **Total** | **2,153,490** | **2,683,496** | **-19.75%** | Revenue by Customer Geographical Location | Geographical Location | 2025 (thousand RMB) | 2024 (thousand RMB) | Change | | :--- | :--- | :--- | :--- | | Mainland China and Hong Kong | 1,292,586 | 1,921,999 | -32.75% | | Nigeria | 220,626 | 163,219 | +35.17% | | Middle East | 161,243 | 145,902 | +10.51% | | Kazakhstan | 95,863 | 64,775 | +47.99% | | Other Countries | 383,172 | 387,601 | -1.14% | | **Total** | **2,153,490** | **2,683,496** | **-19.75%** | Gross (Loss)/Profit by Reportable Segment | Segment | 2025 (thousand RMB) | 2024 (thousand RMB) | Change | | :--- | :--- | :--- | :--- | | Clear Glass Products | (35,458) | (11,315) | Loss Expanded | | Tinted Glass Products | 10,339 | 67,548 | -84.70% | | Coated Glass Products | 135,906 | 129,602 | +4.87% | | Energy-Saving and New Energy Glass Products | 17,421 | 42,779 | -59.27% | | Design and Installation Related Services | 34,541 | 41,739 | -17.24% | | **Total** | **162,749** | **270,353** | **-39.79%** | [5. Other Income](index=12&type=section&id=5%20Other%20Income) For the six months ended June 30, 2025, other income significantly increased by **97.40%**, primarily due to a substantial increase in net gain from disposal of property, plant and equipment, offsetting declines in government grants, interest income, and net gain from sales of raw materials and scrap | Item | 2025 (thousand RMB) | 2024 (thousand RMB) | Change | | :--- | :--- | :--- | :--- | | Government Grants | 10,399 | 23,475 | -55.69% | | Interest Income | 16,372 | 19,635 | -16.62% | | Net Gain from Sales of Raw Materials and Scrap | 11,043 | 21,313 | -48.19% | | Net Gain/(Loss) from Disposal of Property, Plant and Equipment | 102,730 | (2,019) | Turned from Loss to Gain | | Others | 1,823 | 9,714 | -81.23% | | **Total** | **142,367** | **72,118** | **+97.40%** | - The net gain from disposal of property, plant and equipment primarily resulted from the completed disposal of property, plant and equipment and right-of-use assets of a subsidiary for **RMB297,551,000**[26](index=26&type=chunk) [6. Loss Before Tax](index=12&type=section&id=6%20Loss%20Before%20Tax) For the six months ended June 30, 2025, loss before tax significantly increased to **RMB290,442,000** from **RMB149,872,000** in the prior period, primarily influenced by a slight increase in finance costs and net foreign exchange losses Finance Costs | Item | 2025 (thousand RMB) | 2024 (thousand RMB) | Change | | :--- | :--- | :--- | :--- | | Interest on Bank Loans and Other Borrowings | 182,880 | 203,682 | -10.21% | | Interest on Lease Liabilities | 2,338 | 2,699 | -13.30% | | Bank Charges and Other Finance Costs | 47,324 | 33,552 | +41.05% | | Total Borrowing Costs | 232,542 | 239,933 | -3.08% | | Less: Amounts Capitalized | (17,139) | (5,574) | Capitalization Increased | | Net Borrowing Costs | 215,403 | 234,359 | -8.10% | | Net Foreign Exchange Loss/(Gain) | 15,686 | (4,586) | Turned from Gain to Loss | | **Total Finance Costs** | **231,089** | **229,773** | **+0.57%** | Other Items | Item | 2025 (thousand RMB) | 2024 (thousand RMB) | Change | | :--- | :--- | :--- | :--- | | Cost of Inventories | 1,917,425 | 2,413,143 | -20.54% | | Depreciation and Amortization Expenses | 354,402 | 327,143 | +8.33% | | Research and Development Costs (excluding capitalized amounts and related amortization) | 14,685 | 11,621 | +26.37% | [7. Income Tax](index=13&type=section&id=7%20Income%20Tax) For the six months ended June 30, 2025, the Group shifted from an income tax credit to an income tax expense, primarily due to taxes arising from the disposal of property, plant and equipment; different corporate income tax rates apply to subsidiaries in various regions, with some Mainland China subsidiaries benefiting from preferential rates for high-tech enterprises and additional tax deductions for R&D costs | Item | 2025 (thousand RMB) | 2024 (thousand RMB) | Change | | :--- | :--- | :--- | :--- | | Current Tax (Mainland China) | 25,889 | 9,200 | +181.40% | | Current Tax (Overseas) | 3,754 | 4,920 | -23.69% | | Deferred Tax | (1,342) | (27,104) | Improved by 95.05% | | **Total Income Tax** | **28,301** | **(12,984)** | **Turned from Credit to Expense** | - Income tax expense primarily arose from the consideration for the disposal of property, plant and equipment and right-of-use assets[85](index=85&type=chunk) - Mainland China subsidiaries are subject to a **25%** corporate income tax rate, with some high-tech enterprises enjoying a **15%** preferential rate and **100%** additional tax deduction for R&D costs[31](index=31&type=chunk) - The Kazakhstan subsidiary enjoys corporate income tax exemption from 2016 to 2025[32](index=32&type=chunk) [8. Loss Per Share](index=14&type=section&id=8%20Loss%20Per%20Share) For the six months ended June 30, 2025, basic loss per share increased to **RMB0.15** from **RMB0.07** in the prior period, with diluted loss per share being the same as basic loss per share due to the absence of potential dilutive shares | Metric | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | Change | | :--- | :--- | :--- | :--- | | Loss Attributable to Ordinary Equity Holders of the Company (thousand RMB) | (258,451) | (119,006) | Increased by 117.17% | | Weighted Average Number of Ordinary Shares in Issue (thousand shares) | 1,684,218 | 1,684,218 | No Change | | Basic Loss Per Share (RMB) | (0.15) | (0.07) | Increased by 114.29% | | Diluted Loss Per Share (RMB) | (0.15) | (0.07) | Increased by 114.29% | [9. Trade and Bills Receivables](index=15&type=section&id=9%20Trade%20and%20Bills%20Receivables) As of June 30, 2025, total trade and bills receivables increased by **16.54%**, primarily due to an increase in third-party trade receivables and a corresponding increase in loss allowance, with the aging analysis showing a significant rise in receivables aged more than six months but less than one year | Item | June 30, 2025 (thousand RMB) | December 31, 2024 (thousand RMB) | Change | | :--- | :--- | :--- | :--- | | Trade Receivables from Third Parties | 523,160 | 430,374 | +21.56% | | Trade Receivables from Kaisheng Group and its Associates | 594 | 1,371 | -56.67% | | Loss Allowance | (160,390) | (139,636) | Increased by 14.86% | | Bills Receivables | 26,336 | 42,287 | -37.72% | | **Total** | **389,700** | **334,396** | **+16.54%** | Aging Analysis of Trade and Bills Receivables (net of loss allowance) | Aging | June 30, 2025 (thousand RMB) | December 31, 2024 (thousand RMB) | Change | | :--- | :--- | :--- | :--- | | Within one month | 144,660 | 151,871 | -4.75% | | More than one month but less than three months | 114,278 | 97,562 | +17.13% | | More than three months but less than six months | 54,275 | 60,161 | -9.78% | | More than six months but less than one year | 61,229 | 6,768 | +804.69% | | Over one year | 15,258 | 18,034 | -15.39% | | **Total** | **389,700** | **334,396** | **+16.54%** | [10. Other Receivables](index=16&type=section&id=10%20Other%20Receivables) As of June 30, 2025, total other receivables slightly decreased, primarily due to stable amounts due from related parties and an increase in loss allowance within deposits and other receivables | Item | June 30, 2025 (thousand RMB) | December 31, 2024 (thousand RMB) | Change | | :--- | :--- | :--- | :--- | | Amounts Due from Related Parties | 115,408 | 115,408 | 0.00% | | Deposits and Other Receivables (net of loss allowance) | 154,252 | 156,896 | -1.69% | | VAT to be Deducted/Deductible | 184,619 | 184,989 | -0.20% | | **Total** | **454,279** | **457,293** | **-0.66%** | - Amounts due from related parties are unsecured, interest-free, and have no fixed repayment terms[38](index=38&type=chunk) [11. Trade and Bills Payables](index=17&type=section&id=11%20Trade%20and%20Bills%20Payables) As of June 30, 2025, total trade and bills payables increased by **13.25%**, primarily due to higher trade payables to third parties and bills payables, with the aging analysis indicating that the majority of amounts are repayable within one month or on demand | Item | June 30, 2025 (thousand RMB) | December 31, 2024 (thousand RMB) | Change | | :--- | :--- | :--- | :--- | | Trade Payables to Third Parties | 808,517 | 716,531 | +12.83% | | Trade Payables to Kaisheng Group and its Associates | 222,810 | 214,172 | +4.03% | | Bills Payables | 239,496 | 191,458 | +25.09% | | **Total** | **1,270,823** | **1,122,161** | **+13.25%** | Aging Analysis of Trade and Bills Payables | Aging | June 30, 2025 (thousand RMB) | December 31, 2024 (thousand RMB) | Change | | :--- | :--- | :--- | :--- | | Within one month or on demand | 1,073,831 | 955,897 | +12.34% | | More than one month but within six months | 184,146 | 166,264 | +10.76% | | More than six months but within one year | 12,846 | – | Newly Added | | **Total** | **1,270,823** | **1,122,161** | **+13.25%** | [12. Accruals and Other Payables](index=18&type=section&id=12%20Accruals%20and%20Other%20Payables) As of June 30, 2025, total accruals and other payables slightly decreased, primarily due to a reduction in payables related to the construction and purchase of property, plant and equipment, while amounts due to related parties remained stable | Item | June 30, 2025 (thousand RMB) | December 31, 2024 (thousand RMB) | Change | | :--- | :--- | :--- | :--- | | Amounts Due to Related Parties | 1,087,611 | 1,082,204 | +0.50% | | Accruals and Other Payables (financial liabilities measured at amortized cost) | 1,574,758 | 1,625,860 | -3.14% | | Various Taxes Payable | 48,628 | 60,490 | -19.59% | | Provision for Legal Claims | 488 | 1,506 | -67.59% | | **Total** | **1,623,874** | **1,687,856** | **-3.80%** | - Amounts due to related parties are unsecured, interest-free, and have no fixed repayment terms[40](index=40&type=chunk) [13. Share Capital, Reserves and Dividends](index=19&type=section&id=13%20Share%20Capital%2C%20Reserves%20and%20Dividends) The Board does not recommend an interim dividend for the six months ended June 30, 2025; the company has a share option scheme and a share award scheme, but no share options were granted or exercised, nor were any share awards granted to employees during the period - The Board does not recommend an interim dividend for the six months ended June 30, 2025[41](index=41&type=chunk) - Neither the share option scheme nor the share award scheme had any share options granted or exercised, or share awards granted to any selected employees during the period[42](index=42&type=chunk)[44](index=44&type=chunk) - As of June 30, 2025, the number of shares held under the share award scheme was **152,000 thousand shares**, consistent with the prior period[44](index=44&type=chunk) [14. Contingent Liabilities](index=20&type=section&id=14%20Contingent%20Liabilities) The Group faces two main contingent liabilities: first, the Kazakhstan subsidiary Orda Glass Ltd LLP was accused of exceeding pollutant emission limits and fined, but the fine was subsequently revoked by the court, with the final outcome remaining uncertain; second, loan defaults and cross-defaults occurring after the reporting period may lead to penalty interest, the amount of which cannot be reliably estimated at present - Kazakhstan subsidiary Orda Glass was fined for exceeding pollutant emission limits, but the penalty was fully revoked upon appeal, though the final outcome remains uncertain[45](index=45&type=chunk) - Loan defaults and cross-defaults occurring after the reporting period may trigger penalty interest clauses, but the amount of penalty interest cannot be reliably estimated at present[46](index=46&type=chunk) [15. Non-Adjusting Events After the Reporting Period](index=21&type=section&id=15%20Non-Adjusting%20Events%20After%20the%20Reporting%20Period) Subsequent to the reporting period, the Group incurred loan defaults totaling **RMB1,295,854,000** and triggered cross-default clauses on approximately **RMB6,711,453,000** of other outstanding borrowings, resulting in a total of **RMB8,007,307,000** in borrowings becoming immediately repayable; this interim financial report did not reclassify non-current borrowings to current liabilities as a result, and management is actively taking measures to alleviate liquidity pressure - Subsequent to the reporting period, the Group incurred loan defaults totaling **RMB1,295,854,000**, including a syndicated loan and multiple bank borrowings[47](index=47&type=chunk) - These defaults triggered cross-default clauses on approximately **RMB6,711,453,000** of other outstanding borrowings, resulting in a total of **RMB8,007,307,000** in borrowings becoming immediately repayable[47](index=47&type=chunk) - This interim financial report did not reclassify non-current bank and other borrowings to current liabilities due to the triggering of cross-default clauses[47](index=47&type=chunk) [Management Discussion and Analysis](index=22&type=section&id=Management%20Discussion%20and%20Analysis) [Market Review](index=22&type=section&id=Market%20Review) In the first half of 2025, the global economy faced downward pressure with a tightening international trade environment; the domestic real estate sector showed weak recovery, leading to oversupply and price pressure in the architectural glass market, while the photovoltaic industry experienced supply-demand imbalance and shrinking profit margins, in contrast to the steady development of the concentrated solar power industry - Global economic downturn, tightening international trade environment, and declining investments in sustainable development and cross-border project financing[48](index=48&type=chunk) - Weak recovery in the domestic real estate sector, oversupply in the architectural glass market, and product price pressure[49](index=49&type=chunk) - The photovoltaic industry experienced supply-demand imbalance and shrinking profit margins, while the concentrated solar power industry maintained steady development with high market prosperity for solar thermal glass[49](index=49&type=chunk) [Business Review](index=23&type=section&id=Business%20Review) The Group operates 15 float glass production lines (11 currently running), offering diverse glass products, and actively pursues a "going out" strategy with operations in Nigeria, Kazakhstan, and Italy; in the first half, both glass production and sales volumes decreased, accompanied by a significant drop in average selling prices, prompting the company to focus on "three major battles" (cash flow improvement, cost reduction, loss management) and achieve progress in overseas operations, technological innovation, performance assessment, and compliance management - The Group operates **15 float glass production lines**, with **11 currently running**, and its products are applied in construction, automotive, solar power generation, and other fields[50](index=50&type=chunk) - Actively implementing the "going out" strategy, the Group has completed industrial layouts in Nigeria, Kazakhstan, and Italy, and is advancing the construction of a float glass production line in Egypt[51](index=51&type=chunk) Production, Sales, and Average Selling Price Overview | Metric | H1 2025 | Prior Period | Change | | :--- | :--- | :--- | :--- | | Various Glass Products Production Volume | Approx. 28 million weight boxes | - | Decreased by approx. 8% | | Sales Volume | Approx. 25 million weight boxes | - | Decreased by approx. 1% | | Comprehensive Average Selling Price | RMB80/weight box | - | Decreased by approx. 20% | - In the first half, soda ash prices declined, mineral raw material prices fluctuated at low levels but transportation costs increased; domestic pipeline gas prices declined, while petroleum coke prices fluctuated upwards[53](index=53&type=chunk)[54](index=54&type=chunk) - The company implemented "three major battles" (cash flow improvement, cost reduction, loss management), achieving results through energy management, lean production, product structure optimization, asset operation enhancement, and organizational efficiency improvement[55](index=55&type=chunk)[56](index=56&type=chunk)[57](index=57&type=chunk)[58](index=58&type=chunk)[59](index=59&type=chunk) - Overseas subsidiaries performed well, with **Nigeria company's net profit significantly increasing**, Kazakhstan company improving operational quality and efficiency, Italy company experiencing strong growth in its photovoltaic business, and the Egypt project progressing in an orderly manner[60](index=60&type=chunk)[61](index=61&type=chunk)[62](index=62&type=chunk)[63](index=63&type=chunk) - Significant technological innovation achievements include mass production of new low-resistance home appliance Low-E glass and triple-silver high-performance Low-E glass, with "China Glass Blue" high-performance energy-saving glass selected as an industry demonstration case[64](index=64&type=chunk) - Strengthened performance appraisal mechanisms, deepened the link between performance and remuneration; enhanced corporate culture and employee cohesion through enterprise craftsman selection and 20th-anniversary listing activities[65](index=65&type=chunk) - Comprehensively strengthened compliance management, enhanced legal literacy and risk prevention capabilities; improved capital market monitoring system, increased brand exposure, and achieved the highest "A+" ESG rating in the building materials industry[66](index=66&type=chunk) [Market Outlook and Second Half Work Plan](index=28&type=section&id=Market%20Outlook%20and%20Second%20Half%20Work%20Plan) Global economic growth is expected to slow further in the second half of 2025, with China's real estate and photovoltaic markets undergoing deep adjustments, accelerating the elimination of outdated capacity in the flat glass industry; demand in niche markets such as automotive glass, energy-efficient architectural glass, conductive glass, and solar thermal glass is projected to remain robust, while raw material prices are anticipated to trend downwards or remain stable with slight decreases; the second half work plan includes coordinating debt restructuring, deepening the "going out" strategy, driving product structure transformation through technological upgrades, and continuously advancing the "three major battles" to optimize resource allocation - Global economic growth in the second half of 2025 is expected to slow further due to US trade barriers, with China's real estate and photovoltaic power generation markets entering a period of deep adjustment[67](index=67&type=chunk) - Market demand in niche segments such as automotive glass, energy-efficient architectural glass, and conductive glass will continue its boom cycle, with a significant increase in demand for high-performance solar thermal glass in the concentrated solar power sector[68](index=68&type=chunk)[69](index=69&type=chunk) - The soda ash and various mineral raw material markets are expected to enter a weak operating phase in the second half, with prices continuing to decline or remaining stable with slight decreases; natural gas prices will maintain mid-year fluctuation levels, and petroleum coke prices are projected to decline[70](index=70&type=chunk)[71](index=71&type=chunk) - The second half work plan includes: coordinating the debt restructuring plan to ensure debt repayment and going concern ability; steadfastly deepening the "going out" development strategy to enhance the performance contribution of overseas companies; driving product structure transformation and upgrading through technological advancements to improve the operating performance of domestic bases; and continuously advancing the "three major battles" to optimize the resource allocation system[72](index=72&type=chunk)[73](index=73&type=chunk)[74](index=74&type=chunk)[75](index=75&type=chunk) [Financial Review](index=30&type=section&id=Financial%20Review) In the first half of 2025, the Group's revenue decreased by **20%** year-on-year, primarily due to lower sales volume and average selling prices; gross profit significantly declined by **40%**, mainly driven by reduced selling prices of glass products in Mainland China; administrative expenses slightly decreased, finance costs slightly increased, and income tax shifted from a credit to an expense; the loss for the period substantially increased by **132.85%**, primarily impacted by the sluggish domestic real estate and photovoltaic markets and macroeconomic uncertainties; both current and non-current assets decreased, current liabilities slightly reduced, and non-current liabilities decreased by **12%** Revenue by Product Segment Change | Segment | 2025 (thousand RMB) | 2024 (thousand RMB) | Change Percentage | | :--- | :--- | :--- | :--- | | Clear Glass | 732,652 | 1,153,320 | (36%) | | Tinted Glass | 405,459 | 374,406 | 8% | | Coated Glass | 434,206 | 430,096 | 1% | | Energy-Saving and New Energy Glass | 417,330 | 544,013 | (23%) | | Design and Installation Related Services | 163,843 | 181,661 | (10%) | | **Total** | **2,153,490** | **2,683,496** | **(20%)** | - Revenue from clear glass and energy-saving and new energy glass products decreased by **36%** and **23%** respectively, primarily due to lower sales volume and average selling prices of ordinary architectural glass and photovoltaic glass[78](index=78&type=chunk) - Sales volumes of tinted glass and coated glass products increased by approximately **46%** and **17%** respectively, while export glass product sales increased by approximately **95%**, and overseas glass product sales increased by approximately **14%**[79](index=79&type=chunk) - The average selling price of glass products decreased by approximately **20%** compared to the prior period, primarily due to the sluggish domestic real estate sector and intense competition, with the domestic average selling price decreasing by approximately **28%**[80](index=80&type=chunk) - Cost of sales decreased by approximately **18%**, primarily due to a decrease in the unit cost of glass products sold[81](index=81&type=chunk) - Gross profit decreased by approximately **40%**, primarily due to a decline in the average selling price of glass products in Mainland China[82](index=82&type=chunk) - The loss for the period significantly increased by **132.85%**, primarily impacted by the downturn in China's real estate and photovoltaic industries, market oversupply, and macroeconomic uncertainties[86](index=86&type=chunk) - Current assets decreased by approximately **14%**, non-current assets decreased by approximately **2%**, current liabilities slightly decreased by approximately **1%**, and non-current liabilities decreased by approximately **12%**[87](index=87&type=chunk)[88](index=88&type=chunk)[89](index=89&type=chunk)[90](index=90&type=chunk) [Capital Structure, Liquidity, Financial Resources and Gearing Ratio](index=34&type=section&id=Capital%20Structure%2C%20Liquidity%2C%20Financial%20Resources%20and%20Gearing%20Ratio) As of June 30, 2025, the Group's cash and bank balances decreased, and total outstanding bank loans and other borrowings decreased, with **76%** maturing within one year; cross-default clauses triggered after the reporting period led to a large amount of borrowings becoming immediately repayable; while the debt-to-equity ratio and gearing ratio remained stable, the current ratio declined and net current liabilities increased, indicating continued liquidity pressure Liquidity and Liability Metrics | Metric | June 30, 2025 | December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Cash and Bank Balances (thousand RMB) | 1,017,474 | 1,302,086 | -21.86% | | Outstanding Bank Loans and Other Borrowings (thousand RMB) | 9,321,088 | 9,916,940 | -6.01% | | Debt-to-Equity Ratio | 0.7 | 0.7 | No Change | | Current Ratio | 0.31 | 0.36 | -13.89% | | Net Current Liabilities (thousand RMB) | (7,179,129) | (6,800,076) | Deteriorated by 5.57% | | Gearing Ratio | 0.95 | 0.94 | Slight Increase | | Proportion of Borrowings Due Within One Year | 76% | 74% | Increased | | Proportion of Borrowings Due After One Year | 24% | 26% | Decreased | - Subsequent to the reporting period, cross-default clauses were triggered on borrowings of **RMB1,760,409,000** originally due after one year, resulting in these borrowings becoming immediately repayable[92](index=92&type=chunk) [Exchange Rate Fluctuation Risk and Hedging](index=35&type=section&id=Exchange%20Rate%20Fluctuation%20Risk%20and%20Hedging) The Group's transactions and monetary assets are primarily denominated in RMB, Naira, Tenge, USD, and Euro; fluctuations in the RMB exchange rate against other currencies may impact the Group's net assets, profit or loss, and dividends; as of June 30, 2025, the Group had not purchased any derivative instruments for hedging purposes - The Group's transactions and monetary assets are primarily denominated in RMB, Naira, Tenge, USD, and Euro[94](index=94&type=chunk) - Fluctuations in the RMB exchange rate against other currencies may impact the Group's net assets, profit or loss, and dividends[94](index=94&type=chunk) - For the six months ended June 30, 2025, the Group had not purchased any derivative instruments for hedging purposes[94](index=94&type=chunk) [Significant Acquisitions and Disposals, Material Investments and Future Plans for Material Investments or Capital Asset Acquisitions](index=35&type=section&id=Significant%20Acquisitions%20and%20Disposals%2C%20Material%20Investments%20and%20Future%20Plans%20for%20Material%20Investments%20or%20Capital%20Asset%20Acquisitions) For the six months ended June 30, 2025, the Group had no significant investments, acquisitions or disposals of subsidiaries and associates, nor any future plans for material investments or capital asset acquisitions - During the period, there were no significant investments, acquisitions or disposals of subsidiaries and associates, or future plans for material investments or capital asset acquisitions[96](index=96&type=chunk) [Significant Events After the Reporting Period](index=35&type=section&id=Significant%20Events%20After%20the%20Reporting%20Period) Significant events impacting the Group occurred after the reporting period, with details disclosed in Note 15 to the Unaudited Interim Financial Information, primarily concerning loan defaults and cross-defaults - Significant events impacting the Group occurred after the reporting period, with details disclosed in Note 15 to the Unaudited Interim Financial Information[97](index=97&type=chunk) [Corporate Governance and Other Information](index=36&type=section&id=Corporate%20Governance%20and%20Other%20Information) [Human Resources and Employee Remuneration](index=36&type=section&id=Human%20Resources%20and%20Employee%20Remuneration) As of June 30, 2025, the Group's employee headcount decreased by approximately **14.84%**, primarily due to management's phased elimination of less profitable production lines in Mainland China; the company ensures competitive employee remuneration and provides welfare plans compliant with local labor laws and regulations | Metric | June 30, 2025 | December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Number of Employees | Approx. 3,908 | Approx. 4,589 | -14.84% | - The decrease in employee headcount was primarily due to management's prudent decision to gradually phase out less profitable production lines in Mainland China, along with the formulation of detailed redundancy plans and compensation schemes[98](index=98&type=chunk) - The Group ensures competitive employee remuneration and provides welfare plans compliant with local labor laws and regulations[99](index=99&type=chunk) [Interim Dividend](index=36&type=section&id=Interim%20Dividend) The Board has resolved not to declare an interim dividend for the six months ended June 30, 2025 - The Board has resolved not to declare an interim dividend for the six months ended June 30, 2025[100](index=100&type=chunk) [Share Option Scheme and Share Award Scheme](index=36&type=section&id=Share%20Option%20Scheme%20and%20Share%20Award%20Scheme) The company has a share option scheme and a share award scheme designed to incentivize and retain employees; for the six months ended June 30, 2025, no share options were granted or exercised, nor were any share awards granted, exercised, cancelled, or lapsed under either scheme; the share award scheme has been extended to December 12, 2031 - The company has a share option scheme and a share award scheme aimed at incentivizing and retaining employees[101](index=101&type=chunk)[102](index=102&type=chunk) - For the six months ended June 30, 2025, no share options or share awards were granted, exercised, cancelled, or lapsed under either scheme[101](index=101&type=chunk)[107](index=107&type=chunk) - The share award scheme has been extended to December 12, 2031[107](index=107&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=38&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company%27s%20Listed%20Securities) For the six months ended June 30, 2025, neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities - During the period, neither the company nor its subsidiaries purchased, sold, or redeemed any of the company's listed securities[108](index=108&type=chunk) [Sufficiency of Public Float](index=38&type=section&id=Sufficiency%20of%20Public%20Float) For the six months ended June 30, 2025, and up to the latest practicable date before the publication of this announcement, the company maintained a public float of not less than **25%** as required by the Listing Rules of the Hong Kong Stock Exchange - The company has maintained a public float of not less than **25%** as required by the Listing Rules of the Hong Kong Stock Exchange[109](index=109&type=chunk) [Audit Committee](index=38&type=section&id=Audit%20Committee) The company's Audit Committee has reviewed the Group's accounting principles, operations, risk management, internal controls, and financial reporting matters, including these interim results, with management and external auditor KPMG - The Audit Committee has reviewed the Group's accounting principles, operations, risk management, internal controls, and financial reporting matters, including these interim results, with management and KPMG[110](index=110&type=chunk) [Excerpt from Review Report on Interim Financial Information](index=39&type=section&id=Excerpt%20from%20Review%20Report%20on%20Interim%20Financial%20Information) External auditor KPMG highlighted significant going concern uncertainties in its review report, primarily due to net losses, net current liabilities, and loan defaults and cross-defaults occurring after the reporting period, leading to a large amount of borrowings becoming immediately repayable; the auditor's review conclusion on this matter remains unmodified - The auditor emphasized significant going concern uncertainties for the Group due to net losses, net current liabilities, and loan defaults and cross-defaults occurring after the reporting period[111](index=111&type=chunk) - The auditor's review conclusion on this going concern matter remains unmodified[111](index=111&type=chunk) [Investor Relations and Communication](index=39&type=section&id=Investor%20Relations%20and%20Communication) The company actively promotes investor relations and facilitates communication through regular meetings with institutional investors and financial analysts to ensure two-way dialogue - The company actively promotes investor relations and facilitates communication through regular meetings[112](index=112&type=chunk) [Compliance with the Corporate Governance Code and the Model Code for Securities Transactions by Directors](index=39&type=section&id=Compliance%20with%20the%20Corporate%20Governance%20Code%20and%20the%20Model%20Code%20for%20Securities%20Transactions%20by%20Directors) The company has applied and complied with the principles and applicable code provisions of the Corporate Governance Code set out in Appendix C1 to the Listing Rules, and all directors confirmed their compliance with the Model Code for Securities Transactions by Directors throughout the period - The company has applied and complied with the principles and applicable code provisions of the Corporate Governance Code set out in Appendix C1 to the Listing Rules[113](index=113&type=chunk) - All directors confirmed their compliance with the Model Code for Securities Transactions by Directors throughout the period[114](index=114&type=chunk) [Publication of Interim Results Announcement and Interim Report](index=40&type=section&id=Publication%20of%20Interim%20Results%20Announcement%20and%20Interim%20Report) This interim results announcement has been published on the websites of Hong Kong Exchanges and Clearing Limited and the company; the interim report containing all information will be dispatched to shareholders and published on the aforementioned websites in due course - This interim results announcement has been published on the websites of Hong Kong Exchanges and Clearing Limited and the company[115](index=115&type=chunk) - The interim report containing all information will be dispatched to shareholders and published on the aforementioned websites in due course[115](index=115&type_chunk)

Primary Market - A total of 31 offshore bonds were issued this week (August 18-22, 2025), including 2 offshore RMB bonds, 19 USD bonds, 8 HKD bonds, 1 THB bond, and 1 JPY bond, with issuance scales of 1.484 billion RMB, 10.097 billion USD, 4.25 billion HKD, 700 million THB, and 10.1 billion JPY [1] - The largest single issuance in the offshore RMB bond market was 774 million RMB by Hangzhou Fuyang Transportation Development Investment Group [1] - The highest coupon rate for RMB bonds this week was 5%, issued by Zhengzhou Jianzhong Construction Development Group [1] - In the USD bond market, the largest single issuance was 5 billion USD by the International Bank for Reconstruction and Development, with the highest coupon rate of 7% issued by Zhangzhou Yuanshan Development Co., Ltd. [1] Secondary Market - The yield on Chinese USD bonds mostly increased this week, with the Markit iBoxx Chinese USD bond composite index rising by 0.03% to 246.82 [2] - The investment-grade USD bond index also increased by 0.03% to 239.26, while the high-yield USD bond index rose by 0.04% to 246.82 [2] - The real estate USD bond index decreased by 0.09% to 183.34, while the city investment USD bond index increased by 0.1% to 150.95 [2] - The financial USD bond index rose by 0.04% to 286.88 [2] Default and Restructuring - China Glass announced a default on a loan of 140 million USD, failing to make a payment of 141.7 million USD on the due date [4] - Country Garden is working towards completing its overseas debt restructuring by the end of 2025, with strong support from creditors [10] - Sunac China announced plans to restructure 9.552 billion USD of debt, with approximately 75% of creditors signing a support agreement [11] - Guangzhou Times Holdings announced a suspension of all outstanding corporate bonds starting August 25, 2025, to arrange for future debt repayments [12] - Yuzhou Group's restructuring proposal for its 375 million USD offshore debt due in 2027 has been approved by a majority of qualified bondholders [13] Market News - The Bond Connect Northbound trading volume reached 957.6 billion RMB in July, with policy financial bonds and government bonds being the most active [5] - A total of 14 new science and technology innovation bond ETFs were reported on August 20, indicating rapid expansion in this category [6][7] - The People's Bank of China announced the issuance of 45 billion RMB central bank bills in Hong Kong, with two different maturities [8] Overseas News - The Federal Reserve's July meeting minutes indicated expectations of rising inflation in the short term, with most officials believing inflation risks outweigh employment risks [9]

Group 1 - The company expects to incur a loss of up to RMB 320 million for the six months ending June 3, 2025, compared to a net loss of approximately RMB 137 million for the six months ending June 30, 2024 [1] - The losses are primarily attributed to the prolonged downturn in the Chinese real estate sector, leading to a "supply exceeds demand" situation in the construction glass market, which keeps prices low [1] - The photovoltaic industry in China continues to experience a "supply-demand mismatch," further compressing profit margins across the entire solar power value chain [1] Group 2 - Macroeconomic uncertainties, including geopolitical instability, fluctuating international trade policies, and currency exchange rate volatility, have weakened the contribution of the company's overseas production base's strong performance to overall profitability [1]

Group 1 - The company expects a loss of up to RMB 320 million for the six months ending June 3, 2025, compared to a net loss of approximately RMB 137 million for the six months ending June 30, 2024 [1] - The losses are primarily attributed to the prolonged downturn in the Chinese real estate sector, leading to an oversupply and weak demand in the construction glass market, which keeps prices low [1] - The photovoltaic industry in China continues to experience a mismatch in supply and demand, further narrowing the profit margins across the entire photovoltaic power generation value chain [1] Group 2 - Macroeconomic uncertainties, including geopolitical tensions, fluctuating international trade policies, and currency exchange rate volatility, have weakened the contribution of the company's overseas production base's strong performance to overall profitability [1]

Core Viewpoint - China Glass (03300.HK) anticipates a loss of up to RMB 320 million for the six months ending June 30, 2025, following a net loss of approximately RMB 137 million for the six months ending June 30, 2024, primarily due to ongoing challenges in the real estate and photovoltaic industries, as well as macroeconomic uncertainties [1] Industry Summary - The Chinese real estate sector continues to experience a downturn, leading to a "supply exceeds demand" situation in the construction glass market, which keeps prices at low levels [1] - The photovoltaic industry is facing a persistent "supply-demand mismatch," further compressing profit margins across the entire solar power value chain [1] - Geopolitical instability, fluctuating international trade policies, and currency exchange rate volatility are increasing macroeconomic uncertainties, which have diminished the contribution of the company's overseas production performance to overall profitability [1]