Investment Rating - The report recommends a "Buy" rating for Fuyao Glass, a leading player in the global automotive glass industry [2]. Core Insights - The automotive glass industry is experiencing continuous upgrades driven by electrification and intelligentization, with products evolving from basic functions to include features like heat insulation, soundproofing, heating, hydrophobic properties, dimming, antennas, lightweight designs, HUD windshields, and panoramic roofs [2][8]. - Fuyao's revenue structure is increasingly shifting towards high-value-added products, leading to a sustained increase in the price per square meter of automotive glass, projected to rise from 131.06 RMB/sqm in 2012 to 229.11 RMB/sqm by 2024, with a compound annual growth rate (CAGR) of 5% [2][17]. - The report highlights the significant growth potential in the market for panoramic roofs, HUD windshields, and dual-layer side windows, which are key areas of upgrade during the electrification phase [2][18]. Summary by Sections Automotive Glass Upgrade Potential - Automotive glass is identified as a high-quality component with continuous upgrade capabilities, driven by the trends of electrification and intelligentization [5][6]. - The report outlines four main drivers of revenue growth for Fuyao's automotive glass business: global automotive sales and ownership, Fuyao's global market share, the area of glass per vehicle, and the price per square meter of glass [6][7]. Electrification Cycle - The focus is on panoramic roofs, HUD windshields, and side windows, with panoramic roofs gradually replacing traditional sunroofs due to their larger area and additional functionalities [18][19]. - The value of automotive glass is significantly enhanced through the integration of features such as sound insulation, heat insulation, and hydrophobic properties [9][12]. Intelligentization Cycle - The report emphasizes the potential for smart dimming glass, integrated glass antennas, and glass displays as key areas for development in the automotive glass sector [40][50]. - Smart dimming glass is expected to improve passenger comfort by adjusting transparency based on light conditions, with anticipated increases in adoption rates as technology and costs improve [46][49]. Investment Recommendations - Fuyao Glass is positioned to expand its boundaries by enhancing research on smart glass and integration trends, while also increasing its market share globally through high-quality and cost-effective products [2][58].

Group 1 - The Chairman of the Export-Import Bank, Chen Huaiyu, conducted a research visit to Fujian Province [1] - During the visit, discussions were held with leaders from Fuyao Glass Industry Group Co., Ltd. and Yongrong Holdings Group Co., Ltd. regarding manufacturing industry transformation and global development strategies [1] - The purpose of the visit was to understand the financial needs of enterprises and to exchange opinions on deepening cooperation [1]

从沪深300汽车与零部件指数持仓样本的行业来看，乘用车占比72.71%、汽车内饰与外饰占比16.12%、 汽车系统部件占比3.99%、轮胎占比3.85%、汽车电子占比3.34%。 资料显示，指数样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五的下一 交易日。权重因子随样本定期调整而调整，调整时间与指数样本定期调整实施时间相同。在下一个定期 调整日前，权重因子一般固定不变。遇临时调整时，当沪深300指数调整样本时，沪深300行业指数样本 随之进行相应调整。在样本公司有特殊事件发生，导致其行业归属发生变更时，将对沪深300行业指数 样本进行相应调整。当样本退市时，将其从指数样本中剔除。样本公司发生收购、合并、分拆等情形的 处理，参照计算与维护细则处理。 从指数持仓来看，沪深300汽车与零部件指数十大权重分别为：比亚迪（39.29%）、赛力斯 （12.08%）、福耀玻璃（10.46%）、上汽集团（8.91%）、长安汽车（7.0%）、拓普集团（3.99%）、 赛轮轮胎（3.85%）、长城汽车（3.38%）、华域汽车（3.38%）、德赛西威（3.34%）。 从沪深300汽车与零部件指数持仓的市场 ...

Core Viewpoint - Fuyao Glass Industry Group Co., Ltd. has announced a cash dividend distribution of RMB 1.80 per A-share for the fiscal year 2024, totaling approximately RMB 3.61 billion to its A-share shareholders [2][5]. Summary by Sections Dividend Distribution - The cash dividend of RMB 1.80 per A-share (including tax) was approved at the 2024 annual general meeting held on April 17, 2025 [3][5]. - The total cash dividend distribution amounts to RMB 3,605,375,397.60 (including tax) based on the total number of A-shares, which is 2,002,986,332 [5]. Distribution Recipients - The distribution is applicable to all A-share shareholders registered with China Securities Depository and Clearing Corporation Limited, Shanghai Branch, as of the close of trading on the day before the equity registration [4]. Implementation Method - Cash dividends for A-share shareholders will be distributed through the clearing system of China Securities Depository and Clearing Corporation Limited. Shareholders who have designated trading can receive their dividends on the payment date [6]. - Specific arrangements for H-share shareholders will be detailed in a separate announcement on April 29, 2025 [6]. Taxation Details - For corporate shareholders, the cash dividend is RMB 1.80 per A-share (including tax), with tax obligations to be handled by the shareholders themselves [7]. - Individual shareholders and securities investment funds will not have income tax withheld at the time of dividend distribution. Tax will be calculated based on the holding period when the shares are sold [8]. - Qualified Foreign Institutional Investors (QFIIs) will have a 10% withholding tax applied, resulting in a net cash dividend of RMB 1.62 per A-share [9]. - For investors through the Shanghai-Hong Kong Stock Connect, a 10% withholding tax will also apply, leading to a net cash dividend of RMB 1.62 per A-share [10]. Investor Engagement - Fuyao Glass will participate in an online investor interaction event on May 14, 2025, to discuss the company's 2024 performance, governance, strategic development, and sustainability [15].

Group 1 - The core point of the news is the performance and structure of the Schroder China Power Equity C fund, which has seen a slight decline in its net value and cumulative returns since its inception [1][3] - As of April 29, 2024, the fund's net value is 1.11 yuan, with a decrease of 0.12% on that day and a total decline of 1.17% over the last four trading days [1] - The fund was established in April 2024 with a total size of 0.31 billion yuan and has achieved a cumulative return of 10.87% since its inception [1] Group 2 - The fund's holder structure indicates that institutional investors hold 0.02 billion shares, accounting for 4.99% of the total shares, while individual investors hold 0.29 billion shares, making up 95.01% of the total [1] - The current fund manager, An Yun, has a strong background in finance and has held various significant positions in the industry, including roles at Shenwan Hongyuan Securities and Changxin Fund Management [2] - As of March 31, 2025, the top ten holdings of the fund account for a total of 44.55%, with notable investments in Tencent Holdings (5.25%), BYD (5.14%), and CATL (4.48%) among others [2]

证券简称：福耀玻璃 证券代码：600660 公告编号：2025-017 福耀玻璃工业集团股份有限公司 关于参加 2025 年福建辖区上市公司投资者 网上集体接待日活动的公告 本公司董事局及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并 对其内容的真实性、准确性和完整性承担法律责任。 为进一步加强与投资者的互动交流，福耀玻璃工业集团股份有限公司（以下简称"公 司"）将参加由福建证监局指导，福建省上市公司协会主办与深圳市全景网络有限公司 联合举办的"2025 年福建辖区上市公司投资者网上集体接待日活动"，现将相关事项 公告如下： 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 （https://rs.p5w.net），或关注微信公众号：全景财经，或下载全景路演 APP,参与 本次互动交流，活动时间为 2025 年 5 月 14 日（周三）15:30-17:00。届时公司高管将 在线就公司 2024 年度业绩、公司治理、发展战略、经营状况、可持续发展等投资者关 心的问题，与投资者进行沟通与交流，欢迎广大投资者踊跃参与！ 2025 年 4 月 30 日 特此公告。 福耀玻璃工业集 ...

长江商报消息 ●长江商报记者 沈右荣 "玻璃大王"曹德旺又赚了20亿元！ 4月17日晚间，福耀玻璃（600660.SH，03606.HK）发布2025年第一季度报告。公司实现营业收入接近 百亿元，同比增长逾10%；归属母公司股东的净利润（以下简称"归母净利润"）逾20亿元，同比增长约 46%。 今年第一季度，公司营收净利均创了历史新高。公司解释，收入增长较快，同时汇兑收益同比增加，持 续研发创新，产品附加值提升，规模效应进一步显现。 今年第一季度，福耀玻璃研发投入4.23亿元，同比增长12.50%。 作为全球知名汽车玻璃企业，福耀玻璃全球市场占有率约34%，中国市场占有率约68%。2021年以来， 公司营收净利持续双增。 在2024年年报中，福耀玻璃实际控制人、董事长曹德旺表示，2025 年，经济不确定性将贯穿全年，内 外部形势严峻复杂，公司具备得天独厚的优势，相信只要充分发挥优势，就能够实现目标，行走在时代 的前沿。 在分析人士看来，福耀玻璃完成了全球化布局，且国内外业务收入均衡增长，抗风险能力较强。 首季营收净利创新高 福耀玻璃经营业绩继续快速稳健增长。 根据最新披露的第一季度报告，今年前三个月，福耀玻璃 ...

Financial Performance - The company's operating revenue for Q1 2025 was CNY 9,910,012,731, representing a 12.16% increase compared to CNY 8,835,664,711 in the same period last year[8]. - Net profit attributable to shareholders for the same period was CNY 2,029,740,416, marking a significant increase of 46.25% from CNY 1,387,825,463 year-on-year[8]. - The net profit after deducting non-recurring gains and losses was CNY 1,986,938,205, which is a 30.90% increase compared to CNY 1,517,878,496 in the previous year[8]. - Basic and diluted earnings per share were both CNY 0.78, up 47.17% from CNY 0.53 in the previous year[8]. - The weighted average return on equity increased to 5.53%, up from 4.32% year-on-year, indicating improved profitability[8]. - The company reported a net profit margin improvement, with net income for Q1 2025 expected to show a positive trend compared to the previous year[25]. - The company has shown a strong performance in Q1 2025 with a notable increase in both revenue and net profit, indicating positive market trends and operational efficiency[44]. Cash Flow - The net cash flow from operating activities reached CNY 2,007,595,043, reflecting a 54.41% increase from CNY 1,300,199,825 in the same quarter last year[8]. - The company reported a net cash inflow from operating activities of CNY 10,602,726,041 in Q1 2025, compared to CNY 8,780,538,631 in Q1 2024, a rise of 20.8%[31]. - The net cash flow from operating activities for Q1 2025 was CNY 1,097,018,850, compared to a negative cash flow of CNY -791,097,941 in Q1 2024, showing a turnaround[51]. - The total cash outflow from operating activities in Q1 2025 was CNY 8,595,130,998, compared to CNY 7,480,338,806 in Q1 2024, indicating an increase of about 14.9%[32]. - The company reported a significant increase in cash received from operating activities, which totaled CNY 22,300,922,409 in Q1 2025, compared to CNY 845,538,845 in Q1 2024[51]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 65,982,028,535, a 4.31% increase from CNY 63,254,182,536 at the end of the previous year[10]. - The total liabilities as of March 31, 2025, were CNY 20,816,389,859, compared to CNY 17,988,933,782, marking an increase of approximately 15.7%[22]. - The company's total assets reached CNY 79,354,120,212 as of March 31, 2025, compared to CNY 51,947,545,405 at the end of 2024, indicating substantial growth in asset base[41]. - The total liabilities as of March 31, 2025, were CNY 49,497,867,873, up from CNY 26,511,355,434 at the end of 2024, suggesting increased leverage[40]. - The total equity attributable to shareholders increased to CNY 37,729,537,408, an increase from CNY 35,694,366,243 at the end of 2024, reflecting a growth of 5.7%[24]. Investments and Expenses - Research and development expenses for Q1 2025 amounted to CNY 423,075,914, compared to CNY 375,899,900 in Q1 2024, indicating a growth of 12.5%[26]. - The company recorded a decrease in investment income from joint ventures, with a loss of CNY 6,536,239 in Q1 2025 compared to a profit of CNY 5,526,238 in Q1 2024[27]. - The company paid CNY 2,421,649,074 for debt repayment in Q1 2025, compared to CNY 2,552,095,265 in Q1 2024, indicating a decrease of approximately 5.1%[36]. - The company distributed CNY 85,367,082 in dividends in Q1 2025, slightly higher than CNY 77,462,056 in Q1 2024, representing an increase of about 10.5%[35]. Shareholder Information - As of March 31, 2025, the total number of shareholders was 100,993, including 100,949 A-share shareholders and 44 H-share registered shareholders[14]. - The company reported a total of 595,373,144 shares held by HKSCC NOMINEES LIMITED, representing 22.81% of the total shares[16]. - The number of shares held by San Yi Development Co., Ltd. was 390,578,816, accounting for 14.97% of the total shares[16].

Investment Rating - The report maintains a "Positive" investment rating for the automotive industry [14] Core Insights - The impact of the recent tariffs imposed by the U.S. on China is relatively limited for the automotive sector, primarily affecting parts exports. Strong parts manufacturers have established global production capabilities, particularly in Mexico, which benefits from zero tariffs under the USMCA agreement [2][10] - The overall automotive sales for the week of March 24-30 reached 482,500 units, a 12.3% increase compared to the previous week. New energy vehicle sales were 241,900 units, reflecting an 8.0% increase, with a penetration rate of 50%, down 2.0 percentage points from the previous week [9][10] - The A-share automotive sector experienced a decline of 3.60%, underperforming the CSI 300 index, which fell by 1.37% [9] Summary by Sections Tariff Impact - The U.S. tariffs on Chinese imports have a limited short-term impact on the automotive sector, with parts exports being the primary concern. Companies can potentially shift production to Mexico or other low-tariff regions to mitigate costs [10][23] Market Performance - The automotive sector's performance in the A-share market has been weak, with various sub-sectors showing declines, particularly in commercial vehicle parts and tires [9][11] Sales Data - Total automotive sales for March 2025 reached 1.685 million units, a 23.4% increase year-on-year, with new energy vehicles accounting for 890,000 units, up 27.7% [9][10] Investment Recommendations - The report recommends focusing on the complete vehicle segment and parts manufacturers with strong overseas layouts, particularly those involved in smart driving technologies and robotics [11][12] - Specific companies highlighted for investment include BYD, XPeng Motors, and Geely for smart driving vehicles, and Top Group and Fulin Precision for robotics [11][12] Parts Manufacturing - Some parts manufacturers may face pressure due to declining Tesla sales, but recovery is expected with new vehicle launches in Q2. Companies with operations in Mexico are less affected by the tariffs [12][40]

Financial Performance - The company achieved a consolidated revenue of RMB 39,251,657,000, representing an 18.37% increase compared to the previous year[9] - The pre-tax profit reached RMB 8,990,236,000, marking a 33.87% growth year-over-year[9] - The net profit attributable to the company's shareholders was RMB 7,497,392,000, which is a 33.20% increase from the previous year[9] - Earnings per share (EPS) increased to RMB 2.87, reflecting a 32.87% growth compared to the prior year[9] - Revenue for 2024 reached RMB 39,251,657 thousand, an increase of 18.37% compared to RMB 33,160,997 thousand in 2023[24] - Net profit attributable to the owners of the company for 2024 was RMB 7,497,392 thousand, reflecting a growth of 33.20% from RMB 5,628,684 thousand in 2023[24] - Basic earnings per share for 2024 were RMB 2.87, a rise of 32.87% from RMB 2.16 in 2023[26] - The return on equity for 2024 was 21.00%, an increase of 3.09 percentage points from 17.91% in 2023[26] - Cash generated from operating activities for 2024 was RMB 8,562,188 thousand, up 12.30% from RMB 7,624,582 thousand in 2023[24] - Non-recurring profit attributable to the owners for 2024 was RMB 7,446,000 thousand, a 34.71% increase from RMB 5,527,468 thousand in 2023[24] Dividend and Profit Distribution - The proposed cash dividend for 2024 is RMB 1.80 per share, totaling approximately RMB 4,697,538,358.60, which accounts for 62.65% of the net profit[3] - The company plans to retain the remaining undistributed profits for the next fiscal year[3] - The proposed profit distribution plan for 2024 includes a cash dividend of RMB 1.80 per share, totaling approximately RMB 4.70 billion, which represents 62.65% of the net profit attributable to ordinary shareholders according to Chinese accounting standards[69] - The cash dividend distribution is expected to occur by June 13, 2025, following the approval of the profit distribution plan by the shareholders' meeting[70] - The company will not issue bonus shares or convert capital reserves into share capital for the 2024 fiscal year[69] - The company will adjust the total dividend amount if the total number of shares changes before the dividend distribution date, while maintaining the per-share distribution ratio[69] Operational Management and Strategy - The company emphasizes the importance of quality planning and teamwork to enhance product and service quality[10] - The company acknowledges the economic uncertainties expected in 2025 but believes it has sufficient production capacity and a strong team to meet its goals[9] - The company has a robust R&D team and plans to leverage its advantages to navigate future challenges[9] - The company continues to strengthen its operational management to enhance overall competitiveness and create value for shareholders[41] - The company aims to enhance its market share in the OEM sector and expand into the ARG market, focusing on acquiring new customers and maintaining existing relationships[56] - The company plans to ensure the high-quality construction and operation of its Hefei and Fuzhou export bases to meet customer demand[56] - The company is committed to advancing its technological innovation capabilities by actively developing new automotive glass products and technologies[56] - The company is focused on promoting green sustainable development by integrating low-carbon principles into all operational aspects, including energy management and renewable energy initiatives[56] Research and Development - The company is committed to increasing R&D investment and improving independent innovation capabilities to keep pace with rapid technological advancements in the automotive glass industry[63] - The company’s total R&D expenditure for the period was RMB 1,677,751,000, accounting for 4.27% of total revenue[148] - The number of R&D personnel is 5,671, representing 14.96% of the total workforce[149] - R&D expenses grew by 19.58% to RMB 1,677.75 million, compared to RMB 1,403.03 million in the previous year, indicating a focus on innovation[128] Market and Economic Outlook - The automotive market in China is expected to continue its stable growth, with production and sales reaching 31.28 million and 31.44 million vehicles in 2024, representing year-on-year growth of 3.7% and 4.5%[43] - The potential for automotive consumption in China remains significant, with a current car ownership rate of approximately 25 vehicles per 100 people, compared to over 50 in developed countries[44] - The company is focusing on expanding its overseas market while enhancing domestic consumption through various government policies aimed at stimulating automotive sales[43] - The company aims to strengthen its market position by focusing on customer needs and expanding both domestic and international markets[116] Environmental and Social Responsibility - The company emphasizes environmental protection through resource conservation, technological innovation, and regular training for employees on environmental issues[9] - The company has implemented various environmental protection measures, including the installation of denitrification and dust removal equipment in production processes[105] - The company has not faced any significant administrative penalties from environmental protection authorities during the reporting period[106] - The company actively participates in public welfare initiatives and emphasizes social responsibility to promote sustainable development[200] Corporate Governance - The company has complied with the corporate governance code as per the Hong Kong listing rules during the reporting period[98] - The company has established a long-term mechanism to prevent the controlling shareholder from occupying the company's assets and infringing on its interests[197] - The company has complied with corporate governance standards as per the Company Law and Securities Law, ensuring independent operation of its board and supervisory committee[197] - The company emphasizes information disclosure and transparency, ensuring timely and accurate information is available to all shareholders[200] - The company has established a dedicated investor relations team to manage communication with shareholders and stakeholders, ensuring their rights are respected[200] Financial Position and Assets - The company's total assets increased to RMB 63,263,654 thousand at the end of 2024, up 11.69% from RMB 56,640,463 thousand at the end of 2023[24] - The company's total liabilities increased to RMB 27,568,612 thousand, a rise of 9.32% compared to the start of the year[122] - The company’s overseas assets amounted to RMB 23.789 billion, accounting for 37.60% of total assets[173] - The total assets of Fuyao Glass America, including its subsidiaries, were RMB 8.416 billion, with revenue of RMB 6.312 billion and profit of RMB 627 million for the year[174] Customer and Supplier Relationships - In 2024, the top five customers accounted for 17.75% of the company's revenue, with the largest customer contributing 4.47%[102] - The top five suppliers represented 14.35% of the company's purchase amount, with the largest supplier accounting for 5.7%[103] - The company has maintained a cooperative relationship with its largest customer for over 20 years, indicating no dependency on major customers[102] Risk Management - The company plans to mitigate currency fluctuation risks by enhancing monitoring of foreign currency transactions and possibly optimizing export settlement currencies[61] - The company is implementing a comprehensive information security strategy to protect its core business operations from external cyber threats and data breaches[64] - The company has implemented an anti-corruption and anti-fraud management system to protect the interests of shareholders and reduce risks[200]