南财智讯10月16日电，福耀玻璃公告，2025年前三季度公司实现营业收入333.02亿元，同比增长 17.62%；归属于上市公司股东的净利润70.64亿元，同比增长28.93%。基本每股收益2.71元，同比增长 29.05%。 ...

茲載列福耀玻璃工業集團股份有限公司（「本公司」）在上海證券交易所網站 (http://www.sse.com.cn) 刊發的《第十一屆董事局第十次會議決議公告》，僅 供參閱。 承董事局命 福耀玻璃工業集團股份有限公司 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的內容概不負責，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。 （於中華人民共和國註冊成立的股份有限公司） （股份代號：3606） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第 13.10B 條刊發。 曹暉 董事長 中國福建省福州市，2025 年 10 月 16 日 於本公告日期，本公司董事局成員包括執行董事曹德旺先生、曹暉先生、葉舒先 生、陳向明先生及張海燕女士；非執行董事吳世農先生及朱德貞女士；獨立非執 行董事 LIU XIAOZHI（劉小稚）女士、程雁女士、薛祖雲先生及達正浩先生。 证券代码：600660 证券简称：福耀玻璃 公告编号：2025-031 福耀玻璃工业集团股份有限公司 第十一届董事局第十次会议决议公告 本公司董事局 ...

福耀玻璃（600660）(03606)发布公告，为推动公司治理结构战略性优化与可持续发展的需要，曹德旺 申请辞去董事长职务，但仍继续担任董事职务。董事局委任曹德旺为终身荣誉董事长。今后，他将以终 身荣誉董事长、董事、战略发展委员会委员及薪酬与考核委员会委员身份，继续为公司战略规划与长远 发展贡献智慧与力量。 董事局选举曹晖为董事长。 ...

福耀玻璃公告称，公司董事长曹德旺因推动公司治理结构战略性优化与可持续发展的需要，辞去董事长职务，但将继续担任公司董事及部分子公司的董事、董事长和法定代表人职务。同时，公司选举曹晖为新任董事长，并任命其为法定代表人及董事局战略发展委员会主任。🗒曹晖为曹德旺长子。 ...

董事局选举曹晖为董事长。 智通财经APP讯，福耀玻璃(03606)发布公告，为推动公司治理结构战略性优化与可持续发展的需要，曹 德旺申请辞去董事长职务，但仍继续担任董事职务。董事局委任曹德旺为终身荣誉董事长。今后，他将 以终身荣誉董事长、董事、战略发展委员会委员及薪酬与考核委员会委员身份，继续为公司战略规划与 长远发展贡献智慧与力量。 ...

[Report Overview](index=1&type=section&id=%E5%A0%B1%E5%91%8A%E6%A6%82%E8%A7%88) This section covers the unaudited third-quarter report's disclaimers, basic information, and the Board and management's assurance of its accuracy [Disclaimer and Basic Information](index=1&type=section&id=%E5%85%8D%E8%B2%AC%E8%81%B2%E6%98%8E%E8%88%87%E5%9F%BA%E6%9C%AC%E4%BF%A1%E6%81%AF) This unaudited third-quarter report for the nine months ended September 30, 2025, is prepared by Fuyao Glass under PRC accounting standards, with HKEX disclaiming responsibility for its accuracy - The report is issued by Fuyao Glass Industry Group Co., Ltd., covering financial information for the third quarter and nine months ended September 30, **2025**[2](index=2&type=chunk)[3](index=3&type=chunk) - The financial report is prepared in accordance with PRC Accounting Standards and is unaudited[3](index=3&type=chunk) - The Hong Kong Stock Exchange takes no responsibility for the content of this announcement and does not guarantee its accuracy or completeness[1](index=1&type=chunk) [Board of Directors and Management Statement](index=2&type=section&id=%E8%91%A3%E4%BA%8B%E5%B1%80%E5%8F%8A%E7%AE%A1%E7%90%86%E5%B1%A4%E8%81%B2%E6%98%8E) The Board of Directors, directors, and senior management guarantee the report's truthfulness, accuracy, and completeness, assuming legal responsibility for its content - The Board of Directors and senior management guarantee the truthfulness, accuracy, and completeness of the report's content and assume legal responsibility[4](index=4&type=chunk) - The third-quarter financial statements are unaudited[5](index=5&type=chunk) [Key Financial Data](index=3&type=section&id=%E4%B8%80.%20%E4%B8%BB%E8%A6%81%E8%B2%A1%E5%8B%99%E6%95%B8%E6%93%9A) This section presents the company's key financial data for the nine months ended September 30, 2025, including accounting metrics, non-recurring items, and analysis of changes [Key Accounting Data and Financial Indicators](index=3&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%E4%B8%BB%E8%A6%81%E6%9C%83%E8%A8%88%E6%95%B8%E6%93%9A%E5%92%8C%E8%B2%A1%E5%8B%99%E6%8C%87%E6%A8%99) For the nine months ended September 30, 2025, revenue reached **33.30 billion Yuan**, up **17.62%**, with net profit attributable to shareholders at **7.06 billion Yuan**, up **28.93%** Key Financial Data for Q1-Q3 2025 | Indicator | Current Period (3 months) (Yuan) | YoY Change (%) | Year-to-Date (9 months) (Yuan) | YoY Change (%) | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 11,854,516,214 | 18.86 | 33,301,907,930 | 17.62 | | Total Profit | 2,782,814,433 | 18.98 | 8,577,135,182 | 32.69 | | Net Profit Attributable to Shareholders | 2,259,142,444 | 14.09 | 7,063,854,155 | 28.93 | | Net Profit Attributable to Shareholders Excluding Non-recurring Items | 2,214,951,522 | 12.19 | 6,921,634,077 | 24.70 | | Net Cash Flow from Operating Activities | N/A | N/A | 9,884,629,654 | 57.29 | | Basic EPS (Yuan/share) | 0.87 | 14.47 | 2.71 | 29.05 | | Diluted EPS (Yuan/share) | 0.87 | 14.47 | 2.71 | 29.05 | | Weighted Average ROE (%) | 6.17 | 增加0.07 percentage points | 19.35 | 增加2.35 percentage points | Key Balance Sheet Data | Indicator | As of Sep 30, 2025 (Yuan) | As of Dec 31, 2024 (Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Total Assets | 70,641,939,363 | 63,254,182,536 | 11.68 | | Total Equity Attributable to Shareholders | 35,473,992,872 | 35,694,366,243 | -0.62 | [Non-recurring Gains and Losses Items and Amounts](index=4&type=section&id=%EF%BC%88%E4%BA%8C%EF%BC%89%E9%9D%9E%E7%B6%93%E5%B8%B8%E6%80%A7%E6%90%8D%E7%9B%8A%E9%A0%85%E7%9B%AE%E5%92%8C%E9%87%91%E9%A1%8D) For the nine months ended September 30, 2025, total non-recurring gains and losses amounted to **142 million Yuan**, primarily from government subsidies of **133 million Yuan** Non-recurring Gains and Losses Items for Q1-Q3 2025 | Non-recurring Item | Current Period Amount (Yuan) | Year-to-Date Amount (Yuan) | | :--- | :--- | :--- | | Gains/Losses on Disposal of Non-current Assets | -6,939,952 | -3,129,401 | | Government Subsidies Recognized in Current Profit/Loss | 38,058,112 | 133,130,375 | | Gains/Losses from Changes in Fair Value and Disposal of Financial Assets and Liabilities | 4,232,300 | 4,439,216 | | Reversal of Impairment Provisions for Receivables | 21,329 | 21,329 | | Other Non-operating Income and Expenses | 12,400,035 | 30,704,593 | | Less: Income Tax Impact | 3,549,091 | 22,497,208 | | Minority Interests Impact (After Tax) | 31,811 | 448,826 | | **Total** | **44,190,922** | **142,220,078** | [Analysis of Changes in Key Accounting Data and Financial Indicators](index=5&type=section&id=%EF%BC%88%E4%B8%89%EF%BC%89%E4%B8%BB%E8%A6%81%E6%9C%83%E8%A8%88%E6%95%B8%E6%93%9A%E3%80%81%E8%B2%A1%E5%8B%99%E6%8C%87%E6%A8%99%E7%99%BC%E7%94%9F%E8%AE%8A%E5%8B%95%E7%9A%84%E6%83%85%E6%B3%81%E3%80%81%E5%8E%9F%E5%9B%A0) For the nine months ended September 30, 2025, total profit increased by **32.69%** due to enhanced marketing, higher value-added products, efficiency gains, and exchange gains - Year-to-date total profit increased by **32.69%**, primarily driven by intensified marketing efforts, a higher proportion of high value-added products, improved quality and efficiency, and increased exchange gains[12](index=12&type=chunk) - Year-to-date net cash flow from operating activities increased by **57.29%**, mainly due to higher revenue and profit[12](index=12&type=chunk) [Shareholder Information](index=6&type=section&id=%E4%BA%8C.%20%E8%82%A1%E6%9D%B1%E6%83%85%E6%B3%81) This section details the company's shareholder structure, including the total number of ordinary shareholders and the holdings of the top ten shareholders [Total Number of Ordinary Shareholders and Top Ten Shareholders' Holdings](index=6&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%E6%99%AE%E9%80%9A%E8%82%A1%E8%82%A1%E6%9D%B1%E7%B8%BD%E6%95%B8%E5%92%8C%E8%A1%A8%E6%B1%BA%E6%AC%8A%E6%81%A2%E5%BE%A9%E7%9A%84%E5%84%AA%E5%85%88%E8%82%A1%E8%82%A1%E6%9D%B1%E6%95%B8%E9%87%8F%E5%8F%8A%E5%89%8D%E5%8D%81%E5%90%8D%E8%82%A1%E6%9D%B1%E6%8C%81%E8%82%A1%E6%83%85%E6%B3%81%E8%A1%A8) As of September 30, 2025, the company had **85,733** ordinary shareholders, with HKSCC NOMINEES LIMITED, Hong Kong Securities Clearing Company Limited, and San Yi Development Co., Ltd. being among the top holders - As of September 30, **2025**, the company's total number of ordinary shareholders was **85,733**[14](index=14&type=chunk)[15](index=15&type=chunk) Top 10 Ordinary Shareholders' Holdings (As of Sep 30, 2025) | Shareholder Name | Shareholder Type | Number of Shares Held (shares) | Shareholding (%) | | :--- | :--- | :--- | :--- | | HKSCC NOMINEES LIMITED | Unknown | 595,735,494 | 22.83 | | 香港中央結算有限公司 | Unknown | 397,836,786 | 15.24 | | 三益發展有限公司 | Overseas Legal Person | 390,578,816 | 14.97 | | 河仁慈善基金會 | Domestic Non-state Legal Person | 169,512,888 | 6.50 | | 白永麗 | Unknown | 39,499,815 | 1.51 | | 中國證券金融股份有限公司 | Unknown | 28,095,485 | 1.08 | | 中國工商銀行股份有限公司－華泰柏瑞滬深300交易型開放式指數證券投資基金 | Unknown | 27,247,572 | 1.04 | | 李海清 | Unknown | 26,644,587 | 1.02 | | 李福清 | Unknown | 24,291,709 | 0.93 | | 福建省耀華工業村開發有限公司 | Domestic Non-state Legal Person | 24,077,800 | 0.92 | - San Yi Development Co., Ltd. and Fujian Yaohua Industrial Village Development Co., Ltd. are controlled by the same entity[17](index=17&type=chunk)[18](index=18&type=chunk) [Quarterly Financial Statements](index=8&type=section&id=%E4%B8%89.%20%E5%AD%A3%E5%BA%A6%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8) This section provides the consolidated and parent company financial statements, including balance sheets, income statements, and cash flow statements [Consolidated Financial Statements](index=8&type=section&id=%E5%90%88%E4%BD%B5%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8) This section presents the consolidated financial statements of Fuyao Glass Industry Group Co., Ltd. and its subsidiaries, reflecting the group's overall financial performance - Consolidated financial statements include the consolidated balance sheet, consolidated income statement, and consolidated cash flow statement, reflecting the group's overall financial performance[19](index=19&type=chunk)[25](index=25&type=chunk)[34](index=34&type=chunk) [Consolidated Balance Sheet](index=8&type=section&id=%E5%90%88%E4%BD%B5%E8%B3%87%E7%94%A2%E8%B2%A0%E5%82%B5%E8%A1%A8) As of September 30, 2025, total consolidated assets were **70.64 billion Yuan**, up **11.68%** from year-end 2024, with total liabilities increasing **27.59%** to **35.17 billion Yuan** Consolidated Balance Sheet Major Data (As of Sep 30, 2025) | Item | As of Sep 30, 2025 (Yuan) | As of Dec 31, 2024 (Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Total Assets | 70,641,939,363 | 63,254,182,536 | 11.68 | | Total Current Assets | 40,880,168,981 | 36,403,083,788 | 12.30 | | Total Non-current Assets | 29,761,770,382 | 26,851,098,748 | 10.84 | | Total Liabilities | 35,172,926,559 | 27,568,613,358 | 27.59 | | Total Current Liabilities | 27,552,743,110 | 17,988,933,782 | 53.16 | | Total Non-current Liabilities | 7,620,183,449 | 9,579,679,576 | -20.46 | | Total Equity Attributable to Parent Company Shareholders | 35,473,992,872 | 35,694,366,243 | -0.62 | - Short-term borrowings increased from **4.59 billion Yuan** to **6.39 billion Yuan**, notes payable from **3.01 billion Yuan** to **4.49 billion Yuan**, and non-current liabilities due within one year from **2.85 billion Yuan** to **5.71 billion Yuan**, indicating a significant increase in current liabilities[22](index=22&type=chunk)[23](index=23&type=chunk) [Consolidated Income Statement](index=13&type=section&id=%E5%90%88%E4%BD%B5%E5%88%A9%E6%BD%A4%E8%A1%A8) For Q1-Q3 2025, consolidated total operating revenue was **33.30 billion Yuan**, up **17.62%**, with net profit at **7.07 billion Yuan**, up **28.90%**, driven by improved financial expenses Consolidated Income Statement Major Data (Q1-Q3 2025) | Item | Q1-Q3 2025 (Yuan) | Q1-Q3 2024 (Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Total Operating Revenue | 33,301,907,930 | 28,313,511,824 | 17.62 | | Total Operating Costs | 24,958,010,152 | 21,874,454,960 | 14.10 | | Financial Expenses | -922,946,275 | -451,389,919 | -104.47 | | Total Profit | 8,577,135,182 | 6,464,179,868 | 32.69 | | Net Profit | 7,067,671,152 | 5,483,021,139 | 28.90 | | Net Profit Attributable to Parent Company Shareholders | 7,063,854,155 | 5,478,784,237 | 28.93 | | Basic EPS (Yuan/share) | 2.71 | 2.10 | 29.05 | - Financial expenses were **-923 million Yuan**, a further improvement from **-451 million Yuan** in the prior year period, mainly due to interest income and exchange gains[29](index=29&type=chunk) - Investment income was **-2.77 million Yuan**, a significant reduction in loss compared to **-222 million Yuan** in the prior year period[29](index=29&type=chunk) [Consolidated Cash Flow Statement](index=18&type=section&id=%E5%90%88%E4%BD%B5%E7%8F%BE%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) For Q1-Q3 2025, consolidated net cash flow from operating activities significantly increased by **57.29%** to **9.88 billion Yuan**, with cash and cash equivalents at period end reaching **21.83 billion Yuan** Consolidated Cash Flow Statement Major Data (Q1-Q3 2025) | Item | Q1-Q3 2025 (Yuan) | Q1-Q3 2024 (Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 9,884,629,654 | 6,284,478,745 | 57.29 | | Net Cash Flow from Investing Activities | -4,451,657,212 | -5,611,464,664 | 20.67 (Decrease in outflow) | | Net Cash Flow from Financing Activities | -2,236,351,625 | -1,403,562,681 | -59.37 (Increase in outflow) | | Net Increase in Cash and Cash Equivalents | 3,097,648,628 | -890,908,688 | 447.66 | | Cash and Cash Equivalents at Period End | 21,831,423,004 | 12,460,340,950 | 75.21 | - Cash received from sales of goods and provision of services increased by **19.92%** to **33.62 billion Yuan**[35](index=35&type=chunk) - Cash paid for the acquisition of fixed assets, intangible assets, and other long-term assets increased by **22.36%** to **4.54 billion Yuan**, indicating continued capital investment by the company[38](index=38&type=chunk) [Parent Company Financial Statements](index=22&type=section&id=%E6%AF%8D%E5%85%AC%E5%8F%B8%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8) This section presents the financial statements of Fuyao Glass Industry Group Co., Ltd. (parent company only), reflecting its standalone financial position and performance - Parent company financial statements include the parent company balance sheet, parent company income statement, and parent company cash flow statement, reflecting the parent company's standalone financial performance[41](index=41&type=chunk)[47](index=47&type=chunk)[53](index=53&type=chunk) [Parent Company Balance Sheet](index=22&type=section&id=%E6%AF%8D%E5%85%AC%E5%8F%B8%E8%B3%87%E7%94%A2%E8%B2%A0%E5%82%B5%E8%A1%A8) As of September 30, 2025, parent company total assets grew **11.59%** to **57.96 billion Yuan**, while total liabilities increased **26.43%** to **33.52 billion Yuan** Parent Company Balance Sheet Major Data (As of Sep 30, 2025) | Item | As of Sep 30, 2025 (Yuan) | As of Dec 31, 2024 (Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Total Assets | 57,964,685,334 | 51,947,545,405 | 11.59 | | Total Current Assets | 41,804,521,740 | 36,704,206,155 | 13.89 | | Total Non-current Assets | 16,160,163,594 | 15,243,339,250 | 6.01 | | Total Liabilities | 33,518,166,565 | 26,511,355,434 | 26.43 | | Total Current Liabilities | 30,406,261,655 | 20,193,889,852 | 50.57 | | Total Non-current Liabilities | 3,111,904,910 | 6,317,465,582 | -50.74 | | Total Equity | 24,446,518,769 | 25,436,189,971 | -3.90 | - Parent company other payables increased from **14.57 billion Yuan** to **19.93 billion Yuan**, and non-current liabilities due within one year increased from **2.41 billion Yuan** to **5.24 billion Yuan**, leading to a significant increase in current liabilities[45](index=45&type=chunk) - Long-term borrowings decreased from **6.03 billion Yuan** to **2.67 billion Yuan**, resulting in a significant decrease in non-current liabilities[45](index=45&type=chunk) [Parent Company Income Statement](index=26&type=section&id=%E6%AF%8D%E5%85%AC%E5%8F%B8%E5%88%A9%E6%BD%A4%E8%A1%A8) For Q1-Q3 2025, parent company operating revenue was **5.42 billion Yuan**, up **9.13%**, with net profit increasing **34.91%** to **6.06 billion Yuan**, primarily driven by investment income Parent Company Income Statement Major Data (Q1-Q3 2025) | Item | Q1-Q3 2025 (Yuan) | Q1-Q3 2024 (Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 5,417,565,416 | 4,964,574,157 | 9.13 | | Operating Profit | 6,181,417,999 | 4,507,078,263 | 37.15 | | Total Profit | 6,184,544,004 | 4,509,007,775 | 37.16 | | Net Profit | 6,056,636,335 | 4,489,518,064 | 34.91 | | Investment Income | 6,348,841,017 | 4,482,254,475 | 41.64 | - Investment income significantly increased by **41.64%** to **6.35 billion Yuan**, serving as the primary driver for the parent company's net profit growth[48](index=48&type=chunk) - Financial expenses were **-213 million Yuan**, a slight narrowing from **-307 million Yuan** in the prior year period, mainly due to interest income[48](index=48&type=chunk) [Parent Company Cash Flow Statement](index=29&type=section&id=%E6%AF%8D%E5%85%AC%E5%8F%B8%E7%8F%BE%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) For Q1-Q3 2025, parent company net cash flow from operating activities significantly improved to **-70 million Yuan**, with net cash flow from investing activities substantially increasing by **79.07%** to **5.94 billion Yuan** Parent Company Cash Flow Statement Major Data (Q1-Q3 2025) | Item | Q1-Q3 2025 (Yuan) | Q1-Q3 2024 (Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -70,082,108 | -1,272,017,406 | 94.49 (Significant decrease in outflow) | | Net Cash Flow from Investing Activities | 5,941,906,111 | 3,318,329,106 | 79.07 | | Net Cash Flow from Financing Activities | -3,460,975,456 | -3,384,313,451 | -2.26 (Slight increase in outflow) | | Net Increase in Cash and Cash Equivalents | 2,280,223,113 | -1,424,741,140 | 260.09 | | Cash and Cash Equivalents at Period End | 19,838,333,312 | 11,327,821,506 | 75.14 | - Cash received from other investing activities was **1.08 billion Yuan**, compared to **0** in the prior year period, significantly contributing to investing cash inflows[55](index=55&type=chunk) - Cash paid for other investing activities was **551 million Yuan**, compared to **0** in the prior year period[55](index=55&type=chunk)

（於中華人民共和國註冊成立的股份有限公司） 非執行董事 董事名單及其角色與職責 福耀玻璃工業集團股份有限公司董事局（「董事局」）成員載列如下。 執行董事 曹德旺先生 （終身榮譽董事長） 曹暉先生 （董事長） 葉舒先生 陳向明先生 張海燕女士 (職工董事) （股份代號： 3606） 吳世農先生 朱德貞女士 獨立非執行董事 LIU XIAOZHI(劉小稚)女士 程雁女士 薛祖雲先生 達正浩先生 董事局下設四個委員會。下表載列各董事局成員所任職委員會的成員資料。 | | 董事委員會 審計 | 提名 | 薪酬和考核 | 戰略發展 | | --- | --- | --- | --- | --- | | 董事 | 委員會 | 委員會 | 委員會 | 委員會 | | 曹德旺先生 | | | 成員 | 成員 | | 曹暉先生 | | 成員 | | 主任 | | 葉舒先生 | | | | | | 陳向明先生 | | | | | | 張海燕女士 | | | | | | 吳世農先生 | | | | | | 朱德貞女士 | 成員 | | | | | LIU XIAOZHI(劉小稚)女士 | | 成員 | 主任 | | | 程雁女士 ...

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的內 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。 （於中華人民共和國註冊成立的股份有限公司） （股份代號：3606） 變更董事長及 委任終身 榮 譽 董事長 董 事 局 謹 此 宣 佈： 變更董事長及委任終身 榮 譽董事長 福 耀 玻 璃 工 業 集 團 股 份 有 限 公 司（「本公司」或「公 司」）董 事（「董 事」）局（「董 事 局」）謹 此 宣 佈，董 事 局 成 員 職 務 變 動 如 下：(1)為推動本公司治理結構 戰 略 性 優 化 與 可 持 續 發 展 的 需 要，曹 德 旺 先 生 申 請 辭 去 公 司 董事長（「董 事 長」）職 務，但仍繼續擔任 董 事 職 務，董 事 局 委 任 曹 德 旺 先 生 為 終 身 榮 譽 董 事 長；及(2)董 事 局 選 舉 曹 暉 先 生 為 董 事 長。 – 1 – 1. 為 推 動 本 公 司 治 理 結 構 戰 略 性 ...

Summary of Key Points from the Automotive Industry Conference Call Industry Overview - The automotive industry is experiencing a slowdown in overall growth, with key companies showing a sequential sales growth of 7.29%, surpassing the industry average of 5.6% [2][8] - The performance of new energy vehicle manufacturers is notably stronger compared to traditional automakers [8] Company Performance and Expectations BYD - BYD's Q3 profit is expected to be between 8 billion to 8.5 billion yuan, a significant increase from 6.6 billion yuan in Q2, despite a year-on-year sales decline of 1.82% [1][3][4] - The increase in profit is attributed to higher per-vehicle profit and reduced end-user promotions [4] Geely - Geely's Q3 sales are projected to grow by 7.89%, with an expected profit of approximately 4.3 billion yuan, reflecting a year-on-year increase of 75% and a sequential increase of about 20% [1][5] - The growth is driven by the "anti-involution" effect and contributions from high-value models such as the Xingyao 8, M9, and Lynk & Co 900 [5] Great Wall Motors - Great Wall Motors achieved Q3 sales of 353,600 units, a sequential increase of 13%, with exports being a key growth driver [1][6] - Expected revenue is around 60 billion yuan, with profits estimated between 4.2 billion to 4.5 billion yuan, benefiting from improved gross margins [6] Changan Automobile - Changan's Q3 sales reached 77,100 units, with a sequential growth of 9.4% [1][7] - The expected revenue is around 44 billion yuan, with profits estimated between 1.5 billion to 1.8 billion yuan, aided by reduced losses in the new energy sector [7] New Energy Vehicle Manufacturers - Leap Motor: Sales of 174,000 units, with a sequential growth of nearly 30%, expected revenue of around 18 billion yuan, and achieving breakeven or slight profit [1][9] - Li Auto: Sales of 93,000 units, with expected profits of 300 to 500 million yuan [1][9] - Xpeng Motors: Sales of 116,000 units, expected revenue of around 21 billion yuan, but still facing losses of 400 to 500 million yuan [1][9] Traditional Automakers - SAIC Motor: Q3 revenue around 165 billion yuan, a year-on-year increase of 39%, with expected profits of 3.5 to 4 billion yuan [10] - BAIC BluePark: Q3 revenue around 6 billion yuan, but slightly higher losses compared to Q2 [10] - GAC Group: Q3 revenue increased by 10% year-on-year, but still in a loss position [10] Component Manufacturers - The automotive electronics sector is expected to perform well in 2025, benefiting from lower procurement costs and reduced pricing pressure from automakers [11] - Companies like Desay SV, Huayang Group, and Jingwei Hirain are expected to exceed expectations in Q3, with Desay SV's profit projected at around 700 million yuan, a year-on-year increase of over 20% [11][12] - Other component manufacturers such as Wemaise and Newray Ford are also expected to show strong performance, with Wemaise's year-on-year growth estimated to exceed 100% [13] Key Takeaways - The automotive industry is gradually recovering, with various companies implementing proactive measures to address market competition and challenges [8] - Geely, Great Wall, and Leap Motor are highlighted as the most likely to exceed expectations in the automotive sector [15] - In the component sector, companies like Jingwei Hirain, Wemaise, and Fuyao Glass are expected to outperform market expectations [16]

Core Viewpoint - Fuyao Glass has experienced a stock price increase of 14.15% year-to-date, but has seen a decline of 5.22% in the last five trading days, indicating volatility in its recent performance [2]. Financial Performance - For the period from January to June 2025, Fuyao Glass achieved a revenue of 21.447 billion yuan, representing a year-on-year growth of 16.94%. The net profit attributable to shareholders was 4.805 billion yuan, reflecting a year-on-year increase of 37.33% [2]. - The company has distributed a total of 35.683 billion yuan in dividends since its A-share listing, with 13.701 billion yuan distributed over the past three years [3]. Shareholder Information - As of June 30, 2025, the number of shareholders for Fuyao Glass was 93,300, a decrease of 7.65% from the previous period. The average number of circulating shares per shareholder increased by 8.29% to 21,486 shares [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 373 million shares, an increase of 15.9981 million shares from the previous period [3]. Market Activity - On October 14, Fuyao Glass's stock price fell by 2.01%, trading at 68.15 yuan per share with a total transaction volume of 4.52 billion yuan and a turnover rate of 0.33%. The total market capitalization stood at 177.854 billion yuan [1]. - The net inflow of main funds was 36.5524 million yuan, with large orders accounting for 19.82% of purchases and 11.98% of sales [1].