Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company reported a strong performance in Q2 2025, with revenue of 11.54 billion yuan, a year-on-year increase of 21.4%, and a net profit of 2.78 billion yuan, up 31.5% year-on-year [6] - The company is expected to benefit from the increasing penetration of high-value automotive glass products, which will enhance its average selling price (ASP) and market share [6] - The company has plans for significant capacity expansion, which is expected to further improve its competitive position in the global market [6] Summary by Sections Financial Performance - In H1 2025, the company achieved revenue of 21.45 billion yuan, a year-on-year increase of 16.95%, and a net profit of 4.8 billion yuan, up 37.3% year-on-year [6] - The gross margin for Q2 2025 was 38.5%, reflecting a year-on-year increase of 0.76 percentage points and a quarter-on-quarter increase of 3.09 percentage points [6] Revenue Growth Drivers - The revenue growth is attributed to the rising proportion of high-value products, which increased by 4.81 percentage points year-on-year in H1 2025 [6] - The company is also benefiting from enhanced global competitiveness and new capacity contributions from its U.S. operations [6] Future Outlook - The company has revised its net profit forecasts for 2025-2027 to 9.9 billion yuan, 11.5 billion yuan, and 13.4 billion yuan, respectively, reflecting expected growth rates of 32%, 16%, and 17% [6] - The company maintains a high dividend payout ratio, with a projected payout ratio of 62.65% for 2024 [6]

Group 1 - The A-shares market opened lower but rebounded, with the Shanghai Composite Index rising by 0.08% as of 11:00 AM on August 20 [1] - The A500 ETF managed by Harvest (159351) saw its constituent stock, Fuyao Glass, hit the daily limit, while Xiyuan Co. surged over 5% [1] - The A500 ETF's trading volume exceeded 2 billion yuan, indicating active market participation [1] Group 2 - As of August 19, the A500 ETF's total scale reached 12.601 billion yuan, with an average daily trading volume of 2.248 billion yuan and an average turnover rate of 1.789 billion yuan [1] - The total trading volume for August reached 40.399 billion yuan, ranking second among similar products in the Shenzhen market [1] - According to Galaxy Securities, there is a clear trend of residents reallocating wealth towards financial assets, with increased market risk appetite driving capital inflows [1] Group 3 - Industry experts suggest that the China Securities A500 Index has become an ideal choice for balanced allocation and sharing the growth dividends of core A-share assets, especially in the context of frequent market style rotations and policy support for index investment [1] - Currently, there are 39 ETFs tracking the A500 Index, with a combined latest scale of 181.329 billion yuan [1]

| 代码 | 名称 | 最新价 | 涨跌幅 √ | | --- | --- | --- | --- | | 03606 | 福耀玻璃 | 67.500 | 15.19% | | 01108 | 凯盛新能 | 4.990 | 5.05% | | 03800 | 协鑫科技 | 1.220 | 2.52% | | 00757 | 阳光能源 | 0.094 | 2.17% | | 00750 | 水发兴业能源 | 0.300 | 1.69% | | 06862 | 福菜特玻璃 | 10.300 | 0.98% | | 03868 | 信义能源 | 1.210 | 0.83% | | 00968 | 信义光能 | 3.260 | 0.31% | 责任编辑：栎树 港股光伏股盘初走高，其中，福耀玻璃绩后大涨超15%领衔，凯盛新能涨超5%，协鑫科技、阳光能源 涨超2%，福莱特玻璃、信义能源、信义光能跟涨。 消息上，福耀玻璃公布2025年半年报，公司营业收入为214.5亿元，同比上升16.9%；归母净利润为48.0 亿元，同比上升37.3%；扣非归母净利润为47.1亿元，同比上升31.6%；经营现金流净额为53.54亿元， 同 ...

港股光伏股盘初走高，其中，福耀玻璃绩后大涨超15%领衔，凯盛新能涨超5%，协鑫科技、阳光能源 涨超2%，福莱特玻璃、信义能源、信义光能跟涨。 | 代码 | 名称 | 最新价 | 涨跌幅 √ | | --- | --- | --- | --- | | 03606 | 福耀玻璃 | 67.500 | 15.19% | | 01108 | 凯盛新能 | 4.990 | 5.05% | | 03800 | 协鑫科技 | 1.220 | 2.52% | | 00757 | 阳光能源 | 0.094 | 2.17% | | 00750 | 水发兴业能源 | 0.300 | 1.69% | | 06862 | 福菜特玻璃 | 10.300 | 0.98% | | 03868 | 信义能源 | 1.210 | 0.83% | | 00968 | 信义光能 | 3.260 | 0.31% | 消息上，福耀玻璃公布2025年半年报，公司营业收入为214.5亿元，同比上升16.9%；归母净利润为48.0 亿元，同比上升37.3%；扣非归母净利润为47.1亿元，同比上升31.6%；经营现金流净额为53.54亿元， 同比增长61.0% ...

公告称，营业收入增加主要是因为公司加大营销力度及高附加值产品占比提升所致。 消息面上，8月19日，福耀玻璃公布2025年半年度业绩，营业收入约214.47亿元，同比增长16.94%；归 属于上市公司股东的净利润约48.05亿元，同比增长37.33%；基本每股收益1.84元，每股分配现金股利 0.90元。 福耀玻璃（600660）(03606)绩后拉升逾8%，截至发稿，涨8.53%，报63.6港元，成交额1.14亿港元。 ...

Core Viewpoint - Fuyao Glass (03606) experienced a significant stock price increase of over 8% following the announcement of its 2025 semi-annual performance, indicating positive market sentiment towards the company's financial results [1] Financial Performance - The company reported a revenue of approximately 21.447 billion yuan, representing a year-on-year growth of 16.94% [1] - The net profit attributable to shareholders was around 4.805 billion yuan, showing a year-on-year increase of 37.33% [1] - Basic earnings per share were reported at 1.84 yuan, with a cash dividend of 0.90 yuan per share [1] Business Strategy - The increase in revenue is attributed to enhanced marketing efforts and a higher proportion of high-value-added products [1]

2025年8月20日，福耀玻璃(600660.SH)发布2025年中报。 公司最新毛利率为37.06%，较上季度毛利率增加1.66个百分点。最新ROE为13.48%，较去年同期ROE增 加2.42个百分点。 公司摊薄每股收益为1.84元，较去年同报告期摊薄每股收益增加0.50元，实现5年连续上涨，同比较去年 同期上涨37.31%。 公司最新总资产周转率为0.33次，较去年同期总资产周转率增加0.02次，实现3年连续上涨，同比较去年 同期上涨5.86%。最新存货周转率为2.22次，较去年同期存货周转率增加0.07次，实现3年连续上涨，同 比较去年同期上涨3.24%。 公司股东户数为9.33万户，前十大股东持股数量为16.94亿股，占总股本比例为64.90%，前十大股东持 股情况如下： | 序号 | 股东名称 | 持股比例 | | --- | --- | --- | | I | HKSCC NOMINEES LIMITED | 22.83% | | 2 | 三益发展有限公司 | 14.97% | | 3 | 香港中央结算有限公司 | 14.31% | | 4 | 河仁慈善基金会 | 6.50% | | 5 | 白 ...

（文章来源：每日经济新闻） 福耀玻璃（SH 600660，收盘价：55.77元）8月19日晚间发布半年度业绩报告称，2025年上半年营业收 入约214.47亿元，同比增加16.94%；归属于上市公司股东的净利润约48.05亿元，同比增加37.33%；基 本每股收益1.84元，同比增加37.31%。 ...

■ 注：根据《中华人民共和国公司法》、中国证监会发布的《上市公司股东会规则》、上交所发布的《上 海证券交易所股票上市规则》《上海证券交易所上市公司自律监管指引第1号一一规范运作》等相关规 定，《股东会网络投票实施细则》中的"股东大会"一词全部修改为"股东会"，"临时股东大会"一词全部 修改为"临时股东会"。除上述对照表中的修改内容外，《股东会网络投票实施细则》其他条款无实质性 修改，部分不涉及实质内容变化的文字表述调整、因新增/删除/合并/分列导致的章/节/条/款/项等序号的 调整以及相关标点符号的修改等不再逐条列示。 四、《对外担保管理制度》相关条款修改情况具体如下： ■ 注：根据《中华人民共和国公司法》《中华人民共和国民法典》、中国证监会等四部门联合发布的《上 市公司监管指引第8号一一上市公司资金往来、对外担保的监管要求》、上交所发布的《上海证券交易 所股票上市规则》《上海证券交易所上市公司自律监管指引第1号一一规范运作》等相关规定，《对外 担保管理制度》中的"股东大会"一词全部修改为"股东会"，"临时股东大会"一词全部修改为"临时股东 会"。除上述对照表中的修改内容外，《对外担保管理制度》其他条款无实质 ...

1.2本公司董事局、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确性、完整 性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 1.3公司全体董事出席董事局会议。 1.4本半年度报告未经审计。 1.5董事局决议通过的本报告期利润分配预案或公积金转增股本预案 登录新浪财经APP 搜索【信披】查看更多考评等级 公司代码：600660 公司简称：福耀玻璃 第一节 重要提示 1.1本半年度报告摘要来自半年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规 划，投资者应当到上交所：http://www.sse.com.cn香港联交所：http://www.hkexnews.hk网站仔细阅读半 年度报告全文。 综合考虑投资者的合理回报，兼顾公司可持续发展，本公司拟进行2025年中期利润分配。本公司拟订的 2025年中期利润分配方案为：公司拟以实施2025年中期权益分派的股权登记日登记的总股数为基数，向 2025年中期权益分派的股权登记日登记在册的本公司A股股东和H股股东派发现金股利，每股分配现金 股利人民币0.90元（含税），本公司剩余未分配利润结转入2025年下半年。截至 ...