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 致：香港交易及結算所有限公司 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 03606 | 說明 | H股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 606,757,200 | RMB | | 1 RMB | | 606,757,200 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 606,757,200 | RMB | | 1 RMB | | 606,757,200 | | 2. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 | | | --- | - ...

Core Insights - The article highlights the top and bottom AH share premium rates as of August 29, with Northeast Electric (00042) leading at 785.25% and Ningde Times (03750) at -13.55% [1][2][3] Group 1: Top AH Share Premium Rates - Northeast Electric (00042) has a premium rate of 785.25% with a deviation value of 5.90% [2] - Andeli Juice (02218) follows with a premium rate of 253.20% and a deviation value of 40.75% [2] - Hongye Futures (03678) ranks third with a premium rate of 246.76% and a deviation value of 17.02% [2] Group 2: Bottom AH Share Premium Rates - Ningde Times (03750) has the lowest premium rate at -13.55% with a deviation value of 6.61% [2] - Heng Rui Medicine (01276) shows a premium rate of 4.11% and a deviation value of 7.74% [2] - China Merchants Bank (03968) has a premium rate of 7.02% with a deviation value of 1.87% [2] Group 3: Top AH Share Deviation Values - Jinli Permanent Magnet (06680) leads with a deviation value of 42.99% and a premium rate of 121.34% [3] - Andeli Juice (02218) again appears with a deviation value of 40.75% [3] - Zhejiang Shibao (01057) has a deviation value of 25.37% [3] Group 4: Bottom AH Share Deviation Values - BYD Company (01211) has the lowest deviation value at -66.83% with a premium rate of 19.42% [3] - Longpan Technology (02465) follows with a deviation value of -46.69% [3] - Great Wall Motors (02333) has a deviation value of -22.48% [3]

Core Insights - Fuyao Glass reported significant growth in Q2 2025, with revenue reaching 21.447 billion RMB, a year-on-year increase of 16.94%, and a net profit of 4.808 billion RMB, up 37.33% [1] - The company's Q2 2025 single-quarter revenue was 11.537 billion RMB, reflecting a year-on-year growth of 21.39% and a quarter-on-quarter increase of 16.42% [1] - The gross margin for Q2 2025 was 38.49%, showing a substantial increase of 3.08 percentage points from the previous quarter, indicating improved profitability [1] Financial Performance - The net profit margin for Q2 2025 was 24.07%, with a quarter-on-quarter increase of 3.57 percentage points and a year-on-year increase of 1.83 percentage points [2] - The contribution of profits from the U.S. market increased, with H1 2025 net profit reaching 433 million RMB, a year-on-year rise of 11.80% [2] - The company’s capital expenditures in H1 2025 amounted to 2.861 billion RMB, with significant investments in various projects, including 470 million RMB for the U.S. automotive glass project [2] Shareholder Returns - Fuyao Glass announced a new interim dividend for H1 2025, distributing a cash dividend of 0.90 RMB per share, which accounts for 48.88% of the net profit attributable to shareholders [1]

Investment Rating - The report maintains a "Buy" rating for Fuyao Glass (600660) [2][7]. Core Insights - Fuyao Glass reported significant growth in Q2 2025, with revenue reaching RMB 21.447 billion, a year-on-year increase of 16.94%, and net profit attributable to shareholders of RMB 4.808 billion, up 37.33% year-on-year [7]. - The company's Q2 2025 single-quarter revenue was RMB 11.537 billion, reflecting a year-on-year growth of 21.39% and a quarter-on-quarter increase of 16.42% [7]. - The gross margin for Q2 2025 was 38.49%, a substantial increase of 3.08 percentage points from the previous quarter, indicating improved profitability [7]. - The company has initiated a mid-term dividend, distributing cash dividends of RMB 0.90 per share, which accounts for 48.88% of the net profit attributable to shareholders for H1 2025 [7]. - The net profit margin for Q2 2025 was 24.07%, with a quarter-on-quarter increase of 3.57 percentage points and a year-on-year increase of 1.83 percentage points, driven by strong revenue and gross margin performance [7]. - Capital expenditures increased significantly, with cash payments for fixed assets and other long-term assets amounting to RMB 2.861 billion in H1 2025, including RMB 470 million for the Fuyao US automotive glass project [7]. - The forecast for net profit attributable to shareholders for 2025-2027 is RMB 10.290 billion, RMB 11.880 billion, and RMB 13.838 billion, respectively, with corresponding PE ratios of 15.94, 13.80, and 11.85 [8].

Core Insights - The top three companies with the highest AH premium rates are Northeast Electric (00042) at 770.97%, Hongye Futures (03678) at 252.57%, and Andeli Juice (02218) at 238.08% [1][2] - The bottom three companies with the lowest AH premium rates are CATL (03750) at -18.73%, Midea Group (00300) at 6.86%, and Heng Rui Medicine (01276) at 7.43% [1][2] - The companies with the highest deviation values are Beijing Machinery (00187) at 32.43%, Andeli Juice (02218) at 29.55%, and Fudan Zhangjiang (01349) at 29.44% [1][3] - The companies with the lowest deviation values are BYD (01211) at -84.97%, Longpan Technology (02465) at -62.46%, and GAC Group (02238) at -26.17% [1][3] AH Premium Rate Rankings - The top AH stocks by premium rate include: - Northeast Electric (00042): H-share at 0.310 HKD, A-share at 2.25 CNY, premium rate 770.97%, deviation -23.02% [2] - Hongye Futures (03678): H-share at 4.280 HKD, A-share at 12.6 CNY, premium rate 252.57%, deviation 25.11% [2] - Andeli Juice (02218): H-share at 17.780 HKD, A-share at 50.18 CNY, premium rate 238.08%, deviation 29.55% [2] - The bottom AH stocks by premium rate include: - CATL (03750): H-share at 410.200 HKD, A-share at 278.3 CNY, premium rate -18.73%, deviation 1.21% [2] - Midea Group (00300): H-share at 81.500 HKD, A-share at 72.71 CNY, premium rate 6.86%, deviation -1.78% [2] - Heng Rui Medicine (01276): H-share at 72.500 HKD, A-share at 65.03 CNY, premium rate 7.43%, deviation 11.64% [2] Deviation Value Rankings - The top AH stocks by deviation value include: - Beijing Machinery (00187): H-share at 4.950 HKD, A-share at 13.24 CNY, premium rate 220.40%, deviation 32.43% [3] - Andeli Juice (02218): H-share at 17.780 HKD, A-share at 50.18 CNY, premium rate 238.08%, deviation 29.55% [3] - Fudan Zhangjiang (01349): H-share at 3.590 HKD, A-share at 10.06 CNY, premium rate 235.65%, deviation 29.44% [3] - The bottom AH stocks by deviation value include: - BYD (01211): H-share at 115.100 HKD, A-share at 110.68 CNY, premium rate 15.18%, deviation -84.97% [3] - Longpan Technology (02465): H-share at 10.320 HKD, A-share at 14.37 CNY, premium rate 66.76%, deviation -62.46% [3] - GAC Group (02238): H-share at 3.690 HKD, A-share at 7.88 CNY, premium rate 155.83%, deviation -26.17% [3]

Core Viewpoint - The company has demonstrated strong revenue and profit growth in the first half of 2025, driven by product upgrades and market share gains in the automotive glass sector [1][2][3]. Revenue Performance - In 1H25, the company achieved revenue of 21.447 billion, a year-on-year increase of 16.9%, with a net profit attributable to shareholders of 4.805 billion, up 37.3% year-on-year [1]. - In 2Q25, the company reported revenue of 11.537 billion, with year-on-year and quarter-on-quarter growth of 21.4% and 16.4%, respectively [1]. - The company outperformed the domestic automotive industry, which saw a 12% year-on-year increase in sales [1]. Profitability Analysis - In 2Q25, the company's non-recurring net profit reached 2.720 billion, reflecting a year-on-year increase of 32.1% and a quarter-on-quarter increase of 36.9% [2]. - The gross profit margin for 2Q25 was 38.5%, showing an increase of 0.8 percentage points year-on-year and 3.1 percentage points quarter-on-quarter [2]. - The company benefited from scale effects, product structure optimization, and reduced losses in the aluminum trim business [2]. Capacity Expansion and Product Upgrade - The company plans to invest 8.5 billion in capital expenditures in 2025, with significant investments in new automotive safety glass production facilities [3]. - The company is focusing on high-value-added products such as smart panoramic glass and adjustable light glass, which are expected to increase their market share [3]. - The extension into automotive trim business is anticipated to create synergies with the automotive glass segment [3]. Investment Outlook - The company is expected to achieve revenues of 46.21 billion, 52.57 billion, and 60.57 billion in 2025, 2026, and 2027, respectively, with corresponding net profits of 9.53 billion, 10.75 billion, and 12.53 billion [3].

Core Viewpoint - The automotive industry in China is experiencing a significant rally in stock prices, driven by liquidity support from the central bank, consumer stimulus policies, and positive mid-year earnings reports [2][3][18]. Group 1: Market Conditions - The central bank has implemented large-scale reverse repos and MLF operations, injecting substantial liquidity into the banking system, which positively impacts the stock market [3]. - On August 15, the central bank conducted a 500 billion yuan reverse repo operation, followed by a 600 billion yuan MLF operation on August 25, resulting in a net injection of 300 billion yuan [3]. - There is a trend of retail investors leveraging their positions in the stock market, with some funds shifting from bank deposits and wealth management products to equities due to improved market sentiment [5]. Group 2: Automotive Sector Performance - Over 70% of the 102 Chinese automotive stocks tracked saw price increases, with an average rise of 4.05%, closely following the Shenzhen Composite Index's 4.57% gain [5]. - The total market capitalization of Chinese automotive stocks increased by over 410 billion yuan, reaching 11.56 trillion yuan [5]. - The passenger vehicle sector outperformed other segments, with a 7.05% increase, driven by stocks like NIO, Xpeng Motors, and Great Wall Motors [7]. Group 3: Notable Stock Performances - NIO's stocks surged by 31.81% in the US and 27.75% in Hong Kong, attributed to the favorable pricing strategy for its new ES8 model [9]. - Cao Cao Mobility's stock rose by 26.1%, influenced by a reduction in driver commission rates and positive market expectations regarding its inclusion in the Hong Kong Stock Connect [9]. - Xpeng Motors reported a nearly 57% reduction in losses and provided optimistic revenue guidance for Q3, leading to stock increases of 20.56% in the US and 18.73% in Hong Kong [11]. Group 4: Financial Results - Fuyao Glass reported a revenue of 21.44 billion yuan for the period, a 16.94% increase year-on-year, with a net profit of 4.80 billion yuan, up 37.33% [12]. - Great Wall Motors benefited from the launch of new models and significant overseas expansion, contributing to positive market expectations [13]. - Tuhu's revenue for the first half of the year was 7.88 billion yuan, reflecting a 10.5% year-on-year growth [13]. Group 5: Stock Declines - Despite the overall market rally, 23 stocks experienced declines, primarily in the dealer/retail, smart mobility, and new energy sectors, with declines generally limited to under 10% [14]. - Ganfeng Lithium and Hesai Technology saw the largest declines, with Ganfeng down 9.52% and Hesai down 9.11% [15][17].

Core Viewpoint - The company reported strong financial performance in H1 2025, with revenue of 21.447 billion yuan, a year-on-year increase of 16.95%, and a net profit attributable to shareholders of 4.805 billion yuan, up 37.33% year-on-year, indicating robust growth driven by favorable policies and market demand [1] Financial Performance - H1 2025 revenue reached 21.447 billion yuan, up 16.95% year-on-year - H1 2025 net profit attributable to shareholders was 4.805 billion yuan, an increase of 37.33% year-on-year - Q2 2025 single-quarter revenue was 11.537 billion yuan, up 21.39% year-on-year and 16.42% quarter-on-quarter - H1 2025 gross margin was 37.06%, a decrease of 0.23 percentage points year-on-year; net margin was 22.42%, an increase of 3.33 percentage points year-on-year [1] Business Segments - Automotive glass revenue in H1 2025 was 19.538 billion yuan, up 16.16% year-on-year, accounting for 92.52% of main business revenue - Float glass revenue in H1 2025 was 3.096 billion yuan, up 11.18% year-on-year, accounting for 14.66% of main business revenue - Other business revenue in H1 2025 was 2.255 billion yuan, accounting for 10.68% of main business revenue [1] Market Drivers - The introduction of policies such as vehicle trade-in programs, tax exemptions for new energy vehicles, and incentives for rural purchases has boosted automotive glass sales - The company is leveraging its technological leadership and increasing marketing efforts to capitalize on structural opportunities in the automotive glass market [1] Demand and Supply Dynamics - The shift towards electric and intelligent vehicles is expanding the market for automotive glass, with new functionalities such as heat insulation, soundproofing, and HUD integration driving demand - The company is enhancing its production capacity with new manufacturing bases in China and expanding its facility in the U.S., which will improve regional support and global delivery capabilities [2] Investment Outlook - The company's performance in the second half of 2025 is expected to benefit from various stimulating policies, accelerated capacity release, and an increase in high-value-added products - Revenue projections for 2025-2027 are 46.4 billion, 53.1 billion, and 60.8 billion yuan, with net profits of 9.127 billion, 10.261 billion, and 11.397 billion yuan respectively, indicating a positive growth trajectory [3]

Core Viewpoint - Fuyao Glass Industry Group Co., Ltd. plans to distribute cash dividends of RMB 0.90 per share to its A and H shareholders, amounting to a total of RMB 2,348,769,178.80, which represents 48.88% of the net profit attributable to ordinary shareholders for the first half of 2025 [1][2]. Financial Summary - The net profit attributable to ordinary shareholders under Chinese accounting standards is RMB 4,804,711,711, while under international financial reporting standards, it is RMB 4,804,424,175 [1]. - The total number of shares as of June 30, 2025, is 2,609,743,532 [1]. Dividend Distribution Plan - The proposed cash dividend distribution will be based on the total number of shares registered on the dividend record date, with a cash dividend of RMB 0.90 per share (tax included) [1]. - The remaining undistributed profits will be carried forward to the second half of 2025 [1]. Corporate Governance - The board of directors has authorized Mr. Ye Shu or Mr. Chen Xiangming to handle all matters related to the dividend distribution [2]. - The company will maintain the per-share distribution ratio even if the total number of shares changes before the record date, with adjustments to the total distribution amount to be announced separately [2]. Amendments to Articles of Association - The company is proposing amendments to its Articles of Association to align with relevant laws and regulations, including the Company Law and Securities Law of the People's Republic of China [4][5]. - The amendments include changes to the definitions of stakeholders and the responsibilities of the legal representative [4][5].

本人╱吾等 （附註3） 地址為 （於中華人民共和國註冊成立的股份有限公司） （股份代號：3606） 2025年第一次臨時股東大會之代表委任表格 | | | 累積投票制的選票不設「贊成」、「反對」和「棄權」項。倘本公司董事候選人所獲得的贊成票數超過出席大會所有股東所持有的股份總數（以 未累積的股份數為準）的二分之一，該候選人獲重選為本公司董事。 為福耀玻璃工業集團股份有限公司（「本公司」或「公司」）股東，現委任大會主席，或 （附註4） 地址為 為本人╱吾等的代表，代表本人╱吾等出席2025年9月16日（星期二）下午二時三十分於中國福建省福清市融僑經濟 技術開發區福耀工業村本公司會議室舉行的本公司2025年第一次臨時股東大會（「臨時股東大會」）或其任何續會，並 依照下列指示代表本人╱吾等就臨時股東大會通告所列決議案投票，如無作出指示，則由本人╱吾等的代表自行酌 情投票表決。 日期：2025年 月 日 簽署 （附註7） ： *注意： 閣下在委任代表之前，請先閱覽日期為2025年8月26日的本公司臨時股東大會通告及通函。除文義另有所指外，本代表 委任表格所使用的詞彙與上述通函所界定者具有相同涵義。 決議案 贊成 （附 ...