Core Viewpoint - Mitsubishi UFJ Financial Group, Inc. has reduced its stake in Fuyao Glass (600660) by selling 577,200 shares at a price of HKD 73.8368 per share, totaling approximately HKD 42.6186 million, resulting in a new holding of 36.1584 million shares, representing 5.95% of the company [1] Summary by Category - **Share Reduction**: Mitsubishi UFJ Financial Group, Inc. sold 577,200 shares of Fuyao Glass [1] - **Transaction Details**: The shares were sold at a price of HKD 73.8368 each, amounting to a total of approximately HKD 42.6186 million [1] - **Post-Transaction Holdings**: After the sale, Mitsubishi's remaining shares in Fuyao Glass are 36.1584 million, which constitutes a 5.95% ownership stake [1]

Group 1 - Mitsubishi UFJ Financial Group, Inc. reduced its stake in Fuyao Glass (03606) by 577,200 shares at a price of HKD 73.8368 per share, totaling approximately HKD 42.6186 million [1] - After the reduction, Mitsubishi UFJ's latest shareholding stands at 36,158,400 shares, representing a holding percentage of 5.95% [1]

Core Viewpoint - Fuyao Glass announced the resignation of its chairman, Cao Dewang, who will continue to serve as a director and honorary chairman, while Cao Hui has been elected as the new chairman. This leadership change is aimed at optimizing the company's governance structure and ensuring sustainable development, with no adverse impact on normal operations [1]. Group 1: Leadership Changes - Cao Dewang, the founder of Fuyao Glass and known as the "Glass King," has stepped down as chairman but will remain a director and honorary chairman [1][2]. - Cao Hui, son of Cao Dewang, has been appointed as the new chairman and legal representative of the company [1][3]. - Cao Dewang expressed that at nearly 80 years old, it is time for him to retire and pass the company to his capable son and team [3]. Group 2: Company Background - Fuyao Glass was founded in 1987 and became the first listed private enterprise in Fujian Province, as well as the first in its industry in China [2]. - The company has a history of significant legal victories, including winning anti-dumping cases against Canada and the U.S. [2]. - Fuyao Glass has expanded internationally, including a $600 million factory investment in Ohio, USA, which became profitable by 2018 [2]. Group 3: Financial Performance - For the first three quarters of 2025, Fuyao Glass reported revenue of 33.302 billion yuan, a year-on-year increase of 17.62%, with third-quarter revenue of 11.855 billion yuan, up 18.86% [4]. - The net profit for the first three quarters reached 7.068 billion yuan, reflecting a year-on-year growth of 28.93%, with third-quarter profit of 2.259 billion yuan, an increase of 14.09% [4].

Market Overview - The credit crisis among U.S. regional banks has intensified, leading to a decline in U.S. stock markets and a significant drop in Hong Kong stocks, with the Hang Seng Index falling nearly 3% at one point [1] - The Hang Seng Index closed down 2.48% at 25,247.1 points, with a total turnover of HKD 314.62 billion, while the Hang Seng Tech Index dropped 4.05% [1] - For the week, the Hang Seng Index fell 3.97%, the Hang Seng China Enterprises Index fell 3.7%, and the Hang Seng Tech Index fell 7.98% [1] Blue Chip Performance - Hansoh Pharmaceutical (03692) rose 2.13% to HKD 36.5, contributing 1.43 points to the Hang Seng Index, after signing a licensing agreement with Roche for its ADC HS-20110, with a total deal value of USD 1.53 billion [2] - Chow Tai Fook (01929) increased by 5.02%, while Link REIT (00101) rose 0.57% [2] - BYD Electronic (00285) fell 8.13%, negatively impacting the index by 4.21 points [2] Sector Performance - Major tech stocks collectively declined, with Alibaba down over 4% and Tencent nearly 2% [3] - Chip stocks saw significant losses, with ZTE Corporation down over 12% and Hua Hong Semiconductor down nearly 7% [3][4] - The photovoltaic sector continued to decline, with rumors about a multi-crystalline silicon storage platform being unsubstantiated, leading to further losses in solar stocks [4][6] Cryptocurrency Market - The cryptocurrency market experienced a sharp decline, with Bitcoin dropping nearly 5% to USD 104,986, and Ethereum down nearly 7% [6] - The decline was attributed to concerns over credit markets following recent events involving U.S. regional banks and the ongoing government shutdown [6] Notable Stock Movements - Lao Pu Gold (06181) rose 3.11% after announcing a price adjustment for its products, marking its third price change this year [7] - China Duty Free Group (01880) increased by 2.05% following the announcement of expanded duty-free shopping policies in Hainan [8] - NIO Inc. (09866) saw a 2.17% increase, responding to a lawsuit that is not related to its recent operational status [9] - Fuyao Glass (03606) fell 5.73% after announcing a leadership change and reporting Q3 revenue of approximately CNY 11.855 billion, up 18.86% year-on-year [10]

Group 1 - Fuyao Glass announced the retirement of its founder, Cao Dewang, who will take on the role of honorary chairman, while his son, Cao Hui, will succeed him as chairman [2] - Cao Dewang emphasized the importance of passing the company to the next generation, stating that it is time for him to retire and that his son and the team are capable of leading the company [2] - Fuyao Glass has become a global leader in the automotive glass market, holding a 30% market share and generating over 45% of its revenue from overseas markets [2][3] Group 2 - Fuyao Glass has consistently maintained a gross margin that is 10 percentage points higher than the industry average for the past decade, making it one of the most profitable companies in the automotive parts sector in A-shares [3] - The company has achieved significant milestones, including winning anti-dumping cases in the U.S. and establishing manufacturing plants in Russia and Germany, further solidifying its global presence [3][4] - Fuyao Glass has focused on technological innovations, such as lightweight and smart automotive glass, to meet the stringent material performance requirements of new energy vehicles, thereby reinforcing its market position [4] Group 3 - The Chinese automotive parts industry is currently experiencing a phase of traditional upgrades and breakthroughs in emerging technologies, with the market size surpassing 4.5 trillion yuan in 2023 [5] - The revenue of China's automotive parts manufacturing industry was 3.63 trillion yuan in 2020, indicating significant growth potential compared to developed automotive industries [5] - Fuyao Glass's founder, Cao Dewang, has committed 10 billion yuan to establish Fuyao University, focusing on training talent in strategic national fields and high-end manufacturing [8]

文/梧桐小编 10月16日晚上，知名上市公司福耀玻璃工业集团股份有限公司（600660）发布《关于变更公司董事长暨法定代表及委任 终身名誉董事长的公告》。曹德旺先生辞去公司董事长职务，但仍作为公司董事继续履职，仍担任部分子公司的董事、 董事长及法定代表人职务。2025 年 10月 16 日起，曹晖先生担任公司董事长，同时担任公司法定代表人及董事局战略发 展委员会主任。曹德旺1946年出生，现已79岁；曹晖系曹德旺之子，1971年出生，现年54岁。 公司公告解释曹德旺离任对公司的影响：曹德旺先生作为公司的创始人和掌舵者，自公司创立以来，始终以非凡的战略 远见和持续的创新精神，引领公司从无到有、从小到大，最终发展成为全球汽车玻璃行业的领导者，为公司作出不可替 代的贡献。公司第十一届董事局第十次会议已审议通过委任曹德旺先生为公司终身荣誉董事长。今后，曹德旺先生将以 终身荣誉董事长、第十一届董事局董事、董事局战略发展委员会委员及董事局薪酬和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。 福耀玻璃股票1993年6月10日在上交所上市，证券代码600660。公司股票2015年3月31日在香港联交所主板 ...

Group 1 - Fuyao Glass experienced a decline of 5.01% on October 17, with a stock price of 63.53 CNY per share and a trading volume of 1.82 billion CNY, resulting in a total market capitalization of 165.797 billion CNY [1] - The company, established on June 21, 1992, and listed on June 10, 1993, specializes in the design, production, sales, and service of automotive-grade float glass and automotive glass [1] - The revenue composition of Fuyao Glass includes 91.10% from automotive glass, 14.43% from float glass, and 10.51% from other sources [1] Group 2 - Jiutai Fund has one fund heavily invested in Fuyao Glass, specifically Jiutai Ruisheng Mixed Fund (010764), which reduced its holdings by 1,800 shares in the second quarter, now holding 132,300 shares, accounting for 6.87% of the fund's net value [2] - The Jiutai Ruisheng Mixed Fund has a current scale of 110 million CNY and has achieved a year-to-date return of 24.78%, ranking 3,653 out of 8,160 in its category [2] - The fund has experienced a floating loss of approximately 443,200 CNY as of the latest report [2]

Core Viewpoint - Fuyao Glass reported a year-on-year revenue growth of 19% and a net profit increase of 14% for the third quarter, meeting expectations, with a stable gross margin of approximately 37.9% [1] Financial Performance - Revenue and net profit for the third quarter increased by 19% and 14% year-on-year, respectively [1] - Gross margin decreased by 0.6 percentage points quarter-on-quarter, attributed to higher OEM rebates and seasonal fluctuations in the gross margin of U.S. operations [1] Product Contribution - Revenue contribution from high value-added products rose to 52.2% in the first nine months, up from 50.7% in the first half of the year, aiding in the increase of average selling prices for glass products [1] - Anticipated growth in high value-added products is expected to continue with the increasing penetration of new energy vehicles [1] Management Change - Founder Cao Dewang announced his retirement, with his son Cao Hui taking over; the transition is not expected to significantly impact daily operations as Cao Hui has held senior management positions since the 1990s [1] Target Price Adjustment - The target price for Fuyao Glass has been raised from HKD 77 to HKD 82, maintaining an "outperform" rating [1] - Net profit forecasts for 2025 to 2027 have been increased by 6.5%, 6.5%, and 6.4%, respectively [1]

Core Viewpoint - Fuyao Glass reported a year-on-year revenue growth of 19% and a net profit increase of 14% for the third quarter, meeting expectations, with a stable gross margin of approximately 37.9% [1] Financial Performance - Revenue and net profit for Fuyao Glass increased by 19% and 14% year-on-year respectively in Q3 [1] - Gross margin decreased by 0.6 percentage points quarter-on-quarter, attributed to higher OEM rebates and seasonal fluctuations in the gross margin of U.S. operations [1] Product Contribution - Revenue contribution from high value-added products rose to 52.2% in the first nine months, up from 50.7% in the first half of the year, aiding in the increase of average selling prices for glass products [1] - The growth in high value-added products is expected to continue with the increasing penetration of new energy vehicles [1] Management Change - Founder Cao Dewang announced his retirement, with his son Cao Hui taking over; the change is not expected to significantly impact daily operations as Cao Hui has held senior management positions since the 1990s [1] Target Price Adjustment - The target price for Fuyao Glass has been raised from HKD 77 to HKD 82, maintaining an "outperform" rating [1] - Net profit forecasts for 2025 to 2027 have been increased by 6.5%, 6.5%, and 6.4% respectively [1]

Core Viewpoint - The retirement of Cao Dewang, the founder and long-time chairman of Fuyao Glass, marks a significant transition for the company, with his son Cao Hui taking over leadership while Cao Dewang remains as a director, emphasizing the importance of strategic governance and sustainable development for the future of Fuyao Glass [2][12]. Company History and Development - Cao Dewang's entrepreneurial journey is a classic story of rising from humble beginnings, having faced poverty and dropped out of school at an early age [3]. - A pivotal moment in his career occurred while he was a purchasing agent at a glass factory, where he recognized the domestic automotive glass industry's reliance on imports [4]. - In 1983, he took over a struggling glass factory and successfully turned it around within a year, showcasing his exceptional business acumen [5]. - In 1987, he founded Fuyao Group with the vision of producing automotive glass for China, focusing solely on the glass industry and resisting diversification into real estate [6]. Market Position and Financial Performance - Fuyao Glass has become the world's largest automotive glass supplier, holding nearly 34% of the global market share, with 61 subsidiaries and approximately 37,000 employees [8]. - The company's revenue has shown strong growth, increasing from approximately 13.6 billion RMB in 2015 to nearly 40 billion RMB in 2024, while net profit rose from about 2.6 billion RMB to approximately 7.5 billion RMB during the same period [8]. - The Q3 2025 financial report indicated continued growth, with revenue of approximately 33.3 billion RMB, a year-on-year increase of 17.62%, and net profit of about 7.1 billion RMB, up 28.93% year-on-year [10]. Leadership Transition and Future Outlook - Cao Dewang's decision to step down as chairman ahead of schedule is seen as a strategic move, allowing for a smoother transition to the next generation of leadership [11]. - Cao Hui, who has worked his way up from the grassroots level within the company since 1989, is now responsible for the daily operations and strategic decisions of Fuyao Glass [13]. - The continuation of Cao Dewang's values, such as technology-driven innovation and long-term commitment to the industry, will be crucial for Fuyao's future under the new leadership [12][13].