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10月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 福萊特玻璃集團股份有限公司 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) | 06865 | 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 | | | 441,715,000 | RMB | | 0.25 RMB | | | 110,428,750 | | 增加 / 減少 (-) | | | 0 | | | RMB | | | 0 | | 本月底結存 | | | 441,715,000 | RMB | | 0.25 RMB | | | 110,428,750 | | 2. 股份分類 | 普通股 | 股 ...

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10月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 福萊特玻璃集團股份有限公司 呈交日期: 2025年11月5日 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) | 06865 | 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 | | | 441,715,000 | RMB | | 0.25 RMB | | | 110,428,750 | | 增加 / 減少 (-) | | | 0 | | | RMB | | | 0 | | 本月底結存 | | | 441,715,000 | RMB | | 0.25 RMB | | | 110,428,750 | | ...

11月5日，福莱特盘中上涨2.05%，截至13:15，报18.93元/股，成交2.77亿元，换手率0.79%，总市值 443.51亿元。 资金流向方面，主力资金净流入64.97万元，特大单买入115.51万元，占比0.42%，卖出101.18万元，占 比0.37%；大单买入2571.54万元，占比9.30%，卖出2520.89万元，占比9.11%。 福莱特今年以来股价跌3.86%，近5个交易日涨1.18%，近20日涨9.74%，近60日涨14.45%。 资料显示，福莱特玻璃集团股份有限公司位于浙江省嘉兴市秀洲区运河路1999号，成立日期1998年6月 24日，上市日期2019年2月15日，公司主营业务涉及光伏玻璃、浮法玻璃、工程玻璃和家居玻璃的研 发、生产和销售,以及玻璃用石英矿的开采和销售和EPC光伏电站工程建设。主营业务收入构成为：光 伏玻璃89.76%，发电收入3.16%，工程玻璃3.14%，其他(补充)1.98%，家居玻璃1.58%，浮法玻璃 0.36%，采矿产品0.01%。 福莱特所属申万行业为：电力设备-光伏设备-光伏辅材。所属概念板块包括：中盘、光伏玻璃、太阳 能、特种玻璃、融资融券等。 截至9 ...

机构：天风证券 研究员：鲍荣富/孙潇雅/王涛/林晓龙 毛利率有所改善，资产减值冲回 公司前三季度实现毛利率15.1%，同比下降3.9pct，其中Q3 单季度16.8%，同比提升10.8pct，环比小幅 提升0.2pct。前三季度公司期间费用率7.4%，同比持平， 其中销售/ 管理/ 研发/ 财务费用率同比分别 +0.1/+0.3/-0.7/+0.3pct。公司三季度资产减值损失冲回8186 万元，环比增加3.2 亿，进一步增厚利润，最 终三季度实现净利率8.1%，同比提升13.2pct，环比提升3.7pct。 上调盈利预测，维持"增持"评级 公司作为行业龙头，成本优势显著，中长期看，在行业反内卷背景下， 预计光伏玻璃行业盈利有望走 出相对底部。考虑到9 月份价格上涨，上调25-27 年归母净利润预至9.1/15.6/22.7 亿元（前值： 公司三季度实现归母净利润3.8 亿元，同比增长285.5%公司发布三季报，前三季度实现营业收入/归母净 利润124.6/6.4 亿元，同比分别-14.7%/-50.8%，扣非归母净利润6.3 亿元，同比-49.7%，其中Q3 单季度 实现营业收入/归母净利润47.3/3.8 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [4][6] Core Views - The company achieved a net profit of 380 million yuan in Q3, representing a year-on-year increase of 285.5% [1] - The company’s revenue for the first three quarters was 1.246 billion yuan, down 14.7% year-on-year, while the net profit attributable to the parent company was 64 million yuan, down 50.8% year-on-year [1] - Q3 revenue was 473 million yuan, up 20.9% year-on-year, with a net profit of 38 million yuan, up 285.5% year-on-year [1] - The company’s gross margin improved to 16.8% in Q3, up 10.8 percentage points year-on-year [3] Summary by Sections Financial Performance - The company’s gross margin for the first three quarters was 15.1%, down 3.9 percentage points year-on-year, while Q3 gross margin was 16.8%, showing a slight increase [3] - The company reported a net profit margin of 8.1% in Q3, up 13.2 percentage points year-on-year [3] - The company’s inventory turnover days decreased to 37.49 days by the end of September, down 12.5 days from the previous quarter [2] Market Dynamics - Industry inventory days decreased to approximately 15.0 days by the end of September, down 54% from the end of June [2] - The average price of 2mm photovoltaic glass in Q3 was approximately 11.2 yuan per square meter, down 15% quarter-on-quarter, but increased to 13 yuan per square meter in September [2] - The industry’s daily melting capacity reached 88,540 tons per day, a decrease of 10% from the end of June, which is expected to support prices in Q4 [2] Profit Forecast - The report raises the profit forecast for the company, projecting net profits of 910 million yuan, 1.56 billion yuan, and 2.27 billion yuan for 2025, 2026, and 2027 respectively [4] - The updated price-to-earnings ratios for the next three years are projected at 48.6, 28.3, and 19.5 times [4] Company Overview - The company is positioned as an industry leader with significant cost advantages, and it is expected that profitability in the photovoltaic glass industry will recover from a relative bottom in the medium to long term [4]

Core Insights - The photovoltaic industry in China is experiencing significant growth, with a projected 45% increase in new installed capacity in 2024 compared to the previous year, marking nearly a 20-fold increase since 2015 [1] - The "14th Five-Year Plan" emphasizes green transformation as a core goal, aiming to consolidate and expand the advantages of the wind and photovoltaic industries [1] - The industry is undergoing profound changes with the transition from P-type to N-type monocrystalline silicon technology, expected to capture over 96.9% market share by 2025, alongside advancements in TOPCon, HJT, and BC technologies [1] Industry Developments - A coalition of 17 major companies is being formed to address supply-side issues, focusing on the polysilicon segment through capacity coordination, quality grading, and self-discipline in production cuts [2] - The "anti-involution" policies initiated since mid-2025 have led to a significant expansion of participating entities and a notable recovery in product prices, with the polysilicon industry starting to increase prices above the comprehensive cost line in Q3 2025 [2] Related Companies - Key companies in the photovoltaic supply chain include GCL-Poly Energy (03800), Xinte Energy (01799), Flat Glass Group (601865), Xinyi Solar (00968), Fuyao Glass (600660), and CAISSA New Energy (600876) [3]

责任编辑：小浪快报 福莱特所属申万行业为：电力设备-光伏设备-光伏辅材。所属概念板块包括：特种玻璃、中盘、融资融 券、光伏玻璃、长三角一体化等。 截至9月30日，福莱特股东户数6.83万，较上期减少3.88%；人均流通股0股，较上期增加0.00%。2025年 1月-9月，福莱特实现营业收入124.64亿元，同比减少14.66%；归母净利润6.38亿元，同比减少50.79%。 分红方面，福莱特A股上市后累计派现28.33亿元。近三年，累计派现22.44亿元。 机构持仓方面，截止2025年9月30日，福莱特十大流通股东中，香港中央结算有限公司位居第六大流通 股东，持股3342.70万股，相比上期增加455.40万股。广发高端制造股票A（004997）位居第九大流通股 东，持股1941.76万股，为新进股东。 11月3日，福莱特盘中上涨2.11%，截至13:29，报18.90元/股，成交3.47亿元，换手率0.98%，总市值 442.80亿元。 资金流向方面，主力资金净流入18.66万元，特大单买入1131.90万元，占比3.26%，卖出744.53万元，占 比2.15%；大单买入6882.64万元，占比19.83 ...

2025年10月28日晚，CCTV2财经频道在《经济半小时》栏目专门报道光伏行业：高质量发展的产业实 践从卷价格到卷创新的光伏，协鑫集团董事长朱共山与隆基绿能董事长钟宝申接受采访，朱共山表示： 17家企业已基本签字，联合体搭建预计年内完成。 智通财经APP获悉，中国光伏装机规模实现跨越式增长。2024年全国新增装机容量同比提升约45%，较 2015年增长近20倍，标志着光伏已从补充能源跃升为增量主力。 中泰证券研报认为，"十五五"规划将绿色转型作为核心目标，明确提出巩固拓展风电光伏产业优势。 申万宏源发布研报称，目前市场对于光伏供给侧改革的核心关注点在于联合平台的搭建事宜，此次联合 平台集结17家主要企业，正是从供给侧矛盾最突出的多晶硅环节入手，通过产能协调、质量分级和自律 减产等机制，有效遏制行业无序扩张。"反内卷"推进以来参与主体持续扩大、产品价格修复效果显著。 2025年三季度，多晶硅行业在"不低于成本销售"的价格法规要求下开始提涨，逐步恢复至综合成本线之 上。 光伏产业链相关港股： 协鑫科技(03800)、新特能源(01799)、福莱特玻璃(06865)、信义光能(00968)、福耀玻璃(03606) ...

格隆汇11月3日丨根据联交所最新权益披露资料显示，2025年10月28日，福莱特玻璃(06865.HK)获JPMorgan Chase & Co.以每股均价11.9064港元增持好仓 460.1万股，涉资约5478.13万港元。 增持后，JPMorgan Chase & Co.最新持好仓数目为62,149,358股，持好仓比例由13.02%上升至14.07%。 | 股份代號: | 06865 | | --- | --- | | 上市法國名稱: | 福萊特玻璃集團股份有限公司 - H股 | | 日期 (日 / 月 / 年): | 03/10/2025 - 03/11/2025 | | 豪格序號 | 大股東/董事/最高行政人員名稱作出披露的 買入 / 賣出或涉及的 每股的平均價 | | | 持有權益的股份數目 佔已發行的 有關事件的日期 | | | | --- | --- | --- | --- | --- | --- | --- | | | 股份數目 | | | | 品,性上種粉糖 | 有投票權股 (日 / 月 / 年) | | | | | | | | 份自分比 | | | | | | | | 96 | | C ...

Investment Rating - The report maintains a "Recommended" rating for the company [5] Core Views - The company's Q3 2025 performance exceeded expectations due to inventory reduction and profit recovery, with a Q3 revenue of 4.727 billion yuan, a year-on-year increase of 20.95% and a quarter-on-quarter increase of 29.22% [1][2] - The company has successfully reduced its glass inventory, leading to improved shipments and revenue, supported by rising glass prices and declining costs [2] - The company is positioned to navigate through market cycles due to its competitive advantages, including scale, resources, and technology, with plans for new production capacity in Indonesia [3] Financial Performance Summary - For the first three quarters of 2025, the company reported a revenue of 12.464 billion yuan, a year-on-year decrease of 14.66%, and a net profit of 638 million yuan, down 50.79% year-on-year [1] - The company forecasts revenues of 16.26 billion yuan, 19.675 billion yuan, and 24.995 billion yuan for 2025, 2026, and 2027 respectively, with corresponding growth rates of -13.0%, 21.0%, and 27.0% [3][4] - The projected net profits for the same years are 824 million yuan, 1.671 billion yuan, and 2.540 billion yuan, with growth rates of -18.2%, 102.9%, and 52.0% respectively [4][3]