香港交易及結算有限公司和香港證券交易有限公司不對本公告的內容負責，不對本公告的準確性 或完整性做任何聲明，也明確不對依賴本公告全部或任何部分內容而產生任何損失負擔任何責 任。 福萊特玻璃集團股份有限公司 Flat Glass Group Co., Ltd. （於中華人民共和國註冊成立的股份有限公司） （股份代號：6865） 董事會會議日期 福萊特玻璃集團股份有限公司（簡稱「公司」）董事會（簡稱「董事會」），特此宣佈董事會會議將在2024 年4月29日（星期一）舉行，藉以（其中包括）考慮並商討批准公司及其下屬公司截至2024年3月31日止 三個月的未經審計的第一季度業績。 承董事會命 福萊特玻璃集團股份有限公司 阮洪良 董事長 中國浙江省嘉興市 二零二四年四月十七日 在此公告之日起，公司的執行董事為阮洪良先生、姜瑾華女士、阮澤雲女士、魏葉忠先生和 沈其甫先生，公司的獨立非執行董事為徐攀女士、華富蘭女士和吴幼娟女士。 ...

目 錄 | 公司資料 | 2 | | --- | --- | | 主席報告 | 4 | | 五年財務概要 | 6 | | 管理層討論與分析 | 7 | | 董事、監事及高級管理層簡歷 | 25 | | 企業管治報告 | 29 | | 董事會報告 | 40 | | 監事會報告 | 57 | | 獨立核數師報告 | 59 | | 合併資產負債表 | 63 | | 母公司資產負債表 | 65 | | 合併利潤表 | 67 | | 母公司利潤表 | 68 | | 合併現金流量表 | 69 | | 母公司現金流量表 | 70 | | 合併股東權益變動表 | 71 | | 母公司股東權益變動表 | 73 | | 財務報表附註 | 75 | | 補充資料 | 271 | 公司資料 董 事 執行董事 阮洪良先生 （董事會主席） 姜瑾華女士 阮澤雲女士 （委任於二零二三年七月二十四日） 魏葉忠先生 沈其甫先生 獨立非執行董事 徐攀女士 華富蘭女士 吳幼娟女士 監 事 鄭文榮先生 （監事會主席） 沈福泉先生 祝全明先生 鈕麗萍女士 張惠珍女士 審核委員會 徐攀女士 （主席） 華富蘭女士 吳幼娟女士 薪酬委員會 徐攀女士 （主席） ...

Financial Performance - For the fiscal year ending December 31, 2023, the group's revenue reached approximately RMB 21,523.71 million, representing a 39.21% increase compared to RMB 15,460.84 million for the fiscal year ending December 31, 2022[5]. - The net profit attributable to shareholders for the fiscal year ending December 31, 2023, was RMB 2,759.69 million, a 30.00% increase from RMB 2,122.78 million for the fiscal year ending December 31, 2022[5]. - The basic earnings per share for the fiscal year ending December 31, 2023, was RMB 1.24, compared to RMB 0.99 for the previous fiscal year[10]. - The revenue from photovoltaic glass was RMB 19,676.53 million, up 43.82% from RMB 13,681.80 million in the previous fiscal year[44]. - The gross profit for the fiscal year ending December 31, 2023, was RMB 4,692.99 million, a 37.52% increase from RMB 3,412.65 million in the previous year[49]. - The operating cost for the fiscal year ending December 31, 2023, was RMB 16,830.72 million, an increase of 39.70% from RMB 12,048.19 million in the previous year[48]. - The group’s EBITDA for the year ended December 31, 2023, was RMB 5,384.93 million, an increase of RMB 1,640.37 million or 43.8% from RMB 3,744.56 million for the year ended December 31, 2022, with an EBITDA margin of 25.02%[59]. - The financial expenses for the year ended December 31, 2023, amounted to RMB 482.89 million, an increase of 100.84% compared to RMB 240.43 million for the year ended December 31, 2022[54]. - The income tax for the year ended December 31, 2023, was RMB 288.78 million, up 859.40% from RMB 30.10 million for the year ended December 31, 2022, with the effective tax rate rising from 1.40% to 9.46%[55]. Assets and Liabilities - Total assets amounted to RMB 42,981.998 million, with current assets at RMB 16,832.972 million and non-current assets at RMB 26,149.026 million[11]. - Total liabilities were RMB 20,691.088 million, consisting of current liabilities of RMB 9,184.980 million and non-current liabilities of RMB 11,506.108 million[11]. - The company's equity attributable to shareholders was RMB 22,215.074 million, indicating a strong financial position[11]. - Total assets increased to RMB 42,982.00 million as of December 31, 2023, from RMB 32,381.72 million as of December 31, 2022[57]. - The debt-to-asset ratio decreased to 48.14% as of December 31, 2023, down from 56.67% as of December 31, 2022, a reduction of 8.53 percentage points[60]. - Bank loans increased to RMB 9,740.91 million as of December 31, 2023, up RMB 1,496.84 million or 18.16% from approximately RMB 8,244.07 million as of December 31, 2022[61]. Projects and Investments - The company is currently in the installation and commissioning phase of its Anhui Phase IV project, with plans to commence production soon[7]. - The Nantong project is under construction and is expected to start production in the third quarter of this year[7]. - The company is investing in a photovoltaic component cover glass project in Indonesia to enhance product quality and service[7]. - The group plans to invest in photovoltaic glass furnace construction in Indonesia to meet regional demand[42]. - The company aims to enhance its production capacity to meet the growing market demand in the photovoltaic industry[152]. Market and Industry Trends - In 2023, China's newly installed photovoltaic capacity reached 216.88 GW, a year-on-year increase of 148.1%[6]. - The global photovoltaic market is experiencing diverse growth, with significant demand in regions such as Brazil, India, and Saudi Arabia, alongside traditional markets in Europe and the U.S.[6]. - The photovoltaic glass market is gradually moving towards balance, with production expansion slowing down in 2023 compared to previous years due to stricter government approvals and financing difficulties[41]. - The new installations in China's centralized PV power stations grew by 232.2% year-on-year, totaling 120.59 GW, while distributed PV power stations added 96.29 GW, an increase of 88.4%[40]. - In 2023, global photovoltaic (PV) installations reached a new high, with significant growth in overseas markets, particularly in Europe and the US, where demand continues to grow[39]. Corporate Governance - The company emphasizes the importance of good corporate governance to ensure compliance with applicable laws and regulations[87]. - The board of directors consists of five executive directors and three independent non-executive directors, with a focus on maintaining a clear distinction between the roles of the chairman and the CEO[88]. - The company has independent non-executive directors who serve on various committees, including audit, remuneration, and nomination committees, ensuring governance and oversight[79][80]. - The company has adopted the corporate governance code as per the Hong Kong Stock Exchange listing rules, ensuring adherence to best practices[87]. - The audit committee is composed of independent non-executive directors, ensuring unbiased oversight of the financial reporting process[100]. Shareholder Information - The company proposed a final dividend of RMB 0.38 per share (pre-tax) for the year 2023, subject to approval at the annual general meeting[66]. - The company aims to enhance communication with shareholders and investors through various channels, including annual general meetings and timely performance announcements[123]. - Shareholders holding more than 10% of voting shares can request a special general meeting, and the board must respond within ten days[121]. - Shareholders with more than 3% of shares can submit written proposals to be discussed at the annual general meeting, with a notice issued within two days of receipt[122]. Employee and Management Information - The total number of employees as of December 31, 2023, was 8,240, with total employee compensation reaching RMB 852.37 million, accounting for 3.96% of total revenue[64]. - The company has a management team with extensive experience in the glass industry, with key members having over 24 years of experience each[81][82][84]. - The company provides mandatory social security benefits for its employees, including pension, work injury insurance, maternity insurance, medical insurance, and unemployment insurance[140]. Environmental and Social Responsibility - The company has installed environmental protection and energy-saving equipment, including flue gas desulfurization and denitrification devices, to minimize the impact of nitrogen oxides and sulfur dioxide emissions from production activities[139]. - The company has received the "National Green Factory" title from the Ministry of Industry and Information Technology in November 2023, recognizing its contributions to environmental protection and energy conservation[139]. - The environmental, social, and governance report is scheduled for release on March 26, 2024[125]. Audit and Compliance - The external auditor, Deloitte, has reviewed the consolidated financial statements for the year ending December 31, 2023[114]. - The audit committee confirmed that the internal control system is effective and sufficient after reviewing the financial performance for the year ending December 31, 2023[101]. - The company has established a sound internal control system to effectively manage operational risks[186]. - The audit report emphasizes the importance of communication with governance regarding significant audit findings and independence requirements[198].

Investment Rating - The report maintains an "OUTPERFORM" rating for the company [3][5]. Core Insights - The company's profitability has steadily improved, with a net profit attributable to the parent company increasing by 30% year-on-year. In 2023, total operating income reached RMB 21.524 billion, a year-on-year increase of 39.21%, driven by a significant drop in solar module prices that boosted downstream demand [8]. - The company achieved a total operating income of RMB 5.639 billion in Q4 2023, reflecting a year-on-year increase of 32.80%, with a net profit of RMB 791 million, up 27.91% year-on-year [8]. - The company plans to distribute a dividend of RMB 0.38 per share, with a dividend payout ratio of 52.57%, marking an approximate 30% increase year-on-year [8]. Financial Performance - In 2023, the company generated RMB 196.77 billion in photovoltaic glass revenue, a year-on-year increase of 43.82%. The production volume reached 1.212 billion square meters, up 44.52%, while sales volume increased by 49.52% to 1.22 billion square meters [4]. - The overall gross margin for the company was 21.80%, slightly down by 0.27 percentage points year-on-year, with the photovoltaic glass gross margin at 22.45%, down by 0.87 percentage points [4]. - The company’s total production capacity reached 20,600 tons/day by the end of 2023, with plans to expand to 30,200 tons/day in 2024, representing a 47% increase [4]. Valuation - The report adjusts the gross margin estimates for 2024-2025 down by 2.3 percentage points and 1.2 percentage points, respectively. The expected revenues for 2024-2026 are RMB 27.889 billion, RMB 33.167 billion, and RMB 38.648 billion, with net profits projected at RMB 4.169 billion, RMB 5.180 billion, and RMB 6.050 billion [5][9]. - The target price has been revised from HKD 28.43 in 2023 to HKD 27.25 based on a DCF valuation model [5][9].

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Investment Rating - The report maintains a "Buy" rating for the company, with a target price set at 29.27 CNY [6]. Core Insights - The company achieved a revenue of 21.52 billion CNY and a net profit of 2.76 billion CNY for FY23, reflecting a year-on-year growth of 39% and 30% respectively. In Q4 alone, revenue reached 5.64 billion CNY, up 32.8% year-on-year, with a net profit of 790 million CNY, an increase of 27.9% [1]. - The company’s photovoltaic glass revenue was 19.68 billion CNY for FY23, with a total sales volume of 1.212 billion square meters at an average price of 16.13 CNY per square meter. The second half of FY23 saw a revenue of 10.89 billion CNY, a quarter-on-quarter increase of 24% [2]. - The company plans to expand its production capacity significantly, with a nominal capacity expected to reach 30,200 tons per day by the end of 2024. The company is also investing in new production lines in Indonesia [4]. Financial Performance Summary - For FY23, the company reported total revenue of 21.52 billion CNY, with a growth rate of 39.21%. The projected revenue for FY24 is 23.95 billion CNY, indicating a growth rate of 11.28% [5]. - The EBITDA for FY23 was 5.97 billion CNY, with a projected increase to 7.10 billion CNY in FY24 [5]. - The net profit for FY23 was 2.76 billion CNY, with projections of 3.95 billion CNY for FY24, reflecting a growth rate of 43.14% [5]. Market Position and Outlook - The company holds a leading position in the photovoltaic glass market, benefiting from significant cost advantages. The report anticipates rapid revenue growth due to capacity expansion and an expected increase in photovoltaic glass prices [4]. - The report projects net profits for FY24, FY25, and FY26 to be 4.0 billion CNY, 4.91 billion CNY, and 5.73 billion CNY respectively, indicating a positive growth trajectory [4].

Investment Rating - The report maintains a "Buy" rating for the company [2][4] Core Views - The company achieved a total revenue of 21.524 billion yuan in 2023, representing a year-on-year growth of 39.21%, and a net profit attributable to shareholders of 2.760 billion yuan, up 30.00% year-on-year [2][4] - The photovoltaic glass segment accounted for 91.4% of total revenue, with production and sales volumes of 1.21 billion and 1.22 billion square meters, respectively, reflecting year-on-year increases of 44.5% and 49.5% [2][3] - The company is positioned among the top tier in the photovoltaic glass industry, with a combined market share exceeding 50% alongside a competitor [3] Summary by Relevant Sections Financial Performance - The company forecasts revenues of 26.348 billion, 31.838 billion, and 37.298 billion yuan for 2024, 2025, and 2026, respectively, with corresponding EPS of 1.61, 2.12, and 2.62 yuan [4][6] - The gross margin for 2023 was 21.8%, with a net margin of 12.84%, both showing slight declines compared to the previous year [2][4] Market Dynamics - The photovoltaic glass industry faced oversupply in 2023, but the supply-demand balance is expected to improve in 2024, with new capacity additions projected at approximately 18,000 tons per day, an increase of about 18% [3][4] - The company has accelerated its capacity expansion both domestically and internationally, with significant projects in Anhui and Nantong expected to come online this year [3][4] Competitive Position - The company maintains a strong competitive edge due to its scale, resource advantages, and technological capabilities, which have widened the profitability gap with second and third-tier companies [3][4]

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: 2024年3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: 2024年4月3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 | 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 | | | 450,000,000 | RMB | | 0.25 RMB | | 112,500,000 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 450,000,000 | RMB | | 0.25 RMB | | 112,500,000 | | 2. 股份分類 | 普通股 | 股份類別 | A | ...

| 证券代码：601865 | 股票简称：福莱特 | 公告编号：2024-027 | | --- | --- | --- | | 转债代码：113059 | 转债简称：福莱转债 | | 福莱特玻璃集团股份有限公司 可转债转股结果暨股份变动的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 累计转股情况：截至 2024 年 3 月 31 日，累计已有人民币 76,000 元"福 莱转债"转为本公司 A 股普通股，累计转股股数为 1,726 股，占"福莱转债"转股 前本公司已发行股票股份总量的 0.0001%。 未转股可转债情况：截至 2024 年 3 月 31 日，尚未转股的"福莱转债"金 额为人民币 3,999,924,000 元，占"福莱转债"发行总额的 99.9981%。 本季度转股情况：自 2024 年 1 月 1 日至 2024 年 3 月 31 日，共有人民币 2,000 元"福莱转债"转为本公司 A 股普通股，转股股数为 46 股。 一、 可转债发行上市概况 （一）"福莱转债"基本情况 经中国证 ...

一、 回购股份的基本情况 证券代码：601865 证券简称：福莱特 公告编号：2024-028 转债代码：113059 转债简称：福莱转债 福莱特玻璃集团股份有限公司 关于以集中竞价交易方式回购公司 A 股股份的 进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： | 回购方案首次披露日 | 2024/2/24 | | | --- | --- | --- | | 回购方案实施期限 | 待董事会审议通过后 6 个月 | | | 预计回购金额 | 30,000 万元 | 万元~60,000 | | 回购用途 | 用于员工持股计划或股权激励 | | | 累计已回购股数 | 0 股 | | | 累计已回购股数占总股本比例 | 0% | | | 累计已回购金额 | 0 万元 | | | 实际回购价格区间 | 0 元/股~0 | 元/股 | 公司于 2024 年 2 月 23 日召开第六届董事会第五十次会议，审议通过了《关 于以集中竞价交易方式回购部分 A 股股份方案的议案》，同意公司以自有资金通过 上海证券交易所交 ...