Investment Rating - The report assigns a "Buy" rating to the company, with a target price raised to HKD 14.00 per share, indicating a potential upside of 25% from the current price of HKD 11.19 [5][10]. Core Views - The company's performance in the first half of 2025 was impacted by a decline in photovoltaic glass prices and asset impairments, leading to a revenue drop of 27.66% year-on-year to RMB 77.37 billion and a net profit decline of 82.58% to RMB 2.61 billion [2][8]. - The photovoltaic glass market is showing signs of recovery, with improved pricing expected in September 2025, driven by supply-demand dynamics and a reduction in industry inventory levels [4][9]. - The company is positioned as a leading player in the industry, with advantages in technology and cost, which are expected to facilitate a quicker recovery in profitability compared to peers [4][10]. Summary by Sections Financial Performance - In H1 2025, the company reported a revenue of RMB 77.37 billion, down 27.66% year-on-year, and a net profit of RMB 2.61 billion, down 82.58% year-on-year. Q2 2025 revenue was RMB 36.58 billion, a decrease of 26.41% year-on-year and 10.33% quarter-on-quarter, with a net profit of RMB 1.55 billion, down 79.02% year-on-year but up 46.02% quarter-on-quarter [2][8]. - The gross margin for photovoltaic glass in H1 2025 was 12.31%, a decline of 12.39 percentage points year-on-year, although Q2 showed a near 5 percentage point improvement quarter-on-quarter [8]. Market Outlook - The company has recently cold-repaired three glass furnaces, totaling a daily melting capacity of 3,000 tons, while current production capacity stands at 16,400 tons. The photovoltaic glass pricing is improving, with recent quotes indicating a range of RMB 18.5-19.5 per square meter for 3.2mm single-layer coated glass and around RMB 13 per square meter for 2.0mm [4][9]. - The overall supply-demand structure in the photovoltaic glass industry is beginning to improve, with inventory levels dropping to a reasonable 20 days [4][9]. Valuation - The target price has been increased to HKD 14.00 per share, corresponding to a 23x PE ratio for 2026, reflecting an anticipated valuation uplift as the company navigates through the current cycle [5][10].

Core Viewpoint - The photovoltaic (PV) sector continues its upward trend, driven by government policies aimed at promoting high-quality development and addressing low-price competition in the industry [1] Industry Summary - The Ministry of Industry and Information Technology and the State Administration for Market Regulation have issued the "Action Plan for Stable Growth in the Electronic Information Manufacturing Industry 2025-2026," which emphasizes high-quality development in the PV sector and aims to eliminate "involution" competition [1] - The plan includes measures to guide local governments in the orderly layout of the PV and lithium battery industries, manage production capacity, and implement quality management for PV modules and lithium battery products [1] - The PV industry is expected to see a gradual exit of outdated production capacity, leading to an optimized competitive landscape and industrial chain ecology [1] Company Summary - Companies such as GCL-Poly Energy (03800), Xinte Energy (01799), Flat Glass Group (06865), and Xinyi Solar (00968) have experienced significant stock price increases, with GCL-Poly up 10.69% to HKD 1.45, Xinte Energy up 9.37% to HKD 8.29, Flat Glass up 8.22% to HKD 12.11, and Xinyi Solar up 6.67% to HKD 3.68 [1] - According to Zhongyuan Securities, the second quarter performance of the PV industry showed marginal improvement, and measures to address low product sales prices, mergers and acquisitions among companies, and raising industry entry barriers are expected to be implemented in the second half of the year [1] - The valuation level of the PV industry is currently at a historical low, presenting an opportunity for valuation recovery in the context of addressing "involution" [1]

Group 1 - The financing balance on the Shanghai Stock Exchange reached 1,152.873 billion yuan, a decrease of 4.56 billion yuan from the previous trading day [1] - The financing balance on the Shenzhen Stock Exchange was 1,103.973 billion yuan, down by 5.156 billion yuan from the previous trading day [1] - The total financing balance for both exchanges combined was 2,256.846 billion yuan, a reduction of 9.716 billion yuan from the previous trading day [1] Group 2 - The A-share market closed down by 1.25%, ending at 3,765.88 points [1] - The trading volume in the Shanghai, Shenzhen, and Beijing markets increased to 25.8 trillion yuan, a week-on-week growth of 186.1 billion yuan [1] - The top ten stocks with net financing purchases included Jianghuai Automobile (384 million yuan) and Ningbo Huaxiang (374 million yuan) [1] Group 3 - Leveraged funds favored convertible bond targets, sodium-ion batteries, solid-state batteries, ultra-clear video, and unicorn-related sectors [2] - The top ten stocks with net financing sales included Cambrian (negative 1.626 billion yuan) and Victory Technology (negative 715 million yuan) [2]

Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Views - The company reported a revenue of 7.737 billion yuan for H1 2025, a year-on-year decrease of 27.66%, and a net profit attributable to shareholders of 261 million yuan, down 82.58% year-on-year [2][5] - In Q2 2025, the company achieved a revenue of 3.658 billion yuan, a year-on-year decrease of 26.41% and a quarter-on-quarter decrease of 10.33%. The net profit attributable to shareholders was 155 million yuan, down 79.02% year-on-year but up 46.02% quarter-on-quarter [2][5] - The company is expected to benefit from improvements in supply and demand within the industry, leading to a potential recovery in profitability [5] Summary by Sections Financial Performance - For H1 2025, the sales price of photovoltaic glass decreased, resulting in pressure on profitability. The revenue from photovoltaic glass was approximately 6.9 billion yuan, a year-on-year decline of 28%, with a slight decrease in shipment volume [8] - The gross margin for H1 2025 was 12%, down 12 percentage points year-on-year. However, cost reductions in key raw materials and various efficiency improvement measures mitigated some of the negative impacts from price declines [8] - In Q2 2025, due to a decline in domestic demand, the company experienced a trend of reduced volume but increased profit. The average price of photovoltaic glass remained high in April, although it decreased in May and June. The gross margin for Q2 was approximately 17%, an increase of 5 percentage points quarter-on-quarter [8] Future Outlook - As of September, the price of 2.0mm photovoltaic glass was raised by 2 yuan per square meter compared to early August, indicating better-than-expected supply and demand improvements and a decrease in industry inventory days [8] - The company, as a leading player in the photovoltaic glass sector, is expected to have a profitability level that exceeds the industry average and is likely to be among the first to benefit from a recovery in profitability if component production resumes [8]

（於中華人民共和國註冊成立的股份有限公司） 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或 完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因依賴該 等內容而引致的任何損失承擔任何責任。 （股份代號：6865） 福萊特玻璃集團股份有限公司 Flat Glass Group Co., Ltd. 海外監管公告 本公告乃由福萊特玻璃集團股份有限公司（「本公司」）根據香港聯合交易所有限公司證券上市規則 第13.10B條作出。 以下為本公司於上海證券交易所網站刊登之《福萊特玻璃集團股份有限公司關於2025年半年度業績 說明會情況的公告》，僅供參閱。 承董事會命 福萊特玻璃集團股份有限公司 董事長 阮洪良 中國浙江省嘉興市，二零二五年九月四日 在本公告之日，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， 獨立非執行董事為徐攀女士、杜健女士和吳幼娟女士。 | 证券代码：601865 | 股票简称：福莱特 | 公告编号：2025-060 | | --- | --- | --- | | 转债代码：113059 | 转债简称：福莱转债 | ...

| 证券代码：601865 | 股票简称：福莱特 | 公告编号：2025-060 | | --- | --- | --- | | 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 2025 年半年度业绩说明会情况的公告 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。 为便于广大投资者更全面深入地了解福莱特玻璃集团股份有限公司（以下简 称"公司"）2025 年半年度的经营成果、财务状况等相关情况，根据上海证券交 易所的相关规定，公司于 2025 年 9 月 4 日（星期四）下午 14:00-15:00 通过上海 证券交易所上证路演中心（http://roadshow.sseinfo.com/）召开了关于 2025 年半年 度业绩说明会，就公司 2025 年半年度的经营成果、财务状况的具体情况与投资 者进行互动交流和沟通，在信息披露允许的范围内就投资者普遍关注的问题进行 了解答。现将有关事项公告如下： 问题 2：麻烦请问公司未来的分红计划和派息政策？ 回复：尊敬的投资者，您好，我司未来的分红 ...

Group 1 - The solar stocks have shown significant gains, with GCL-Poly Energy (03800) up 5.43% to HKD 1.36, JA Solar (600876) up 5.71% to HKD 4.63, Flat Glass (601865) up 5.85% to HKD 11.21, and Xinyi Solar (00968) up 3.25% to HKD 3.49 [1] - Several renewable energy operators have recently received substantial renewable energy subsidy funds, with solar projects under Suntech receiving a 232% year-on-year increase in subsidies, totaling 170% of the annual amount for 2024 by August [1] - JinkoSolar reported a 342% year-on-year increase in subsidies received, reaching 190% of the annual amount for 2024 by August [1] Group 2 - A recent report from Kaiyuan Securities highlights that since July, there have been numerous meetings, including a solar industry symposium on August 19, where six departments, including the Ministry of Industry and Information Technology, emphasized the need to regulate industry competition and strengthen anti-involution efforts [2] - Positive market signals have emerged, particularly in the polysilicon sector, where the price of silicon materials has been recovering since July, with the price of rod silicon reaching CNY 55 per kilogram and granular silicon at CNY 49 per kilogram as of September 1 [2] - On August 25, the bidding prices for the 3GW component procurement project by China Resources exceeded CNY 0.7 per watt, surpassing the current mainstream levels [2]

Group 1 - The solar stocks have shown significant gains, with GCL-Poly Energy rising by 5.43% to HKD 1.36, JA Solar increasing by 5.71% to HKD 4.63, Flat Glass Group up by 5.85% to HKD 11.21, and Xinyi Solar gaining 3.25% to HKD 3.49 [1] - Several renewable energy operators have recently received substantial renewable energy subsidy funds, with solar projects under SunPower receiving a 232% increase in subsidies from January to August, totaling 170% of the annual amount for 2024; JinkoSolar saw a 342% increase, reaching 190% of the annual amount for 2024 [1] - The issuance of historical overdue subsidies is seen as a potential policy measure to stimulate developers' investment enthusiasm, which may support domestic photovoltaic demand in 2026 [1] Group 2 - A report from Kaiyuan Securities indicates that since July, there has been a series of meetings, including a solar industry symposium held on August 19 by the Ministry of Industry and Information Technology and five other departments, aimed at regulating industry competition and reinforcing anti-involution efforts [2] - Positive market signals have emerged, particularly in the polysilicon sector, where the price of silicon materials has been recovering since July, with the price of rod silicon reaching CNY 55 per kilogram and granular silicon at CNY 49 per kilogram as of September 1 [2] - On August 25, the bidding prices for the 3GW component procurement project by China Resources exceeded CNY 0.7 per watt, surpassing the current mainstream levels [2]

Group 1 - The core viewpoint is that multiple renewable energy operators have recently received significant subsidies, with solar projects seeing a 232% increase in funding compared to the previous year, reaching 170% of the total amount for the entire year of 2024 [1][2] - Jin Kai New Energy reported a 342% increase in subsidy funding for the same period, achieving 190% of the total expected for 2024 [1][2] - The accelerated issuance of renewable energy subsidies is expected to stimulate investment in wind, storage, and solar projects, enhancing operators' investment capabilities and driving growth in installed capacity [2] Group 2 - The issuance of subsidies is anticipated to strengthen the growth expectations for wind power installations in 2026, supported by a recent recovery in wind power bidding and rising average winning prices [2] - The market-driven demand for high-quality energy storage is increasing, with leading storage battery companies nearing full production and some beginning to raise prices [2] - The subsidy issuance is expected to support domestic demand for solar energy in 2026, facilitating the acceleration of large-scale projects while maintaining high overseas demand [2]

Core Viewpoint - The company reported a significant decline in revenue and net profit for the first half of 2025, but there are signs of recovery in profitability in Q2 due to price increases in the photovoltaic glass market and contributions from overseas operations [1][2][3]. Financial Performance - In H1 2025, the company achieved revenue of 7.737 billion yuan, a year-on-year decrease of 27.66% [1] - The net profit attributable to shareholders was 261 million yuan, down 82.58% year-on-year [1] - The gross margin was 14.05%, a decline of 9.73 percentage points year-on-year [1] - The net profit margin was 3.37%, down 10.64 percentage points year-on-year [1] - In Q2 2025, revenue was 3.658 billion yuan, a year-on-year decrease of 26.41% and a quarter-on-quarter decrease of 10.33% [1] - The net profit attributable to shareholders in Q2 was 155 million yuan, down 79.02% year-on-year but up 46.02% quarter-on-quarter [1] Business Segment Analysis - The photovoltaic glass business generated revenue of 6.94 billion yuan in H1 2025, with a gross margin of 12.3% [2] - Price increases in Q2 2025 for photovoltaic glass were driven by downstream demand, with average prices for 2.0mm and 3.2mm coated panels rising to 13.2 yuan/sqm and 21.2 yuan/sqm, respectively [2] - The overseas operations, particularly in Vietnam, contributed 142 million yuan in profit during H1 2025, with estimated earnings exceeding 2 yuan/sqm [2] Market Outlook - The photovoltaic glass prices are expected to rebound due to industry production cuts and declining inventory levels, with a projected price increase of 2 yuan/sqm in September [3] - The company has adjusted its profit forecasts for 2025-2027, estimating net profits of 646 million yuan, 1.631 billion yuan, and 2.341 billion yuan, respectively [3] - The current market valuation corresponds to price-to-earnings ratios of 63, 25, and 17 for the respective years [3] - A target price of 20.88 yuan has been set for 2026, maintaining a "recommended" rating [3]