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） 截至2024年3月31日止三個月第一季度報告 本公告由福萊特玻璃集團股份有限公司（「本公司」及其附屬公司統稱「本集團」）根據香港聯合交易所 有限公司證券上市規則第13.09條及13.10B條及證券及期貨條例（香港法例第571章）第XIVA部項下 內幕消息條文而刊發。 根據中國證券監督管理委員會的規定，本公司需刊發第一季度和第三季度報告。本季報根據中國 證券監督管理委員會發佈的上市公司季報信息披露相關要求所編製。 本季度報告內所載的財務數據均未經審計，並根據中國企業會計準則而編製。 本公司審核委員會已審閱本集團截至二零二四年三月三十一日止第一季度未經審計業績。 季報內容與上海證券交易所發佈的公告保持一致。本季度報告最初是用中文編寫的。如中英文版 本有不一致之處，以中文版本為準。 1 一、重要 ...

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].

研究报告Research Report 10 Apr 2024 福莱特玻璃 Flat Glass Group (6865 HK) 盈利稳步提升，产能扩张稳固龙头地位 Profitability Increases Steadily, Production Capacity Expansion Consolidates Leading Position [观Ta点bl聚e_焦yem Inevie1s] tment Focus [Tab维le_持Inf优o] 于大市Maintain OUTPERFORM (Please see APPENDIX 1 for English summary) 评级 优于大市OUTPERFORM 公司盈利能力稳步提升，全年归母净利润+30%。2023 年，公 现价 HK$20.15 司实现营业总收入人民币 215.24 亿元，同比增长 39.21%，主要由 目标价 HK$27.25 于 2023 年度太阳能组件价格的大幅下跌刺激了下游组件装机需求 HTI ESG 2.3-2.5-4.0 大幅增长，公司受益于新增产能释放，营业收入再创新高。同时由 E-S-G: 0-5, (Please ...

%% research.95579.com %% 丨证券研究报告丨 港股研究丨公司点评丨福莱特玻璃（ ） 6865.HK [QT4ab盈le利_T水it平le]超预期，当前库存降至中低水平 报告要点 [公Ta司bl发e_布Su2m0m23ar年y]年报，2023年公司实现收入215.24亿元，同比增长39.21%；归母净利27.6 亿元，同比增长30%；其中，2023Q4实现收入56.39亿元，同比增长32.8%，环比下降9.14%； 归母净利7.91亿元，同比增长27.91%，环比下降10.48%。 ...

交银国际研究 公司更新 新能源 收盘价 目标价 潜在涨幅 2024年3月28日 港元19.70 港元19.50↑ -1.0% 福莱特玻璃 (6865 HK) 估值修复已基本完成，短期去库存难以持续，下调至中性  4季度业绩环比小幅下降：公司2023年实现收入/归母净利215/27.6亿元 个股评级 （人民币，下同），同比增长39%/30%，其中4季度56.4/7.9亿元，同比 增长33%/28%，环比下降9%/10%。环比来看，4季度光伏玻璃产量持平， 中性↓ 但由3季度的销大于产转为产大于销，导致销量下降，单价略有上涨但单 位成本涨幅更大，导致毛利率下降1.1个百分点至23.4%。核心业务光伏 玻璃去年收入同比增长44%，其中销量增长50%，单价下跌4%，毛利率下 1年股价表现 降0.9个百分点至22.4%，其中下半年同比/环比提高0.8/4.4个百分点至 24.4%。由于天然气和纯碱价格下跌，公司预计1季度毛利率同比提高， 6865 HK 恒生指数 40% 环比或小幅下降，好于我们预期。拟分派每股股息 0.38 元，全年股息 30% 0.618元，派息率53%，同比提高30个百分点。 20% 10% 0 ...

Financial Performance - For the fiscal year ending December 31, 2023, the group's revenue reached approximately RMB 21,523.71 million, a 39.21% increase compared to RMB 15,460.84 million for the fiscal year ending December 31, 2022[8]. - The net profit attributable to shareholders for the fiscal year was RMB 2,759.69 million, reflecting a 30.00% growth from RMB 2,122.78 million in the previous fiscal year[8]. - The total assets of the company as of December 31, 2023, amounted to RMB 42,981.998 million, up from RMB 32,381.723 million in 2022, indicating a growth of 32.5%[17]. - The company's total liabilities increased to RMB 20,691.088 million in 2023 from RMB 18,349.275 million in 2022, representing an increase of 12.7%[17]. - The company's basic earnings per share for 2023 was RMB 1.24, compared to RMB 0.99 in 2022, marking a 25.25% increase[17]. - The total equity attributable to shareholders reached RMB 22,215.074 million in 2023, up from RMB 14,032.447 million in 2022, an increase of 58.5%[17]. - EBITDA increased by RMB 1,640.37 million to RMB 5,384.93 million, with an EBITDA margin of 25.02% compared to 24.22% in the previous year[80]. - The gross profit for the fiscal year was RMB 4,692.99 million, a 37.52% increase from RMB 3,412.65 million, with a gross margin of 21.80%[68]. - Operating costs for the year were RMB 16,830.72 million, an increase of 39.70% from RMB 12,048.19 million, primarily due to increased sales volume[65]. - Financial expenses increased by 100.84% to RMB 482.89 million, attributed to higher bank borrowings and interest from convertible bonds[73]. - The effective tax rate increased significantly to 9.46% from 1.40% in the previous year, with income tax expenses rising to RMB 288.78 million[74]. Production and Capacity - The global photovoltaic installed capacity reached a new high in 2023, with China's new installations totaling 216.88 GW, a year-on-year increase of 148.1%[9]. - The company is enhancing manufacturing processes and optimizing furnace technology to reduce energy consumption and improve the yield of photovoltaic glass products[12]. - The Anhui Phase IV project is currently in the installation and commissioning stage, with plans to commence production soon[12]. - The Nantong project is under construction and is expected to start production in the third quarter of this year[12]. - As of December 31, 2023, the total capacity of the group is 20,600 tons per day, with projects in Anhui and Nantong expected to contribute an additional 9,600 tons per day, projected to commence operations this year[57]. - The photovoltaic glass segment generated revenue of RMB 19,676.53 million, up 43.82% from RMB 13,681.80 million year-over-year[60]. - The company plans to invest in building photovoltaic glass furnaces in Indonesia to meet the demand in various countries and regions[57]. Research and Development - Research and development expenses rose to RMB 596.75 million, a 14.05% increase from RMB 523.23 million, driven by new projects including large furnace technology and ultra-thin glass[72]. - The company will continue to increase R&D investment in furnace scale, product quality, and type expansion to enhance competitiveness in the global photovoltaic glass market[57]. - The company is investing in a photovoltaic component cover glass project in Indonesia to better meet downstream market demands[12]. Corporate Governance - The company has a strong management team with extensive experience in the glass industry, including over 31 years of experience held by Mr. Wei Zhiming[119]. - The company has implemented a clear separation of roles between the chairman and the CEO, in line with corporate governance best practices[123]. - The board currently consists of five executive directors and three independent non-executive directors, ensuring a diverse governance structure[124]. - The company has established an Audit Committee, Remuneration Committee, Nomination Committee, Strategic Development Committee, and Risk Management Committee to ensure effective governance[141]. - The board has adopted a diversity policy to ensure appropriate balance in skills, experience, and perspectives, enhancing effective operation and high standards of corporate governance[150]. - The company emphasizes the importance of good corporate governance to ensure compliance with applicable laws and regulations[123]. Shareholder Engagement and Dividends - The company proposed a final dividend of RMB 0.38 per share, subject to approval at the annual general meeting[87]. - The board proposed a final dividend of RMB 0.38 per share (pre-tax), subject to approval at the annual general meeting, with a commitment to distribute no less than 20% of distributable profits as dividends[185]. - The company encourages shareholder participation in annual general meetings, providing at least 21 days' notice for annual meetings and 15 days for extraordinary meetings[169]. - Shareholders holding more than 10% of voting shares can request the board to convene a special general meeting within ten days of submitting a written request[170]. Market Outlook and Strategy - The company has outlined a positive outlook for the upcoming year, projecting a revenue growth of 10% to 12%[107]. - New product launches are expected to contribute to revenue, with an estimated additional 100 million from the introduction of innovative glass products[107]. - The company is considering strategic acquisitions to enhance its market position, with a focus on companies that complement its existing product lines[107]. - The management team emphasized the importance of sustainability in their new strategies, aiming for a 30% reduction in carbon emissions by 2025[107]. Risk Management - The company faces significant risks related to the photovoltaic glass industry, including potential decreases in demand and pricing due to macroeconomic factors and market conditions[188]. - The company must comply with various Chinese environmental laws and regulations, which could impact production capacity and increase operational costs if there are adverse changes[191]. - The company has established a risk management and internal control system to safeguard assets and shareholder interests, ensuring reasonable assurance against errors or losses in operations[165][168]. Tax Compliance - The company ensures compliance with tax regulations for all shareholders regarding dividend taxation[101]. - The company is subject to tax policies outlined by the Ministry of Finance and the State Administration of Taxation[4]. - The company has implemented measures to facilitate tax treaty benefits for eligible shareholders[96]. - The company is committed to maintaining transparency in its tax practices and shareholder communications[102].

股 票 研 究 [Table_industryInfo] 资本货物 [ Table_Main[福I Tnaf 莱bol]e 特_Ti玻tle]璃 （6865） [评Tab级le_：Inv est] 增持 当前价格（港元）： 15.46 景气回暖，龙头恒强 2024.03.06 海 ——福莱特玻璃更新报告 [ 交Ta易bl数e_M据a rket] 外 庞钧文(分析师) 周淼顺(分析师) 朱攀(分析师) 52周内股价区间（港元） 10.88-27.15 当前股本（百万股） 2,351 公 021-38674703 021-38038264 021-38031724 当前市值（百万港元） 36,351 司 pangjunwen@gtjas.com zhoumiaoshun@gtjas.com zhupan027597@gtjas.com 证书编号 S0880517120001 S0880521040003 S0880523090001 （ [ Table_PicQuote] 中 本报告导读： 52周内股价走势图 光伏玻璃受益下游排产提升景气回暖，原材料价格回落促进成本优化，盈利有望迎来 国 福莱特玻璃 恒生指数 边 ...

智通财经APP获悉，光伏股早盘回落，截至发稿，福莱特玻璃(06865)跌5.6%，报13.16港元；信义光能(00968)跌3.27%，报3.85港元；新特能源(01799)跌0.58%，报10.22港元；福耀玻璃(03606)跌0.38%，报39.1港元。 消息面上，节后以来组件厂家陆续恢复开工，中信证券研报指出，预计春节假期后光伏需求将持续回暖。但东证期货指出，随着下游组件厂家逐渐恢复开工，短期光伏玻璃需求有望增加，从而有助于缓解光伏玻璃厂家高库存压力。但短期光伏玻璃价格提涨难度较高，预计价格暂时趋稳。 隆基绿能近日在接受调研时表示，2024年第一季度是市场需求淡季，第二季度全球市场需求开始逐渐放量，预计会对产业链价格形成支撑，推动产业链价格修正。隆基绿能还表示，2024年市场供给过剩的压力较大，如果产业链价格持续低位运行，那么财务状况脆弱、技术不先进的企业可能会被迫停减产或退出，届时行业实际供需不断趋于平衡，产业链价格或将回归理性。 ...

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） 截至2023年9月30日止九個月第三季度報告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.09條及13.10B條及證券及期貨條例（香港 法例第571章）第XIVA部項下內幕消息條文而刊發。 根據中國證券監督管理委員會的規定，福萊特玻璃集團股份有限公司（「本公司」及其附屬公司統稱 「本集團」）需刊發第一季度和第三季度報告。本季報根據中國證券監督管理委員會發佈的上市公司 季報信息披露相關要求所編製。 本季度報告內所載的財務數據均未經審計，並根據中國企業會計準則而編製。 本公司審核委員會已審閱本集團截至二零二三年九月三十日止第三季度未經審計業績。 季報內容與上海證券交易所發佈的公告保持一致。本季度報告最初是用中文編寫的。如中英文版 本有不一致之處，以中文版本為準。 1 一、重要提示 1 ...

Incentive Plan Overview - The 2020 incentive plan approved the issuance of 6 million restricted shares, accounting for 0.31% of the total share capital of 1,950 million shares as of June 29, 2020[3]. - The plan allocated 5 million shares for initial grants, representing 83.33% of the total shares to be granted under the plan[3]. - As of December 31, 2022, a total of 1,060,000 shares were exercised under the 2020 incentive plan, leaving 3,320,000 shares available[5]. - As of June 30, 2023, the total number of shares available under the plan decreased to 3,180,000 after 140,000 shares were exercised[6]. - The remaining validity period of the 2020 incentive plan is approximately 3 years and 7 months as of the announcement date[4]. Objectives and Strategy - The incentive plan aims to enhance corporate governance and attract key personnel, aligning interests among shareholders, the company, and the core team[2]. - The plan is designed to improve the core competitiveness of the company and ensure the achievement of long-term development goals[2]. - The incentive plan is part of the company's strategy to retain and motivate mid-to-senior management and key technical personnel[2]. Share Restrictions and Lifting - The maximum number of shares any participant can receive under the plan does not exceed 1.00% of the company's total share capital[4]. - The first unlock period for the restricted shares begins 12 months after the grant date, allowing for a 20% release of shares[7]. - The lifting of restrictions on the shares is considered a reward for past contributions to the group and aims to incentivize continued contributions to the group's operations and long-term growth[10]. - The lifting of restrictions will occur in five phases, with each phase allowing for 20% of the shares to be released[8]. - The first lifting period starts 12 months after the grant date and ends 24 months after the grant date[8]. - The second lifting period starts 24 months after the grant date and ends 36 months after the grant date[8]. - The third lifting period starts 36 months after the grant date and ends 48 months after the grant date[8]. - The fourth lifting period starts 48 months after the grant date and ends 60 months after the grant date[8]. Share Pricing - The weighted average closing price of restricted shares before the lifting of restrictions was RMB 41.16[9]. - The weighted average closing price of restricted shares before the lifting of restrictions was RMB 30.46[10]. Grant Availability - As of January 1, 2022, and December 31, 2022, there were zero restricted shares available for grant under the 2020 incentive plan[10]. - The Compensation Committee approved the lifting of restrictions on the second tranche of 20% restricted shares and the first tranche of 20% reserved shares under the 2020 incentive plan[10].