Flat Glass Group Co., Ltd. 2025 Half-Year Performance Pre-announcement [Key Performance Forecast Highlights](index=1&type=section&id=%E9%87%8D%E8%A6%81%E5%86%85%E5%AE%B9%E6%8F%90%E7%A4%BA) Flat Glass Group Co., Ltd. forecasts a significant year-on-year decline in net profit attributable to shareholders by 81.32% to 84.66% and non-recurring net profit by 83.45% to 86.82% for the first half of 2025 2025 Half-Year Performance Forecast | Indicator | Estimated Amount (RMB) | Year-on-Year Change | | :--- | :--- | :--- | | Net Profit Attributable to Parent Company Shareholders | 230 million - 280 million yuan | ↓ 81.32% - 84.66% | | Net Profit Attributable to Parent Company Shareholders Excluding Non-Recurring Items | 195 million - 245 million yuan | ↓ 83.45% - 86.82% | [Details of Current Period Performance Forecast](index=1&type=section&id=%E4%B8%80.%E6%9C%AC%E6%9C%9F%E4%B8%9A%E7%BB%A9%E9%A2%84%E5%91%8A%E6%83%85%E5%86%B5) The company's preliminary forecast for H1 2025 shows a significant year-on-year decrease in both net profit and non-recurring net profit, with all data unaudited 2025 Half-Year Performance Forecast Details (Compared to Prior Year) | Indicator | 2025 H1 Estimated (RMB) | Decrease from Prior Year (RMB) | Year-on-Year Decline | | :--- | :--- | :--- | :--- | | Net Profit Attributable to Parent | 230 million - 280 million yuan | 1.219 billion - 1.269 billion yuan | 81.32% - 84.66% | | Non-Recurring Net Profit Attributable to Parent | 195 million - 245 million yuan | 1.235 billion - 1.285 billion yuan | 83.45% - 86.82% | - This performance forecast represents the company's preliminary estimate based on operating conditions, and the related data has not been audited by a certified public accountant[4](index=4&type=chunk) [Prior Year (2024 H1) Performance Review](index=1&type=section&id=%E4%BA%8C.%E4%B8%8A%E5%B9%B4%E5%90%8C%E6%9C%9F%E7%BB%8F%E8%90%A5%E4%B8%9A%E7%BB%A9%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%83%85%E5%86%B5) In H1 2024, the company achieved net profit attributable to parent company shareholders of **1.499 billion yuan**, non-recurring net profit of **1.480 billion yuan**, and basic earnings per share of **0.64 yuan**, serving as the comparison basis for this forecast 2024 Half-Year Key Financial Data | Indicator | Amount (RMB) | | :--- | :--- | | Total Profit | 1.712 billion yuan | | Net Profit Attributable to Parent Company Shareholders | 1.499 billion yuan | | Net Profit Attributable to Parent Company Shareholders Excluding Non-Recurring Items | 1.480 billion yuan | | Earnings Per Share | 0.64 yuan | [Analysis of Performance Decline Reasons](index=2&type=section&id=%E4%B8%89.%E6%9C%AC%E6%9C%9F%E4%B8%9A%E7%BB%A9%E9%A2%84%E5%87%8F%E7%9A%84%E4%B8%BB%E8%A6%81%E5%8E%9F%E5%9B%A0) The significant performance decline is primarily attributed to deteriorating market conditions, including overcapacity and intensified competition in the photovoltaic glass sector, coupled with asset impairment provisions - Market Factors: Overcapacity and intensified competition in the photovoltaic industry led to a significant year-on-year decrease in solar glass sales prices in H1 2025, resulting in a substantial decline in sales revenue and net profit[7](index=7&type=chunk) - Cost and Efficiency: Decreased procurement costs for key raw materials (soda ash, quartz sand) and the implementation of technological innovations and efficiency improvement measures partially offset the adverse impact of price reductions[7](index=7&type=chunk) - Asset Impairment: The company recognized asset impairment provisions for glass kilns undergoing cold repair and certain solar glass inventory, further impacting current period profit[7](index=7&type=chunk) - Company Self-Assessment: Despite the performance decline, the company emphasizes its strong comprehensive competitive advantage in the solar glass sector, healthy balance sheet, and ample cash reserves, committing to focus on its core business and enhance core competitiveness[7](index=7&type=chunk) [Risk Warning and Other Notes](index=2&type=section&id=%E5%9B%9B.%E9%A3%8E%E9%99%A9%E6%8F%90%E7%A4%BA) The company states no significant uncertainties currently affect the accuracy of this performance forecast, reminding investors that these are preliminary results and final financial data will be based on the official 2025 half-year report - The company confirms no significant uncertainties currently affect the accuracy of this performance forecast[8](index=8&type=chunk) - Final financial data will be based on the company's officially disclosed 2025 half-year report, cautioning investors about investment risks[9](index=9&type=chunk)

福莱特（601865）公告，预计2025年半年度实现归属于母公司所有者的净利润为2.3亿元到2.8亿元，与 上年同期相比，预计减少12.19亿元到12.69亿元，同比减少81.32%到84.66%。归属于母公司所有者的扣 除非经常性损益的净利润为1.95亿元到2.45亿元，与上年同期相比，预计减少12.35亿元到12.85亿元，同 比减少83.45%到86.82%。 ...

Group 1: Industry Outlook - The analyst from Goldman Sachs expresses a pessimistic view on the photovoltaic glass industry, predicting a 40% year-on-year decline in global photovoltaic module demand from June to December 2025, averaging 34 GW per month [2] - The industry needs to reduce production by 30% to achieve monthly supply-demand balance, given the ongoing inventory pressure and the need for significant production cuts [2] - The average furnace age in the industry is decreasing, making it more challenging to execute a new round of production cuts compared to the previous year [2] Group 2: Company Performance - Company Fuyat is the second-largest photovoltaic glass manufacturer globally, with a production volume of 1.287 billion square meters and a capacity utilization rate of 91.47% as of the end of 2024 [3] - In 2024, the company experienced a 63.52% year-on-year decline in net profit, marking its worst performance since going public, with a further 86.03% decline in profit in Q1 of this year [3] - Despite pressures, the company has not announced plans to halt production capacity but has been adjusting operations by repairing older furnaces since the second half of last year [3][4] Group 3: Future Capacity and Investments - The company has significant new capacity in the pipeline, with a total production capacity of 19,400 tons per day as of the end of last year [4] - Ongoing projects in Anhui and Nantong are set to commence operations based on market conditions, and the company plans to invest in photovoltaic glass furnaces in Indonesia to meet regional demand [4] - The total investment for the under-construction production lines is 9.668 billion yuan, with a designed capacity of 4 million tons per year, expected to be operational between 2025 and 2027 [4]

Investment Rating - Industry rating: Recommended [5] Core Insights - The humanoid robot industry is expected to accelerate towards mass production due to breakthroughs in AI technology and increasing domestic and international enterprise layouts, with strong demand for domestic replacement of core components [12][15] - The domestic new energy vehicle (NEV) market is experiencing rapid growth, with production and sales in June exceeding 25% year-on-year, driven by technological advancements in vehicle performance [16][18] - The photovoltaic industry chain has seen a significant price increase across the board, with policies promoting orderly competition and a solidified industry foundation [24][29] - The approval of the UK's 1.5GW Mona offshore wind project marks a significant advancement in the European offshore wind sector, with expectations for further auctions and orders in the second half of the year [25][27] Humanoid Robots - The humanoid robot sector is witnessing increased participation from major tech companies, with a focus on the T-chain and domestic supply chain developments, indicating a robust market opportunity [12][15] - Key components such as dexterous hands and lightweight materials are expected to see significant advancements, enhancing the efficiency and application of humanoid robots [13][15] New Energy Vehicles - The NEV sector is in a growth phase, with new models enhancing performance and cost-effectiveness, supported by advancements in solid-state batteries and other technologies [16][18] - The demand for lithium battery materials is expected to expand due to the recovery of the consumer electronics market and the growth of energy storage applications [20][22] Photovoltaic Industry - The photovoltaic industry is experiencing a price surge due to supply chain adjustments and policy support, with specific beneficiaries identified in the silicon material and battery sectors [24][29] - The market is expected to stabilize as inventory levels decrease and production capacity is adjusted, with a focus on high-efficiency products and new technologies [30][32] Offshore Wind Power - The approval of the Mona offshore wind project is anticipated to stimulate further developments in the offshore wind sector across Europe, with domestic companies poised to benefit from upcoming orders [25][27] - The demand for offshore wind components is expected to rise, driven by both domestic and international projects, creating opportunities for companies involved in the supply chain [43][45]

Group 1 - The Ministry of Industry and Information Technology held a meeting on July 3 to discuss the photovoltaic industry, emphasizing the implementation of the Central Financial Committee's decisions to promote a unified national market [1] - The photovoltaic glass industry is responding positively to the "anti-involution" policy, with the top ten domestic photovoltaic glass manufacturers planning to collectively reduce production by 30% starting in July [1][2] - As of June 29, the industry has a silicon material inventory of approximately 400,000 tons, which is sufficient to meet two months of downstream demand [1] Group 2 - The price of 2.0mm coated photovoltaic glass has reached a historical low of 10.5-11 yuan per square meter, potentially below the cash costs of leading companies, leading to significant losses for second-tier companies [2] - To avoid intensified competition among photovoltaic glass companies and prevent a vicious market cycle, most glass manufacturers plan to reduce production starting in July, with an industry-wide initiative targeting a 30% reduction [2] - According to Guangfa Securities, the current market conditions will rely more on market-driven measures for supply contraction, with outdated production capacity largely eliminated during the previous downturn [2] Group 3 - Related Hong Kong stocks in the photovoltaic industry include GCL-Poly Energy (03800) and New Special Energy (01799) [3] - Photovoltaic glass-related Hong Kong stocks include Fuyao Glass (06865), Kaisa New Energy (01108), Rainbow New Energy (00438), and Xinyi Solar (00968) [3]

Group 1 - The central financial committee's recent meeting emphasized the need for "anti-involution" measures in the building materials industry, leading to adjustments in capacity planning and product pricing [1] - The photovoltaic glass industry is facing significant supply-demand imbalances, with many companies planning to reduce production starting in July, with an expected reduction scale of 30% [1] - The photovoltaic glass sector has experienced eight consecutive weeks of negative gross profit, with expectations of large-scale production cuts in the second half of the year, potentially reducing daily melting capacity to around 90,000 tons by year-end [1] Group 2 - Huatai Securities highlights the urgency of "anti-involution" in the photovoltaic glass sector, suggesting that leading companies are likely to take the initiative in production cuts [2] - The recent meeting called for the regulation of low-price disorderly competition and the promotion of the exit of outdated production capacity, indicating a proactive approach in industries like cement and glass [2] - The photovoltaic glass industry may face overall losses at current prices, with anticipated demand contraction and high inventory levels by the second half of 2025 further increasing price pressures [2] Group 3 - Related Hong Kong stocks in the photovoltaic glass sector include Fuyao Glass (06865), Kaisa New Energy (01108), Rainbow New Energy (00438), and Xinyi Solar (00968) [3]

Summary of Key Points Core Viewpoint - The announcement details the completion of a share reduction plan by a specific shareholder, Tao Hongzhu, who reduced her holdings in Fulaite Glass Group Co., Ltd. by 2,500,000 shares, representing 0.1067% of the company's total share capital [1][2]. Group 1: Shareholder Reduction Details - Tao Hongzhu held 12,840,000 shares prior to the reduction, which accounted for 0.5480% of the company's total share capital [2]. - The reduction was executed through centralized bidding from April 28, 2025, to July 8, 2025 [2]. - The total amount raised from the share reduction was approximately 36,980,428 yuan, with share prices ranging from 14.10 to 17.01 yuan per share [2]. Group 2: Current Shareholding Status - After the reduction, Tao Hongzhu's remaining shares are 10,340,000, which is 0.4413% of the total share capital [2]. - The actual reduction matched the previously disclosed plan, confirming that the reduction was completed as intended [2].

Group 1: Company News - Giant Legend's stock surged over 160% on July 9, closing with a 94.37% increase, attributed to Jay Chou's entry into Douyin, enhancing market sentiment significantly [1] - Fuyao Glass announced a reduction of 2.5 million shares by specific shareholder Tao Hongzhu, representing 0.1067% of total shares, with a total value of approximately 36.98 million yuan [2] - Shoucheng Holdings' subsidiary, Beijing Robotics Fund, made an additional investment in Starry Sky Technology, aiming to boost R&D and product upgrades in the global embodied intelligence sector [3] - Sound Communication Technology expects a net profit of no less than 50 million yuan for the first half of the year, a turnaround from a net loss of approximately 590 million yuan in the same period last year, driven by financial restructuring and business growth [4] Group 2: Market Overview - The Hang Seng Index closed at 23892.32, down 1.06% on July 10 [5] - The Hang Seng Tech Index fell by 1.76%, closing at 5231.99 [5] - The National Enterprises Index decreased by 1.28%, ending at 8597.27 [5]

| 证券代码：601865 | 证券简称：福莱特 | 公告编号：2025-045 | | --- | --- | --- | | 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 一、减持主体减持前基本情况 特定股东减持股份结果公告 本公司董事会、全体董事及相关股东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： 特定股东持股的基本情况 本次减持计划实施前，福莱特玻璃集团股份有限公司（以下简称"公司"）特 定股东陶宏珠女士持有公司股份 12,840,000 股，占公司当前总股本的比例为 0.5480%（四舍五入后），股份来源于公司首次公开发行（"IPO"）前持有的股份。 减持计划的实施结果情况 公司于 2025 年 4 月 4 日披露了《福莱特玻璃集团股份有限公司特定股东集 中竞价减持股份计划公告》（公告编号：2025-027），陶宏珠女士通过集中竞价 交易方式，减持本公司无限售条件流通股数量合计不超过 2,500,000 股，不超过 公司总股本的 0.1067%（四舍五入后），减持期间为自 2025 ...

Group 1 - The "anti-involution" trend is gaining momentum across various industries, including automotive, photovoltaic, cement, and steel, driven by ongoing policy efforts [2][4] - The photovoltaic sector has shown particularly strong performance, with both Hong Kong and A-shares in this sector seeing cumulative gains of over 5% in the last five trading days [2] - Key photovoltaic stocks, such as Yamaton and GCL-Poly, have experienced cumulative price increases exceeding 10% over the same period [2] Group 2 - The Chinese government has released multiple "anti-involution" policies this year, signaling a new round of supply-side reforms [4] - The Ministry of Industry and Information Technology has emphasized the need to combat "price wars" in the automotive industry, with major automotive companies committing to limit payment terms to suppliers [5] - In the photovoltaic sector, a meeting was held to address low-price competition, and significant production cuts have been announced, indicating a shift towards healthier market dynamics [5] Group 3 - Various securities firms have differing views on the sustainability of the "anti-involution" trend, with some suggesting it may only provide short-term opportunities [6][7] - Industry self-discipline and production cuts are expected to help narrow supply-demand gaps in the short term, while the overall impact of the policies may take time to materialize [7] - The potential phases of the "anti-involution" trend include initial policy-driven expectations, followed by resource price increases, but the actual realization of these phases depends on effective policy implementation and capacity reduction [7]