| 证券代码：601865 | 股票简称：福莱特 | 公告编号：2025-044 | | --- | --- | --- | | 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 2025 年 6 月 30 日，累计已有人民币 112,000 元"福 莱转债"转为本公司 A 股普通股，累计转股股数为 2,584 股，占"福莱转债"转股 前本公司已发行股票股份总数的 0.0001%。 未转股可转债情况：截至 2025 年 6 月 30 日，尚未转股的"福莱转债"金 额为人民币 3,999,888,000 元，占"福莱转债"发行总额的 99.9972%。 本季度转股情况：自 2025 年 4 月 1 日至 2025 年 6 月 30 日，共有人民币 0 元"福莱转债"转为本公司 A 股普通股，转股股数为 0 股。 一、可转债发行上市概况 （一）"福莱转债"基本情况 2022 年 11 ...

Summary of the Conference Call on the Photovoltaic Industry Industry Overview - The conference call focuses on the photovoltaic (PV) industry, particularly the challenges and opportunities arising from recent policy changes and market dynamics [1][2][3]. Key Points and Arguments 1. **Market Sentiment Shift**: Recent articles from the People's Daily have shifted market sentiment from skepticism to optimism regarding long-term policy effects in the PV sector, leading to a rise in stock prices [2][6][8]. 2. **Challenges Faced**: The PV industry is currently facing multiple challenges, including external disturbances, weak domestic demand, and local protectionism, which have resulted in severe competition and impacted profitability across the supply chain [3][11]. 3. **Policy Measures for Mergers and Acquisitions**: The government is expected to implement policies that encourage leading PV companies to acquire the capacities of less competitive firms, with a focus on restructuring the industry to address losses across the supply chain [5][9]. 4. **Inventory and Supply Dynamics**: There is significant inventory pressure in the silicon material segment, with expectations of increased production leading to potential price declines. The industry may need to collaborate on production cuts to manage inventory levels effectively [10][11]. 5. **Future Policy Implementation**: Policies aimed at addressing the industry's challenges are anticipated to be introduced around August or September 2025, with execution expected in early 2026 [9][14]. 6. **Profitability Outlook**: The most competitive companies in the industry have cash costs around 30,000 CNY per ton. If silicon prices rebound to 60,000 CNY per ton, these companies could see substantial profit elasticity [3][15]. Additional Important Insights - **Investor Confidence**: The market's confidence has been restored following the People's Daily's acknowledgment of the industry's issues and the government's commitment to addressing them, which is crucial for long-term investment evaluations [6][7][8]. - **Operational Strategies**: The acquisition of less competitive firms will involve financial restructuring, including extending bank loans and joint investments from leading companies, with operational costs potentially passed on to end customers [9][10]. - **Technological Innovations**: New technologies in the PV sector, such as BC technology and high-efficiency Topcon technology, are highlighted as areas of potential growth and investment [15]. Conclusion The PV industry is at a critical juncture, with significant policy changes on the horizon that could reshape the competitive landscape. Stakeholders are advised to monitor the developments closely, particularly regarding policy implementation and market responses in the coming years [14][15].

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。 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） 二零二四年股東週年大會的 投票表決結果 謹此提述福萊特玻璃集團股份有限公司（「本公司」）日期為二零二五年五月二十二日的二零二四年股 東週年大會通函（「通函」）及通告。除另有指明外，本公告所用詞彙與通函界定者具有相同涵義。 董事會欣然宣佈，通告所載議案已以投票表決方式獲正式通過。 （股份代號：6865） 二零二四年股東週年大會已於二零二五年六月十六日（星期一）假座中華人民共和國浙江省嘉興市秀 洲區運河路1999號福萊特玻璃集團股份有限公司一樓大會議室舉行。 所有董事均親身或通過電子方式出席二零二四年股東週年大會。 於二零二四年股東週年大會記錄日期（「記錄日期」）（即二零二五年六月十日），本公司已發行股份總 數為2,342,920,139股（包括1,901,205,139股A股及44 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expectation that the stock will outperform the market index by more than 15% over the next six months [8]. Core Insights - The company has turned its performance around in Q1 2025, achieving profitability after a loss in previous periods. The Q1 2025 net profit reached 106 million yuan, a significant improvement of 136.72% quarter-on-quarter [5]. - The company faced challenges in 2024, with a revenue decline of 13.20% year-on-year, primarily due to industry supply-demand imbalances and falling prices in the photovoltaic glass market [5]. - The company is increasing its R&D investment, which reached 605 million yuan in 2024, representing 3.24% of revenue, up by 0.47 percentage points year-on-year. This investment aims to enhance product competitiveness and manufacturing efficiency [5]. - The company has a strong market position, with a production capacity of 19,400 tons per day and a market share exceeding 50% in the photovoltaic glass industry [5]. Summary by Sections Financial Performance - In 2024, the company reported total revenue of 18.683 billion yuan and a net profit of 1.007 billion yuan, reflecting a year-on-year decline of 63.52% [5][7]. - For Q1 2025, the company achieved revenue of 4.079 billion yuan, down 28.76% year-on-year but up 0.01% quarter-on-quarter [5]. R&D and Innovation - The company is focusing on R&D to optimize product formulations and production technologies, with a goal of producing lighter and more efficient photovoltaic glass [5]. Market Position and Cash Flow - The company reported a stable operating cash flow of 5.913 billion yuan in 2024, a year-on-year increase of 200.59%, and has maintained positive cash flow for seven consecutive quarters [5].

Core Viewpoint - The credit rating for Fuyat Glass Group Co., Ltd. remains stable with both the company and its convertible bond rated "AA" [1][2]. Group 1 - The previous credit rating for the company was "AA" and the outlook was stable [2]. - The current credit rating results for both the company and the convertible bond are "AA" with a stable outlook, indicating no change from the previous rating [1][2]. - The tracking credit rating report was issued by China Chengxin International Credit Rating Co., Ltd. on May 23, 2025 [2].

Core Viewpoint - The company reported a significant decline in revenue and net profit for Q1 2025, but showed signs of margin recovery due to improved glass prices and cost control measures [1] Financial Performance - Q1 2025 revenue was 4.079 billion yuan, a year-on-year decrease of 29% and flat compared to the previous quarter [1] - Net profit attributable to shareholders was 106 million yuan, down 86% year-on-year but up 137% quarter-on-quarter [1] - Gross margin for Q1 was 11.72%, an increase of 8.84 percentage points from the previous quarter [1] Demand and Supply Outlook - Domestic demand is expected to recover as the rush for distributed installations slows down, with high component production in May but potential reductions in June [1] - The company maintains a leading position in the photovoltaic glass industry despite some capacity increases from smaller competitors [1] - The company anticipates further profit improvements in Q2 due to lower natural gas prices during the off-season [1] Strategic Initiatives - The company aims to expand its scale in photovoltaic glass production, enhance manufacturing processes, and optimize furnace technology to reduce energy consumption and improve product yield [1] - Internal management will be strengthened to enhance per capita efficiency, laying a solid foundation for future growth [1] Valuation - The projected net profit for 2025 is 1.4 billion yuan, corresponding to a PE ratio of 26 times for A-shares and 14 times for Hong Kong shares [2]

报告要点 [Table_Summary] 福莱特发布 2025 年一季报，2025Q1 实现收入 40.79 亿元，同比下降 29%，环比持平；归母 净利 1.06 亿元，同比下降 86%，环比增长 137%。 分析师及联系人 [Table_Author] 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） [Table_Title] Q1 毛利率环比修复，再证龙头成本优势 邬博华 曹海花 王耀 SAC：S0490514040001 SAC：S0490522030001 SAC：S0490524120006 SFC：BQK482 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 福莱特玻璃（6865.HK） cjzqdt11111 [Table_Title2] Q1 毛利率环比修复，再证龙头成本优势 [Table_Summary2] 事件描述 福莱特发布 2025 年一季报，2025Q1 实现收入 40.79 亿元，同比下降 29%，环比持平；归母 净利 1.06 亿元，同比下降 86%，环比增长 137%。 事件评论 丨证券研究报告丨 2025- ...

Group 1 - The core viewpoint of the news is that Fuyao Glass Group Co., Ltd. has applied for a patent for multifunctional LOW-E coated glass for automotive sunroofs and windshields, which aims to enhance the performance of these components [1] - The patent application, published as CN119954408A, was filed on January 2025 and involves a multi-layer LOW-E coating that reduces heat accumulation inside vehicles, improving comfort [1] - The multifunctional LOW-E coated glass also includes a UV-blocking layer to effectively block harmful ultraviolet rays and an anti-glare coating to enhance driving safety by reducing glare [1] Group 2 - Fuyao Glass Group Co., Ltd. was established in 1998 and is located in Jiaxing City, primarily engaged in the non-metallic mineral products industry [2] - The company has a registered capital of approximately 5.86 billion RMB and has invested in 24 enterprises, participated in 52 bidding projects, and holds 174 patents [2] - Additionally, Fuyao Glass has 57 trademark registrations and possesses 53 administrative licenses [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has turned from a loss to a profit in Q1 2025, with expectations for gradual improvement throughout the year [1] - The company's Q1 2025 revenue was approximately 4.08 billion yuan, a year-on-year decrease of 29%, but a slight quarter-on-quarter increase of 0.01% [7] - The net profit attributable to the parent company for Q1 2025 was 106 million yuan, reflecting a year-on-year decline of 86% but a quarter-on-quarter increase of 137% [7] - The company is expected to maintain a leading position in the photovoltaic glass market due to its production capacity and ongoing overseas expansion [7] Financial Performance Summary - Total revenue forecast for 2023A is 21.524 billion yuan, with a year-on-year growth of 39.21% [1] - The net profit attributable to the parent company for 2023A is projected at 2.75969 billion yuan, with a year-on-year increase of 30% [1] - The latest diluted EPS for 2023A is estimated at 1.18 yuan per share [1] - The company’s P/E ratio for 2023A is 12.44 [1] Production and Market Position - As of April 2025, the company has a total production capacity of 19,400 tons per day, with ongoing projects in Vietnam and plans for new facilities in Indonesia [7] - The company’s market share, combined with its competitor, exceeds 50%, indicating a strong competitive advantage [7] Cost and Inventory Management - The company reported a decrease in inventory by approximately 15% as of Q1 2025 [7] - Operating cash flow for Q1 2025 was 167 million yuan, down from the previous year [7]

| 52周高位 (港元) | 19.30 | | --- | --- | | 52周低位 (港元) | 8.37 | | 市值 (百万港元) | 33,033.78 | | 日均成交量 (百万) | 1.82 | | 年初至今变化 (%) | (22.34) | | 200天平均价 (港元) | 11.98 | | 资料来源 : FactSet | | 交银国际研究 公司更新 | 新能源 收盘价 | | 目标价 | | 潜在涨幅 | 2025 年 4 月 30 日 | | --- | --- | --- | --- | --- | --- | | 港元 | 8.48 | 港元 | 11.30↓ | +33.3% | | | 福莱特玻璃 (6865 HK) | | | | | | 1 季度大幅扭亏超预期；维持买入 | 个股评级 | | --- | | 买入 | 1 年股价表现 资料来源 : FactSet 4/24 8/24 12/24 4/25 -60% -50% -40% -30% -20% -10% 0% 10% 20% 30% 40% 6865 HK 恒生指数 股份资料 文昊, CPA bob.wen@ ...