资本市场的记忆总是短暂的，特别是当行业红利的想象空间被无限放大时，那句券商研报中那句耳熟能详的风险提示——"若行业产能过剩导致产品价格 下降10%，行业整体利润或将翻倍减少"，恐怕早已被投资者置之脑后。 然而，当风险急速而至时，资本狂欢的盛宴注定黯然收场，甚至连"主桌"上的VIP们也都会夺门而逃。正如茨威格在《断头王后》中所写——"所有命运馈 赠的礼物，都已在暗中标好了价格"。 如今，命运齿轮的反转轮到了曾风光无限的光伏玻璃行业。无论是遭遇"投产即亏损"式的窘迫，还是哪些意图抄底的扩产计划无奈搁浅，都无一不正成为 行业狂飙突进后最具反噬意味的注脚。 作为光伏玻璃行业的龙头，福莱特面对的周期"创伤"远不止于此。 业绩首遭"滑铁卢" 一边是与老对手们"贴身肉搏"互相伤害式的行业内卷加剧，另一边是供需长期失衡下导致产业链价格整体持续走低，特别是当季度利润连续亏损时，光伏 玻璃龙头福莱特经历的已不是凛冬行情里的阵痛，而是营收、净利上市以来首次双降的持续性业绩"失血"。 财报显示，2024年，福莱特实现营收186.83亿元，同比减少13.20%；归母净利润10.07亿元，同比暴跌63.52%，创上市以来历史最大降幅；毛 ...

Financial Performance - The net profit attributable to the parent company for 2024 is RMB 1,006,602,737.08, while the net profit for the parent company is RMB 492,787,341.67[6]. - The company's operating revenue for 2024 was RMB 18,682,602,478.36, a decrease of 13.20% compared to 2023[25]. - The net profit attributable to shareholders for 2024 was RMB 1,006,602,737.08, down 63.52% year-on-year[25]. - The basic earnings per share for 2024 was RMB 0.43, a decline of 65.32% from 2023[27]. - The total assets at the end of 2024 were RMB 42,919,798,033.81, a slight decrease of 0.14% from 2023[25]. - The weighted average return on equity for 2024 was 4.55%, a decrease of 10.94 percentage points from 2023[28]. - The company's revenue for 2024 was CNY 18,682.60 million, a decrease of 13.20% compared to the previous year[43]. - Net profit attributable to shareholders was CNY 1,006.60 million, down 63.52% year-on-year[43]. - The company's total assets as of December 31, 2024, were CNY 42,919.80 million, a slight decrease of 0.14% from the previous year[43]. Profit Distribution and Retained Earnings - The undistributed profits at the beginning of the year for the parent company were RMB 2,400,071,368.15, with available distributable profits at the end of 2024 amounting to RMB 1,702,290,170.31 after statutory surplus reserve deductions[6]. - The company plans not to distribute profits for 2024 and will not increase capital using capital reserves, opting instead to use undistributed profits for funding ongoing projects[6]. - For the mid-year 2024 profit distribution, the distributable profit was RMB 2,232,518,718.61, with a cash dividend of RMB 1.30 per 10 shares, totaling RMB 303,348,840.73[132]. - The cumulative cash dividend over the last three accounting years was RMB 2,243,969,043.29, with a cash dividend ratio of 120.01% based on the average net profit of RMB 1,963,024,661.76[135]. - The company's cash dividend policy aims to enhance transparency and protect investors' rights, with a focus on sustainable development and reasonable returns[131]. Audit and Compliance - Deloitte Huayong issued a standard unqualified audit report for the company[5]. - The board of directors and supervisory board members guarantee the authenticity and completeness of the annual report[3]. - The company has no non-operating fund occupation by controlling shareholders or related parties[8]. - There are no violations of decision-making procedures regarding external guarantees[9]. - The company has not reported any significant changes in its registered address or office address[21]. - The company has not faced any delisting risk or bankruptcy reorganization matters[199]. - The company has not violated any court judgments or failed to repay significant debts during the reporting period[200]. Operational Challenges and Market Conditions - The company's gross profit margin has significantly declined due to falling glass prices, particularly in photovoltaic glass[36]. - The company faced challenges in 2024, including a supply-demand imbalance in the industry, leading to some furnaces undergoing cold repairs[36]. - The decrease in revenue was primarily attributed to a decline in photovoltaic glass sales prices in the second half of 2024[45]. - The company anticipates challenges from policy changes and international trade barriers, including a 50% tariff on PV components in the U.S. and increased tariffs in other countries[81]. - The company faces risks from fluctuations in the photovoltaic industry, trade disputes, environmental protection regulations, raw material price volatility, exchange rate fluctuations, safety production, and accounts receivable collection[89][90][91]. Research and Development - The company has over 200 patents related to photovoltaic glass technology, showcasing its strong R&D capabilities[40]. - R&D expenses amounted to 604.79 million RMB, representing 3.24% of total revenue[56]. - The company has a total of 715 R&D personnel, accounting for 9.22% of the total workforce[57]. - The company optimized its R&D system by merging and streamlining some redundant departments, improving the cost-effectiveness of R&D investments[58]. - The company plans to invest in photovoltaic glass furnaces in Indonesia to meet regional demand, aiming to maintain a market share exceeding 50% alongside its main competitor[82]. Corporate Governance - The company maintains complete independence from its controlling shareholders and related parties, with no reliance on them for business operations, and no significant unfair related transactions[96]. - The company has established an independent financial accounting department with a complete financial management system, operates separate bank accounts, and independently makes financial decisions without interference from major shareholders[98]. - The company’s governance structure is compliant with legal and regulatory requirements, ensuring effective operation of the shareholder meeting, board of directors, and supervisory board[98]. - The company is committed to maintaining its independence in all aspects, including assets, personnel, finance, and operations, to protect its interests and ensure sustainable growth[96]. Environmental and Social Responsibility - The company invested approximately 293.81 million yuan in environmental protection during the reporting period[144]. - The company achieved a 10.74% reduction in water consumption per unit of revenue, reaching 6.07 cubic meters per 10,000 yuan[152]. - The company successfully controlled the generation of non-hazardous waste per unit of revenue at 15.73 kg per 10,000 yuan[152]. - The company reduced its comprehensive energy consumption per unit of revenue by 8.41%, achieving 9.58 MWh per 10,000 yuan[153]. - The company installed a rooftop distributed photovoltaic system with a total capacity of 232 MW, expected to reduce greenhouse gas emissions by approximately 124,500 tons annually[153]. Strategic Initiatives and Future Outlook - The company plans to expand its market presence in Southeast Asia, targeting a 25% increase in market share within the next two years[107]. - The company will continue to leverage its financial, technical, and managerial advantages to capitalize on opportunities in the green low-carbon transition[84]. - The company aims to enhance its global brand recognition and influence by collaborating with renowned enterprises in the photovoltaic industry[87]. - The company plans to implement a comprehensive talent acquisition strategy, focusing on recruiting high-level professionals in R&D, management, marketing, and finance over the next few years[87]. - The company is committed to strengthening industry self-discipline to prevent excessive competition and improve supply-demand balance through measures like capacity reduction and price limits[81].

2024 年度報 告 2024 ANNUAL REPORT 2024 目 錄 公司資料 2 五年財務概要 4 管理層討論與分析 5 董事、監事及高級管理層簡歷 24 企業管治報告 28 董事會報告 39 監事會報告 58 獨立核數師報告 60 合併資產負債表 64 母公司資產負債表 66 合併利潤表 68 母公司利潤表 69 合併現金流量表 70 母公司現金流量表 71 合併股東權益變動表 72 母公司股東權益變動表 74 財務報表附註 76 補充資料 259 公司資料 審核委員會 徐攀女士 （主席） 華富蘭女士 （辭任於二零二四年十一月十八日） 吳幼娟女士 杜健女士 （委任於二零二四年十一月十八日） 薪酬委員會 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 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 （辭任於二零二四年十一月十八日） 吳幼娟女士 杜健女士 （委任於二零二四年十一月十八日） 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 徐攀女士 （主席） 阮洪良先生 華富蘭女士 （辭任於二零二四年十一月十八日） 杜健女士 （委任於 ...

Flat Glass Group Co., Ltd. （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 （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2025 年4月29日（星期二）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2025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 二零二五年四月十五日 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、杜健女士和吴幼娟女士。 ...

| 证券代码：601865 | 股票简称：福莱特 | 公告编号：2025-028 | | --- | --- | --- | | 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 2024 年度业绩暨分红说明会情况的公告 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"）2024 年年度的经营成果、财务状况、现金分红等相关情况，根据上 海证券交易所的相关规定，公司于 2025 年 4 月 16 日（星期三）上午 10:00-11:00 通过上海证券交易所上证路演中心（http://roadshow.sseinfo.com/）召开了关 于 2024 年度业绩暨分红说明会，就公司 2024 年年度的经营成果、财务状况及现 金分红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： 一、本次说明会召开情况 公司已于 2025 年 3 月 28 日通过指 ...

Financial Performance - The company's revenue for the fiscal year ending December 31, 2024, was approximately RMB 18,682.6 million, a decrease of 13.20% compared to RMB 21,523.7 million for the fiscal year ending December 31, 2023[13]. - The net profit attributable to the parent company's shareholders for the fiscal year ending December 31, 2024, was RMB 1,006.6 million, representing a significant decline of 63.53% from RMB 2,759.7 million in the previous fiscal year[13]. - The overall gross margin has declined significantly due to the continuous drop in photovoltaic glass prices, which is the company's core product[12]. - The revenue from photovoltaic glass in 2024 was RMB 16,816.1 million, down 14.54% from RMB 19,676.5 million in the previous fiscal year[58]. - Gross profit for the year ended December 31, 2024, was RMB 2,895.0 million, down 38.31% from RMB 4,693.0 million in 2023, with a gross margin of 15.50%, down 6.30 percentage points from 21.80%[64]. - EBITDA for the year ended December 31, 2024, decreased to RMB 3,625.0 million from RMB 5,384.9 million in 2023, resulting in an EBITDA margin of 19.40% compared to 25.02% in the previous year[75]. - Net profit for the year ended December 31, 2024, was RMB 1,016.1 million, a decrease of 63.22% from RMB 2,763.0 million in 2023[75]. - The operating costs for the year ended December 31, 2024, were RMB 15,787.6 million, a reduction of RMB 1,043.1 million or 6.20% compared to RMB 16,830.7 million in 2023[63]. Assets and Liabilities - Non-current assets increased to RMB 29,042.8 million in 2024 from RMB 26,149.0 million in 2023, reflecting a growth of 7.2%[10]. - Current assets decreased to RMB 13,877.0 million in 2024 from RMB 16,833.0 million in 2023, a decline of 17.4%[10]. - Total assets remained relatively stable at RMB 42,919.8 million in 2024 compared to RMB 42,982.0 million in 2023[10]. - Total liabilities increased to RMB 21,135.6 million in 2024 from RMB 20,691.1 million in 2023, an increase of 2.1%[10]. - The debt-to-asset ratio as of December 31, 2024, was 49.24%, an increase of 1.10 percentage points from 48.14% in 2023[76]. Market Challenges - The company is facing significant challenges in the industry environment, particularly due to the imbalance of supply and demand affecting its operational income[12]. - The company is facing challenges due to oversupply in the photovoltaic industry, leading to significant price declines and increased competition[52]. - The geopolitical trade barriers and domestic consumption challenges are limiting rapid growth in demand, impacting the overall market dynamics[57]. - The company faces significant risks related to the photovoltaic glass market, including potential decreases in demand and pricing due to macroeconomic factors[171]. Strategic Initiatives - The company has implemented strategies to enhance quality and efficiency, but these measures have not fully offset the operational pressures from falling photovoltaic glass prices[13]. - The company plans to enhance its competitive advantage by developing large-scale kilns, which are expected to lower production costs and improve efficiency[55]. - New product development includes aesthetic glass products to address color differences in distributed rooftop projects, enhancing the visual appeal of photovoltaic components[56]. - The company is also focusing on the development of coated glass for offshore photovoltaic power stations to ensure efficient and stable power generation[56]. - The company aims to strengthen industry self-discipline and prevent harmful competition through various measures, including supply-side reforms[54]. - The company is committed to optimizing operational management and enhancing product quality to mitigate the pressures from declining photovoltaic glass prices[57]. Employee and Governance - The total number of employees as of December 31, 2024, is 7,759, with total employee compensation reaching RMB 958.3 million, accounting for 5.13% of total revenue[81]. - The company has a strong focus on strategic development, with key executives involved in various investment and management roles since 2016[99]. - The company has been actively expanding its management team, with independent directors bringing diverse academic backgrounds and professional experiences[102][103][104]. - The board consists of five executive directors and three independent non-executive directors, ensuring a balanced governance structure[116]. - The company emphasizes the importance of good corporate governance to ensure compliance with applicable laws and regulations[115]. - The company has adopted the corporate governance code as per the Hong Kong Stock Exchange rules from January 1, 2024, to December 31, 2024[115]. Shareholder Engagement - The board of directors did not recommend the payment of a final dividend for the year ended December 31, 2024, considering the company's funding needs[83]. - The company encourages shareholder participation in meetings, providing opportunities for direct communication with the board[159]. - Shareholders holding more than 3% of the company's shares can submit written proposals for discussion at the annual general meeting[156]. - The board will continue to review policies to ensure effective communication with shareholders and investors[157]. Environmental and Social Responsibility - The company has installed environmental protection and energy-saving equipment, including flue gas desulfurization and denitrification devices, to minimize environmental impact[175]. - The company received the "National Green Factory" title from the Ministry of Industry and Information Technology in November 2023 for its contributions to environmental protection and energy conservation[175]. - The company must comply with various Chinese environmental laws and regulations, which may impact production capacity and increase costs if there are adverse changes[172]. - The company has obtained ISO 14001:2015 environmental management system certification for compliance with applicable environmental regulations[175]. - The company’s production activities generate nitrogen oxides and sulfur dioxide as major pollutants, and it actively monitors emissions to comply with standards[175]. Financial Management - The company has implemented a prudent financing and financial policy to minimize financial risks while maintaining a good financial condition and reasonable financial costs[78]. - The group has established various currency structure forward contracts to mitigate foreign exchange risks, closely monitoring ongoing currency fluctuations[79]. - The company plans to issue A-share convertible bonds with a total amount not exceeding RMB 4 billion to enhance its capital strength and meet operational funding needs[192]. - The company completed a private placement of A-share stocks, raising a net amount of approximately RMB 5.97 billion, with 32.35% allocated to the production of high-transparency glass for new energy equipment[196]. Audit and Compliance - The Audit Committee held six meetings during the reporting period to review the annual performance and interim financial results, ensuring compliance with applicable accounting standards[131]. - The internal audit team, with the assistance of management, conducted a review of the system and found it to be effective and adequate[152]. - The board of directors is responsible for reviewing the effectiveness of the internal control and risk management systems, ensuring compliance with corporate governance principles[152].

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company reported a revenue of 18.683 billion CNY in 2024, a year-on-year decrease of 13.2%, and a net profit attributable to shareholders of 1.007 billion CNY, down 63.52% year-on-year. In Q4 2024, revenue was 4.079 billion CNY, a decline of 27.67% year-on-year but an increase of 4.37% quarter-on-quarter. The net profit for Q4 was -289 million CNY, a decrease of 136.54% year-on-year [2][4]. Summary by Sections Financial Performance - In 2024, the company's photovoltaic glass revenue was 16.8 billion CNY, down 14.5% year-on-year, with an estimated sales volume of approximately 1.26 billion square meters, an increase of 3.7% year-on-year. The gross margin for photovoltaic glass was 15.6%, a decrease of 6.8 percentage points year-on-year. North America accounted for 1.1 billion CNY in revenue, a significant increase of 231.6% year-on-year, driven by high demand for photovoltaics in the U.S. and the gradual release of local component capacity [4][7]. Market Outlook - The company expects that Q4 2024 will see a bottoming out of single flat profit margins, with a projected increase in sales volume despite a decline in average selling prices. Cost optimization is expected to mitigate some of the impacts of price reductions, and the company maintains a significant profit advantage over second- and third-tier competitors. The recent trends in photovoltaic glass prices suggest that profitability levels have reached a low point [4][7]. Operational Efficiency - The company reported a significant reduction in sales expenses by 56.6% in 2024, attributed to improved efficiency in the use of scaffolding. Financial expenses also decreased by 15.6%, mainly due to reduced bank interest expenses and increased foreign exchange gains. The company experienced asset impairment losses of 356 million CNY in 2024, with inventory write-down losses of 79 million CNY and fixed asset impairment losses of 277 million CNY, primarily due to kiln maintenance [4][7]. Industry Dynamics - The supply-demand dynamics in the industry are improving, with a clear trend of volume and price recovery expected in Q2 2025. As of the end of March, industry inventory days decreased to 27.44 days, leading to price increases in photovoltaic glass in March and further expected improvements in April. The company, as a leading player in the photovoltaic glass market, is well-positioned to benefit from these trends, with ongoing projects in Anhui and Nantong and orderly progress in overseas capacities in Vietnam and Indonesia [4][7].

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 | 证券代码：601865 | 证券简称：福莱特 公告编号：2025-027 | | --- | --- | | 转债代码：113059 | 转债简称：福莱转债 | 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： 特定股东的基本情况 截至本公告披露之日，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。 集中竞价减持计划的主要内容 因个人资金需要，公司特定股东陶宏珠女士本次拟自本减持计划公告之日起 15 个交易日后的 3 个月内，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）； 减持价格按市场价格确定。若计划减持期间公司有送股、资本公积金转增股本、 配股等股份变动事项，上述拟减持数量不变 ...

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: 2025年3月31日 狀態: 新提交 本月底法定/註冊股本總額： RMB 585,730,034.75 FF301 第 1 頁 共 10 頁 v 1.1.1 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: 2025年4月2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 (如上市) | 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 | | | 441,715,000 | RMB | | 0.25 | RMB | | 110,428,750 | | 增加 / 減少 (-) | | | | | | | RMB | | | | 本月底結存 | | | ...

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 | 证券代码：601865 | 股票简称：福莱特 | 公告编号：2025-026 | | --- | --- | --- | | 转债代码：113059 | 转债简称：福莱转债 | | 未转股可转债情况：截至 2025 年 3 月 31 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 1 月 1 日至 2025 年 3 月 31 日，共有人民币 24,000 元"福莱转债"转为本公司 A 股普通股，转股股数为 574 股。 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 3 月 31 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%。 经中国证券监督管理委员会证监许可[2022]664 号文 ...