Investment Rating - The report downgrades the investment rating to "Buy" for both A-shares and H-shares of the company [7]. Core Views - The company's Q3 revenue was 3.91 billion RMB, down 37.0% year-on-year and 21.4% quarter-on-quarter, with a net profit attributable to shareholders of -0.2 billion RMB, indicating a shift from profit to loss [1][2]. - The decline in profitability is primarily attributed to the significant drop in photovoltaic glass prices, leading to a low gross margin of 6.0% in Q3, the lowest in nearly five years [2]. - The report emphasizes the need to monitor supply-side changes due to ongoing production cuts in the industry, suggesting that supply may continue to decrease in the future [4]. Summary by Sections Q3 Performance - Q3 revenue was 3.91 billion RMB, a decrease of 37.0% year-on-year and 21.4% quarter-on-quarter; net profit attributable to shareholders was -0.2 billion RMB, marking a transition from profit to loss [1]. - The gross margin for Q3 was 6.0%, down 18.6 percentage points year-on-year, indicating significant pressure on profitability [2]. Cash Flow and Expenses - The operating cash flow for the first three quarters was 3.02 billion RMB, an increase of 30.4% year-on-year, with Q3 cash flow at 1.27 billion RMB, up 54.2% year-on-year [3]. - The company experienced asset impairment losses of -0.11 billion RMB in Q3, which may become a significant factor affecting profits if photovoltaic glass prices continue to decline [3]. Supply and Inventory - As of late October, the daily melting capacity of domestic photovoltaic glass was 102,000 tons, up 7.4% year-on-year, but inventory levels remained high at 38 days, a 100.7% increase year-on-year [4]. - The report suggests that despite ongoing production cuts, inventory pressure remains significant, and future supply-side changes should be closely monitored [4]. Profit Forecast and Valuation - The profit forecasts for 2024-2026 have been revised down to 0.93 billion, 0.92 billion, and 1.79 billion RMB respectively, reflecting the impact of declining photovoltaic glass prices [5]. - The target price for A-shares is set at 26.92 RMB, and for H-shares at 15.17 HKD, both reflecting a downgrade from previous estimates [5].

此乃要件 請即處理 如 閣下對本通函任何方面或應採取的行動有任何疑問，應諮詢 閣下的股票經紀或其他註冊證券商、 銀行經理、律師、專業會計師或其他專業顧問。 如 閣下已出售或轉讓 名下所有本公司股份，應立即將本通函連同所附代表委任表格交給買主或承 讓人，或送交經手買賣或轉讓的銀行、股票經紀或其他代理商，以便轉交買主或承讓人。 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通函的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不對因本通函全部或任何部份內容而產生或因倚賴該等內 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） （股份代號：6865） （1）建 議 宣 派 截 至 二 零 二四年六月三十日止六個月的中期股息 （2）建 議 變 更 公 司 註 冊 資 本 並 修 訂 公 司 章 程 （3）建 議 修 訂 股 東 大 會 議 事 規 則 （4）第 七 屆 董 事 會 及 監 事 會 換 屆 選 舉 及 （5）二 零 二 四 年 第 一 次 臨 時 股 東 大 會 通 告 ...

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通告的內容概不負責，對其準確性或 完整性亦不發表任何聲明，並明確表示，概不對因本通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） （股份代號：6865） 二零二四年第一次臨時股東大會通告 茲發出通告，內容有關將按原定計劃於二零二四年十一月十八日（星期一）下午二時三十分假座中華 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福 萊特玻璃集團股份有限公司（「本公司」）之二零二四年第一次臨時股東大會（「二零二四年第一次臨時 股東大會」），藉以考慮並酌情通過下列普通決議案或特別決議案。除另有界定者外，本通告所用 詞彙與本公司日期為二零二四年十月三十日的通函（「通函」）所界定者具有相同涵義： 5. 考慮及批准第七屆董事會執行董事換屆選舉： 5.1 選舉阮洪良先生為執行董事； 承董事會命 福萊特玻璃集團股份有限公司 董事長 阮洪良 普通決議案 1. 宣派截至二零二四年六月三十日止 ...

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） 於二零二四年十一月十八日舉行的 二零二四年第一次臨時股東大會代表委任表格 附註： 1. 請 用 正 楷 填 上 閣 下 登 記 在 本 公 司 股 東 名 冊 上 的 全 名（以 中 文 及 英 文）。 2. 請 用 正 楷 填 上 閣下登記在本公司股東名冊上的註冊地址。 本人╱吾等 （附註1） 地址為 （附註2） 為 福 萊 特 玻 璃 集 團 股 份 有 限 公 司（「 本公司 」）股 本 中 每 股 面 值 人 民 幣0.25元 的A股 股 ╱ H股 股 （附註3） 的持有人，現委任大會主席，或 （附註4） 地址為 為 本 人╱吾 等 的 代 表 出 席 將 於 二 零 二 四 年 十 一 月 十 八 日（星 期 一）下 午 二 時 三 十 分 於 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的本公司二零二四年第一次臨時股東大 會（「二零二四年第一次臨時股東大會」）或 其 任 何 續 會 ...

第 2 頁 共 2 頁 v 1.1.1 EF001 | 股東類型 | | 稅率 | 有關代預扣所得稅之更多補充 | | --- | --- | --- | --- | | | | | （如適用） | | 非居民企業 | | | | | （非中國內地登記地址） | | 10% | 本公司向所有非居民企業股東派發 | | | | | 股息時須代扣代繳10%的企業所得 | | | | | 稅。 | | 透過滬股通投資上海證券交易 | | 10% | 本公司按照10%的稅率代扣所得 | | 所本公司A股股票投資者 | | | 稅，並向主管稅務機關辦理扣繳申 | | | | | 報。 | | 透過港股通投資聯交所本公司 | | 20% | 本公司按照20%的稅率代扣個人所 | | H股股票投資者 | | | 得稅。 | | 發行人所發行上市權證/可轉換債券的相關信息 | | | | | 發行人所發行上市權證/可轉換債券 | 不適用 | | | | 其他信息 | | | | | 其他信息 | 不適用 | | | | 發行人董事 | | | | | 執行董事：阮洪良先生、姜瑾華女士、阮泽云女士、魏葉忠先生和沈其甫先生 | ...

| 证券代码：601865 | 证券简称：福莱特 | 公告编号：2024-095 | | --- | --- | --- | | 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 关于召开 2024 年第一次临时股东大会的通知 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。 (三) 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票 相结合的方式 (四) 现场会议召开的日期、时间和地点 召开的日期时间：2024 年 11 月 18 日 14 点 30 分 召开地点：中国浙江省嘉兴市秀洲区运河路 1999 号福莱特玻璃集团股份有 重要内容提示： 一、 召开会议的基本情况 (一) 股东大会类型和届次 2024 年第一次临时股东大会 (二) 股东大会召集人：福莱特玻璃集团股份有限公司董事会 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自 2024 年 11 月 18 日 至 2024 年 11 月 18 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时 ...

Summary of the Conference Call Company and Industry Overview - The conference call was held by Dongwu Securities regarding the third-quarter performance of **Flake** (弗莱特), a company in the **photovoltaic glass** industry [1][2]. Key Points and Arguments 1. **Financial Performance**: - As of September 30, 2024, total assets reached **44.1 billion**, a slight increase of **2.63%** from the beginning of the year [1]. - Net assets remained stable at **22.375 billion** [1]. - The comprehensive gross profit margin decreased to **19%**, down **2.23 percentage points** from **21.23%** year-on-year [2]. - Revenue for the first three quarters was **14.6 billion**, an **8%** decline compared to the same period last year, primarily due to falling photovoltaic glass prices [2]. - The company reported a net loss of **200 million** attributable to shareholders in the third quarter [2]. 2. **Operational Insights**: - The company's production capacity is approximately **20,000 tons** per day, with recent cold repairs affecting output [2][3]. - Inventory levels are currently around **25 days**, which is considered high compared to historical levels [4]. - The company has been conducting cold repairs on furnaces, impacting production by about **20%** [4][5]. 3. **Market Conditions**: - The photovoltaic glass industry is experiencing a mismatch between supply and demand, leading to pressure on prices [14][15]. - The company is optimistic about the long-term growth of the photovoltaic industry despite current short-term fluctuations [14][15]. - There is uncertainty regarding the impact of energy consumption controls on the glass industry, with no clear effects observed yet [5][6]. 4. **Cost and Profitability**: - The cost structure is influenced by natural gas prices, which may rise during the heating season [10][11]. - The company is implementing cost-reduction measures to enhance efficiency [10][11]. - The profitability outlook for the fourth quarter remains uncertain due to market volatility [21]. 5. **Future Outlook**: - The company is cautiously optimistic about future demand recovery, which will depend on market conditions and inventory levels [15][28]. - Expansion plans include ongoing projects in **Anhui** and **Nantong**, with international expansion in **Indonesia** progressing slowly [6][18]. - The company is monitoring the market closely to determine the timing for resuming production after cold repairs [17][20]. Additional Important Information - The company has a cash reserve of approximately **5.2 billion**, which is sufficient to support both domestic and overseas capital expenditures [23]. - Financial expenses increased significantly due to interest and foreign exchange losses, particularly from the appreciation of the RMB against the USD [24]. - The company maintains a stable management of accounts receivable, with a reduction in the balance noted in the third quarter [12]. This summary encapsulates the key insights from the conference call, highlighting the financial performance, operational status, market conditions, cost management, and future outlook of Flake in the photovoltaic glass industry.

Financial Performance - Revenue for the third quarter was RMB 3,907,891,430.35, a decrease of 37.03% compared to the same period last year[2] - Net profit attributable to shareholders of the listed company for the third quarter was RMB -202,973,418.07, a decrease of 122.97% year-on-year[2] - Net profit for the first nine months of 2024 was 1.30 billion CNY, a decrease from 1.97 billion CNY in the same period of 2023[17] - Operating income for the first nine months of 2024 was 14.60 billion CNY, down from 15.88 billion CNY in the same period of 2023[17] - Comprehensive income attributable to parent company shareholders decreased to 1,264,751,586.66 RMB from 1,956,603,279.35 RMB in the previous year[18] - Basic and diluted earnings per share were 0.55 RMB, down from 0.90 RMB in the same period last year[18] Assets and Liabilities - Total assets as of the end of the reporting period were RMB 44,112,509,494.84, an increase of 2.63% compared to the end of the previous year[4] - Total assets increased to 44.11 billion CNY as of September 30, 2024, compared to 42.98 billion CNY at the end of 2023[15] - Total liabilities rose to 21.74 billion CNY, up from 20.69 billion CNY at the end of 2023[16] - Total equity attributable to the parent company's shareholders increased to 22.29 billion CNY as of September 30, 2024, from 22.22 billion CNY at the end of 2023[16] - Long-term loans increased to 7.44 billion CNY as of September 30, 2024, up from 6.66 billion CNY at the end of 2023[16] - Inventory increased to 2.17 billion CNY as of September 30, 2024, compared to 2.00 billion CNY at the end of 2023[15] Cash Flow - The net cash flow from operating activities for the period was RMB 3,016,985,554.74, a significant improvement from the previous year[7] - Net cash flow from operating activities significantly improved to 3,016,985,554.74 RMB from -20,926,981.33 RMB in the previous year[19] - Cash received from sales of goods and services increased to 9,489,508,855.91 RMB from 8,401,966,384.11 RMB[19] - Net cash flow from investing activities was -4,242,860,171.80 RMB, compared to -3,217,251,123.13 RMB in the previous year[20] - Cash paid for construction of fixed assets, intangible assets, and other long-term assets increased to 4,134,470,859.86 RMB from 2,985,540,423.24 RMB[20] - Net cash flow from financing activities was -135,304,914.00 RMB, a significant decrease from 7,697,992,926.37 RMB in the previous year[20] - Cash and cash equivalents at the end of the period decreased to 4,102,537,278.72 RMB from 6,805,547,703.82 RMB[20] - Cash and cash equivalents decreased to 5.20 billion CNY as of September 30, 2024, from 6.62 billion CNY at the end of 2023[15] Shareholder Information - HKSCC NOMINEES LIMITED holds 441,652,960 shares, representing 18.85% of the total shares[10] - Ruan Hongliang holds 439,358,400 shares, representing 18.75% of the total shares[10] - Ruan Zeyun holds 350,532,000 shares, representing 14.96% of the total shares[10] - Jiang Jinhua holds 324,081,600 shares, representing 13.83% of the total shares[10] - Hong Kong Securities Clearing Company Limited holds 55,167,444 shares, representing 2.35% of the total shares[10] Share Repurchase and Cancellation - The company repurchased 8,285,000 H shares, accounting for 0.35% of the total issued shares and 1.84% of the total H shares[11] - The total amount used for the H share repurchase was HKD 122,291,740[11] - The company completed the cancellation of 8,285,000 H shares, reducing the total number of shares from 2,351,324,281 to 2,343,039,281[12] - The company plans to repurchase and cancel 120,000 restricted shares due to the departure of an incentive object[13] - The repurchase and cancellation of the restricted shares are still in process as of the report date[14] Expenses and Other Financial Metrics - Research and development expenses for the first nine months of 2024 were 479.77 million CNY, slightly lower than 488.80 million CNY in the same period of 2023[17] - Interest expenses for the first nine months of 2024 were 417.44 million CNY, up from 377.28 million CNY in the same period of 2023[17] - Other income increased by 125.60% to RMB 100,203,738.26, mainly due to the benefits from VAT deduction policies[7][8] Asset Changes - The company's construction in progress increased by 107.30% to RMB 3,640,248,496.21, mainly due to the ongoing photovoltaic glass manufacturing projects in Anhui and Nantong bases[7][8] - Intangible assets increased by 94.44% to RMB 6,376,730,051.37, primarily due to the recognition of mining rights[7][8] - Short-term borrowings decreased by 34.00% to RMB 1,263,045,007.52, reflecting a reduction in the company's short-term debt[7][8] - Other receivables increased by 71.05% to RMB 189,838,724.10, mainly due to an increase in deposits and guarantees[7][8] - The company's inventory stock increased by 1,336.51% to RMB 229,647,592.17, primarily due to the repurchase of company shares[7][8]

| 证券代码：601865 | 股票简称：福莱特 | 公告编号：2024-092 | | --- | --- | --- | | 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 关于召开 2024 年第三季度业绩说明会的公告 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: 会议召开时间：2024 年 11 月 27 日（星期三）上午 10:00-11:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： http://roadshow.sseinfo.com/）（以下简称"上证路演中心"） 会议召开方式：上证路演中心网络互动 投资者可于 2024 年 11 月 20 日（星期三）至 2024 年 11 月 26 日（星期 二 ） 16:00 前 登 录 上 证 路 演 中 心 网 站 首 页 点 击 " 提 问 预 征 集 " 栏 目 （ http://roadshow.sseinfo.com/questionCollectio ...

| 证券代码：601865 | 股票简称：福莱特 | 公告编号：2024-092 | | --- | --- | --- | | 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 股票交易风险提示公告 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。 福莱特玻璃集团股份有限公司（以下简称"公司"）股票于 2024 年 10 月 23 日、10 月 24 日及 10 月 25 日连续三个交易日内收盘价格涨幅偏离值累计超过 20%，根据《上海证券交易所交易规则》的有关规定，属于股票交易异常波动， 公司已于 2024 年 10 月 26 日披露了《福莱特玻璃集团股份有限公司股票交易异 常波动公告》（公告编号：2024-091）。2024 年 10 月 28 日，公司股票再次涨停。 鉴于公司股价短期涨幅较大，敬请广大投资者注意投资风险。相关风险提示如下： 一、二级市场交易风险 截至 2024 年 10 月 28 日，公司股票收盘价为 27.84 元/股。公司股票于 2024 年 10 月 25 日触及异 ...