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].

Financial Performance - The company's operating revenue for the six months ended June 30, 2023, was RMB 9,678,423.35 thousand, representing a 32.5% increase from RMB 7,304,491.34 thousand in the same period of 2022[4]. - Gross profit for the same period was RMB 1,850,421.19 thousand, up 11.9% from RMB 1,653,982.67 thousand year-on-year[4]. - Net profit reached RMB 1,085,367.84 thousand, a 8.2% increase compared to RMB 1,002,747.88 thousand in the previous year[4]. - The revenue from photovoltaic glass was RMB 8,786.9 million, up 35.85% from RMB 6,468.1 million year-on-year, primarily due to increased sales volume from new capacity[38]. - The gross profit margin for the first half of 2023 was 19.12%, down 3.52 percentage points from 22.64% in the previous year, mainly due to a decrease in the gross margin of photovoltaic glass[40]. - The company's operating costs increased by 38.54% to RMB 7,828.0 million, driven by higher raw material and energy costs alongside increased sales volume[39]. - EBITDA for the six months ended June 30, 2023, was RMB 2,287.8 million, an increase of RMB 493.4 million from RMB 1,794.4 million for the same period in 2022, with an EBITDA margin of 23.64%[48]. - The company reported a total comprehensive income of RMB 1.13 billion for the first half of 2023, compared to RMB 991.47 million in the same period of 2022, an increase of 14.3%[114]. Production and Capacity Expansion - The company is expanding its production capacity with a new photovoltaic glass furnace project in Nantong, Jiangsu Province, with a daily melting capacity of 1,200 tons, which has already passed the approval process[8]. - The company plans to expand its photovoltaic glass production capacity, currently at a daily melting capacity of 20,600 tons, to maintain its leading market share[32]. - The company aims to increase its market share by actively expanding production bases, including new facilities in Nantong, in addition to existing bases in Jiangxi and Anhui[32]. - The company plans to develop large-scale kilns to further lower costs and strengthen its competitive advantage in the photovoltaic glass industry[33]. Financial Stability and Equity - The total assets minus current liabilities amounted to RMB 26,009,777.65 thousand, compared to RMB 21,848,308.44 thousand at the end of 2022, indicating a significant increase in financial stability[4]. - The total equity as of June 30, 2023, was RMB 15,179,674.61 thousand, an increase from RMB 14,032,447.21 thousand in the previous year[4]. - As of June 30, 2023, the company had issued a total of 204,429,301 new A-shares, increasing the total number of issued shares from 2,146,894,461 to 2,351,323,762[11]. - The current ratio as of June 30, 2023, was 1.46, compared to 1.18 as of December 31, 2022[50]. - The debt-to-asset ratio as of June 30, 2023, was 57.94%, an increase of 1.27 percentage points from 56.67% as of December 31, 2022[51]. Shareholder Information - Major shareholders include JPMorgan Chase & Co. with 61,328,470 H-shares, accounting for 13.63% of the total equity[64]. - BlackRock, Inc. holds 40,141,331 H-shares, which is approximately 8.92% of the total equity[64]. - Mr. Ruan Hongliang and Ms. Jiang Jinhua collectively hold 1,052,510,500 A-shares, representing approximately 62.03% of the total equity[64]. - The company has a total of 100,578,590 A-shares held as short positions by key individuals, representing 5.93% of the total equity[64]. Research and Development - R&D expenses for the six months ended June 30, 2023, were RMB 286.5 million, an increase of 12.31% from RMB 255.1 million for the same period in 2022, driven by increased R&D projects[45]. - Research and development expenses increased to RMB 286.54 million in the first half of 2023, compared to RMB 255.05 million in the first half of 2022, marking a rise of 12.4%[109]. - Research and development efforts have led to the introduction of two new technologies aimed at enhancing product efficiency and sustainability[80]. Market Trends and Strategy - The photovoltaic installation in China reached 1,322 million kilowatts by the end of June 2023, accounting for approximately 48.8% of the total installed capacity in the country, with a year-on-year increase of 154% in photovoltaic installations[29]. - The global photovoltaic installation market is experiencing rapid growth, with significant increases in installation targets in countries like Spain and Portugal, indicating a robust demand for photovoltaic products[30]. - The company anticipates continued growth in revenue and profit for the remainder of 2023, driven by market expansion and new product development strategies[111]. Stock Options and Incentive Plans - The incentive plan aims to motivate and reward qualified personnel for their contributions, enhancing the company's governance structure and attracting talent[13]. - A total of 5,947,858 A-share stock options are proposed to be granted, accounting for approximately 0.28% of the total issued share capital of 2,146,893,254 shares[15]. - The maximum number of stock options granted to any individual incentive target does not exceed 1.00% of the total share capital[16]. - As of June 30, 2023, a total of 5,245,472 stock options have been granted, with none exercised or canceled[23]. Cash Flow and Investment Activities - Operating cash inflow for the first half of 2023 was RMB 4,697,406,416.64, a 45.5% increase from RMB 3,229,982,395.57 in the same period of 2022[122]. - Cash outflow from investment activities was RMB 1,782,123,095.00, significantly lower than RMB 5,739,508,872.85 in the previous year, resulting in a net cash flow of RMB -1,674,050,647.66[122]. - The company reported a net increase in cash and cash equivalents of RMB 898,769,203.46, compared to RMB 1,143,094,691.88 in the same period last year[124]. Dividend and Profit Distribution - The company plans to distribute an interim dividend of RMB 0.238 per share (pre-tax) for the six months ending June 30, 2023, pending approval at the upcoming extraordinary general meeting[89]. - The company has allocated RMB 32,200.00 for profit distribution to shareholders, indicating a commitment to returning value to investors[137].

Financial Performance - The company's operating revenue for the six months ended June 30, 2023, was RMB 9,678,423.35 thousand, representing an increase of 32.5% compared to RMB 7,304,491.34 thousand for the same period in 2022[6]. - Net profit for the six months ended June 30, 2023, reached RMB 1,085,367.84 thousand, a 8.2% increase from RMB 1,002,747.88 thousand in the previous year[6]. - The gross profit for the same period was RMB 1,850,421.19 thousand, up from RMB 1,653,982.67 thousand, indicating a gross margin improvement[6]. - For the six months ended June 30, 2023, the company's revenue reached RMB 9,678.4 million, a 32.50% increase from RMB 7,304.5 million in the same period of 2022[29]. - The company's net profit for the six months ended June 30, 2023, was RMB 1,085.4 million, an increase of 8.25% from RMB 1,002.7 million in the same period of 2022[29]. - The operating cost for the six months ended June 30, 2023, was RMB 7,828.0 million, a 38.54% increase from RMB 5,650.5 million in the same period of 2022, primarily due to increased sales volume and rising raw material and energy costs[33]. - EBITDA for the six months ended June 30, 2023, was RMB 2,287.8 million, an increase of RMB 493.4 million from RMB 1,794.4 million in the same period last year, with an EBITDA margin of 23.64%[41]. Assets and Liabilities - The total assets as of June 30, 2023, amounted to RMB 36,093,456.39 thousand, compared to RMB 32,381,721.61 thousand as of December 31, 2022[6]. - Non-current assets increased to RMB 21,365,027.87 thousand from RMB 20,000,429.84 thousand year-on-year, reflecting ongoing investment in long-term assets[6]. - The company reported a total equity of RMB 15,179,674.61 thousand as of June 30, 2023, compared to RMB 14,032,447.21 thousand at the end of 2022[6]. - The debt-to-asset ratio as of June 30, 2023, was 57.94%, up 1.27 percentage points from 56.67% at the end of 2022[43]. - Total liabilities increased to RMB 20.91 billion from RMB 18.35 billion as of December 31, 2022, representing an increase of approximately 13.93%[78]. - Long-term borrowings rose significantly to RMB 6.74 billion from RMB 3.89 billion, marking an increase of approximately 73.61%[78]. Share Capital and Equity - The company has completed the issuance of 204,429,301 A-shares, increasing the total issued shares from 2,146,894,461 to 2,351,323,762 shares[10]. - The total number of issued A-shares increased from 1,696,894,461 to 1,901,323,762 shares, while the number of issued H-shares remains unchanged at 450,000,000 shares[10]. - As of June 30, 2023, Mr. Ruan Hongliang holds 1,052,510,500 A shares, representing approximately 62.03% of the total equity[50]. - The company has a total of 2,146,894,461 shares outstanding when combining A and H shares[52]. - The company’s total equity attributable to shareholders increased to RMB 15.18 billion from RMB 14.03 billion, reflecting a growth of about 8.19%[79]. Production and Expansion - The company is expanding its production capacity with a new photovoltaic glass furnace project in Nantong, Jiangsu Province, with a daily melting capacity of 1,200 tons currently under construction[8]. - The company is actively pursuing domestic expansion due to the booming photovoltaic industry, with ongoing construction of the fourth phase project at its Anhui production base[8]. - The company plans to further expand its photovoltaic glass production capacity to strengthen its market position, with current capacity at 20,600 tons per day[26]. - The company aims to enhance production efficiency and reduce costs to ensure sustainable development and competitiveness in the global photovoltaic glass market[28]. Research and Development - Research and development expenses increased by 12.31% to RMB 286.5 million, driven by an increase in R&D projects including self-manufactured equipment and technologies for ultra-thin and high-transparency glass[38]. - The company is focusing on cost reduction and innovation, including the development of aesthetic glass products to meet customer demands for diversity and aesthetics[27]. Market Performance - The revenue from photovoltaic glass was RMB 8,786.9 million, representing a 35.85% increase compared to RMB 6,468.1 million in the same period of 2022, driven by increased production capacity[32]. - Domestic sales revenue for the six months ended June 30, 2023, was RMB 7,519.1 million, a 27.52% increase from RMB 5,896.5 million in the same period of 2022[32]. - Overseas sales revenue reached RMB 2,159.3 million, a 53.36% increase from RMB 1,408.0 million in the same period of 2022, indicating strong growth in international markets[32]. - The company anticipates continued growth in global photovoltaic installations, with several countries raising their installation targets significantly[25]. Cash Flow and Financing - Operating cash inflow for the first half of 2023 reached RMB 4,697,406,416.64, a significant increase of 45.5% compared to RMB 3,229,982,395.57 in the same period of 2022[93]. - Net cash flow from operating activities was RMB 5,542,756,582.75, compared to RMB 2,323,716,986.70 in the first half of 2022, indicating a growth of 138.0%[93]. - The company raised approximately RMB 3,976.92 million through the issuance of A-share convertible bonds[64]. - The company plans to issue A-share convertible bonds with a total amount not exceeding RMB 4 billion to expand its photovoltaic glass production capacity and enhance financial strength[63]. Governance and Compliance - The company has adopted the corporate governance code and has complied with the relevant rules, except for the separation of the roles of Chairman and CEO during the specified period[48]. - The company’s board members and senior executives have confirmed compliance with the securities trading standards during the reporting period[49]. - The company has maintained a strong governance framework, ensuring adherence to the standards set forth in the corporate governance code[48].

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3月31日止三個月第一季度報告 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 ...

Financial Performance - For the fiscal year ending December 31, 2022, the company's revenue reached approximately RMB 15,460.84 million, a 77.44% increase compared to RMB 8,713.23 million for the fiscal year ending December 31, 2021[5]. - The net profit attributable to shareholders for the fiscal year ending December 31, 2022, was RMB 2,122.78 million, showing a slight increase of 0.13% from RMB 2,119.92 million in the previous fiscal year[5]. - The gross profit for the fiscal year ended December 31, 2022, was RMB 3,412.65 million, a 10.34% increase from RMB 3,092.84 million in 2021, while the gross margin decreased to 22.07% from 35.50%[46]. - The operating costs for the fiscal year ended December 31, 2022, were RMB 12,048.19 million, an increase of 114.37% from RMB 5,620.39 million in the previous year[45]. - EBITDA for the year ended December 31, 2022, increased by RMB 765.25 million to RMB 3,744.56 million, with an EBITDA margin of 24.22%, down from 34.19% in the previous year[55]. - The company's basic earnings per share for the fiscal year 2022 was RMB 0.99, unchanged from the previous year[12]. Market and Industry Trends - In 2022, global photovoltaic (PV) demand remained strong, with the EU expected to add over 40 GW of new installations, a year-on-year increase of over 50%[6]. - China's new PV installations reached 87.41 GW in 2022, a year-on-year growth of 59.3%, marking the largest scale and fastest growth among power generation types[7]. - The company’s photovoltaic product exports totaled approximately USD 51.25 billion in 2022, a year-on-year increase of 80.3%, with an export volume of about 153.6 GW, also a historical high[37]. - The global photovoltaic installation demand continues to grow rapidly, driven by carbon neutrality and geopolitical conflicts, with significant increases in various markets[34]. - In Brazil, the new installed capacity in 2022 was 10.56 GW, a year-on-year increase of 98.11%, while India saw an increase of 13.96 GW, up 17.45% year-on-year[35]. Production Capacity and Expansion Plans - The company plans to expand its production capacity, with the Anhui production base's fourth phase project under construction and expected to commence production in 2023[8]. - The company aims to build four new photovoltaic glass furnaces in Nantong, Jiangsu Province, with a daily melting capacity of 1,200 tons, which has already passed the hearing approval[8]. - The total production capacity as of December 31, 2022, was 19,400 tons per day, positioning the company among the top tier in the photovoltaic glass industry with a combined market share exceeding 50% with its competitor[9]. - The company plans to expand photovoltaic glass production capacity and enhance research and development to improve glass transmittance, responding to downstream demand for diversified photovoltaic glass[39]. Financial Position and Capital Management - The total assets of the company as of December 31, 2022, amounted to RMB 32,381.72 million, compared to RMB 20,082.92 million in the previous year, reflecting a significant growth[13]. - The company's total liabilities as of December 31, 2022, were RMB 18,349.28 million, up from RMB 8,272.75 million in the previous year[13]. - The debt-to-asset ratio as of December 31, 2022, was 56.67%, up 15.48 percentage points from 41.19% a year prior, primarily due to increased bank borrowings and the issuance of convertible bonds[56]. - Bank loans as of December 31, 2022, amounted to RMB 8,244.07 million, a 99.23% increase from RMB 4,137.91 million a year earlier, driven by cash outflows from operations and acquisition payments[57]. - The company issued A-share convertible bonds totaling RMB 4 billion, with a net amount of RMB 3,976.92 million after deducting issuance costs, completed in May 2022[17]. Research and Development - Research and development expenses for the year ended December 31, 2022, amounted to RMB 523.23 million, an increase of 28.11% from RMB 408.42 million for the year ended December 31, 2021[49]. - The company is investing 50 million in R&D for new technologies aimed at enhancing product efficiency[85]. - The company has outlined a positive outlook for 2023, projecting a revenue growth of 10% to 12% based on current market trends and user acquisition strategies[70]. Corporate Governance - The board consists of four executive directors and three independent non-executive directors as of December 31, 2022[90]. - The company adopted the corporate governance code as per the Stock Exchange Listing Rules during the year 2022[89]. - The board held 20 meetings in total, with all executive directors attending 100% of the meetings[92]. - The company emphasizes the importance of good corporate governance to ensure compliance with applicable laws and regulations[89]. - The independent non-executive directors provide impartial advice to ensure the interests of all shareholders are considered in the company's strategic decisions[95]. Shareholder Information - The board of directors did not recommend the payment of a final dividend for the fiscal year ending December 31, 2022, considering the company's capital needs[62]. - The company has established a clear tax policy for both domestic and foreign shareholders regarding dividend taxation[68]. - The company has a significant shareholder, Mr. Ruan Hongliang, holding 1,108,798,241 A shares, representing 65.34% of the equity[170]. - The total number of A shares issued by the company is 1,696,893,967, and the total number of H shares is 450,000,000, making a total of 2,146,893,967 shares[171]. Environmental and Social Responsibility - The company has installed environmental protection and energy-saving equipment, including desulfurization and denitrification systems, to minimize environmental impact[142]. - The company provides mandatory social security benefits for its employees, including pension, medical insurance, and unemployment insurance[143]. - The group reported a charitable donation totaling RMB 3,602,826.89 for the year ending December 31, 2022, compared to RMB 1,497,149.47 in the previous year, reflecting an increase of approximately 141.5%[135]. Risks and Challenges - The company faces risks from potential decreases in solar energy demand or significant investment reductions in the photovoltaic industry, which could lead to oversupply and price drops[137]. - 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[139]. - The company's profitability is currently at a relatively low level due to rising costs from upstream raw materials and fuel prices, despite stable photovoltaic glass prices[36].

Financial Performance - For the fiscal year ending December 31, 2022, the group's revenue reached approximately RMB 15,460.84 million, a 77.44% increase compared to RMB 8,713.23 million for the fiscal year ending December 31, 2021[5]. - The net profit attributable to shareholders for the fiscal year was RMB 2,122.78 million, showing a slight increase of 0.13% from RMB 2,119.92 million in the previous fiscal year[5]. - The company's total revenue for the fiscal year ending December 31, 2022, was RMB 15,460.84 million, representing a 77.44% increase compared to RMB 8,713.23 million in the previous fiscal year[14]. - The net profit attributable to shareholders for the same period was RMB 2,122.78 million, a slight increase of 0.13% from RMB 2,119.92 million in the prior year[14]. - The company's basic earnings per share for 2022 was RMB 0.99, unchanged from the previous year[12]. - The group's gross profit for the year ended December 31, 2022, was RMB 3,412.65 million, an increase of 10.34% from RMB 3,092.84 million in 2021, while the gross margin decreased to 22.07% from 35.50% in 2021[45]. - The operating cost for the fiscal year ending December 31, 2022, was RMB 12,048.19 million, an increase of 114.37% from RMB 5,620.39 million in the previous year[44]. Market Demand and Growth - In 2022, global photovoltaic (PV) demand remained strong, with the EU expected to add over 40 GW of new installations, a year-on-year increase of over 50%[6]. - China saw a total of 87.41 GW of new PV installations in 2022, marking a 59.3% year-on-year growth, with centralized PV accounting for 36.3 GW and distributed PV for 51.1 GW[7]. - The global photovoltaic installation demand continues to grow rapidly, driven by carbon neutrality and geopolitical conflicts, with significant increases in various markets[33]. - Brazil's new installations in 2022 reached 10.56GW, a year-on-year increase of 98.11%[34]. - The newly installed photovoltaic capacity in China reached 87.41 GW in 2022, a 59.3% increase year-on-year, marking the highest growth rate among power generation types[36]. Production Capacity and Expansion Plans - The company plans to expand its production capacity to enhance market competitiveness, including ongoing construction of the fourth phase project at its Anhui production base and plans for four new photovoltaic glass furnaces in Jiangsu Province[8]. - The company's total production capacity as of December 31, 2022, was 19,400 tons per day, with ongoing expansion projects in Anhui province planned to commence production in 2023[14]. - The company has initiated the construction of four photovoltaic glass furnaces in Nantong, Jiangsu province, each with a daily melting capacity of 1,200 tons[15]. - The company aims to meet downstream customer demands for larger and thinner glass products through capacity expansion, which is crucial for maintaining market share in the photovoltaic glass sector[8]. - The company plans to expand photovoltaic glass production capacity and enhance R&D to improve glass transmittance in response to downstream demand[38]. Financial Management and Capital Structure - The company plans to issue A-share convertible bonds totaling up to RMB 4 billion, with a net amount of RMB 3,976,921,200.33 after deducting issuance costs[17]. - The company has approved a non-public offering of A-shares not exceeding 509,068,000 shares, pending completion[18]. - The company aims to enhance its production capacity to meet the growing demand in the photovoltaic industry, thereby improving its competitive position in the market[154]. - The non-public issuance of A-shares is expected to raise approximately RMB 6,000 million, with specific allocations for various projects including RMB 193,000 million for the production of high-transmittance panels and RMB 227,000 million for ultra-thin panels[155]. - The company plans to use the funds primarily for repaying bank loans and operational expenses, with an expectation to fully utilize the raised capital within six months of receipt[156]. Employee and Governance Structure - As of December 31, 2022, the total number of employees in the group was 7,693, with total employee compensation amounting to RMB 734.89 million, accounting for 4.75% of total revenue[59]. - The company has a management team with extensive experience in the glass industry, including over 37 years for the founder and over 29 years for the executive director[70][72]. - The company emphasizes the importance of good corporate governance to ensure compliance with applicable laws and regulations[88]. - The board consists of four executive directors and three independent non-executive directors as of December 31, 2022[89]. - The company has adopted a Board Diversity Policy to ensure a balanced mix of skills, experience, and perspectives among board members, with measurable targets for diversity[108]. Risk Management and Compliance - The company faces significant risks related to the photovoltaic glass market, including potential decreases in demand and pricing due to macroeconomic factors[136]. - Compliance with various environmental laws and regulations is critical, as non-compliance could lead to penalties and adversely affect business operations[138]. - The company must adhere to strict environmental regulations in both China and Vietnam, which could impact production capacity and operational costs[140]. - The group has established a risk management and internal control system to safeguard assets and shareholder interests[119]. Shareholder Relations and Dividends - The board of directors did not recommend the payment of a final dividend for the year ending December 31, 2022, considering the company's funding needs[61]. - The company plans to propose a dividend of no less than 20% of distributable profits for the year, although no final dividend is recommended due to capital requirements[133]. - Shareholders holding more than 10% of voting shares can request the board to convene a special general meeting[122]. - The company maintains effective communication with shareholders and investors through various channels, including financial reports and annual meetings[125].

Financial Performance - Operating revenue for the third quarter reached RMB 3,910,228,312.56, an increase of 69.33% compared to the same period last year[3]. - Net profit attributable to shareholders was RMB 501,547,283.79, reflecting a growth of 10.03% year-on-year[3]. - Net profit attributable to shareholders after deducting non-recurring gains and losses was RMB 494,258,150.02, up by 10.90% compared to the previous year[3]. - Total revenue for the first three quarters of 2022 reached RMB 11,214,719,651.52, a significant increase from RMB 6,337,267,597.37 in the same period of 2021, representing an increase of approximately 77.5%[17]. - Operating profit for the first three quarters of 2022 was RMB 1,650,267,417.27, compared to RMB 1,944,537,321.97 in the same period of 2021, indicating a decrease of about 15.1%[17]. - Net profit for the first three quarters of 2022 was RMB 1,504,295,160.58, down from RMB 1,716,852,020.15 in the same period of 2021, reflecting a decline of approximately 12.4%[18]. - The company reported a basic earnings per share of RMB 0.70 for the first three quarters of 2022, down from RMB 0.80 in the same period of 2021[18]. Assets and Liabilities - Total assets at the end of the reporting period amounted to RMB 29,898,936,014.85, representing a 48.88% increase from the end of the previous year[4]. - Current assets reached RMB 11,700,478,980.18, up from RMB 8,898,302,425.61 in the previous year, indicating a growth of about 31.8%[15]. - Non-current assets totaled RMB 18,198,457,034.67, up from RMB 11,184,614,674.89, reflecting an increase of approximately 62.7%[15]. - The company reported a significant increase in fixed assets, which rose to RMB 9,130,187,893.87 from RMB 6,316,279,511.19, a growth of about 44.5%[15]. - Total liabilities as of September 30, 2022, amounted to RMB 16,150,671,014.47, up from RMB 8,272,748,027.71 as of December 31, 2021, representing an increase of approximately 95.5%[16]. - The company's total equity attributable to shareholders reached RMB 13,748,265,000.38 as of September 30, 2022, compared to RMB 11,810,169,072.79 at the end of 2021, an increase of about 16.4%[16]. - The company's short-term borrowings increased to RMB 3,014,599,770.84 as of September 30, 2022, compared to RMB 1,860,696,500.00 at the end of 2021, reflecting an increase of approximately 61.6%[16]. Cash Flow - The company experienced a significant increase in cash flow from operating activities, with a year-to-date increase of 219.10%[6]. - In the first three quarters of 2022, the cash inflow from operating activities was approximately RMB 5.81 billion, an increase of 50.2% compared to RMB 3.87 billion in the same period of 2021[20]. - The net cash flow from operating activities for the first three quarters of 2022 was RMB 1.07 billion, a significant improvement from a net outflow of RMB 900.43 million in the same period of 2021[20]. - The cash inflow from sales of goods and services in the first three quarters of 2022 was RMB 5.56 billion, a rise of 54.5% from RMB 3.59 billion in the same period of 2021[20]. - The company received RMB 3.98 billion from bond issuance in the first three quarters of 2022, with no comparable figure from the previous year[21]. - Cash received from borrowings in the first three quarters of 2022 was RMB 5.49 billion, an increase of 77.0% compared to RMB 3.10 billion in the same period of 2021[21]. - The cash outflow from investment activities in the first three quarters of 2022 was RMB 7.56 billion, compared to RMB 5.06 billion in the same period of 2021, indicating an increase of 49.4%[20]. - The net cash flow from financing activities for the first three quarters of 2022 was RMB 6.34 billion, up from RMB 3.85 billion in the same period of 2021, reflecting a growth of 64.5%[21]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 51,777[7]. - The company has a notable shareholder structure, with the top shareholder, Hong Kong Central Clearing (Agent) Limited, holding 20.96% of shares[8]. Research and Development - Research and development expenses increased to RMB 384,913,278.71 in the first three quarters of 2022, compared to RMB 303,236,157.80 in the same period of 2021, marking an increase of about 27%[17]. Operational Challenges - The decline in net profit was primarily due to a decrease in the average selling price of photovoltaic glass and rising costs of raw materials and energy[6].