Financial Performance - The net profit attributable to the parent company for 2020 was RMB 1,628,783,787.63, with a net profit of RMB 271,498,436.12 for the parent company after statutory surplus reserve allocation[4]. - The proposed cash dividend distribution is RMB 1.50 per 10 shares, totaling RMB 321,928,988.10, which represents 27.57% of the net profit attributable to shareholders for the year[4]. - The accumulated undistributed profits as of the end of 2020 amounted to RMB 1,862,201,037.65 after accounting for the mid-year cash dividend distribution of RMB 127,049,000.00[4]. - The company's operating revenue for 2020 was CNY 6,260,417,792.26, representing a 30.24% increase compared to CNY 4,806,804,020.96 in 2019[18]. - The net profit attributable to shareholders for 2020 was CNY 1,628,783,787.63, a significant increase of 127.09% from CNY 717,243,708.67 in 2019[18]. - The net cash flow from operating activities reached CNY 1,701,167,319.70, up 233.43% from CNY 510,196,692.57 in the previous year[18]. - The company's total assets at the end of 2020 were CNY 12,265,800,375.02, a 30.59% increase from CNY 9,392,280,569.91 at the end of 2019[18]. - Basic earnings per share for 2020 were CNY 0.83, reflecting a 124.32% increase from CNY 0.37 in 2019[19]. - The weighted average return on equity for 2020 was 29%, an increase of 12 percentage points from 17% in 2019[19]. Revenue Breakdown - The company reported a quarterly revenue of CNY 2,243,847,135.77 in Q4 2020, contributing significantly to the annual growth[21]. - The revenue from photovoltaic glass in 2020 was 522,567.44 million CNY, up 39.4% from 374,770.37 million CNY in 2019[27]. - The photovoltaic glass sales revenue accounted for 83.47% of total operating income, indicating the critical role of the photovoltaic industry in the company's overall performance[69]. - The company's sales volume of photovoltaic glass was 184,922,758.82 square meters, an increase of 17.32% year-on-year[59]. Market Position and Industry Trends - The company is a leading glass manufacturer in China, focusing on photovoltaic glass, float glass, engineering glass, and household glass[26]. - In 2020, China's newly installed photovoltaic capacity was 48.2 GW, a 60% increase year-on-year, maintaining its position as the world's largest market for eight consecutive years[39]. - The cumulative installed photovoltaic capacity in China reached 253 GW by the end of 2020, a 23.5% increase from the previous year[39]. - The global photovoltaic industry saw a 13% year-on-year increase in newly installed capacity, totaling 130 GW in 2020[33]. - The company has established long-term partnerships with major photovoltaic module manufacturers, enhancing its market position[47]. Production and Capacity Expansion - The company has initiated the construction of five photovoltaic glass furnaces with a daily melting capacity of 1,200 tons in Fengyang, Anhui, expected to be operational in 2022[50]. - Two photovoltaic glass furnaces with a daily melting capacity of 1,000 tons in Haiphong, Vietnam, were successfully ignited and put into operation in Q4 2020 and Q1 2021[50]. - The company plans to accelerate the construction of additional photovoltaic glass furnaces in Anhui, with the first of these expected to be operational in Q1 2021[52]. - The company has a designed capacity of 375,000 tons of photovoltaic glass per year, with a capacity utilization rate of 90.72%[71]. Research and Development - The company has over 100 patents related to photovoltaic glass technology and has received multiple awards, including the National Key New Product Award[46]. - The company is enhancing its research and development capabilities, focusing on bifacial and large-sized glass to meet the differentiated demands of solar module manufacturers[53]. - Research and development expenses amounted to CNY 284,717,812.81, accounting for 4.55% of operating revenue, with 438 R&D personnel representing 12.73% of total employees[63]. Corporate Governance and Compliance - The company has established a clear framework for compliance with share transfer commitments to protect investor interests[97]. - The company emphasizes adherence to legal regulations and stock exchange rules regarding share transfers[99]. - The company has no major litigation or arbitration matters during the reporting period, indicating a stable legal standing[115]. - The company received a standard unqualified opinion from Deloitte on the effectiveness of its internal financial reporting controls for the year 2020[195]. Environmental and Safety Measures - The company’s environmental protection measures are in compliance with national standards, reducing the risk of penalties from regulatory bodies[89]. - The company has established a comprehensive emergency response plan for environmental incidents, with no major pollution or ecological damage events reported in 2020[139]. - The company's total share capital increased from 1,950,000,000 shares to 2,041,248,788 shares due to stock incentives and convertible bond conversions[151]. Shareholder Returns and Dividends - The company has established a dividend policy to ensure timely returns to shareholders and protect the interests of minority investors[103]. - The company committed to a three-year shareholder dividend return plan for 2020-2022, aiming to improve shareholder returns[109]. - The company’s cash dividend for the 2020 fiscal year was RMB 0.65 per share, totaling RMB 127,049,000 for the mid-year distribution[93]. Strategic Partnerships and Investments - The company has established a strategic partnership with multiple subsidiaries for the sale of photovoltaic glass, enhancing market expansion efforts[134]. - The company has ongoing projects with a total expected investment of RMB 9.235 billion, including a photovoltaic glass production facility in Vietnam and two projects with an annual capacity of 750,000 tons each[78]. Risks and Challenges - The company faces risks from the cyclical nature of the photovoltaic industry, which is influenced by macroeconomic factors and government policies[88]. - The company is subject to anti-dumping and countervailing duties imposed by the EU, with rates of 71.40% and 12.80% for its subsidiaries on photovoltaic glass exports[88]. - The company reported significant fluctuations in raw material prices, particularly for soda ash, quartz sand, and petroleum fuels, which could affect profitability[90].

Financial Performance - Net profit attributable to shareholders increased by 59.94% to CNY 811,733,308.15 for the period from January to September[5] - Operating revenue rose by 18.81% to CNY 4,016,570,656.49 for the same period[5] - Basic earnings per share increased by 61.54% to CNY 0.42[7] - The net profit after deducting non-recurring gains and losses rose by 66.20% to CNY 793,148,905.19[5] - The company reported a total profit of ¥431,986,840.77 for Q3 2020, up from ¥304,394,706.91 in Q3 2019, marking an increase of 41.83%[28] - Net profit for Q3 2020 was ¥350,927,089.83, representing a 42.55% increase from ¥246,103,920.22 in Q3 2019[28] - The total profit for the first three quarters of 2020 was ¥997,319,480.08, up from ¥614,801,503.02 in the same period of 2019, representing a growth of 62.32%[28] Assets and Liabilities - Total assets increased by 27.00% to CNY 11,927,849,882.52 compared to the end of the previous year[5] - Total liabilities increased to CNY 6,351,328,827.82 from CNY 4,879,392,181.91, representing a growth of approximately 30.2% year-over-year[22] - Current liabilities decreased to CNY 3,611,224,861.01 from CNY 4,454,089,196.28, a reduction of about 18.9%[22] - Non-current liabilities rose significantly to CNY 2,740,103,966.81 from CNY 425,302,985.63, marking an increase of approximately 543.5%[22] - The company’s long-term borrowings increased significantly to RMB 1,406,426,551.99, a 398.91% rise from RMB 281,902,410.30[13] - The total assets of the company reached RMB 11,927,849,882.52, compared to RMB 9,392,280,569.91 at the end of the previous year[20] Cash Flow - Net cash flow from operating activities surged by 684.31% to CNY 1,688,585,201.79 year-to-date[5] - Cash and cash equivalents increased significantly to RMB 2,372,510,989.85, up 287.03% from RMB 613,000,364.84 due to the proceeds from convertible bonds[12] - The cash flow from operating activities for the first three quarters of 2020 was approximately ¥1.69 billion, a substantial increase from ¥215 million in the same period of 2019[35] - The total cash inflow from operating activities was ¥3,266,048,150.72, compared to ¥2,131,488,123.18 in the same period last year, reflecting a significant increase[37] - The net cash flow from financing activities amounted to ¥1,613,343,587.98, an increase from ¥516,380,036.39 in the previous year[36] Shareholder Information - The total number of shareholders at the end of the reporting period was 19,968[10] - The largest shareholder, Hong Kong Central Clearing, holds 23.34% of the shares[10] Research and Development - The company reported a substantial increase in R&D expenses, totaling RMB 176,033,280.28, which is a 23.92% rise from RMB 142,059,127.55 year-over-year[14] - Research and development expenses in Q3 2020 amounted to ¥76,239,891.91, which is a significant increase of 102.06% compared to ¥37,668,122.94 in Q3 2019[27] - Research and development expenses for the first three quarters of 2020 amounted to approximately ¥94.07 million, up from ¥63.77 million in the same period of 2019, showing a significant increase of 47.5%[31] Equity and Comprehensive Income - Total equity attributable to shareholders increased to CNY 5,576,521,054.70 from CNY 4,512,888,388, reflecting a growth of about 23.6%[22] - Total comprehensive income for Q3 2020 was ¥332,850,802.55, up from ¥264,988,925.82 in Q3 2019, reflecting a growth of 25.66%[29] Investment Activities - The total cash outflow from investment activities was approximately ¥4.56 billion in the first three quarters of 2020, compared to ¥1.04 billion in the same period of 2019, indicating increased investment activity[35] - The company reported a total cash inflow from investment activities of approximately ¥1.96 billion in the first three quarters of 2020, compared to ¥85 million in the same period of 2019[35]

Financial Performance - The company's revenue for the first half of 2020 was RMB 2,496,203,887.51, representing a 22.69% increase compared to RMB 2,034,635,569.48 in the same period last year[16]. - The net profit attributable to shareholders for the first half of 2020 was RMB 460,806,218.32, a significant increase of 76.27% from RMB 261,419,486.90 in the previous year[16]. - The net cash flow from operating activities reached RMB 803,871,281.69, marking a substantial increase of 645.55% compared to RMB 107,822,662.36 in the same period last year[16]. - The total assets of the company as of June 30, 2020, were RMB 11,193,365,053.2, which is a 19.18% increase from RMB 9,392,280,569.91 at the end of the previous year[16]. - The net profit after deducting non-recurring gains and losses was RMB 452,402,985.38, a 91.79% increase from RMB 235,887,709.93 in the same period last year[16]. - The basic earnings per share for the first half of 2020 were RMB 0.24, up 71.43% from RMB 0.14 in the same period last year[17]. - The weighted average return on equity increased to 10%, up 3 percentage points from 7% in the previous year[17]. - The total comprehensive income for the first half of 2020 was RMB 469,525,554.23, compared to RMB 259,203,121.94 in the previous year, which is an increase of approximately 81%[106]. Cash Flow and Investments - The company reported a substantial increase in cash and cash equivalents, reaching approximately RMB 2.27 billion, a 270.80% increase compared to the same period last year[41]. - The company's investment activities generated a net cash outflow of approximately RMB 1.97 billion, a 293.73% increase in outflow compared to the previous year[39]. - The company reported a net cash flow from operating activities of ¥803,871,281.69 for the first half of 2020, a significant increase from ¥107,822,662.36 in the same period of 2019, representing a growth of approximately 642.5%[110]. - Cash inflow from financing activities totaled ¥3,393,209,305.84, a substantial increase from ¥1,076,685,977.69 in the same period last year, representing a growth of approximately 214.5%[111]. Business Operations - The main business of the company includes the research, production, and sales of photovoltaic glass, float glass, engineering glass, and household glass, with photovoltaic glass being the primary product[20]. - The company has established long-term stable relationships with suppliers for key raw materials, including soda ash, quartz sand, and petroleum fuels, ensuring effective procurement management[21]. - The sales model primarily consists of direct sales to end-users, with trade customers playing a supplementary role, and the company does not engage in authorized distribution[22]. - The company has established a stable sales channel and long-term partnerships with major global photovoltaic module manufacturers, including Longi Green Energy, JinkoSolar, and Hanwha Group[30]. Market and Industry Trends - The photovoltaic glass industry is closely linked to the development of the photovoltaic sector, with the quality of glass directly impacting the lifespan and efficiency of solar modules[23]. - The domestic photovoltaic glass industry has transitioned from reliance on imports to becoming a major global producer, with exports reaching approximately 129,900 tons in January 2016, accounting for about one-third of total production, a year-on-year increase of 7.74%[24]. - The market share of leading companies in the photovoltaic glass industry is concentrated, with Xinyi Solar holding the top position domestically and globally, while Fuyao Glass is the second largest producer[25]. - The domestic photovoltaic glass industry has seen significant growth, with major glass manufacturers planning to expand production lines overseas, including a planned expansion in Vietnam[24]. Research and Development - The company has over 100 patents related to photovoltaic glass technology and has received multiple awards, including the National Key New Product Award from the Ministry of Science and Technology of China[29]. - The company aims to enhance product competitiveness through technological development and scale expansion to improve production efficiency and reduce costs[25]. - Research and development expenses for the first half of 2020 were CNY 51,500,336.70, slightly higher than CNY 49,848,427.12 in the same period last year, reflecting a growth of about 3.3%[107]. Environmental and Regulatory Compliance - The company has implemented effective environmental protection measures, ensuring that its pollutant emissions are within regulatory limits, thus mitigating potential environmental risks[48]. - The company has passed various international certifications, including ISO9001, ISO14001, and Swiss SPF certification, ensuring high product quality and compliance with global standards[30]. - The company has a management team with over ten years of industry experience, contributing to its competitive advantage in cost control and product quality stability[31]. Shareholder and Corporate Governance - The company plans to distribute a cash dividend of RMB 0.65 per 10 shares to shareholders, with no plans for stock dividends or capital reserve transfers[4]. - The company held its annual general meeting on June 29, 2020, to discuss key resolutions and future strategies[50]. - The commitments made by the actual controllers and shareholders are aimed at maintaining market stability and protecting investor interests[54]. - The company appointed Deloitte Huayong as the auditor for the 2020 financial statements, with the term lasting until the conclusion of the 2020 annual general meeting[59]. Financial Position and Liabilities - The company's debt-to-asset ratio for the first half of 2020 was 53.20%, indicating a reasonable level of debt[78]. - The total liabilities decreased to RMB 3,696,632,123.21 from RMB 4,454,089,196.28, a decline of 17.0%[98]. - The company has not yet converted any of the convertible bonds, with a total unconverted amount of ¥1,450,000,000[76]. - The company reported a total of 915,189.95 RMB in forward foreign exchange contracts at the end of the period, compared to 666,463.87 RMB at the beginning, indicating a significant increase of approximately 37.2%[45]. Accounting and Financial Reporting - The financial statements for the first half of 2020 were approved by the board on August 4, 2020, and comply with the relevant accounting standards[127]. - The company adheres to the accounting policies specific to the glass manufacturing industry, including revenue recognition and asset depreciation[130]. - The company’s financial reporting includes both consolidated and individual financial statements, reflecting the performance of its subsidiaries[136].

FGC 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 年度報告2019 目錄 公司資料2 主席報告4 五年財務概要6 管理層討論與分析7 董事、監事及高級管理層簡歷 18 企業管治報告 26 董事會報告 44 監事會報告 53 獨立核數師報告 55 合併資產負債表 59 母公司資產負債表 61 合併利潤表 63 母公司利潤表 64 合併現金流量表 65 母公司現金流量表 66 合併股東權益變動表 67 母公司股東權益變動表 69 財務報表附註 71 補充資料 249 公司資料 獨立非執行董事 監事 董事 執行董事 阮洪良先生（董事會主席） 姜瑾華女士 魏葉忠先生 沈其甫先生 崔曉鐘先生 華富蘭女士 吳其鴻先生 鄭文榮先生（監事會主席） 沈福泉先生 祝全明先生 張紅明女士（辭任生效於二零一九年九月二十三日） 孟利忠先生（辭任生效於二零一九年九月二十三日） 鈕麗萍女士（委任於二零一九年九月二十三日） 張惠珍女士（委任於二零一九年九月二十三日） 審核委員會 崔曉鐘先生（主席） 華富蘭女士 吳其鴻先生 薪酬委員會 崔曉 ...

Financial Performance - The company's operating revenue for 2019 was approximately CNY 4.81 billion, an increase of 56.89% compared to CNY 3.06 billion in 2018[14]. - The net profit attributable to shareholders for 2019 was approximately CNY 717.24 million, representing a growth of 76.09% from CNY 407.31 million in the previous year[14]. - The net profit after deducting non-recurring gains and losses was approximately CNY 687.93 million, an increase of 85.64% compared to CNY 370.58 million in 2018[14]. - The total revenue for 2019 was CNY 475,588.67 million, compared to CNY 303,980.17 million in 2018, showing a growth of 56.38%[23]. - The basic earnings per share for 2019 was CNY 0.37, representing a 60.87% increase compared to CNY 0.23 in 2018[15]. - The total comprehensive income for 2019 was RMB 727,864,542.07, compared to RMB 418,586,340.18 in 2018, marking a 73.8% increase[163]. - The company reported a net profit of CNY 62.48 million for Zhejiang Jiafu Glass Co., Ltd., highlighting its significant contribution to overall performance[66]. Cash Flow and Assets - The net cash flow from operating activities for 2019 was approximately CNY 510.20 million, up 18.40% from CNY 430.91 million in 2018[14]. - The total assets at the end of 2019 were approximately CNY 9.39 billion, a 35.07% increase from CNY 6.95 billion at the end of 2018[14]. - The company's total liabilities increased to CNY 4.45 billion in 2019, up from CNY 2.93 billion in 2018, representing a growth of 52%[158]. - The company's cash and cash equivalents decreased to CNY 613 million in 2019 from CNY 683 million in 2018, a decline of 10%[157]. - Accounts receivable rose significantly to CNY 1.98 billion in 2019, compared to CNY 911 million in 2018, marking an increase of 117%[157]. - The company reported a significant increase in cash inflow from sales of goods and services, totaling RMB 4,515,888,387.61 in 2019, compared to RMB 3,304,200,550.98 in 2018, which is an increase of about 36.6%[167]. Dividends and Shareholder Returns - The company did not propose any dividend distribution for the year 2019 due to funding needs[3]. - In 2019, the company distributed a cash dividend of 0.27 RMB per 10 shares, representing 7.34% of the net profit attributable to ordinary shareholders, which amounted to approximately 717.24 million RMB[80]. - The company has maintained a consistent approach to shareholder returns, with a focus on cash dividends over stock dividends[79]. - The company approved a cash dividend policy during the shareholders' meeting on June 24, 2019, emphasizing cash dividends as the primary method of profit distribution for the next three years (2019-2021)[79]. Market Position and Strategy - The company is a leading glass manufacturer in China, focusing on photovoltaic glass, float glass, engineering glass, and home glass[22]. - The company aims to enhance product competitiveness through technological development and expand production scale to improve efficiency and reduce costs[30]. - The company has begun constructing a production line in Vietnam, indicating market expansion efforts[28]. - The company is focused on becoming a global leader in photovoltaic glass production and R&D, with a complete photovoltaic glass industry chain[70]. - The company has established long-term partnerships with major photovoltaic component manufacturers, transitioning from reliance on imports to domestic procurement[34]. Research and Development - Research and development expenses amounted to ¥204.15 million, a significant increase of 80.27% from ¥113.25 million in the previous year, accounting for 4.25% of total revenue[54]. - The company plans to enhance research and development in photovoltaic glass production technology to improve transparency and efficiency[43]. - The company is investing 50 million in R&D for new technologies aimed at enhancing product efficiency[128]. - The company is focusing on R&D for new products, including high-reflective white back glass for double-glass components and 2.8mm high-transmittance ultra-thin coated glass[72]. Risks and Challenges - The company has described potential risks in its operations, which investors should pay attention to[4]. - The company faces risks from fluctuations in the photovoltaic industry, including dependency on government policies and potential trade disputes[76]. - The company is exposed to raw material price volatility, particularly for soda ash and quartz sand, which could impact cost control and profitability[78]. - The company has implemented safety measures but remains at risk for production accidents due to the nature of its manufacturing processes[78]. Governance and Compliance - The audit report for the financial statements was issued by Deloitte, confirming the accuracy and completeness of the financial report[3]. - The company has established a governance structure that includes a shareholders' meeting, board of directors, supervisory board, and senior management, ensuring clear responsibilities and compliance with regulations[141]. - The company has not reported any significant internal control deficiencies during the reporting period[149]. - The independent auditor confirmed that the financial statements fairly present the company's financial position and results of operations[152].

Financial Performance - Operating revenue for the first nine months was ¥3,380,557,421.4, representing a growth of 49.71% compared to the same period last year[6] - Net profit attributable to shareholders of the listed company was ¥507,523,407.12, a 75.08% increase year-on-year[6] - Net profit attributable to shareholders after deducting non-recurring gains and losses was ¥477,219,919.89, up 74.34% from the previous year[6] - Basic earnings per share rose to ¥0.26, a 62.5% increase compared to ¥0.16 in the same period last year[6] - The company's net profit for the period was ¥107,278,095.90, a 112.97% increase from ¥50,371,665.51, reflecting overall profit growth[16] - Net profit attributable to shareholders for the first three quarters of 2019 was ¥1,742,274,873.81, an increase from ¥1,656,733,410.15 in the same period of 2018[25] - The total comprehensive income attributable to the parent company for Q3 2019 was approximately ¥264.99 million, compared to ¥93.32 million in Q3 2018[31] - The company achieved a total comprehensive income for the first three quarters of 2019 of approximately ¥524.19 million, compared to ¥307.32 million in the same period of 2018[31] Assets and Liabilities - Total assets at the end of the reporting period reached ¥8,540,494,658.97, an increase of 22.82% compared to the end of the previous year[5] - The company's total assets saw a significant change, with fixed assets increasing by 42.20% to ¥3,080,490,177.69 from ¥2,166,275,875.65, due to the transfer of construction projects to fixed assets[13] - The total liabilities of the company reached approximately CNY 4.18 billion, compared to CNY 3.28 billion in the previous year, indicating an increase of around 27.4%[22] - The company's total liabilities increased significantly, with accounts payable rising by 34.61% to ¥1,637,603,909.78 from ¥1,216,541,204.11, indicating higher supplier balances[13] - The total assets as of Q3 2019 amounted to ¥5,415,484,138.77, up from ¥4,760,685,409.52 in Q3 2018, representing an increase of 13.7%[25] - The total liabilities for Q3 2019 were ¥2,178,435,244.18, compared to ¥1,863,562,929.59 in Q3 2018, reflecting a rise of 16.9%[25] Cash Flow - Cash flow from operating activities for the first nine months was ¥215,296,633.48, down 33.40% from ¥323,257,456.69 in the previous year[5] - The company reported a decrease in cash flow from operating activities, which may impact future liquidity and operational flexibility[20] - Operating cash inflow for the first three quarters of 2019 was CNY 3,127,106,421.19, compared to CNY 2,432,649,678.06 in the same period of 2018, representing an increase of approximately 28.5%[36] - Net cash flow from operating activities was CNY 215,296,633.48, a decrease from CNY 323,257,456.69 in the same period last year, reflecting a decline of approximately 33.4%[37] - The company experienced a net decrease in cash and cash equivalents of CNY 219,764,607.14 during the period, compared to a decrease of CNY 167,203,735.08 in the same period last year[38] Shareholder Information - Net assets attributable to shareholders of the listed company amounted to ¥4,361,344,897.82, reflecting an 18.88% increase year-on-year[5] - The total number of shareholders at the end of the reporting period was 36,738, with the largest shareholder holding 23.18% of the shares[10] - The company's equity attributable to shareholders rose to approximately CNY 4.36 billion from CNY 3.67 billion, reflecting an increase of about 18.8%[22] Research and Development - Research and development expenses rose to ¥142,059,127.55, marking a 75.68% increase from ¥80,864,649.05, attributed to new R&D projects[15] - Research and development expenses for Q3 2019 were ¥37,668,122.94, compared to ¥31,046,247.58 in Q3 2018, indicating a year-over-year increase of 21.5%[28] Operational Highlights - The company's operating revenue for Q3 2019 reached ¥3,380,557,421.40, representing a 49.71% increase compared to ¥2,258,017,033 in the previous year, primarily due to the expansion in photovoltaic glass sales[15] - Total operating revenue for Q3 2019 reached ¥1,345,921,851.92, a significant increase of 69.2% compared to ¥795,605,301.13 in Q3 2018[27] - Total operating costs for Q3 2019 were ¥1,060,694,159.17, up from ¥705,156,192.18 in Q3 2018, reflecting a year-over-year increase of 50.5%[27] - Operating profit for Q3 2019 was ¥300,081,998.66, compared to ¥92,363,429.60 in Q3 2018, indicating a substantial growth of 225.5%[28]