截至月份: 2025年11月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 福耀玻璃工業集團股份有限公司 呈交日期: 2025年12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) | 03606 | 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 | | | 606,757,200 | RMB | | 1 RMB | | 606,757,200 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 606,757,200 | RMB | | 1 RMB | | 606,757,200 | | 2. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 | | | --- | -- ...

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11月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 福耀玻璃工業集團股份有限公司 呈交日期: 2025年12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) | 03606 | 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 | | | 606,757,200 | RMB | | 1 RMB | | 606,757,200 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 606,757,200 | RMB | | 1 RMB | | 606,757,200 | | 2. 股份分類 | 普通股 | 股份類別 | ...

Core Viewpoint - A-shares have lower trading costs and better market liquidity compared to H-shares, with a current premium of about 20% for A-shares as indicated by the Hang Seng AH Premium Index (HSAHP) being above 120. However, certain companies like CATL have shown a reverse phenomenon where H-shares are priced higher than A-shares [2][4]. Group 1: Market Dynamics - The phenomenon of H-shares trading at a premium over A-shares is attributed to the smaller market capitalization of H-shares compared to A-shares, leading to relative scarcity in liquidity [5]. - Among the six companies exhibiting this "inversion," three are newly listed, resulting in lower liquidity for H-shares, which can lead to inflated prices due to concentrated holdings by large institutions [5][6]. - As institutional investors gradually exit their positions, the liquidity of H-shares is expected to increase, potentially narrowing the premium of H-shares over A-shares [5]. Group 2: Characteristics of A-H Share Companies - Companies with inverted pricing typically share common traits: they are large enterprises with stable operating histories and solid financials, often in traditional industries like finance and energy [6]. - The valuation of these companies tends to be higher in the A-share market, reflecting differing expectations from overseas investors regarding future growth potential [6][8]. Group 3: Foreign Investment Preferences - Foreign investors prefer industry leaders that have a competitive edge in the market, which are often scarce in the international market [8]. - These leading companies usually possess strong brand recognition, stable profitability, and good governance structures, aligning with foreign investors' long-term investment criteria [8][9]. - The preference for H-shares over A-shares is also influenced by the perceived monopolistic characteristics of certain companies, which can lead to higher valuations in the H-share market [9].

Core Insights - A-shares have lower trading costs and better market liquidity compared to H-shares, with an overall premium of 20% for A-shares as indicated by the Hang Seng AH Premium Index (HSAHP) remaining above 120 [1][2] - A peculiar situation has arisen where H-shares of certain companies, such as CATL, are trading at higher prices than their A-shares, attributed to factors like limited liquidity and the preference of overseas investors for industry leaders [1][2][3] Group 1: Market Dynamics - The six companies experiencing H-share price premiums over A-shares include CATL, China Merchants Bank, Hengrui Medicine, Weichai Power, WuXi AppTec, and Midea Group, with others like Zijin Mining and BYD showing closer price alignment [2][3] - The phenomenon of "inverted pricing" is largely due to the smaller market capitalization of H-shares compared to A-shares, leading to relative scarcity in liquidity which drives up prices [2][3] Group 2: Investor Preferences - Foreign investors show a strong preference for industry leaders that are scarce in the international market, often leading to higher valuations for these companies in H-shares [4][5] - Companies with stable financials and established operational histories, particularly in traditional sectors like finance and energy, tend to attract more foreign investment, reflecting differing growth expectations between domestic and international investors [3][4] Group 3: Future Outlook - As large institutional investors gradually exit their positions, the liquidity of H-shares is expected to increase, potentially narrowing the premium of H-shares over A-shares [2][4] - The case of CATL illustrates this trend, where its H-share premium over A-shares decreased from over 30% to approximately 13% following the unlocking of shares held by certain investors [2][4]

Group 1: Economic Resilience and New Productive Forces - The conference in Guangzhou focused on the resilience of the Chinese economy and the concept of new productive forces, with participation from domestic and international entrepreneurs sharing their insights on China's economic development [1][4]. - Entrepreneurs emphasized the importance of traditional industries enhancing competitiveness and sustainable development, urging the adoption of new technologies and self-improvement [3][4]. Group 2: Insights from Chinese Entrepreneurs - Cao Dewang, founder of Fuyao Glass, highlighted that traditional manufacturing must maintain confidence and determination to navigate through changing times, noting that Fuyao Glass has become the world's largest automotive glass supplier with nearly 40% of the global market share [3][4]. - He also stressed the social responsibility of enterprises, stating that they should create value for the country and society, exemplified by his establishment of Fuyao University with a 10 billion yuan investment [3]. Group 3: Cultural and Tourism Development - Xie Tieniu, chairman of Zhengjia Group, discussed the essence of tourism as culture, advocating for projects that immerse international audiences in Chinese civilization, aligning with China's 14th Five-Year Plan to build a "tourism powerhouse" [4]. - He proposed a shift in the cultural tourism industry towards valuing cultural spirit and innovative experiences, moving away from reliance on natural scenery and historical sites [4]. Group 4: Foreign Perspectives on China's Economic Growth - Giovanni Di Giovanni, chairman of Eni China, noted that China's strategic decisions in cultivating new productive forces present dual opportunities for the energy sector, emphasizing the transition towards green innovation [5]. - He remarked on China's modernization process providing multinational companies with stable growth opportunities, supported by a large market and unique advantages in the new energy sector [5].

Group 1 - The core message emphasizes that understanding China involves observing the development of enterprises and industries, reflecting the nation's progress and characteristics [1][3] - Fuyao Glass Industry Group has become the world's largest automotive glass supplier, holding approximately 35% of the global market share, showcasing the success of Chinese manufacturing [3] - In the face of global economic turbulence, Fuyao Group achieved over 30% year-on-year growth in after-tax profits in the first three quarters, indicating strong production and sales performance [3] Group 2 - The company leverages digital technologies to enhance production efficiency and innovate products, such as lightweight low-carbon glass and smart dimming glass, to meet the core demands of new energy and smart vehicles [3] - Fuyao Group's founder, Cao Dewang, emphasizes the importance of social responsibility for sustainable development, highlighting the establishment of Fuyao University with a donation of 10 billion yuan to cultivate high-quality talent for China's industrial development [4] - The spirit of Chinese entrepreneurs is characterized by a commitment to societal concerns and contributions, reflecting a progressive symbol of the times [4]

Core Insights - The founder of Fuyao Glass, Cao Dewang, emphasized the importance of traditional industries enhancing their competitiveness and sustainable development while adapting to changes in the era [2][3] - Fuyao Glass has become the world's largest automotive glass supplier, holding nearly 40% of the global market share, with production bases and R&D centers in 18 provinces in China and 13 countries worldwide [2][3] - The company reported a net profit growth of over 30% year-on-year in the first three quarters, achieving both production and sales growth [3] Group 1: Company Strategy and Performance - Fuyao Glass has maintained a focus on its core business, resisting temptations to diversify into other lucrative sectors such as real estate and finance [2][3] - The company has embraced new technologies, including big data, the Internet of Things, and artificial intelligence, to enhance efficiency and productivity while remaining committed to its primary manufacturing focus [3][4] - Cao Dewang highlighted that the efficiency improvements over the past three years have nearly doubled, showcasing the benefits of adopting digital technologies [4] Group 2: Social Responsibility and Future Vision - Cao Dewang plans to invest 10 billion yuan to establish Fuyao University of Technology, reflecting a commitment to social responsibility and talent development [4] - The company aims to create unique value for the nation, society, and people, aligning with the spirit of contributing to societal progress [4]

Core Viewpoint - The founder and honorary chairman of Fuyao Glass Industry Group Co., Ltd., Cao Dewang, emphasized the responsibility of entrepreneurs to contribute to the country and society, beyond merely pursuing profits [1] Group 1 - The "Understanding China" International Conference for 2025 commenced in Guangzhou on December 1 [1] - Cao Dewang delivered a keynote speech during the conference, highlighting the importance of corporate social responsibility [1]

Core Viewpoint - The article discusses the contrasting paths of family business succession in China, using the cases of Zong Qinghou (Wahaha) and Cao Dewang (Fuyao Glass) to illustrate the importance of clear ownership, governance structures, and the development of successors through real-world experience [4][26]. Group 1: Ownership and Governance - The first step in family business succession is to clarify "who owns the business," which is influenced by the founder's understanding of property rights [6]. - Zong Qinghou's approach to ownership was characterized by a lack of clarity, leading to potential risks for Wahaha, while Cao Dewang established a clear ownership structure from the outset, ensuring Fuyao Glass's stability [9][11]. - The governance structure at Fuyao Glass includes independent directors and transparent financial practices, which help avoid conflicts of interest and ensure accountability [11][17]. Group 2: Leadership and Decision-Making - Zong Qinghou's leadership style was marked by unilateral decision-making, which worked in the early stages but became problematic as the company grew, leading to governance issues after his departure [13][14]. - In contrast, Cao Dewang emphasized the importance of checks and balances in governance, actively involving independent directors and ensuring that decisions were made collectively [16][17]. Group 3: Successor Development - The article highlights the difference in successor preparation between Zong Qinghou and Cao Dewang, with Zong's daughter, Zong Fuli, lacking practical experience, while Cao's son, Cao Hui, was trained through hands-on experience in the company [21][25]. - Cao Hui's journey from a factory worker to a strategic decision-maker exemplifies the value of real-world experience in developing capable leaders [25]. Group 4: Legacy and Corporate Responsibility - The contrasting legacies of the two founders illustrate different philosophies regarding corporate responsibility, with Cao Dewang integrating social responsibility into Fuyao's mission, while Zong Qinghou's approach was more self-centered [28][35]. - The article concludes that true succession is about passing on responsibilities and values rather than merely transferring power or wealth, emphasizing the need for a broader societal perspective in business [35].

Core Viewpoint - The article emphasizes that successful investing is not about being the smartest but about adhering to fundamental principles of value investing, which allows investors to avoid the pitfalls of competing with more intelligent market players [2][6]. Group 1: Value Investing Principles - Value investing is a win-win strategy that avoids competition with other investors, focusing instead on fundamental growth rather than market timing [6]. - Long-term tracking and research of companies within one's "circle of competence" can lead to better investment outcomes, as demonstrated by the performance of long-term bull stocks in the A-share market [2][7]. - The article highlights that the growth in earnings per share (EPS) of long-term bull stocks is primarily driven by fundamental improvements rather than valuation expansion [7]. Group 2: Historical Performance of Bull Stocks - The article provides data on several companies that have shown significant growth in EPS over the past 20 years: - Fuyao Glass: EPS increased from 0.39 CNY in 2004 to 2.87 CNY in 2024, a growth of 6.36 times, with total dividends of 14.85 CNY per share [7][8]. - Huayu Automotive: EPS grew from 0.22 CNY to 2.12 CNY, an increase of 8.59 times, with total dividends of 10.99 CNY per share [7][9]. - Changjiang Electric Power: EPS rose from 0.39 CNY to 1.33 CNY, a growth of 2.43 times, with total dividends of 10.05 CNY per share [7][9]. - The article includes a detailed table of various long-term bull stocks, showcasing their EPS growth and total dividends over the past two decades [8][9].