点击蓝字关注我们 "玻璃大王"曹德旺 长江商报记者 潘瑞冬 10月16日，福耀玻璃（600660.SH、03606.HK）完成代际传承。79岁的曹德旺将董事长职务正式交予长子曹晖，为企业长达37年的创始人时代画上句号。 在资本市场与大众视野里，曹德旺是中国最具知名度的企业家之一。这源于他在实业与慈善两方面的成就。 曹德旺是"玻璃大王"。他一手创办的福耀玻璃已是全球最大汽车玻璃制造商，全球每3块汽车玻璃，就有1块来自福耀玻璃。 曹德旺还是"中国首善"。根据他创立的河仁慈善基金会的官网数据，从1983年第一次捐款至今，曹德旺的累计个人捐款已达160亿元。他热忱教育，希望 培养出社会急需的拔尖创新人才，他承诺捐款100亿元创办的福耀科技大学已于9月开始招生。 "真正的企业家要做到三点：国家会因为有你而强大，社会会因为有你而进步，人民会因为有你而富足。"曹德旺以身作则，用实际行动诠释了企业家的社 会责任。 几十年如一日做汽车玻璃，曹德旺引领了中国汽车玻璃行业走向世界。 1946年，曹德旺出生于福建福清，自幼家贫，初中就辍学为家计奔波，尝遍了生活的艰辛。 辗转过各种生计之后，1976年，已经30岁的曹德旺迎来人生转折点 ...

公司3Q25归母净利润22.6亿元(人民币，下同)，同比/环比+14.1%/-18.6，基本符合该行预期，但低于VA 的27亿元的一致预期。1)收入：3Q25营收118.6亿元，同比/环比+18.9%/+2.7%，延续稳健增长。前三季 汽玻收入304亿元，同比增长18.2%，显著高于同期中国汽车产量增速(+13.3%)及全球汽车产量增速 (<2%)。2)毛利率：3Q25毛利率37.9%，同比/环比-0.9ppt/-0.6ppt，略微下滑受给厂家返利环比增加以及 新工厂爬坡短期扰动。3)费用率：3Q25管理/销售/研发费用率为7.6%/2.7%/4.3%，同比+0.1ppt/-1.6ppts/ 持平，环比+0.2ppt/-0.1ppt/+0.3ppt，销售费用有所改善，三费合计同比下降1.5ppts，环比微升0.4ppt。4) 净利率：3Q25净利率19.1%，同比/环比-0.8ppt/-5.0ppts，环比下降受上半年汇兑收益高基数影响。剔除 影响后，核心盈利能力稳健。 ASP提升空间仍大，铝饰条成新增长点，新管理层开始接班 1)高附加值产品驱动ASP增长：前三季度高附加值产品占比达52.2%，同比提升4.9 ...

智通财经APP获悉，招商证券香港发布研报称，福耀玻璃(03606)汽玻ASP具有长期增长潜力，开拓铝饰 条等新业务，令内生增长动力强。维持2025-27年核心利润预测不变(已剔除汇兑对业绩扰动)。维持"增 持"评级，维持目标价86港元，相当于20x FY26P/E(维持)，略低于公司历史平均向上一个标准差(21x)。 维持汽零首推股之一。 ASP提升空间仍大，铝饰条成新增长点，新管理层开始接班 1)高附加值产品驱动ASP增长：前三季度高附加值产品占比达52.2%，同比提升4.9ppts，带动ASP同比 增长6.9%。全景天幕、HUD抬头显示、钢化夹层、镀膜隔热及ADAS等高附加值产品渗透率持续提升。 公司预计未来十年汽车玻璃ASP将有望翻倍增长，驱动力来自智能化、舒适化及智慧座舱渗透率提升。 2)铝饰条业务指引强劲：前三季度国内铝饰条业务收入9.5亿元，同增27.7%;海外SAM项目持续减亏。 铝饰条规划至2028年营收目标55–60亿元，占全球市场份额约三分之一。国内福清、长春新增产线推进 顺利，上海嘉定新厂预计2026上半年投产，重庆工厂筹建中。3)美国工厂向好：美国工厂3Q25利润率 13.6%，环比- ...

16日晚，福耀玻璃发布一则167字公告，宣告了一个时代的交替。 曹德旺辞任董事长，其子曹晖接班。没有锣鼓喧天，没有红毯铺地，这家市值1745亿元的全球汽车玻璃巨头，在平静中完成了掌舵者的更替。 在福耀玻璃今年前三季度取得净利润70.6亿元、同比增长28.9%的亮眼时刻交棒，曹德旺选择的时机恰到好处。 这位79岁的"玻璃大王"并未完全退隐，他将继续担任公司董事及终身荣誉董事长，以另一种方式为他一手打造的玻璃帝国保驾护航。 这场被外界称赞为"平稳过渡"的权力交接，背后是一位父亲长达36年的苦心栽培，是一部中国家族企业传承的教科书式案例，更是一段关于成长、放手与 传承的动人故事。 | 姓名 | 离任职务 | 高任时间 | 原定任期 | 高任原因 | 是否继续在 上市公司及 | 是否存在 未履行完 | | --- | --- | --- | --- | --- | --- | --- | | | | | 到期日 | | 其控股子公 | 毕的公开 | | | | | | | 司任职 | 承诺 | | 曾德旺 | 董事长 | 2025 年 10 月16日 | 2027 年 1 月 15 日 | 排动公司治理 结构战略性优 ...

格隆汇10月20日丨根据联交所最新权益披露资料显示，2025年10月15日，福耀玻璃(03606.HK)遭 Mitsubishi UFJ Financial Group, Inc.在场内以每股均价73.8368港元减持好仓57.72万股，涉资约4261.86万 港元。 减持后，Mitsubishi UFJ Financial Group, Inc.最新持好仓数目为3615.84万股，持好仓比例由6.05%下降至 5.95%。 | SURE | 大發東/鹽聯產高行政人員名稱作出發體的 廣入 / 青田或多及的 每股勢平均價 | | | | | 持有哪些的股份數目 佔已發行的 有關事件的日期 相談法蘭股份 價權簡單益 | | --- | --- | --- | --- | --- | --- | --- | | | | 1999 | 加固原日 | | | (網動製上班*註 有投團權股(日/月/年) 經臣 | | | | | | | | 司司分比 | | GS20251017E00041 | Mitsubishi UFJ Financial | 1201(L) | | 577,200(L) | HKD 73 8368 ...

Group 1 - As of October 20, a total of 79 A-share listed companies have disclosed their Q3 2025 reports, with 66 companies reporting profits and 13 companies reporting losses [1][2] - The total revenue of these companies reached 833.56 billion yuan, representing a year-on-year increase of 10.61%, while the total net profit was 89.86 billion yuan, reflecting a year-on-year increase of 40.79% [1] - From the perspective of net profit changes, 59 companies reported an increase in net profit year-on-year, while 20 companies reported a decline [1] Group 2 - Among the companies reporting, 21 companies achieved a net profit growth exceeding 50%, with Guanghua Technology, Shijia Photon, and Shentong Technology leading the way with growth rates of 1233.70%, 727.74%, and 584.07% respectively [2] - Twelve companies reported net profits exceeding 1 billion yuan, with Zijin Mining, Hikvision, and Fuyao Glass at the forefront, reporting net profits of 37.86 billion yuan, 9.32 billion yuan, and 7.06 billion yuan respectively [2] - Notably, companies such as Xingwang Yuda, Yangjie Technology, and Darui Electronics reported significant net profit growth rates of 260.00%, 45.51%, and 26.84% respectively [1]

长江商报消息 ●长江商报记者 潘瑞冬 10月16日，福耀玻璃（600660.SH、03606.HK）完成代际传承。79岁的曹德旺将董事长职务正式交予长 子曹晖，为企业长达37年的创始人时代画上句号。 在资本市场与大众视野里，曹德旺是中国最具知名度的企业家之一。这源于他在实业与慈善两方面的成 就。 曹德旺是"玻璃大王"。他一手创办的福耀玻璃已是全球最大汽车玻璃制造商，全球每3块汽车玻璃，就 有1块来自福耀玻璃。 曹德旺还是"中国首善"。根据他创立的河仁慈善基金会的官网数据，从1983年第一次捐款至今，曹德旺 的累计个人捐款已达160亿元。他热忱教育，希望培养出社会急需的拔尖创新人才，他承诺捐款100亿元 创办的福耀科技大学已于9月开始招生。 "真正的企业家要做到三点：国家会因为有你而强大，社会会因为有你而进步，人民会因为有你而富 足。"曹德旺以身作则，用实际行动诠释了企业家的社会责任。 "玻璃大王"曹德旺 几十年如一日做汽车玻璃，曹德旺引领了中国汽车玻璃行业走向世界。 1946年，曹德旺出生于福建福清，自幼家贫，初中就辍学为家计奔波，尝遍了生活的艰辛。 辗转过各种生计之后，1976年，已经30岁的曹德旺迎来人生 ...

Core Viewpoint - The recent retirement of Cao Dewang, the chairman of Fuyao Glass, has raised concerns among investors about the company's future performance and leadership transition [1][3]. Group 1: Leadership Transition - Cao Dewang's retirement marks a significant change for Fuyao Glass, with his son, Cao Hui, taking over the leadership role, which has led to uncertainty among investors regarding the company's stability [1][3]. - The transition is seen as risky, as Cao Hui has not previously held full decision-making power despite his long tenure at the company [7][9]. - The legacy of Cao Dewang, who built Fuyao into a leading global glass manufacturer, creates high expectations and pressure on Cao Hui to maintain the company's success [9][11]. Group 2: Company Culture and Legacy - The company culture and identity are closely tied to Cao Dewang, making it challenging for the new leadership to establish their own presence while managing the legacy [13][29]. - The perception of the company among investors is heavily influenced by the founder's reputation, indicating that leadership changes can lead to volatility in stock prices [15][27]. - The transition reflects a broader trend in Chinese family businesses, where the next generation faces the challenge of stepping out of the shadow of their predecessors [27][30]. Group 3: Future Challenges and Opportunities - Fuyao Glass must adapt to a rapidly changing global environment, including advancements in technology and shifts in market dynamics, which require innovative strategies [21][23]. - The company needs to evolve from a founder-driven model to a more structured governance system to ensure long-term sustainability and growth [23][25]. - The future success of Fuyao will depend on Cao Hui's ability to navigate these challenges while leveraging the existing company framework and culture established by his father [21][30].

Summary of Fuyao Glass Industry Group Conference Call Company Overview - **Company**: Fuyao Glass Industry Group - **Industry**: China Autos & Shared Mobility - **Ticker**: 3606.HK - **Market Cap**: Rmb173,744 million - **Current Stock Price**: HK$71.60 (as of October 16, 2025) - **Price Target**: HK$59.00, indicating an 18% downside potential [6][6][6] Key Financial Results - **3Q25 Earnings**: Rmb2.3 billion, a 14% increase YoY but a 19% decrease QoQ, slightly below expectations due to a Rmb0.5 billion decline in financial income attributed to smaller FX gains [1][1][1] - **Group Revenue**: Increased by 19% YoY and 3% QoQ to a record Rmb11.9 billion, outperforming global light vehicle production growth of 4.4% YoY and a decline of 1.3% QoQ, suggesting potential market share gains and average selling price (ASP) expansion [2][2][2] - **Gross Margin**: Grew by 0.5 percentage points YoY but fell by 0.6 percentage points QoQ to 37.1%, with the decline attributed to sales mix, OEM price pressure, and the ramp-up of a new plant in China [3][3][3] - **Operating Profit**: Rose by 22% YoY to Rmb2.7 billion, indicating an EBIT margin of 22.6%, up 0.6 percentage points YoY [3][3][3] Management Changes - **Chairman Resignation**: Chairman Cao Dewang resigned and will be succeeded by his son, Cao Hui, who has been a director since 1998 [3][3][3] Future Outlook and Focus Areas - **Key Focus Areas for Upcoming Earnings Call**: - 4Q25 and 2026 vehicle production outlook - Adoption of value-accretive products - Trends in raw material prices and gross margin trajectory - Capacity utilization and overseas market share expansion [8][8][8] Risks and Opportunities - **Upside Risks**: - Higher-than-expected growth in China auto sales - Acceleration in market share gains in the US/EU - Resolution of geopolitical tensions [11][11][11] - **Downside Risks**: - Slowdown in China's passenger vehicle market - Delays in ramping up the US plant - Increases in energy and material costs [11][11][11] Valuation Methodology - **Valuation Assumptions**: - A base case price target assumes a 1.15 HKD/RMB FX rate with a 20% valuation discount due to varying investor profiles and deteriorating H-share market sentiment [9][9][9] Conclusion - Fuyao Glass Industry Group demonstrated solid year-over-year growth in earnings and revenue, although it faced sequential declines in certain financial metrics. The company is navigating management changes and is focused on expanding its market presence while managing risks associated with the automotive industry. The upcoming earnings call will provide further insights into its strategic direction and market outlook.

Group 1 - Cao Dewang, known as the "Glass King," has announced his early resignation as chairman of Fuyao Glass, with his son, Cao Hui, set to take over the role, marking a new era for the company that holds a one-third share of the global automotive glass market [5] - He Xiaopeng, CEO of Xpeng Motors, stated at the 2025 Sustainable Global Leaders Conference that the market share of flying cars is expected to surpass that of traditional cars, with plans for mass production of flying cars next year [5] Group 2 - Vanke announced the resignation of Xin Jie as non-executive director and chairman, with Huang Liping elected as the new chairman, ensuring the board's normal operation will not be affected [6] - The three major telecom operators in China have officially launched eSIM mobile services, with over 70,000 online reservations reported for China Unicom's eSIM service [7] Group 3 - Qian Wenhai is proposed to be appointed as the chairman of Zheshang Securities, with the company set to follow legal procedures for the election [8] - Li Qian has resigned from his position as deputy general manager of GF Securities due to personal work changes, and will no longer hold any positions within the company [9] Group 4 - Haier Consumer Finance has appointed Zhou Wenlong as the new general manager, following a year-long vacancy, amidst a wave of personnel changes in the consumer finance industry [10] - Bosera Funds announced the appointment of Zhang Dong as chairman, who will also serve as the acting general manager, focusing on high-quality development and investor services [11]