Investment Rating - The report maintains a "Buy" rating for Fuyao Glass (600660) [2][7]. Core Insights - Fuyao Glass reported significant growth in Q2 2025, with revenue reaching RMB 21.447 billion, a year-on-year increase of 16.94%, and net profit attributable to shareholders of RMB 4.808 billion, up 37.33% year-on-year [7]. - The company's Q2 2025 single-quarter revenue was RMB 11.537 billion, reflecting a year-on-year growth of 21.39% and a quarter-on-quarter increase of 16.42% [7]. - The gross margin for Q2 2025 was 38.49%, a substantial increase of 3.08 percentage points from the previous quarter, indicating improved profitability [7]. - The company has initiated a mid-term dividend, distributing cash dividends of RMB 0.90 per share, which accounts for 48.88% of the net profit attributable to shareholders for H1 2025 [7]. - The net profit margin for Q2 2025 was 24.07%, with a quarter-on-quarter increase of 3.57 percentage points and a year-on-year increase of 1.83 percentage points, driven by strong revenue and gross margin performance [7]. - Capital expenditures increased significantly, with cash payments for fixed assets and other long-term assets amounting to RMB 2.861 billion in H1 2025, including RMB 470 million for the Fuyao US automotive glass project [7]. - The forecast for net profit attributable to shareholders for 2025-2027 is RMB 10.290 billion, RMB 11.880 billion, and RMB 13.838 billion, respectively, with corresponding PE ratios of 15.94, 13.80, and 11.85 [8].

Investment Rating - The report maintains a positive outlook on the automotive industry, indicating an "Overweight" rating for the sector, suggesting it will outperform the overall market [4][16]. Core Insights - The report highlights the strong performance of Tianzhun Technology, Fuyao Glass, and Xingyu Co., emphasizing their competitive advantages and growth potential in the automotive sector [3][4][6][7]. - Tianzhun Technology is expected to benefit significantly from the release of NVIDIA's Orin chip, enhancing its position in the Jetson platform and leading to a potential valuation increase [3][5]. - Fuyao Glass has revised its annual profit guidance upwards, projecting a profit of 10 billion yuan for 2025, supported by a 17% year-on-year revenue growth in the first half of 2025 [4][6]. - Xingyu Co. reported a 28.3% year-on-year revenue increase in Q1 2025, with expectations for continued strong performance in subsequent quarters [4][7]. - Top Group is anticipated to rebound due to expected improvements in Tesla's performance and the upcoming launch of its third-generation humanoid robot [4][9]. - Leap Motor has shown significant improvement, achieving profitability in the first half of 2025, with a focus on high-margin products and strategic partnerships [4][10]. Summary by Company Tianzhun Technology - Anticipated to gain a competitive edge with the release of NVIDIA's Orin chip, enhancing its capabilities in the Jetson platform [3][5]. - The report suggests a clear trend of computational power inflation, with expectations of reaching hundreds of TeraFLOPS [5]. Fuyao Glass - Achieved a revenue of 21.447 billion yuan in H1 2025, a 17% increase year-on-year, with a projected profit of 10 billion yuan for the full year [4][6]. - The growth is attributed to increased market share and the rising demand for high-value glass applications in the automotive sector [6]. Xingyu Co. - Reported a revenue of 3.09 billion yuan in Q1 2025, marking a 28.3% increase year-on-year, with strong performance expected to continue [4][7]. - The company is well-positioned in the global market, benefiting from competitors' struggles [7]. Top Group - Experienced a significant stock price drop due to underperformance from Tesla, but is expected to recover with upcoming product launches [4][9]. - The anticipated release of Tesla's third-generation humanoid robot is seen as a major catalyst for growth [9]. Leap Motor - Achieved profitability in H1 2025, with a focus on high-end product lines and strategic partnerships contributing to revenue growth [4][10]. - The D series is expected to differentiate itself in the market, leading to increased sales and profitability [10].

Group 1 - The consumer sector has recently seen significant inflows, with over 3.4 billion yuan into consumer-themed ETFs since August, contrasting sharply with earlier in the year when technology stocks were favored [1] - The current price-to-earnings (P/E) ratio of the major consumer index is 19.88, which is below the three-year average of 30%, suggesting a perceived valuation advantage [4] - The experience of the past indicates that low valuation does not guarantee price increases, as market consensus and large capital movements are more decisive factors [4] Group 2 - Institutional behavior is crucial in understanding market dynamics, as evidenced by the sustained investment in bank stocks since 2022 despite high valuation concerns [5][7] - The lack of institutional participation in the liquor sector has led to continuous price declines, highlighting the importance of large capital involvement for price recovery [10] - The consumer sector's recent activity may indicate a strategic reallocation of funds, similar to past movements in bank stocks, suggesting that large investors are quietly positioning themselves [11] Group 3 - The current fluctuations in the consumer sector raise questions about whether this is a valuation correction or the beginning of a new market trend, with institutional inflows being a critical signal to monitor [13]

Core Viewpoint - The company has demonstrated strong revenue and profit growth in the first half of 2025, driven by product upgrades and market share gains in the automotive glass sector [1][2][3]. Revenue Performance - In 1H25, the company achieved revenue of 21.447 billion, a year-on-year increase of 16.9%, with a net profit attributable to shareholders of 4.805 billion, up 37.3% year-on-year [1]. - In 2Q25, the company reported revenue of 11.537 billion, with year-on-year and quarter-on-quarter growth of 21.4% and 16.4%, respectively [1]. - The company outperformed the domestic automotive industry, which saw a 12% year-on-year increase in sales [1]. Profitability Analysis - In 2Q25, the company's non-recurring net profit reached 2.720 billion, reflecting a year-on-year increase of 32.1% and a quarter-on-quarter increase of 36.9% [2]. - The gross profit margin for 2Q25 was 38.5%, showing an increase of 0.8 percentage points year-on-year and 3.1 percentage points quarter-on-quarter [2]. - The company benefited from scale effects, product structure optimization, and reduced losses in the aluminum trim business [2]. Capacity Expansion and Product Upgrade - The company plans to invest 8.5 billion in capital expenditures in 2025, with significant investments in new automotive safety glass production facilities [3]. - The company is focusing on high-value-added products such as smart panoramic glass and adjustable light glass, which are expected to increase their market share [3]. - The extension into automotive trim business is anticipated to create synergies with the automotive glass segment [3]. Investment Outlook - The company is expected to achieve revenues of 46.21 billion, 52.57 billion, and 60.57 billion in 2025, 2026, and 2027, respectively, with corresponding net profits of 9.53 billion, 10.75 billion, and 12.53 billion [3].

Core Viewpoint - The automotive industry in China is experiencing a significant rally in stock prices, driven by liquidity support from the central bank, consumer stimulus policies, and positive mid-year earnings reports [2][3][18]. Group 1: Market Conditions - The central bank has implemented large-scale reverse repos and MLF operations, injecting substantial liquidity into the banking system, which positively impacts the stock market [3]. - On August 15, the central bank conducted a 500 billion yuan reverse repo operation, followed by a 600 billion yuan MLF operation on August 25, resulting in a net injection of 300 billion yuan [3]. - There is a trend of retail investors leveraging their positions in the stock market, with some funds shifting from bank deposits and wealth management products to equities due to improved market sentiment [5]. Group 2: Automotive Sector Performance - Over 70% of the 102 Chinese automotive stocks tracked saw price increases, with an average rise of 4.05%, closely following the Shenzhen Composite Index's 4.57% gain [5]. - The total market capitalization of Chinese automotive stocks increased by over 410 billion yuan, reaching 11.56 trillion yuan [5]. - The passenger vehicle sector outperformed other segments, with a 7.05% increase, driven by stocks like NIO, Xpeng Motors, and Great Wall Motors [7]. Group 3: Notable Stock Performances - NIO's stocks surged by 31.81% in the US and 27.75% in Hong Kong, attributed to the favorable pricing strategy for its new ES8 model [9]. - Cao Cao Mobility's stock rose by 26.1%, influenced by a reduction in driver commission rates and positive market expectations regarding its inclusion in the Hong Kong Stock Connect [9]. - Xpeng Motors reported a nearly 57% reduction in losses and provided optimistic revenue guidance for Q3, leading to stock increases of 20.56% in the US and 18.73% in Hong Kong [11]. Group 4: Financial Results - Fuyao Glass reported a revenue of 21.44 billion yuan for the period, a 16.94% increase year-on-year, with a net profit of 4.80 billion yuan, up 37.33% [12]. - Great Wall Motors benefited from the launch of new models and significant overseas expansion, contributing to positive market expectations [13]. - Tuhu's revenue for the first half of the year was 7.88 billion yuan, reflecting a 10.5% year-on-year growth [13]. Group 5: Stock Declines - Despite the overall market rally, 23 stocks experienced declines, primarily in the dealer/retail, smart mobility, and new energy sectors, with declines generally limited to under 10% [14]. - Ganfeng Lithium and Hesai Technology saw the largest declines, with Ganfeng down 9.52% and Hesai down 9.11% [15][17].

Core Viewpoint - The company reported strong financial performance in H1 2025, with revenue of 21.447 billion yuan, a year-on-year increase of 16.95%, and a net profit attributable to shareholders of 4.805 billion yuan, up 37.33% year-on-year, indicating robust growth driven by favorable policies and market demand [1] Financial Performance - H1 2025 revenue reached 21.447 billion yuan, up 16.95% year-on-year - H1 2025 net profit attributable to shareholders was 4.805 billion yuan, an increase of 37.33% year-on-year - Q2 2025 single-quarter revenue was 11.537 billion yuan, up 21.39% year-on-year and 16.42% quarter-on-quarter - H1 2025 gross margin was 37.06%, a decrease of 0.23 percentage points year-on-year; net margin was 22.42%, an increase of 3.33 percentage points year-on-year [1] Business Segments - Automotive glass revenue in H1 2025 was 19.538 billion yuan, up 16.16% year-on-year, accounting for 92.52% of main business revenue - Float glass revenue in H1 2025 was 3.096 billion yuan, up 11.18% year-on-year, accounting for 14.66% of main business revenue - Other business revenue in H1 2025 was 2.255 billion yuan, accounting for 10.68% of main business revenue [1] Market Drivers - The introduction of policies such as vehicle trade-in programs, tax exemptions for new energy vehicles, and incentives for rural purchases has boosted automotive glass sales - The company is leveraging its technological leadership and increasing marketing efforts to capitalize on structural opportunities in the automotive glass market [1] Demand and Supply Dynamics - The shift towards electric and intelligent vehicles is expanding the market for automotive glass, with new functionalities such as heat insulation, soundproofing, and HUD integration driving demand - The company is enhancing its production capacity with new manufacturing bases in China and expanding its facility in the U.S., which will improve regional support and global delivery capabilities [2] Investment Outlook - The company's performance in the second half of 2025 is expected to benefit from various stimulating policies, accelerated capacity release, and an increase in high-value-added products - Revenue projections for 2025-2027 are 46.4 billion, 53.1 billion, and 60.8 billion yuan, with net profits of 9.127 billion, 10.261 billion, and 11.397 billion yuan respectively, indicating a positive growth trajectory [3]

Core Viewpoint - Fuyao Glass Industry Group Co., Ltd. plans to distribute cash dividends of RMB 0.90 per share to its A and H shareholders, amounting to a total of RMB 2,348,769,178.80, which represents 48.88% of the net profit attributable to ordinary shareholders for the first half of 2025 [1][2]. Financial Summary - The net profit attributable to ordinary shareholders under Chinese accounting standards is RMB 4,804,711,711, while under international financial reporting standards, it is RMB 4,804,424,175 [1]. - The total number of shares as of June 30, 2025, is 2,609,743,532 [1]. Dividend Distribution Plan - The proposed cash dividend distribution will be based on the total number of shares registered on the dividend record date, with a cash dividend of RMB 0.90 per share (tax included) [1]. - The remaining undistributed profits will be carried forward to the second half of 2025 [1]. Corporate Governance - The board of directors has authorized Mr. Ye Shu or Mr. Chen Xiangming to handle all matters related to the dividend distribution [2]. - The company will maintain the per-share distribution ratio even if the total number of shares changes before the record date, with adjustments to the total distribution amount to be announced separately [2]. Amendments to Articles of Association - The company is proposing amendments to its Articles of Association to align with relevant laws and regulations, including the Company Law and Securities Law of the People's Republic of China [4][5]. - The amendments include changes to the definitions of stakeholders and the responsibilities of the legal representative [4][5].

本人╱吾等 （附註3） 地址為 （於中華人民共和國註冊成立的股份有限公司） （股份代號：3606） 2025年第一次臨時股東大會之代表委任表格 | | | 累積投票制的選票不設「贊成」、「反對」和「棄權」項。倘本公司董事候選人所獲得的贊成票數超過出席大會所有股東所持有的股份總數（以 未累積的股份數為準）的二分之一，該候選人獲重選為本公司董事。 為福耀玻璃工業集團股份有限公司（「本公司」或「公司」）股東，現委任大會主席，或 （附註4） 地址為 為本人╱吾等的代表，代表本人╱吾等出席2025年9月16日（星期二）下午二時三十分於中國福建省福清市融僑經濟 技術開發區福耀工業村本公司會議室舉行的本公司2025年第一次臨時股東大會（「臨時股東大會」）或其任何續會，並 依照下列指示代表本人╱吾等就臨時股東大會通告所列決議案投票，如無作出指示，則由本人╱吾等的代表自行酌 情投票表決。 日期：2025年 月 日 簽署 （附註7） ： *注意： 閣下在委任代表之前，請先閱覽日期為2025年8月26日的本公司臨時股東大會通告及通函。除文義另有所指外，本代表 委任表格所使用的詞彙與上述通函所界定者具有相同涵義。 決議案 贊成 （附 ...

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福耀玻璃工業集團股份有限公司股份，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。 （於中華人民共和國註冊成立的股份有限公司） （股份代號：3606） 2025年第一次臨時股東大會 福耀玻璃工業集團股份有限公司謹定於2025年9月16日（星期二）下午二時三十分於中國福 建省福清市融僑經濟技術開發區福耀工業村本公司會議室召開2025年第一次臨時股東大會， 召開臨時股東大會的通告載列於本通函的第309頁至第314頁。 不論 閣下能否出席臨時股東大會，務請細閱臨時股東大會通告並盡早將隨附的代表委 任表格按其上印列的指示填妥交回。H股股東須將代表委任表 ...

福耀玻璃工业集团股份有限公司 2025 年第一次临时股东大会 会 议 资 料 二○二五年九月十六日 1 目录 | 一、2025 年中期利润分配方案 | 3 | | | --- | --- | --- | | 二、关于修改《公司章程》的议案 | | 5 | | 三、关于修改《股东大会议事规则》的议案 | | 72 | | 四、关于修改《董事局议事规则》的议案 | | 85 | | 五、关于修改《独立董事制度》的议案 | | 98 | | 六、关于修改《独立董事现场工作制度》的议案 | | 101 | | 七、关于修改《股东大会网络投票实施细则》的议案 | | 103 | | 八、关于修改《对外担保管理制度》的议案 | | 108 | | 九、关于修改《关联交易管理制度》的议案 | | 117 | | 十、关于选举两名独立董事的议案 | | 127 | 2 福耀玻璃股东大会会议资料一： 福耀玻璃工业集团股份有限公司 2025 年中期利润分配方案 尊敬的各位股东及股东代理人： 2025 年上半年福耀玻璃工业集团股份有限公司（以下简称"公司"、"本公 司"）按中国企业会计准则编制的合并财务报表中归属于母公司普通股股东 ...