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公告的內 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 不對因本公告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） 張 海 燕 女 士 將 與 本 公 司 訂 立 董 事 服 務 協 議，其 任 期 自 本 次 職 工 代 表 大 會 審 議 通 過 之 日 起 至 第 十 一 屆 董 事 局 任 期 屆 滿 之 日 止，任 期 屆 滿 可 以 根 據 公 司 章 程 連 選 連 任。張 海 燕 作 為 執 行 董 事 的 年 度 薪 酬 將 根 據 其 在 本 公 司 的 具 體 管 理 職 位、工 作 經 驗 和 工 作 職 責 領 取 相 應 的 報 酬，上 述 報 酬 包 括 基 本 年 薪、績 效 年 薪、福 利 等 全 部 即 期 收 入 及 延 期 支 付 部 分，具 體 薪 酬 金 額 將 在 每 年 年 底 確 定，並 於 本 公 司 當 年 的 年 報 中 披 露 ...

证券代码：600660 证券简称：福耀玻璃 公告编号：2025-030 经全体与会职工代表认真审议，同意选举张海燕女士为公司第十一届董事局 职工代表董事，张海燕女士将与公司现任第十一届董事局非职工代表董事共同组 成公司第十一届董事局，其任期为自本次职工代表大会审议通过之日起至第十一 届董事局任期届满之日止。表决结果为：同意 115 票；反对 0 票；弃权 0 票。 张海燕女士的简历详见本公告附件。张海燕女士符合《中华人民共和国公司 法》《上海证券交易所上市公司自律监管指引第 1 号——规范运作（2025 年 5 月 修订）》等有关法律、法规、规范性文件和《公司章程》规定的董事任职资格及 条件。公司第十一届董事局中兼任公司高级管理人员以及由职工代表担任的董事 人数总计不超过公司董事总数的二分之一。 特此公告。 福耀玻璃工业集团股份有限公司 2025 年 9 月 30 日 附件：第十一届董事局中的职工代表董事张海燕女士简历 张海燕女士，女，44 岁，中国国籍，自 2018 年 5 月至今任福耀玻璃工业集 团股份有限公司汽玻集团及总集团的人力资源总监，自 2015 年 10 月至 2018 年 4 月任福建三锋控股 ...

Core Viewpoint - Citigroup's report indicates that Fuyao Glass's profit margin exceeded expectations in the first half of the year, leading to an upward revision of the company's earnings forecast for 2025 to 2027 by 13% to 16% [1] Group 1 - Citigroup raised the target price for Fuyao Glass's H-shares from HKD 64 to HKD 92, based on a projected compound annual growth rate of 18% for net profit from 2026 to 2028 [1] - The new target price corresponds to a forecasted price-to-earnings growth ratio of 1.1 times and a projected price-to-earnings ratio of 19.7 times for 2026 [1] - The firm maintains a "Buy" rating on the stock, anticipating that increased market share overseas and expansion of after-sales service will continue to drive revenue growth [1] Group 2 - Profit margins are expected to benefit from improvements in product mix, better economies of scale, and ongoing cost control measures [1]

花旗发表报告指，福耀玻璃上半年利润率超出预期，该行对公司2025年至2027年盈利预测上调13%至 16%。该行把福耀玻璃H股目标价从64港元上调至92港元，基于2026年至2028年18%的净利润年复合增 长率预测，目标价相当于预测市盈增长率1.1倍，以及预测2026年市盈率19.7倍。该行维持对该股"买 入"评级，因预期海外市场份额增加和售后服务业务扩张将继续推动收入增长，同时利润率将受惠产品 结构改善、更好规模效应及持续成本控制。 ...

福耀玻璃 20250928 摘要 2008 年金融危机期间，福耀玻璃虽受浮法玻璃毛利率下滑和减值影响， 净利润下滑，但整体财务表现稳健，售后市场保持增长，毛利率稳定。 公司完成了垂直一体化布局，聚焦汽车玻璃主业，成为头部企业中唯一 专注于单一汽玻业务的企业。 2012-2019 年 SUV 周期内，福耀玻璃海外市场拓展进入放量阶段，财 务表现稳健，收入和毛利率持续增长。尽管 2019 年净利润同比下滑 30%，但主要受投资收益、Sam 整合亏损、汇兑收益下降等非经常性 因素影响。 福耀玻璃积极进行海外产能扩张，从依赖国内出口转变为全球化销售， 通过低成本优势占领海外市场，并建设海外工厂。美国工厂自 2016 年 投产以来，收入和盈利能力不断提升，本土化配套收入占比提高。 福耀玻璃国内市场份额维持在 60%以上，海外市场份额持续提升，从 2012 年的 7%增长到 2019 年的接近 16%。公司坚定推行全球化和国 际化战略，在北美市场采取正确的经营策略，提升自动化率和融入本土 文化。 在 SUV 周期（2012-2019 年），尽管国内汽车行业总量增速放缓，但福耀玻 璃在海外市场拓展方面进入实质性放量阶段。S ...

Investment Rating - The report maintains a "Recommended" rating for the automotive industry [1] Core Views - The automotive industry is expected to benefit from the continuation of the vehicle replacement policy in 2025, supporting upward consumption trends. The industry is also experiencing a structural shift towards high-end and intelligent upgrades, which presents investment opportunities [18] Summary by Sections Recent Developments - Chery Automobile has successfully listed on the Hong Kong Stock Exchange, raising HKD 9.14 billion with a record oversubscription of 238 times. The company's revenue is projected to grow from CNY 92.618 billion in 2022 to CNY 269.899 billion by 2024, with a compound annual growth rate (CAGR) of 70.7% [5][13] - The Ideal i6 was launched at a price of CNY 249,800, featuring advanced technology and performance specifications [14] - The Shangjie H5 was launched with a starting price of CNY 159,800, offering both electric and range-extended versions [15] - The all-new Wanjie M7 was launched with a price range of CNY 279,800 to CNY 379,800, providing multiple powertrain options [17] Market Performance - From September 22 to September 26, the automotive sector underperformed compared to the Shanghai Composite Index, with the automotive index remaining flat while the overall index rose by 0.2% [19] - The automotive sector's weekly trading volume decreased, indicating a potential decline in investor interest [19] Investment Opportunities - The report highlights several companies poised to benefit from the industry's transition to high-end and intelligent vehicles, including Ideal Auto, Jianghuai Automobile, Geely, BYD, and Great Wall Motors [18] - The report also identifies opportunities in high-level intelligent driving technologies, recommending companies like XPeng Motors and Huayang Group [18] - In the commercial vehicle sector, it anticipates a recovery in heavy truck demand in 2025, recommending leading companies such as Foton Motor and China National Heavy Duty Truck Group [18] Key Company and Earnings Forecasts - The report provides earnings per share (EPS) and price-to-earnings (PE) ratios for several key companies, indicating a bullish outlook for firms like Yiyuan Co., Baolong Technology, and Xinyu Co. [8]

Investment Rating - The industry investment rating is maintained as "Positive" [7] Core Insights - The launch of the Shangjie H5 model has seen significant pre-order success, with over 10,000 orders within the first hour and a total of 160,000 pre-orders, indicating strong market demand [3][12] - The U.S. has implemented a 15% tariff on EU automobiles, which may impact pricing and competitiveness in the market [13] - Chery Automobile has successfully listed on the Hong Kong Stock Exchange, raising approximately 9.14 billion HKD (around 8.38 billion RMB), marking it as the largest IPO in the Hong Kong market for the year [13] - Leap Motor has achieved a milestone of producing its 1 millionth vehicle in just 343 days, with revised sales targets for 2025 set between 580,000 to 650,000 units [14] - GAC Group is accelerating its European expansion, entering markets in Switzerland, Austria, Hungary, Slovenia, and Croatia [16] - The new brand "Qijing" by GAC and Huawei targets young consumers, focusing on smart driving and high-quality electric vehicles [15] Market Performance - The Shanghai and Shenzhen 300 Index increased by 1.07%, while the automotive sector saw a modest gain of 0.11%, ranking 6th among A-share industries [4][23] - The passenger vehicle index decreased by 1.18%, with companies like Seres and Changan leading the gains [4][26] - The commercial vehicle index fell by 2.15%, with Shuguang and Hanma Technology showing strong performance [4][30] - The automotive parts index rose by 1.10%, with New Coordinates and Kebo Da leading the sector [4][30] Investment Recommendations - For passenger vehicles, the demand for domestic high-end luxury cars is exceeding expectations, with recommendations for Jianghuai Automobile and Seres, while Geely is identified as a beneficiary [4] - In the automotive parts sector, profitability is expected to improve, with recommendations for Desay SV and Zhejiang Xiantong, and beneficiaries including Kebo Da, Huayu Automotive, and Fuyao Glass [4]

Overview - The laminated glass market in China is expected to reach a demand of 110.746 million square meters and a market size of 21.717 billion yuan in 2024, with a production volume of 157.651 million square meters [1][10] - The demand for laminated glass is driven by increasing national income levels and safety awareness, leading to its widespread application in construction and automotive sectors [1][10] Market Policies - The Chinese government has implemented various policies to support the development of the glass industry, including standards and guidelines aimed at promoting safety and sustainability [6] Industry Chain - The laminated glass industry chain includes upstream suppliers of raw materials like quartz sand and soda ash, midstream manufacturers of laminated glass, and downstream applications in construction, automotive, and other sectors [9] Current Market Situation - The construction sector accounts for nearly 50% of the laminated glass demand, with significant applications in residential, commercial, and public buildings [9][10] - The automotive sector is also a growing market for laminated glass, particularly with the rise of electric vehicles [10] Competitive Landscape - The laminated glass market in China is highly competitive, with domestic companies like Fuyao Glass, Xinyi Glass, and Flat Glass leading the market, achieving a domestic market share of 98.75% by 2024 [10][12] - Fuyao Glass reported a revenue of 21.450 billion yuan in the first half of 2025, with automotive glass accounting for 91.10% of its revenue [12] - Flat Glass achieved a revenue of 7.737 billion yuan in the same period, with a gross profit margin of 14.05% [12] Future Trends - The laminated glass industry is expected to see increased consolidation as smaller, less efficient companies are phased out due to stricter environmental standards [14] - The Belt and Road Initiative is anticipated to open new international markets for Chinese laminated glass companies, particularly in Southeast Asia and Africa [14]

福耀玻璃工业集团股份有限公司 2025年半年度A股权益分派实施公告 本公司董事局及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 重要内容提示： ● 每股分配比例 A股每股现金红利人民币0.90元（含税） 本次利润分配方案经福耀玻璃工业集团股份有限公司（以下简称"本公司"、"公司"）于2025年9月16日 召开的2025年第一次临时股东大会审议通过。 2.分派对象： 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分公司（以下简 称"中国结算上海分公司"）登记在册的本公司全体A股股东。 证券代码：600660 证券简称：福耀玻璃 公告编号：2025-029 3.分配方案： 本次利润分配以方案实施前的公司股份总数2,609,743,532股（包括A股和H股）为基数，每股派发现金 红利人民币0.90元（含税），以此计算共计派发现金股利人民币2,348,769,178.80元（含税）。其中，公 司A股股份总数为2,002,986,332股，每股A股派发现金红利人民币0.90元（含税），公司向A股股东共计 派发现金红利人民 ...

（文章来源：证券日报） 证券日报网讯 9月25日晚间，福耀玻璃发布公告称，2025年半年度利润分配方案为A股每股现金红利 0.90元（含税），股权登记日为2025年10月10日，除权（息）日及现金红利发放日均为2025年10月13 日。 ...