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。 曹德旺 （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通告 茲 通 告 福 耀 玻 璃 工 業 集 團 股 份 有 限 公 司（「本公司」）將 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 業村的本公司會議室召開本公司2025年 第 一 次 臨 時 股 東 大 會（「臨時股 東大會」），以 考 慮 並 酌 情 通 過 下 列 決 議 案。除 非 另 有 所 指，本 通 告 所 用 詞彙與本公司日期為2025年8月26日 的 通 函 所 定 義 者 具 有 相 同 含 義。 決議案 – 1 – 1. 《2025年 中 期 利 潤 分 配 方 案》 2. 《關 於 修 改〈公 司 章 程〉的 ...

（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 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 （附註5） 反對 （附註5） 棄權 （附註5） 1 《2025年中期利潤分配方案》 2 《關於修改〈公司章程〉的議案》 3 《關於修改〈股東大會議事規則〉的議案》 4 《關於修改〈董事局議事規則〉的議案》 5 《關於修改〈獨立董事制度〉的議案》 6 《關於修改〈獨立董事現場工作制度〉的議案》 7 《關於修改〈股東大會網絡投票實施細則〉的議案》 8 《關於修改〈對外擔保管理制度〉的議案》 9 《關於修改〈關聯交易管理制度〉的議案》 決議案 累積投票 （附註6） 10 《關於選舉兩名獨立非執行董事的議案》 10.01 選舉LIU XIAOZHI（劉小稚）女士為第十一屆董事局獨立非執行董 事 10.02 選舉程雁女士為第十一屆董事局獨立非執行董事 註： 上述決議案中第2項 ...

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 ...

福耀玻璃工業集團股份有限公司 重要提示 五. 董事局決議通過的本報告期利潤分配預案或公積金轉增股本預案 2025年上半年本公司按中國企業會計準則編製的合併財務報表中歸屬於母公司普通股股東的淨利潤為人民幣 4,804,711,711元，按國際財務報告準則編製的合併財務報表中歸屬於母公司普通股股東的淨利潤為人民幣 4,804,424,175元。 2025年上半年本公司按中國企業會計準則編製的母公司報表的淨利潤為人民幣5,489,977,256元，加上2025 年年初未分配利潤人民幣8,717,965,322元，扣減當年已分配的2024年度利潤人民幣4,697,538,358元，截至 2025年6月30日可供股東分配的利潤為人民幣9,510,404,220元。 綜合考慮投資者的合理回報，兼顧公司可持續發展，本公司擬進行2025年中期利潤分配。本公司擬訂的2025 年中期利潤分配方案為：公司擬以實施2025年中期權益分派的股權登記日登記的總股數為基數，向2025年中 期權益分派的股權登記日登記在冊的本公司A股股東和H股股東派發現金股利，每股分配現金股利人民幣0.90 元（含稅），本公司剩餘未分配利潤結轉入2025年下 ...

Company Overview - Fuyao Glass Industry Group Co., Ltd. is located in Fuzhou, Fujian Province, and was established on June 21, 1992. It was listed on June 10, 1993. The company specializes in the design, production, sales, and service of automotive-grade float glass and automotive glass [1][2]. Financial Performance - For the first half of 2025, Fuyao Glass achieved operating revenue of 21.447 billion yuan, representing a year-on-year growth of 16.94%. The net profit attributable to shareholders was 4.805 billion yuan, reflecting a year-on-year increase of 37.33% [2]. - As of June 30, 2025, the company had a total of 93,300 shareholders, a decrease of 7.65% from the previous period. The average circulating shares per person increased by 8.29% to 21,486 shares [2]. Stock Performance - On August 26, Fuyao Glass's stock price rose by 2.01%, reaching 64.09 yuan per share, with a trading volume of 890 million yuan and a turnover rate of 0.70%. The total market capitalization stood at 167.258 billion yuan [1]. - Year-to-date, the stock price has increased by 5.76%, with a 14.92% rise over the last five trading days, a 16.46% increase over the last 20 days, and a 10.37% increase over the last 60 days [1]. Shareholder Information - Since its A-share listing, Fuyao Glass has distributed a total of 33.334 billion yuan in dividends, with 11.352 billion yuan distributed in the last three years [3]. - As of June 30, 2025, the top ten circulating shareholders included Hong Kong Central Clearing Limited, which held 373 million shares, an increase of 15.9981 million shares from the previous period. Huatai-PineBridge CSI 300 ETF ranked sixth among the top shareholders with 28.4765 million shares, an increase of 2.3031 million shares [3].

Investment Rating - The investment rating for the company is "Buy" and is maintained [4]. Core Views - The company achieved a revenue of 11.54 billion yuan in Q2 2025, representing a year-on-year increase of 21.4%, and a net profit attributable to shareholders of 2.77 billion yuan, up 31.5% year-on-year. The performance exceeded expectations due to scale effects and a decrease in raw material costs [2][4]. - The company is positioned as a leading global automotive glass manufacturer, with a widening competitive moat and significant long-term investment value [2][7]. Summary by Relevant Sections Financial Performance - In Q2 2025, the company reported a revenue of 11.54 billion yuan, a 21.4% increase year-on-year, and a net profit of 2.77 billion yuan, reflecting a 31.5% year-on-year growth. The gross profit margin reached 38.5%, an increase of 3.5 percentage points year-on-year [2][7]. - The company plans to distribute a cash dividend of 2.35 billion yuan for the mid-year report, with a payout ratio of 48.9% [7]. Market Position and Growth Potential - The company benefits from a high penetration rate of high-value-added products and an increasing global market share. The automotive glass market is expected to expand rapidly over the next decade, with the company poised to gain significantly [2][7]. - The company’s high-value products accounted for an increased revenue share, with a notable rise in the penetration of advanced glass technologies [7]. Future Outlook - The company is expected to continue its rapid growth, driven by the increasing demand for advanced automotive glass products. Projections for net profit attributable to shareholders are 9.88 billion yuan, 11.34 billion yuan, and 13.17 billion yuan for 2025, 2026, and 2027, respectively [7].

Core Viewpoint - The company reported strong financial performance in the first half of 2025, with significant year-on-year growth in both revenue and net profit, indicating robust operational efficiency and market position in the global automotive glass industry [3][4]. Financial Performance - In the first half of 2025, the company achieved 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 [3]. - For Q2 2025, the company reported revenue of 11.537 billion yuan, reflecting a year-on-year growth of 21.39% and a quarter-on-quarter increase of 16.42%. The net profit for the same quarter was 2.775 billion yuan, with a year-on-year growth of 31.47% and a quarter-on-quarter increase of 36.72% [4]. Margin and Cost Efficiency - The gross margin for Q2 2025 was 38.49%, showing a significant increase of 3.08 percentage points from the previous quarter, attributed to improved capacity utilization and ongoing cost reduction initiatives [4]. - The operating expense ratio for Q2 2025 decreased to 9.63%, down 1.01 percentage points from the previous quarter, primarily due to a reduction in financial expenses [4]. Market Position and Growth Drivers - The company is a leading player in the global automotive glass industry, benefiting from a concentrated market structure where major competitors have lower profitability and limited expansion plans. The company is in its third capital expenditure cycle, with upcoming capacity expansions in the U.S. and other locations expected to enhance its global market share [5][6]. - The increasing penetration of high-value automotive glass products, driven by advancements in vehicle intelligence, is expected to boost the average selling price (ASP) per vehicle, further supporting the company's growth [6]. Earnings Forecast and Investment Rating - Due to the better-than-expected profitability in Q2 2025, the company's net profit forecasts for 2025-2027 have been revised upward to 9.852 billion yuan, 11.163 billion yuan, and 13.089 billion yuan, respectively. Corresponding earnings per share (EPS) estimates are 3.77 yuan, 4.28 yuan, and 5.02 yuan, with price-to-earnings (P/E) ratios of 17.14x, 15.13x, and 12.90x [7].

Investment Rating - The report maintains a rating of "Accumulate" for the company [3] Core Views - The company is entering a new growth cycle driven by capacity expansion and product upgrades, with significant capital expenditures planned for new production lines [2] - The company achieved revenue of 21.447 billion and a net profit of 4.805 billion in the first half of 2025, reflecting year-on-year growth of 16.9% and 37.3% respectively [6] - The company is expected to benefit from an increase in global market share and product average selling price (ASP) [6] Financial Summary - Revenue is projected to grow from 33.161 billion in 2023 to 60.569 billion in 2027, with a compound annual growth rate (CAGR) of approximately 15.2% [1] - Net profit is expected to increase from 5.629 billion in 2023 to 12.532 billion in 2027, with a CAGR of about 16.6% [1] - The company's return on equity (ROE) is forecasted to rise from 17.9% in 2023 to 22.1% in 2027 [1] - The price-to-earnings (P/E) ratio is projected to decrease from 29.3 in 2023 to 13.2 in 2027, indicating potential undervaluation [1] Revenue and Profit Growth - In the second quarter of 2025, the company reported revenue of 11.537 billion, a year-on-year increase of 21.4% [6] - The gross profit margin for the second quarter of 2025 was 38.5%, reflecting improvements due to scale effects and product structure optimization [6] - The company is expected to achieve revenues of 46.212 billion, 52.574 billion, and 60.569 billion in 2025, 2026, and 2027 respectively [7]

Investment Rating - The report maintains a positive outlook on the building materials sector, highlighting potential opportunities in both "grouping" and "switching" strategies within the industry [2][11]. Core Insights - The building materials market is experiencing a shift in focus, with technology stocks gaining momentum while the building materials sector presents viable options for investment [2]. - The report emphasizes the importance of monitoring production capacity and quality improvements in key segments such as electronic fabrics and Q fabrics, which are expected to see increased demand due to advancements in AI and PCB technologies [3][4]. - The report identifies a growing confidence in infrastructure projects in regions like Xinjiang and Tibet, driven by government investments and the necessity of transportation infrastructure [11][12]. - The consumer building materials segment is showing signs of recovery, with expectations of improved revenue performance as the market stabilizes [24][25]. Summary by Sections Grouping in Building Materials - The electronic fabric sector is expected to maintain its performance, with leading companies like Zhongcai Technology reporting strong sales and production growth [3]. - The AI industry's production expectations are advancing, with key suppliers anticipating increased output of Q fabrics by the end of the year [4]. - The report highlights the importance of monitoring the production capacity and quality of Q fabrics, which will determine the actual supply capabilities of companies [4]. Switching in Building Materials - Infrastructure projects in Xinjiang and Tibet are gaining traction, with significant government backing and a strong demand for cement due to the region's unique geographical advantages [11][12]. - The consumer building materials sector is entering a recovery phase, with sales and construction data indicating a bottoming out of the market [13][14]. - The report notes that the cement industry is poised for potential growth, driven by policy improvements and governance enhancements [15][29]. Cement Industry - The cement sector is entering a peak season, but market performance remains subdued due to high comparative bases from the previous year [29][30]. - The report emphasizes the importance of policy measures to limit overproduction in the cement industry, which could enhance profitability [30][33]. - Companies like Conch Cement and Huaxin Cement are highlighted for their strong cash flow and potential for shareholder returns [34][38]. Glass Industry - The float glass market is experiencing price stabilization, with environmental regulations expected to impact production costs [40][41]. - The report indicates that the glass industry is facing cash flow challenges, with many companies operating at a loss [42]. - Companies like Xinyi Glass are expected to maintain competitive positions despite market pressures, with a focus on improving operational efficiency [43]. Photovoltaic Glass - The photovoltaic glass segment is seeing a decline in inventory levels, with prices remaining stable amid increased demand from downstream component manufacturers [48]. - The report notes that while domestic prices are under pressure, overseas markets are performing better, which could benefit leading companies in the sector [49]. Fiberglass - The fiberglass market is characterized by a divergence in production and sales, with electronic fabrics maintaining a favorable outlook [50].

Group 1: Automotive Sector - The automotive industry is entering a concentrated period of mid-year performance disclosures, with expectations for strong performance from previously undervalued auto parts companies leading to valuation upgrades [1] - Xpeng's Q2 gross margin exceeded market expectations, while Great Wall Motors reported better-than-expected orders for its new Tank 500 model, indicating a positive sales outlook [2] - The high-end domestic brand market remains a blue ocean, with significant growth expected in the 300,000 yuan and above segment by 2026, driven by new product capabilities and brand strength [2] Group 2: Auto Parts Sector - Companies like Fuyao Glass and Songyuan Safety have seen significant stock price increases following strong mid-year reports, with traditional auto parts firms now trading at a PE ratio below 20 times [3] - The overseas expansion is becoming a core growth driver for quality auto parts companies, with those possessing global competitive advantages expected to achieve growth alpha [3] - The intelligent driving sector, particularly L4 autonomous driving, is anticipated to experience a turning point in costs and technology this year, with ongoing evolution in technology iterations and new business models [3] Group 3: Robotics Sector - The market is optimistic about Tesla's Optimus robot industrialization progress, with potential for additional small batch orders from Tier 1 suppliers [4] - Nvidia is expected to showcase its first humanoid robot in November, indicating advancements in the robotics sector [4] - The robotics sector is characterized by strong industry trends and high liquidity, with a focus on leading companies in the supply chain, particularly those achieving breakthroughs in the 0-1 stage of development [4]