Summary of Yao Pi Glass Conference Call Company Overview - **Company**: Yao Pi Glass - **Industry**: Automotive Glass Manufacturing Key Points Expansion Plans - Yao Pi Glass plans to invest over 700 million yuan to expand automotive glass production, focusing on the Yizhen base, with additional investments in Shanghai, Wuhan, Tianjin, and Guilin bases expected to follow [2][3] - The new production capacity is anticipated to generate output of 800 to 1,000 million yuan once fully operational by mid-next year [2][3] Financial Health - The company's overall debt ratio is below 40%, with funding sourced from self-owned funds and bank loans, leaving room for potential future financing [2][5] - After the investment, the debt ratio is expected to slightly exceed 40%, indicating significant financing capacity [5] Market Demand and Clientele - The automotive glass market has seen a substantial increase in demand since the second half of 2024, driven by both domestic and international orders, particularly from the electric vehicle sector [3][9] - New production capacity will cater to global partners like Webasto and major domestic automakers including SAIC, GAC, BAIC, as well as new energy vehicle manufacturers like BYD and NIO [7][8] Product Development and Technology - The new factories will feature higher automation and efficiency, with expectations to increase overall gross margins to 18-20% within the next two to three years [4][14] - The company has acquired a production line from Dalian Asahi Glass for TCO (Transparent Conductive Oxide) glass, aimed at supplying thin-film solar cells, with a positive outlook for demand growth in this sector [4][23] Market Strategy and Risk Management - Yao Pi Glass is adopting a phased approach to project rollout to mitigate potential market risks, with careful monitoring of market conditions to adjust production schedules as necessary [6][8] - The company acknowledges the competitive landscape, particularly with competitors like Lens Technology entering the automotive smart glass market, but remains confident in its raw material advantages and technological capabilities [17][18] Product Pricing and Profitability - The emergence of electric vehicles has raised the value and demand for high-end glass products, such as smart and color-changing glass, leading to an upward trend in sales prices and gross margins [9][12] - Despite pressures in the overall automotive industry, the company expects to see growth in profitability driven by high-value product offerings and ongoing cost-reduction initiatives [24][25] Future Outlook - The company is focused on enhancing product quality and market competitiveness through investments in energy-saving technologies and special glass products [21][22] - The anticipated growth in the thin-film solar cell market and the company's strategic investments position it well for future profitability and market expansion [23][24]

Core Viewpoint - Yao Pi Glass is actively enhancing its production capacity and competitiveness by investing approximately 690 million yuan in automotive glass production lines across four major production bases [1][2]. Investment Plans - The company plans to invest 5 billion yuan in the Yizheng production base to build a highly automated and high-quality laminated and tempered automotive glass production line, with a projected monthly capacity increase of 400,000 high-end automotive glass products by June 2027 [2][3]. - An investment of 79 million yuan is planned for the Tianjin production base to establish a tempered automotive glass production line, expected to add 800,000 pieces per month by December 2026 [2]. - A total of 76.1 million yuan will be invested in the Shanghai production base for a laminated automotive glass production line, with a monthly capacity increase of 80,000 pieces by December 2026 [3]. - The Wuhan production base will receive an investment of 35 million yuan for a laminated automotive glass production line, projected to add 50,000 pieces per month by December 2026 [3]. Financial Performance - For the first three quarters of 2025, Yao Pi Glass reported a net profit attributable to shareholders of 124 million yuan, a year-on-year increase of 28.67%, and a non-recurring net profit of 111 million yuan, up 41.23% [1][7]. - The company's gross profit margin improved to 18.16%, an increase of 2.07 percentage points compared to the same period in 2024 [7]. - Despite a slight decline in revenue to 4.069 billion yuan, the company has maintained strong profitability through strategic operational measures and cost management [6][7]. Research and Development - Yao Pi Glass has invested a total of 1.81 billion yuan in R&D for the first three quarters of 2025, reflecting a year-on-year increase of 2.73% [7]. - Over the past five years, the total R&D expenditure has reached 1.117 billion yuan, with annual investments exceeding 200 million yuan [6][7].

Group 1 - Weidi Co., Ltd. plans to acquire control of Jiuxing Precision Technology, which is expected to constitute a major asset restructuring. The company will pay cash to acquire 51% of the equity from Jiangsu Zhiyue Tiancheng Enterprise Management Co., Ltd. and Jiuxing Precision Technology, aiming to gain at least 51% voting rights [2] - Purun Co., Ltd. intends to purchase 49% equity of high-performance storage company Noah Changtian through issuing shares, convertible bonds, and cash payments. Upon completion, Purun will hold 100% of Noah Changtian, which specializes in high-performance 2D NAND and derivative storage products [3] - ST Yishite is undergoing a significant share transfer, with Jiangjiang Industrial Group acquiring 4.34 billion shares, representing 18.66% of the total share capital, at a price of 5.61 yuan per share, totaling 2.437 billion yuan [5] Group 2 - Midea Group has completed its share repurchase plan, buying back 135 million shares, accounting for 1.76% of the total share capital, with a total expenditure of approximately 10 billion yuan [6] - Jingji Agricultural plans to repurchase shares using self-raised funds, with a total amount between 100 million and 200 million yuan, at a maximum price of 23.7 yuan per share [6] - Helen Zhe intends to repurchase shares with a total amount between 50 million and 100 million yuan, at a maximum price of 7.5 yuan per share [7] Group 3 - Shengda Resources plans to acquire 60% equity of Yichun Jinshi Mining for 500 million yuan, which will become a subsidiary after the transaction [7] - Guangju Energy is participating in the public transfer of an 8% stake in Shenzhen Mawan Power, aiming to increase its holding from 6.42% to 14.42% [8] - Zhongrong Marine plans to invest 2.58 billion yuan in Guangdong Yantian Port for a 20% stake through its wholly-owned subsidiary [15]

Group 1 - Cambridge Technology plans to invest 400 million yuan to establish a fund focused on optical devices and chips, aiming to invest in early-stage and growth-stage companies in the hard technology sector [1] - Tunnel Corporation's consortium won a bid for a highway project in Henan with a total investment of 6.49 billion yuan, using a BOT model for a 33.25-year cooperation period [2] - Hongrun Construction won a bid for a project worth 230 million yuan, which represents 3.88% of the company's projected revenue for 2024 [3] Group 2 - Tongrentang's product, Canling Baizhu Powder, received product registration approval from Health Canada, aimed at treating symptoms related to spleen and stomach weakness [4] - Hunan Baiyin announced a scheduled annual maintenance from December 9, 2025, to January 5, 2026, for equipment and facilities [5] - Changchun Gaoxin's subsidiary had two drugs included in the national medical insurance catalog for 2025 [6] Group 3 - Dongfang Securities' chairman resigned due to work relocation [7] - Xuantai Pharmaceutical's product, Sitagliptin Metformin Sustained-Release Tablets, was renewed for inclusion in the national medical insurance catalog [8] - ST Weihai was pre-selected for a smart agriculture EPC project with a bid of 652 million yuan, accounting for 26.27% of the company's projected revenue for 2024 [9] Group 4 - Guoxin Technology successfully tested an anti-quantum password financial POS chip, supporting both traditional and quantum-resistant algorithms [10] - Huaren Health's subsidiary received acceptance for a drug registration application for Lactulose Oral Solution, a common laxative [11] - Ankai Bus reported a 57.71% year-on-year increase in sales for the first 11 months of the year [12] Group 5 - Zhongyan Dadi's subsidiary won a bid for a project worth 73.86 million yuan [13] - Zhejiang Rongtai plans to invest 77 million USD in a factory in Thailand, focusing on mica paper and robot components production [14] - Optoelectronics plans to use up to 450 million yuan of idle funds for cash management [15] Group 6 - Tianyu Biological reported a 45.15% year-on-year decline in sales revenue from pig sales in November [16] - Daqin Railway's cargo transport volume increased by 1.75% year-on-year in November [17] - Yabo Co. won a bid for a heavy truck charging station project worth 3.616 million yuan [18] Group 7 - Hongri Pharmaceutical's product continues to be included in the national medical insurance catalog [19] - Jinggong Steel Structure signed a contract for steel structure installation worth approximately 470 million yuan for an overseas project [20] - Xizang Pharmaceutical's product, Xinhuasuan, continues to be included in the national medical insurance catalog [21] Group 8 - Guangdong Electric Power A announced the successful commissioning of a 1000MW unit at the Maoming Boge Power Plant [22] - Fuan Pharmaceutical's product, Palivizumab Injection, was newly included in the national medical insurance catalog [23] - Lizhu Group reported that 194 products were included in the 2025 national medical insurance catalog [24] Group 9 - Haisan Pharmaceutical's injection of Lantanol was included in the national medical insurance catalog [25] - Zhongtong Bus reported a 39.53% year-on-year increase in sales volume in November [26] - Shaanxi Coal Industry reported a 6.03% year-on-year increase in coal production in November [27] Group 10 - Haooubo's subsidiary received a medical device registration certificate for an IgG4 testing kit [28] - Yaopi Glass plans to invest 690 million yuan in new automotive glass production lines [30] - Huadian International completed the issuance of 2 billion yuan in medium-term notes [31] Group 11 - Zhongzai Zihuan's subsidiary won a bid for a green recycling project worth 205 million yuan [32] - Dabeinong reported a 25.26% year-on-year decline in sales revenue from pig sales in November [33] - Xiangjia Co. reported a 3.77% year-on-year increase in live poultry sales revenue in November [34] Group 12 - Huanxu Electronics reported a consolidated revenue of 5.198 billion yuan in November, a decrease of 3.34% year-on-year [35] - Aonong Biological reported a 72.21% year-on-year increase in pig sales volume in November [36] - Samsung Medical's subsidiary was pre-selected for a procurement project worth approximately 108 million yuan [37]

重要内容提示： 投资标的名称：公司控股子公司投资建设主业相关生产线项目 投资金额：69,010 万元人民币 风险提示: 在未来经营过程中可能面临市场风险、客户信用风 险、经营管理风险等 一、投资概述 证券代码：600819/900918 股票简称：耀皮玻璃/耀皮 B 股 编号：2025-064 上海耀皮玻璃集团股份有限公司 关于控股子公司投资建设生产线的公告 本公司董事会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个别及连带责任。 （一）基本情况 上海耀皮玻璃集团股份有限公司（以下简称"本公司/公司"）的 控股子公司上海耀皮康桥汽车玻璃有限公司（以下简称"上海汽玻"） 及其全资子公司计划投资建设与公司主营业务相关的生产线项目，具 体如下： 1、上海汽玻的全资子公司仪征耀皮汽车玻璃有限公司（以下简 称"仪征汽玻"）计划投资 5 亿元人民币建设夹层及钢化汽车玻璃生 产线。 2、上海汽玻的全资子公司天津日板安全玻璃有限公司（以下简 称"天津日板"）计划投资 7900 万元人民币建设钢化汽车玻璃生产线。 3、上海汽玻计划投资 7610 万元人民币建设夹层 ...

证券代码：600819/900918 证券简称：耀皮玻璃/耀皮 B 股 公告编号：2025-063 上海耀皮玻璃集团股份有限公司 第十一届董事会第十三次会议决议公告 本公司董事会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个别及连带责任。 重要内容提示： 应当出席董事会会议的董事 9 人，其中，亲自出席会议董事 8 名，委托出席董事 1 人，独立董事陈树云先生因公务未亲自出 席会议，委托独立董事商建刚先生代为出席并行使表决票。 出席会议的董事对本次董事会会议的所有议案投同意票。 本次董事会会议的所有议案全部通过。 一、董事会会议召开情况 （一）本次董事会会议的召开符合有关法律、行政法规、部门规章、 规范性文件和公司章程的规定。 二、董事会会议审议情况 经与会董事认真审议，通过了如下议案： 《关于控股子公司上海耀皮康桥汽车玻璃有限公司及其子公司投资建 设生产线项目的议案》，具体如下： 1、关于投资建设仪征汽玻夹层及钢化汽车玻璃生产线的议案 公司控股子公司上海耀皮康桥汽车玻璃有限公司（以下简称"上海 汽玻"）的全资子公司仪征耀皮汽车玻璃有限公司（以下 ...

每经AI快讯，耀皮玻璃（SH 600819，收盘价：8.02元）12月8日晚间发布公告称，公司第十一届第十三 次董事会会议于2025年12月8日以现场与视频相结合方式召开。会议审议了《关于控股子公司上海耀皮 康桥汽车玻璃有限公司及其子公司投资建设生产线项目的议案》等文件。 2024年1至12月份，耀皮玻璃的营业收入构成为：玻璃占比97.89%，其他业务占比2.11%。 截至发稿，耀皮玻璃市值为75亿元。 每经头条（nbdtoutiao）——处方药变"瘾品"：国内首次报告普瑞巴林滥用致成瘾病例，网络平台暴 露"无病历可购药"漏洞，列管与否尚需科学考量 （记者 王晓波） ...

Core Viewpoint - The company plans to invest in production line projects related to its main business, enhancing its automotive glass operations and overall competitiveness [1] Investment Plans - Shanghai Yao Pi Kang Qiao Automotive Glass Co., Ltd. (Shanghai Auto Glass) and its subsidiaries are set to invest in new production lines: - Yizheng Yao Pi Automotive Glass Co., Ltd. (Yizheng Auto Glass) will invest 500 million RMB to build laminated and tempered automotive glass production lines [1] - Tianjin Ribang Safety Glass Co., Ltd. (Tianjin Ribang) will invest 79 million RMB to establish a tempered automotive glass production line [1] - Wuhan Yao Pi Kang Qiao Automotive Glass Co., Ltd. (Wuhan Auto Glass) will invest 35 million RMB to construct a laminated automotive glass production line [1] Strategic Implications - The implementation of these projects will enhance the company's industrial layout, strengthen its automotive glass business, and improve revenue scale and profitability [1] - The investments will also support the stable development of the upstream float glass business, aligning with the company's integrated upstream and downstream strategy [1]

Core Viewpoint - The company plans to invest in multiple production line projects related to its main business, focusing on automotive glass production to enhance its market position and operational efficiency [1][2] Investment Projects - Shanghai Yao Pi Kangqiao Automotive Glass Co., Ltd. plans to invest 500 million RMB in the construction of laminated and tempered automotive glass production lines [1] - Yizheng Yao Pi Automotive Glass Co., Ltd. intends to invest 79 million RMB in the establishment of a tempered automotive glass production line [1] - Shanghai Yao Pi plans to invest 76.1 million RMB in the construction of a laminated automotive glass production line [1] - Wuhan Yao Pi Kangqiao Automotive Glass Co., Ltd. plans to invest 35 million RMB in the construction of a laminated automotive glass production line to fill gaps in production [1] Strategic Alignment - The investment projects are aligned with the company's "One, Two, Four" development strategy, leveraging the technical support from the Yao Pi Research Institute's innovation and R&D center [2] - The company aims to integrate technological and market advantages to accelerate the production of high-value-added automotive glass products, enhancing its core competitiveness and revenue scale [2] - The implementation of these projects is expected to promote the stable development of upstream float glass business, supporting the company's integrated upstream and downstream strategy [2]

Core Viewpoint - The company plans to invest in multiple production line projects related to its main business, focusing on enhancing its automotive glass production capabilities and overall competitiveness in the market [1][2] Investment Projects - Shanghai Yao Pi Kangqiao Automotive Glass Co., Ltd. plans to invest 500 million RMB to establish a laminated and tempered automotive glass production line [1] - Yizheng Yao Pi Automotive Glass Co., Ltd. intends to invest 79 million RMB to build a tempered automotive glass production line [1] - Shanghai Yao Pi plans to invest 76.1 million RMB for the construction of a laminated automotive glass production line [1] - Wuhan Yao Pi Kangqiao Automotive Glass Co., Ltd. is set to invest 35 million RMB to establish a laminated automotive glass production line [1] Strategic Alignment - The investment projects are aligned with the company's "One, Two, Four" development strategy, leveraging the technical support from the Yao Pi Research Institute's innovation and R&D center [2] - The company aims to integrate its technological and market advantages to accelerate the production of high value-added automotive glass products, thereby enhancing its core competitiveness and revenue scale [2] - The implementation of these projects is expected to promote the stable development of the upstream float glass business, supporting the company's integrated upstream and downstream strategy [2]