Market Overview - On September 22, the glass and fiberglass sector rose by 1.01% compared to the previous trading day, with Honghe Technology leading the gains [1] - The Shanghai Composite Index closed at 3828.58, up 0.22%, while the Shenzhen Component Index closed at 13157.97, up 0.67% [1] Stock Performance - Key stocks in the glass and fiberglass sector showed varied performance: - Honghe Technology (603256) closed at 40.30, up 3.57% with a trading volume of 211,800 shares and a turnover of 845 million yuan [1] - Yao Pi Glass (618009) closed at 7.24, up 3.43% with a trading volume of 473,600 shares and a turnover of 341 million yuan [1] - China Jushi (600176) closed at 16.15, up 3.33% with a trading volume of 963,800 shares and a turnover of 1.52 billion yuan [1] - Other notable performances include: - Zai Sheng Technology (603601) at 5.38, up 2.09% [1] - Sanxia New Materials (600293) at 3.11, up 1.30% [1] - International Composite Materials (301526) at 6.72, down 0.30% [1] Capital Flow - The glass and fiberglass sector experienced a net inflow of 22.19 million yuan from institutional investors, while retail investors saw a net inflow of 30.26 million yuan [2] - However, there was a net outflow of 52.45 million yuan from speculative funds [2] Individual Stock Capital Flow - Honghe Technology saw a net outflow of 43.72 million yuan from institutional investors, while retail investors had a net outflow of 49.84 million yuan [3] - Yao Pi Glass had a net inflow of 31.51 million yuan from institutional investors, but a net outflow of 43.57 million yuan from retail investors [3] - China Jushi experienced a net inflow of 22.30 million yuan from institutional investors, with a significant net outflow of 52.21 million yuan from speculative funds [3]

Group 1 - The core viewpoint of the news highlights the growth in China's laminated glass production, with a reported output of 12.85 million square meters in May 2025, reflecting a year-on-year increase of 0.4% [1] - Cumulative production from January to May 2025 reached 63.82 million square meters, showing a cumulative growth of 6.3% [1] Group 2 - The companies mentioned in the laminated glass industry include Qibin Group, Nanshan Glass, Fuyao Glass, Jinjing Technology, Kaisheng New Energy, Yaopi Glass, Shandong Pharmaceutical Glass, and Yamaton [1] - The report referenced is the "2025-2031 China Laminated Glass Industry Market Status Survey and Development Trend Judgment Report" published by Zhiyan Consulting [1]

Group 1 - The core viewpoint of the article highlights a decline in China's flat glass production, with a reported decrease of 5.7% in May 2025 compared to the previous year [1] - Cumulative flat glass production from January to May 2025 reached 40,176.8 million weight cases, reflecting a 4.9% decrease year-on-year [1] - The article references a report by Zhiyan Consulting, which provides insights into the market supply and demand dynamics of the glass products industry in China from 2025 to 2031 [1] Group 2 - The listed companies in the glass industry include Qibin Group, Nanshan Glass A, Jinjing Technology, Kaisheng New Energy, Yaopi Glass, Shandong Pharmaceutical Glass, Yamaton, and Fuyao Glass [1] - The data source for the production statistics is the National Bureau of Statistics, with the information organized by Zhiyan Consulting [1] - Zhiyan Consulting is recognized as a leading industry consulting firm in China, specializing in in-depth industry research reports and customized services [1]

Company Overview - Yao Pi Glass is located in the China (Shanghai) Free Trade Zone and was established on November 23, 1993, with its listing date on January 28, 1994 [1] - The company specializes in the production and sales of transparent float glass, colored float glass, and deep processing products [1] - The revenue composition includes automotive processed glass (38.72%), building processed glass (35.22%), float glass (32.77%), and other (1.70%) [1] Stock Performance - As of September 19, Yao Pi Glass's stock price increased by 2.30%, reaching 7.11 CNY per share, with a total market capitalization of 6.647 billion CNY [1] - Year-to-date, the stock price has risen by 32.58%, with a 2.01% increase over the last five trading days, 8.72% over the last twenty days, and 24.02% over the last sixty days [1] - The company has appeared on the "Dragon and Tiger List" twice this year, with the most recent appearance on July 4, where it recorded a net buy of -34.6869 million CNY [1] Financial Performance - For the first half of 2025, Yao Pi Glass reported a revenue of 2.618 billion CNY, a year-on-year decrease of 4.81%, while the net profit attributable to shareholders was 86.366 million CNY, reflecting a year-on-year increase of 37.92% [2] - Cumulative cash dividends since the A-share listing amount to 1.533 billion CNY, with 44.876 million CNY distributed over the last three years [3] Shareholder Information - As of June 30, 2025, the number of shareholders is 42,300, a decrease of 7.64% from the previous period [2] - The top ten circulating shareholders include the China Securities Shanghai State-owned Enterprise ETF, holding 2.8038 million shares, which is a decrease of 311,700 shares compared to the previous period [3] Industry Context - Yao Pi Glass operates within the building materials sector, specifically in glass manufacturing, and is associated with concepts such as renewable energy, solar energy, energy conservation, photovoltaic glass, and BYD concepts [2]

Group 1 - The core viewpoint of the news is that Yao Pi Glass has seen a stock price increase of 5.58%, reaching 7.38 CNY per share, with a total market capitalization of 6.9 billion CNY [1] - Yao Pi Glass specializes in the production and sale of various types of glass, with its main business revenue composition being: automotive processed glass 38.72%, architectural processed glass 35.22%, float glass 32.77%, and other supplementary products 1.70% [1] Group 2 - Among the top circulating shareholders of Yao Pi Glass, a fund under Huatai-PineBridge has reduced its holdings by 311,700 shares, now holding 2.8038 million shares, which accounts for 0.3% of the circulating shares [2] - The China Securities Shanghai State-Owned Enterprises ETF (510810) has achieved a year-to-date return of 6.12% and a one-year return of 40.12% [2]

Market Overview - On September 15, the glass and fiberglass sector rose by 0.59% compared to the previous trading day, with Zhongcai Technology leading the gains [1] - The Shanghai Composite Index closed at 3860.5, down 0.26%, while the Shenzhen Component Index closed at 13005.77, up 0.63% [1] Stock Performance - Zhongcai Technology (002080) closed at 36.15, up 4.84% with a trading volume of 539,400 shares and a transaction value of 1.918 billion [1] - Other notable performers include: - Sanxia New Material (600293) at 3.20, up 1.59% [1] - Honghe Technology (603256) at 40.12, up 1.19% [1] - Conversely, China Jushi (600176) closed at 15.36, down 1.35% with a trading volume of 618,400 shares and a transaction value of 950 million [1][2] Capital Flow - The glass and fiberglass sector experienced a net outflow of 38.1864 million from institutional investors and 41.0712 million from speculative funds, while retail investors saw a net inflow of 79.2575 million [2] - The capital flow for key stocks includes: - Zhongcai Technology with a net inflow of 196 million from institutional investors [3] - Honghe Technology with a net inflow of 20.4092 million from institutional investors [3] - China Jushi with a net outflow of 11.5422 million from institutional investors [3]

Core Viewpoint - Shanghai Yaopi Glass Group Co., Ltd. has received an inquiry letter from the Shanghai Stock Exchange regarding its application for a specific stock issuance, indicating ongoing regulatory scrutiny and the need for compliance with financial disclosure requirements [1][2]. Group 1 - The company received the inquiry letter on August 8, 2025, from the Shanghai Stock Exchange, which raised questions about the submitted application for issuing stocks to specific investors [1]. - In response to the inquiry, the company, along with relevant intermediaries, conducted a thorough review and provided explanations and analyses for each question raised in the inquiry letter [2]. - The company updated its fundraising prospectus and related application documents to reflect the financial data from its 2025 semi-annual report, which has already been publicly disclosed [2]. Group 2 - The issuance of A-shares to specific investors is subject to approval from the Shanghai Stock Exchange and registration consent from the China Securities Regulatory Commission, indicating that the process is not yet finalized [2]. - The company will continue to fulfill its information disclosure obligations in accordance with relevant laws and regulations regarding the issuance of stocks to specific investors [2].

Core Viewpoint - The company Yao Pi Glass plans to raise up to 300 million yuan through a private placement of A-shares to fund energy-saving upgrades and automation projects, aiming to enhance its high-end development and optimize product structure [1][2]. Fundraising and Investment Projects - The total investment for the Dalian Yao Pi melting furnace energy-saving upgrade and float glass production line automation project is 288.31 million yuan, with 188.31 million yuan sourced from the raised funds, scheduled for a 24-month construction period [2]. - The Tianjin Yao Pi production line energy-saving upgrade and coating process modification project has a total investment of 99.65 million yuan, with 94.90 million yuan planned from the raised funds, also with a 24-month construction period [2]. - The company will allocate 16.79 million yuan to supplement working capital, aiming to optimize financial structure and enhance risk resistance [2]. Compliance and Market Position - The fundraising projects align with national industrial policies and will not increase production capacity, ensuring compliance with energy consumption and emission regulations [2]. - The implementation of these projects is expected to help the company adapt to industry trends, maintain technological leadership, increase market share, and expand profit growth points [2].

Core Viewpoint - Yao Pi Glass is seeking to raise up to 300 million yuan through a private placement to fund energy-saving upgrades and automation projects, while also addressing its working capital needs [2] Group 1: Fundraising Projects - The total amount to be raised is up to 300 million yuan, which will be allocated to energy-saving upgrades and automation projects in Dalian and Tianjin, as well as to supplement working capital [2] - The Dalian project aims to upgrade an 18-year-old furnace to enhance environmental processing capabilities, with an operational period of 12 years, a construction period of 2 years, an average gross profit margin of 21.24%, and a net profit margin of 10.30% [2] - The Tianjin project has similar operational and construction timelines, with an average gross profit margin of 17.34% and a net profit margin of 6.64%, indicating a reasonable internal rate of return (after tax) of 17.75% [2] - The company has identified a funding gap of 374 million yuan over the next two years, making the 300 million yuan financing necessary and reasonable [2] Group 2: Operating Performance - Yao Pi Glass reported fluctuating revenues of 4.756 billion yuan, 5.588 billion yuan, 5.636 billion yuan, and 2.618 billion yuan over the reporting periods, with net profits showing significant volatility [3] - The decline in net profit for 2023 was attributed to a decrease in gross profit margin and an increase in credit impairment losses, while 2024 is expected to see growth due to an increase in high-value-added product sales and a decrease in raw material and energy prices [3] Group 3: Gross Margin Analysis - The gross margin for the main business was 12.84%, 10.96%, 16.27%, and 17.96% over the reporting periods, with the decline in 2023 linked to lower margins in the float and architectural glass segments [4] - The increase in gross margin for 2024 and the first half of 2025 is primarily due to improvements in the float glass segment, influenced by product structure adjustments and changes in raw material prices [4] Group 4: Financial Stability - Accounts receivable and financing ratios relative to revenue have remained stable, with a high recovery rate for accounts receivable due to the quality of major clients [5] - Inventory management is deemed reasonable, with a majority of inventory aged under one year, and the inventory turnover rate is within the industry range [5] - The company has not identified any impairment signs in ongoing projects, except for a slow progress in a specific fireproof glass project [5] Group 5: Legal and Investment Matters - Yao Pi Glass is involved in 11 pending lawsuits, with limited impact on the company, and has reached a settlement in a significant case [6] - There are no substantial financial investments, except for a cautious investment in a partnership, and no new financial investments have been made in the six months prior to the board resolution [8]

（中国（上海）自由贸易试验区张东路 1388 号 4-5 幢） 上海耀皮玻璃集团股份有限公司 2025 年度向特定对象发行 A 股股票 募集说明书 （修订稿） 保荐人（主承销商） 二〇二五年九月 股票简称：耀皮玻璃/耀皮 B 股 股票代码：600819/900918 上海耀皮玻璃集团股份有限公司 募集说明书 声 明 1、本公司及全体董事、高级管理人员承诺募集说明书及其他信息披露资料 不存在任何虚假记载、误导性陈述或重大遗漏，并对其真实性、准确性及完整 性承担相应的法律责任。 2、公司负责人、主管会计工作负责人及会计机构负责人保证募集说明书中 财务会计资料真实、准确、完整。 3、本募集说明书按照《上市公司证券发行注册管理办法》《公开发行证券 的公司信息披露内容与格式准则第 61 号——上市公司向特定对象发行证券募集 说明书和发行情况报告书》等要求编制。 4、中国证监会、上海证券交易所对本次发行所作的任何决定或意见，均不 表明其对申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表 明其对发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保 证。任何与之相反的声明均属虚假不实陈述。 5、根据《证 ...