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].

上会会计师事务所针对上海证券交易所对耀皮玻璃向特定对象发行股票申请的审核问询函，出具了专项 核查报告，深入剖析了耀皮玻璃募投项目、业务经营等多方面情况。 募投项目：聚焦技改与效益提升 同时，结合项目建设期、现有资金余额、经营活动现金流量净额及未来资金需求等情况，公司模拟测算 出未来两年资金缺口为3.74亿元，本次融资3亿元具有合理性与必要性。 经营状况：业绩波动与财务稳健性分析 业绩波动原因剖析 报告期内，耀皮玻璃营业收入分别为47.56亿元、55.88亿元、56.36亿元和26.18亿元，扣非归母净利润分 别为 -0.62亿元、 -1.42亿元、0.96亿元和0.82亿元。净利润和扣非归母净利润波动较大，2023年度受综 合毛利率下降、信用减值损失增加影响而下降；2024年度因综合毛利率上升而增长，主要源于各板块高 附加值产品和差异化产品销售占比提升，以及主要原材料、能源价格下降。与同行业可比公司相比，因 业务板块、产品结构等差异，变动趋势存在不同，但具备合理性。 财务指标稳健性应收账款与款项融资：应收账款和应收款项融资占营业收入比例整体稳定，变动具备合 理性。应收账款账龄以1年以内为主，按组合计提坏账准备 ...

（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 ...

关于上海耀皮玻璃集团股份有限公司 向特定对象发行股票申请的 审核问询函的专项核查报告 上会业函字(2025)第 1259 号 上会会计师事务所（特殊普通合伙） 中国 上海 关于上海耀皮玻璃集团股份有限公司向特定对象发行股票 申请的审核问询函的专项核查报告 上会业函字(2025)第 1259 号 上海证券交易所： 贵所于 2025 年 8 月 8 日出具的《关于上海耀皮玻璃集团股份有限公司向特 定对象发行股票申请文件的审核问询函》（上证上审（再融资）〔2025〕240 号） （以下简称"审核问询函"）已收悉。上会会计师事务所（特殊普通合伙）（以 下简称"我们"或"申报会计师"）作为上海耀皮玻璃集团股份有限公司（以下 简称"发行人"、"公司"或"耀皮玻璃"）向特定对象发行股票的申报会计师 对审核问询函所列问题进行了逐项落实、核查，现对审核问询函问题回复如下， 请予审核。 如无特别说明，本问询函回复使用的简称与《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（申报稿）》（以下简称"募 集说明书"）中的释义相同。 | 格式 | 说明 | | --- | --- | | 黑体（加粗） ...

国泰海通证券股份有限公司 关于 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 之 上市保荐书 保荐人（主承销商） 二〇二五年九月 上海耀皮玻璃集团股份有限公司 上市保荐书 声 明 国泰海通证券股份有限公司（以下简称"国泰海通"或"保荐人"）接受上 海耀皮玻璃集团股份有限公司（以下简称"耀皮玻璃"、"公司"或"发行人"） 的委托，担任耀皮玻璃 2025 年度向特定对象发行 A 股股票（以下简称"本次发 行"）的保荐人。 国泰海通及其保荐代表人根据《中华人民共和国公司法》（以下简称"《公司 法》"）、《中华人民共和国证券法》（以下简称"《证券法》"）、《证券发行上 市保荐业务管理办法》（以下简称"《保荐管理办法》"）、《上市公司证券发行注册 管理办法》（以下简称"《注册管理办法》"）、《上海证券交易所股票上市规则》、 《上海证券交易所上市公司证券发行与承销业务实施细则》等有关法律、行政法 规和中国证券监督管理委员会、上海证券交易所的规定，诚实守信，勤勉尽责， 严格按照依法制定的业务规则、行业执业规范和道德准则出具上市保荐书，并保 证所出具文件真实、准确、完整。 （本上市保荐书如无特别说明 ...

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