Core Viewpoint - Yao Pi Glass announced a share reduction by China Composite, with a total of approximately 6.9 million shares, accounting for 0.74% of the company's total equity [1] Group 1: Company Performance - As of the announcement date, Yao Pi Glass's market capitalization is 8.8 billion yuan [1] - For the year 2024, the revenue composition of Yao Pi Glass is as follows: glass accounts for 97.89%, while other businesses account for 2.11% [1] Group 2: Shareholding Changes - China Composite has completed its share reduction plan, which was executed through block trading [1]

格隆汇11月10日丨耀皮玻璃(600819.SH)公布，公司于2025年11月10日收到持股5%以上股东中国复材 《关于减持耀皮玻璃股份计划实施结果暨权益变动触及1%及5%刻度的告知函》，中国复材于2025年10 月14日-11月7日通过大宗交易方式减持公司股份690.06万股，占公司总股本的0.74%，持有的公司股份 比例从10.74%变动至10.00%，权益变动比例触及1%及5%刻度。 ...

证券代码：600819 证券简称：耀皮玻璃 公告编号：2025-059 上海耀皮玻璃集团股份有限公司 股东减持股份结果的公告 本公司董事会、全体董事及相关股东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。 上述减持主体无一致行动人。 二、减持计划的实施结果 重要内容提示： 2025 年 7 月 19 日，公司披露了股东中国复材减持股份计划的公告， 中国复材依据自身战略规划和经营发展，聚焦复合材料主责主业的需要， 拟自减持计划公告披露之日起 15 个交易日后的 3 个月内，通过大宗交易方 式减持不超过公司总股本的 2%，即不超过 18,698,321 股。具体内容详见 《上海耀皮玻璃集团股份有限公司股东减持股份计划公告》（公告编号： 2025-044）。 2025 年 11 月 10 日，公司收到中国复材发来的《关于减持耀皮玻璃股 份计划实施结果暨权益变动触及 1%及 5%刻度的告知函》。截至本公告披露 日，中国复材的减持时间区间届满，已通过大宗交易方式累计减持公司股 份 6,900,568 股，占公司总股本的 0.74%。具体如下： 一、减持主体减 ...

触及 1%及 5%刻度的提示性公告 中国复合材料集团股份有限公司保证向本公司提供的信息真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 本公司董事会及全体董事保证公告内容与信息披露义务人提供的信息一致。 重要内容提示： | 权益变动方向 | 比例增加□ | | 比例减少√ | | --- | --- | --- | --- | | 权益变动前合计比例 | 10.74% | | | | 权益变动后合计比例 | 10.00% | | | | 本次变动是否违反已作出的承 诺、意向、计划 | 是□ | 否√ | | | 是否触发强制要约收购义务 | 是□ | 否√ | | 一、 信息披露义务人及其一致行动人的基本信息 1.身份类别 证券代码：600819 证券简称：耀皮玻璃 公告编号：2025-058 耀皮玻璃关于持股 5%以上股东权益变动 二、 权益变动触及 1%及 5%刻度的基本情况 公司于 2025 年 11 月 10 日收到持股 5%以上股东中国复合材料集团有限公 司（以下简称"中国复材"）《关于减持耀皮玻璃股份计划实施结果暨权益变动触 及 1%及 5%刻度的告知函》，中国复材于 2025 年 10 ...

上海耀皮玻璃集团股份有限公司 简式权益变动报告书 签署日期：2025 年 11 月 10 日 1 股票上市地点：上海证券交易所 股票简称：耀皮玻璃 股票代码：600819 信息披露义务人声明 一、本报告书系信息披露义务人依据《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》）、《上市公司收购管 理办法》（以下简称《收购办法》）、《公开发行证券的公司信息披露内容与格式 准则第 15 号—权益变动报告书》（以下简称《准则15号》）及相关法律、法规和 规范性文件编写。 上市公司名称：上海耀皮玻璃集团股份有限公司 信息披露义务人：中国复合材料集团有限公司 注册地址：北京市海淀区复兴路17号国海广场2号楼(B座) 通讯地址：北京市海淀区东升科技园北街6号7号楼12层 权益变动性质：持股比例减少 二、信息披露义务人签署本报告书已获得必要的授权和批准,其履行亦不违反信 息披露义务人章程或内部规则中的任何条款，或与之相冲突。 三、根据《公司法》《证券法》《收购办法》《准则15号》的规定，本报告书 已全面披露信息披露义务人在上海耀皮玻璃集团股份有限公司（以下简称耀皮玻璃、 公司或本公司 ...

Core Viewpoint - Yao Pi Glass (600819.SH) announced that its major shareholder, China Composite Materials, reduced its stake in the company, impacting the shareholding structure significantly [1] Group 1: Shareholding Changes - China Composite Materials reduced its holdings by 6.9006 million shares, representing 0.74% of the total share capital of Yao Pi Glass [1] - The shareholding percentage of China Composite Materials decreased from 10.74% to 10.00%, indicating a notable change in ownership [1] - The equity change triggered thresholds of 1% and 5%, which are significant markers in shareholding disclosures [1]

Core Viewpoint - China Composite Materials Group Co., Ltd. reduced its stake in Yaopi Glass by selling 6.9006 million shares through block trading, decreasing its ownership from 10.74% to 10.00% [1] Summary by Relevant Sections - **Shareholding Changes** - The reduction in shareholding amounts to 0.74% of the total share capital of Yaopi Glass [1] - After the transaction, China Composite Materials Group holds 93.4916 million shares, all of which are unrestricted circulating shares [1] - **Transaction Details** - The share reduction occurred between October 14 and November 7, 2025 [1] - There are no restrictions such as freezing or ownership disputes affecting the shares [1]

Core Viewpoint - The report from Guosheng Securities highlights that Yaopi Glass has strong technical capabilities and is actively implementing a differentiated competition strategy, leading to a 28.7% year-on-year increase in net profit attributable to shareholders, reaching 120 million yuan in the first three quarters of 2025 despite overall industry pressure [1] Company Summary - Yaopi Glass is focusing on high-value-added products such as TCO glass and laminated skylights, which are driving sales growth [1] - The company has established a strong advantage in the high-end glass sector, particularly with TCO glass technology, which is leading in the domestic market [1] - The company is expected to benefit significantly from the industrialization process of perovskite batteries [1] - In the automotive glass sector, the company is anticipated to see simultaneous increases in market share and profit margins [1] - The initial coverage of the company has been rated as "Buy" [1]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [4]. Core Views - The company has a strong technical foundation and focuses on high-end, differentiated products, particularly in the TCO glass sector, which is expected to benefit from the industrialization of perovskite solar cells [2][4]. - The automotive glass segment is poised for growth due to the increasing penetration of electric vehicles, which will enhance both market share and profit margins for the company [3][4]. - The company has successfully implemented a strategy of product differentiation and vertical integration, which has allowed it to maintain revenue stability despite industry pressures [18]. Summary by Sections Company Overview - Established in 1983, the company is a representative of high-quality glass in China, with main businesses in float glass, architectural glass, automotive glass, and specialty glass [14]. Float Glass - The float glass business is transitioning towards high-value, high-tech differentiated products, with a leading position in TCO glass, a key material for perovskite solar cells [2][35]. - The current price of TCO glass is approximately $10 per square meter, with a significant demand expected as production capacity increases [2]. Automotive Glass - The company is experiencing growth in the automotive glass segment, with a projected revenue of 1.01 billion yuan in the first half of 2025, a year-on-year increase of 16.2% [3][16]. - The gross margin for automotive glass is expected to improve, reaching 13.3% in the first half of 2025, up 1.4 percentage points year-on-year [3][16]. Architectural Processed Glass - The architectural processed glass segment is focusing on high-end markets, with revenue expected to decline by 17.0% year-on-year in the first half of 2025, but maintaining a stable gross margin of 15.4% [3][16]. Financial Forecast and Valuation - Revenue projections for the company are 5.56 billion yuan in 2025, 5.90 billion yuan in 2026, and 6.34 billion yuan in 2027, with net profits expected to grow significantly [4][5]. - The company is expected to achieve a net profit of 1.6 billion yuan in 2025, with a corresponding PE ratio of 50x [4][5].

Core Viewpoint - Yao Pi Glass experienced a stock price increase of 2.28%, closing at 8.51 yuan, with significant block trades occurring on November 7 [1] Trading Activity - Two block trades were executed, totaling 944,600 shares and a transaction value of 7.0748 million yuan [1] - The first trade involved 550,000 shares at a price of 7.49 yuan, amounting to 4.1195 million yuan, with a discount rate of -11.99% [1] - The second trade involved 394,600 shares at the same price of 7.49 yuan, totaling 2.9553 million yuan, also with a discount rate of -11.99% [1] Recent Performance - Over the past three months, Yao Pi Glass has recorded 16 block trades with a cumulative transaction value of 51.3924 million yuan [1] - In the last five trading days, the stock has seen a cumulative increase of 0.59%, while the net outflow of main funds amounted to 21.1782 million yuan [1]