Summary of Conference Call Records Industry Overview - The conference call primarily discusses the **consumption building materials industry** and its performance in 2024, highlighting a **7.2% year-on-year decline** in revenue for the sector [1] - The **real estate demand** remains weak, impacting the consumption building materials sector, which has seen continuous revenue pressure over the past few quarters [1] Key Points and Arguments - **Revenue Trends**: The revenue growth for the consumption building materials sector is expected to decline in 2024, with quarterly comparisons showing fluctuations: **0.2% growth**, **5.3% decline**, **10.7% decline**, **10.9% decline**, and **5.7% decline** from Q1 2024 to Q1 2025 [1] - **Profitability Issues**: The industry faces challenges such as **declining gross margins** due to reduced demand and increased expense ratios. Some companies have reported increased impairments on goodwill and assets [2] - **Improvement in Profitability**: In Q1 2024, some companies managed to stabilize and improve profitability through better gross margins and expense control, with half of the consumption building materials companies reporting year-on-year gross margin increases [2] - **Net Profit Performance**: Among 26 analyzed companies, **10 reported year-on-year net profit increases**, and **9 showed improvements in net profit margins** both year-on-year and quarter-on-quarter, particularly in waterproofing and coating sectors [3] - **Market Resilience**: Despite the downturn in new housing demand, the sector shows resilience supported by the high demand for second-hand housing, which could lead to revenue growth if new housing demand stabilizes [4] Additional Insights - **Future Growth Potential**: Companies with strong brand and channel capabilities are expected to have significant growth potential. Key players mentioned include **Sanhe Tree, Tubaobao, Beixing Building Materials, and others** [5] - **Cement Industry Outlook**: The cement sector is projected to see a bottoming out in Q1 2024, with expectations of gradual improvement in profitability throughout the year. The industry experienced a **35% year-on-year decline** in scale in 2024 [5] - **Price Trends**: Cement prices are expected to rise after a period of decline, with a **1.4% year-on-year drop** in demand noted in Q1 2024, but a recovery is anticipated post-Chinese New Year [6] - **Cost Management**: The decline in coal prices is expected to stabilize industry profitability, with a projected **6% year-on-year decline** in cement demand for 2025 [7] - **Investment and Dividends**: Companies with low cash flow and stable investment returns, such as **Tapai Group and Ningxia Building Materials**, are highlighted for their significant profit contributions [8] Conclusion - The consumption building materials and cement industries are navigating through challenging market conditions, with signs of potential recovery in profitability and demand stabilization. Key players are expected to leverage their market positions for future growth opportunities.

证券代码：601865 股票简称：福莱特 公告编号：2025-046 转债代码：113059 转债简称：福莱转债 福莱特玻璃集团股份有限公司 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法律责任。 重要内容提示： ? 本期业绩预告适用于实现盈利，且净利润与上年同期相比下降 50%以上 的情形。 ? 经财务部门初步测算，福莱特玻璃集团股份有限公司(以下简称"公司") 预计 2025 年半年度实现归属于母公司所有者的净利润为 2.30 亿元到 2.80 亿元， 与上年同期相比，预计减少 12.19 亿元到 12.69 亿元，同比减少 81.32%到 84.66%。 归属于母公司所有者的扣除非经常性损益的净利润为 1.95 亿元到 2.45 亿元，与 上年同期相比，预计减少 12.35 亿元到 12.85 亿元，同比减少 83.45%到 86.82%。 一、本期业绩预告情况 （一）业绩预告期间 （二）业绩预告情况 经财务部门初步测算，预计 2025 年半年度实现归属于母公司所有者的净利 润 2.30 亿元到 2.80 亿元，与上年同期（法定 ...

盈利警告 本公告由福萊特玻璃集團股份有限公司（「本公司」，連同其附屬公司統稱「本集團」）根據香港聯合交 易所有限公司證券上市規則（「上市規則」）第13.09（2）條及香港法例第571章證券及期貨條例第XIVA 部項下內幕消息條文（定義見上市規則）刊發。 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分內容而產生或因依賴該 等內容而引致的任何損失承擔任何責任。 福萊特玻璃集團股份有限公司 Flat Glass Group Co., Ltd. （於中華人民共和國註冊成立的股份有限公司） （股份代號：6865） 股東及潛在投資者於買賣本公司股份時務請審慎行事。 本公司董事會（「董事會」）謹此告知本公司股東（「股東」）及潛在投資者，根據初步審閱本集團截至二 零二五年六月三十日止六個月的（「本報告期」未經審核綜合管理賬目及董事會目前獲得的資料，預 計(i)本集團截至二零二五年六月三十日止六個月，實現歸屬於上市公司股東的淨利潤為人民幣230 百萬元到人民幣280百萬元，與上年同期相比，將減少人民幣1,219百萬元到人民幣 ...

福莱特玻璃集团股份有限公司 2025 年半年度业绩预减的公告 | 证券代码：601865 | 股票简称：福莱特 | 公告编号：2025-046 | | --- | --- | --- | | 转债代码：113059 | 转债简称：福莱转债 | | 本期业绩预告适用于实现盈利，且净利润与上年同期相比下降 50%以上 的情形。 经财务部门初步测算，福莱特玻璃集团股份有限公司(以下简称"公司") 预计 2025 年半年度实现归属于母公司所有者的净利润为 2.30 亿元到 2.80 亿元， 与上年同期相比，预计减少 12.19 亿元到 12.69 亿元，同比减少 81.32%到 84.66%。 归属于母公司所有者的扣除非经常性损益的净利润为 1.95 亿元到 2.45 亿元，与 上年同期相比，预计减少 12.35 亿元到 12.85 亿元，同比减少 83.45%到 86.82%。 一、本期业绩预告情况 （一）业绩预告期间 2025 年 1 月 1 日至 2025 年 6 月 30 日。 （二）业绩预告情况 经财务部门初步测算，预计 2025 年半年度实现归属于母公司所有者的净利 润 2.30 亿元到 2.80 亿元， ...

此外，倘若光伏玻璃企业对中期需求前景变得更加悲观，则其可能提前进行冷修，并面临更高的资产减 值损失风险。 近段时间以来，福莱特（601865）等光伏行业产业链企业的股价终于有了些起色。此时此刻，高盛（中 国）证券有限责任公司（下称"高盛证券"）却给福莱特等龙头泼了盆凉水。记者注意到，高盛证券的分 析师发布的一份研报称，基于相关判断，对福莱特的评级为卖出。 她认为，鉴于行业成本曲线趋于平缓、二线企业大举扩张以及需求增长前景放缓，光伏玻璃行业的格局 在恶化，使得一线企业将在中长期内面临结构性的利润率压力和更小的整合空间。同时，其认为福莱特 股票存在估值偏高问题。一是公司企业价值倍数接近历史均值，但未来的增速预计将放缓；二是当前市 净率处于历史平均区间的中点值，而净资产回报率预计将停留在2024年的谷底水平。 "我们预计2025年下半年至2026年光伏玻璃价格将在2025年二季度的基础上下降20%，并预计光伏玻璃 价格下跌将对该股（福莱特）产生不利影响。"该分析师称。 整体来看，该分析师对光伏玻璃行业的前景稍显悲观。 她表示，在3月至5月份政策引发装机需求骤升过后，在全球范围内，2025年6月至12月全球光伏组件需 ...

Investment Rating - Industry rating: Recommended [5] Core Insights - The humanoid robot industry is expected to accelerate towards mass production due to breakthroughs in AI technology and increasing domestic and international enterprise layouts, with strong demand for domestic replacement of core components [12][15] - The domestic new energy vehicle (NEV) market is experiencing rapid growth, with production and sales in June exceeding 25% year-on-year, driven by technological advancements in vehicle performance [16][18] - The photovoltaic industry chain has seen a significant price increase across the board, with policies promoting orderly competition and a solidified industry foundation [24][29] - The approval of the UK's 1.5GW Mona offshore wind project marks a significant advancement in the European offshore wind sector, with expectations for further auctions and orders in the second half of the year [25][27] Humanoid Robots - The humanoid robot sector is witnessing increased participation from major tech companies, with a focus on the T-chain and domestic supply chain developments, indicating a robust market opportunity [12][15] - Key components such as dexterous hands and lightweight materials are expected to see significant advancements, enhancing the efficiency and application of humanoid robots [13][15] New Energy Vehicles - The NEV sector is in a growth phase, with new models enhancing performance and cost-effectiveness, supported by advancements in solid-state batteries and other technologies [16][18] - The demand for lithium battery materials is expected to expand due to the recovery of the consumer electronics market and the growth of energy storage applications [20][22] Photovoltaic Industry - The photovoltaic industry is experiencing a price surge due to supply chain adjustments and policy support, with specific beneficiaries identified in the silicon material and battery sectors [24][29] - The market is expected to stabilize as inventory levels decrease and production capacity is adjusted, with a focus on high-efficiency products and new technologies [30][32] Offshore Wind Power - The approval of the Mona offshore wind project is anticipated to stimulate further developments in the offshore wind sector across Europe, with domestic companies poised to benefit from upcoming orders [25][27] - The demand for offshore wind components is expected to rise, driven by both domestic and international projects, creating opportunities for companies involved in the supply chain [43][45]

Summary of Key Points Core Viewpoint - The announcement details the completion of a share reduction plan by a specific shareholder, Tao Hongzhu, who reduced her holdings in Fulaite Glass Group Co., Ltd. by 2,500,000 shares, representing 0.1067% of the company's total share capital [1][2]. Group 1: Shareholder Reduction Details - Tao Hongzhu held 12,840,000 shares prior to the reduction, which accounted for 0.5480% of the company's total share capital [2]. - The reduction was executed through centralized bidding from April 28, 2025, to July 8, 2025 [2]. - The total amount raised from the share reduction was approximately 36,980,428 yuan, with share prices ranging from 14.10 to 17.01 yuan per share [2]. Group 2: Current Shareholding Status - After the reduction, Tao Hongzhu's remaining shares are 10,340,000, which is 0.4413% of the total share capital [2]. - The actual reduction matched the previously disclosed plan, confirming that the reduction was completed as intended [2].

Core Viewpoint - The photovoltaic industry chain has returned to the market spotlight after four years, with significant stock price increases across various segments, indicating a strong market recovery and investor interest [1][2][4]. Summary by Sections Market Performance - On July 8, A-share photovoltaic concept stocks saw three stocks hit the 20% daily limit, with nearly 30 stocks rising over 10%, showcasing a rare market phenomenon [1]. - As of July 9, nearly 70 photovoltaic concept stocks had increased by over 10% in July, with 25 stocks rising over 20%, marking it as a significant month for the sector [8]. Price Trends and Influences - The recent surge in the photovoltaic industry began in late June following important government commentary on "anti-involution" and subsequent meetings [5]. - Key stocks like Xinling Electric and Yamaton have shown remarkable price increases, with Xinling Electric rising 62.45% over five trading days [9][10]. - The price of polysilicon, a critical material for photovoltaic cells, has seen a significant increase, with a recent rise of 7% and a cumulative increase of over 30% [11]. Industry Dynamics - The photovoltaic industry is experiencing a strong recovery driven by policy support and rising material prices, leading to a high degree of certainty in valuation recovery [14]. - Historical patterns indicate that the industry has undergone several supply contraction cycles, suggesting potential for further price increases [17][18]. Valuation and Investment Opportunities - The photovoltaic sector has faced significant valuation pressures, with many companies experiencing up to 80% declines since their peak in 2021 [19][20]. - Despite the challenges, there are signs of stabilization, with industry losses narrowing and potential for performance recovery among leading companies [21][22]. - The photovoltaic ETF has outperformed many individual stocks, indicating a favorable investment vehicle for exposure to the sector [23]. Broader Implications - The "anti-involution" trend is not limited to photovoltaics but extends to other sectors such as construction materials and chemicals, suggesting a broader market recovery [24][25]. - The potential for significant investment opportunities exists, particularly for leading companies and those with competitive advantages in the current market environment [26].

Market Overview - The Shanghai Composite Index fell by 0.13% on July 9, with 17 out of the 28 sectors rising, led by Media and Agriculture sectors, which increased by 1.35% and 0.65% respectively [1] - The Electric Equipment sector saw a slight increase of 0.17% [1] - The sectors with the largest declines were Non-ferrous Metals and Basic Chemicals, which dropped by 2.26% and 0.85% respectively [1] Capital Flow Analysis - The main capital outflow from the two markets totaled 38.536 billion yuan, with only three sectors experiencing net inflows: Media (1.055 billion yuan), Retail (864 million yuan), and Construction Decoration (40.34 million yuan) [1] - The Electronic sector had the largest net outflow, totaling 7.789 billion yuan, followed by Non-ferrous Metals with 5.412 billion yuan [1] Electric Equipment Sector Performance - In the Electric Equipment sector, 358 stocks were tracked, with 99 stocks rising and 252 stocks declining; 5 stocks hit the daily limit up [2] - The top net inflow stock was Ningde Times, with a net inflow of 378 million yuan, followed by Tongguan Copper Foil and Kelu Electronics with inflows of 219 million yuan and 178 million yuan respectively [2] - The sector experienced a total net outflow of 4.576 billion yuan, with 11 stocks seeing outflows exceeding 100 million yuan; the largest outflows were from Rongfa Nuclear Power, Sunshine Power, and Nord Shares, with outflows of 327 million yuan, 250 million yuan, and 226 million yuan respectively [2][3] Top Gainers in Electric Equipment Sector - The top gainers in the Electric Equipment sector included: - Ningde Times: +2.84%, turnover rate 0.75%, main capital flow 377.94 million yuan - Tongguan Copper Foil: +20.02%, turnover rate 48.19%, main capital flow 218.52 million yuan - Kelu Electronics: +10.06%, turnover rate 7.49%, main capital flow 178.39 million yuan [2] Top Losers in Electric Equipment Sector - The top losers in the Electric Equipment sector included: - Rongfa Nuclear Power: +0.42%, turnover rate 33.08%, main capital flow -327.43 million yuan - Sunshine Power: -0.57%, turnover rate 3.01%, main capital flow -249.65 million yuan - Nord Shares: -4.98%, turnover rate 14.04%, main capital flow -226.20 million yuan [3]

| 证券代码：601865 | 证券简称：福莱特 | 公告编号：2025-045 | | --- | --- | --- | | 转债代码：113059 | 转债简称：福莱转债 | | 福莱特玻璃集团股份有限公司 一、减持主体减持前基本情况 特定股东减持股份结果公告 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。 重要内容提示： 特定股东持股的基本情况 本次减持计划实施前，福莱特玻璃集团股份有限公司（以下简称"公司"）特 定股东陶宏珠女士持有公司股份 12,840,000 股，占公司当前总股本的比例为 0.5480%（四舍五入后），股份来源于公司首次公开发行（"IPO"）前持有的股份。 减持计划的实施结果情况 公司于 2025 年 4 月 4 日披露了《福莱特玻璃集团股份有限公司特定股东集 中竞价减持股份计划公告》（公告编号：2025-027），陶宏珠女士通过集中竞价 交易方式，减持本公司无限售条件流通股数量合计不超过 2,500,000 股，不超过 公司总股本的 0.1067%（四舍五入后），减持期间为自 2025 ...