| 证券代码：601865 | 股票简称：福莱特 | 公告编号：2026-023 | | --- | --- | --- | | 转债代码：113059 | 转债简称：福莱转债 | | 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： 累计转股情况：截至 2026 年 3 月 31 日，累计已有人民币 120,000 元"福 莱转债"转为本公司 A 股普通股，累计转股股数为 2,772 股，占"福莱转债"转股 前本公司已发行股票股份总数的 0.0001%。 未转股可转债情况：截至 2026 年 3 月 31 日，尚未转股的"福莱转债"金 额为人民币 3,999,880,000 元，占"福莱转债"发行总额的 99.9970%。 本季度转股情况：自 2026 年 1 月 1 日至 2026 年 3 月 31 日，共有人民币 4,000 元"福莱转债"转为本公司 A 股普通股，转股股数为 94 股。 福莱特玻璃集团股份有限公司 可转债转股结果暨股份变动的公告 截止目前，"福莱转债"转股价格为人民币 41.71 元/股。 ...

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） | | | 福莱特玻璃集团股份有限公司 可转债转股结果暨股份变动的公告 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法律责任。 海外監管公告 本公告乃由福萊特玻璃集團股份有限公司（「本公司」）根據香港聯合交易所有限公司證券上市規則 第13.10B條作出。 以下為本公司於上海證券交易所網站刊登之《福萊特玻璃集團股份有限公司可轉債轉股結果暨股份 變動的公告》，僅供參閱。 承董事會命 福萊特玻璃集團股份有限公司 董事長 阮洪良 中國浙江省嘉興市，二零二六年四月一日 在本公告之日，執行董事為阮洪良先生、姜瑾華女士、阮澤雲女士、魏葉忠先生和沈其甫先生， 獨立非執行董事為徐攀女士、杜健女士和吳 ...

Investment Rating - The report upgrades the investment rating of the company to "Buy" from "Neutral" [2][6] Core Insights - The company's performance exceeded expectations, with a significant increase in overseas revenue contribution, leading to an upgrade in the investment rating [2][6] - In Q4 2025, the company reported revenues of 3.1 billion RMB and a net profit of 343 million RMB, which was better than market expectations despite a year-on-year revenue decline of 24% [2][6] - The gross margin improved significantly due to a decrease in raw material costs and a rise in average selling prices, resulting in a gross margin of 24.3% [2][6] Financial Overview - Revenue projections for the company show a decline from 18.7 billion RMB in 2024 to 15.1 billion RMB in 2026E, with a slight recovery expected in 2027 and 2028 [5][13] - Net profit is expected to stabilize around 1 billion RMB in 2026E, with a projected increase to 1.7 billion RMB by 2028E [5][13] - The company’s gross margin is projected to fluctuate, with a forecast of 14.8% in 2026E and improving to 17.9% by 2028E [8][13] Market Position and Strategy - The company has increased its advanced production capacity, which is expected to enhance its cost advantages in the long term despite short-term competitive pressures [6][8] - The overseas revenue contribution rose by 9.7 percentage points to 34.7%, significantly boosting the overall gross margin [6][8] - The report indicates that the company is strategically investing in advanced production capabilities to clear outdated capacities, which may lead to increased competition in the short term [6][8]

Investment Rating - The report upgrades the investment rating of the company to "Buy" from "Neutral" [2][6] Core Insights - The company's performance exceeded expectations, with a significant increase in overseas revenue contribution, leading to an upgrade in the investment rating [2][6] - In Q4 2025, the company reported revenues of 3.1 billion RMB and a net profit of 343 million RMB, which was better than market expectations despite a year-on-year revenue decline of 24% [2][6] - The gross margin improved significantly by 7.5 percentage points to 24.3% due to a decrease in raw material costs and high glass prices from Q3 2025 [2][6] Financial Overview - Revenue projections for the company show a decline from 18.7 billion RMB in 2024 to 15.1 billion RMB in 2026E, with a projected growth of 9.0% in 2027 and 10.8% in 2028 [5][13] - The net profit is expected to stabilize around 1.0 billion RMB in 2026E, with a gradual increase to 1.7 billion RMB by 2028 [5][13] - The company’s gross margin is projected to fluctuate, with a slight decrease to 14.8% in 2026E, followed by an increase to 17.9% in 2028E [8][13] Market Position and Strategy - The company has increased its advanced production capacity, which is expected to enhance its cost advantage in the long term despite short-term competitive pressures [6][8] - The overseas revenue contribution rose significantly, accounting for 34.7% of total revenue, which positively impacted the gross margin [6][8] - The company is strategically investing in advanced production capabilities to clear outdated capacities, which is expected to strengthen its market position [6][8]

本公告乃由福萊特玻璃集團股份有限公司（「本公司」）根據香港聯合交易所有限公司證券上市規則 第13.10B條作出。 以下為本公司於上海證券交易所網站刊登之《福萊特玻璃集團股份有限公司關於公司及控股子公司 提供擔保的進展公告》，僅供參閱。 承董事會命 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） 海外監管公告 被担保人名称：安徽福莱特光伏玻璃有限公司（以下简称"安福玻璃"）、 汕尾市海泰新能源有限公司（以下简称"汕尾海泰"）、怀化泰礼新能源有限公司 （以下简称"怀化泰礼"）、潮州市万泰新能源有限公司（以下简称"潮州万泰"） 及河源市皓泰新能源有限公司（以下简称"河源皓泰"），本次担保不属于关联担 保。 本次担保金额及实际为其提供的担保余额：福莱特玻璃集团股份有限公司 （以下简称"公司"）本次为安福玻璃申请 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance despite current challenges in the industry [4][7]. Core Insights - The company reported a revenue of 15.567 billion yuan in 2025, a decrease of 16.68% year-on-year, with a net profit attributable to shareholders of 981 million yuan, down 2.59% year-on-year [1]. - The company's photovoltaic glass sales faced temporary pressure, with a year-on-year decline of 8.16% to 1.162 billion square meters, while the average selling price (ASP) for photovoltaic glass was 12.04 yuan per square meter, down 9.45% year-on-year [2]. - Despite the decline in revenue, the company's gross margin improved by 0.47 percentage points to 16.11%, maintaining its leading position in the industry [2]. - The company's overseas revenue from photovoltaic glass increased by 15.24% year-on-year to 4.847 billion yuan, with a gross margin of 24.26%, significantly higher than the domestic margin of 11.79% [4]. - The company's subsidiary in Vietnam reported a revenue increase of 2.43% year-on-year to 2.020 billion yuan and a net profit increase of 22.19% to 457 million yuan, showcasing the effectiveness of its overseas capacity expansion [4]. Summary by Sections Financial Performance - In Q4 2025, the company achieved a revenue of 3.103 billion yuan, a decrease of 23.92% year-on-year, but turned a profit with a net profit of 343 million yuan [1]. - The overall gross margin for the company improved to 16.91%, with a slight increase in the expense ratio to 8.03% [3]. Business Segments - The engineering glass segment saw a revenue increase of 8.25% to 544 million yuan, with a gross margin of 34.10%, up 26.89 percentage points [3]. - The home glass segment experienced a revenue decline of 18.73% to 251 million yuan, with a gross margin of 12.52%, down 0.81 percentage points [3]. - The float glass segment faced a significant revenue drop of 60.87% to 111 million yuan, with a negative gross margin of -13.67% [3]. Future Outlook - The report projects a recovery in the company's performance, with net profit estimates for 2026, 2027, and 2028 at 1.218 billion yuan, 1.862 billion yuan, and 2.471 billion yuan respectively, reflecting a positive growth trajectory [4][6].

| 证券代码：601865 | 证券简称：福莱特 | 公告编号：2026-022 | | --- | --- | --- | | 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 关于公司及控股子公司提供担保的进展公告 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法律责任。 重要内容提示： 被担保人名称：安徽福莱特光伏玻璃有限公司（以下简称"安福玻璃"）、 汕尾市海泰新能源有限公司（以下简称"汕尾海泰"）、怀化泰礼新能源有限公司 （以下简称"怀化泰礼"）、潮州市万泰新能源有限公司（以下简称"潮州万泰"） 及河源市皓泰新能源有限公司（以下简称"河源皓泰"），本次担保不属于关联担 保。 本次担保金额及实际为其提供的担保余额：福莱特玻璃集团股份有限公司 （以下简称"公司"）本次为安福玻璃申请的短期流动资金贷款提供连带责任保证 担保，被担保的主债权本金数额为人民币 50,000,000 元，公司已实际为安福玻璃提 供的担保余额为人民币 7,643,737,880 元（不含本次）；公司本次为汕尾海泰、怀 化泰礼 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance despite current challenges in the industry [4][7]. Core Insights - The company reported a revenue of 15.567 billion yuan in 2025, a year-on-year decrease of 16.68%, and a net profit attributable to shareholders of 981 million yuan, down 2.59% year-on-year [1]. - The company's photovoltaic glass sales faced temporary pressure, with a volume decrease of 8.16% to 1.162 billion square meters in 2025, while the average selling price (ASP) for photovoltaic glass was 12.04 yuan per square meter, down 9.45% year-on-year [2]. - Despite the decline in revenue, the company's gross margin improved by 0.47 percentage points to 16.11%, maintaining its leading position in the industry [2]. - The company's overseas revenue from photovoltaic glass increased by 15.24% to 4.847 billion yuan, with a gross margin of 24.26%, significantly higher than the domestic margin of 11.79% [4]. - The company's subsidiary in Vietnam showed resilience, with a revenue increase of 2.43% to 2.020 billion yuan and a net profit increase of 22.19% to 457 million yuan, indicating strong overseas operational performance [4]. Summary by Sections Financial Performance - In Q4 2025, the company achieved a revenue of 3.103 billion yuan, a decrease of 23.92% year-on-year, but turned a profit with a net profit of 343 million yuan [1]. - The overall gross margin for the company improved to 16.91% in 2025, with a slight increase in the expense ratio to 8.03% [3]. Business Segments - The engineering glass segment saw a revenue increase of 8.25% to 544 million yuan, with a gross margin of 34.10%, while the home glass segment experienced an 18.73% revenue decline to 251 million yuan [3]. - The float glass segment faced significant challenges, with a revenue drop of 60.87% to 111 million yuan and a negative gross margin of 13.67% [3]. Future Outlook - The report projects a recovery in the company's performance, with net profit estimates for 2026, 2027, and 2028 at 1.218 billion yuan, 1.862 billion yuan, and 2.471 billion yuan respectively, reflecting a positive growth trajectory [4][6].

Company and Industry Summary Company Overview - The company discussed is 福莱特 (Flaite), which operates in the photovoltaic glass industry. Key Financial Metrics - **2025 Revenue**: 15.567 billion CNY, a decrease of 16.68% year-on-year [2] - **Net Profit**: 980 million CNY, a decrease of 2.68% year-on-year [2] - **Gross Margin for Photovoltaic Glass**: 16.11%, an increase of 0.47 percentage points year-on-year [2] - **Sales Revenue from Photovoltaic Glass**: 13.986 billion CNY, accounting for 90% of total sales [4] - **Total Assets**: 42.384 billion CNY, with net assets at 22.612 billion CNY, remaining stable compared to the previous year [4] - **Operating Cash Flow**: 2.91 billion CNY, down 50.77% from 5.913 billion CNY in 2024 [5] Industry Dynamics - **2026 Industry Outlook**: The photovoltaic glass industry is expected to remain at the bottom of the supply-demand cycle, with prices around 10 CNY/square meter leading to widespread losses across the industry [6] - **Global Market Premium**: The gross margin for overseas markets is significantly higher, with North America and other Asian regions showing margins 13% and 10% higher than domestic margins, respectively [2][12] - **Inventory Levels**: The company maintains an inventory level of approximately 20 days, which is considered industry-leading [8] Production and Capacity - **Production Capacity**: The company has a total capacity of over 19,000 tons/day, with two new kilns of 1,500-1,600 tons recently ignited to validate new processes [14] - **Cold Repairs**: As of the end of 2025, the company has cold-repaired 6,600 tons/day of capacity, which is about 30% of its total capacity [2][24] - **Future Capacity Plans**: The company plans to start new production lines based on market conditions, with a focus on larger capacity kilns starting from 1,500 tons/day [14][24] Cost and Pricing - **Cost Structure**: Energy and raw material costs account for nearly 80% of total expenditures, with domestic gas prices being relatively stable due to long-term contracts with PetroChina [3][18] - **Impact of Geopolitical Factors**: Costs have been affected by geopolitical tensions, particularly in energy sourcing [3][18] Strategic Initiatives - **New Business Ventures**: The company is exploring new business areas such as perovskite and space photovoltaics, although these are still in early stages [10][19] - **Overseas Expansion**: The company has expanded its overseas customer base, adding 20-30 new clients, with a focus on North America and Southeast Asia [2][11][20] - **Partnerships for Expansion**: Future overseas expansion may shift towards joint ventures rather than solely independent projects [24] Market Trends and Challenges - **Demand Forecast**: The overall demand growth for 2026 is uncertain, with expectations of flat or slightly increased installation volumes compared to 2025 [7] - **Market Share Goals**: The company does not have specific market share targets, focusing instead on maintaining stable operations amidst fluctuating prices [17] Risk Management - **Payment Terms**: The typical payment cycle for overseas clients is around 60 days, with risk management measures in place, including insurance coverage [22] - **Cost Pass-Through**: The company has shown a high acceptance rate from overseas clients regarding cost increases due to tariffs [23] Conclusion - The company is navigating a challenging environment in the photovoltaic glass industry, with a focus on maintaining profitability through strategic capacity management, cost control, and expanding its international footprint. The outlook for 2026 remains cautious, with potential for recovery dependent on market demand and geopolitical stability.

Summary of Flat Glass Group Co Ltd Conference Call Company Overview - **Company**: Flat Glass Group Co Ltd - **Industry**: Greater China Materials - **Market Cap**: Rmb32,542 million - **Stock Rating**: Overweight - **Price Target**: HK$11.50, with a current price of HK$8.91, indicating a 29% upside potential [5][5][5] Financial Performance - **4Q25 Earnings**: Net earnings of Rmb343 million, a significant recovery from a loss in 4Q24, attributed to lower production costs and increased sales volume [1][1] - **Full-Year 2025 Net Profit**: Declined by 3% YoY to Rmb981 million, which was better than expectations [1][1] - **Gross Profit Margin (GPM)**: Expanded to 17% for the full year, with solar glass GPM remaining flat at 16% [1][1] - **Impairment Loss**: Rmb202 million related to suspended solar glass production lines, impacting the bottom line [1][1] - **Net Gearing**: Slight increase to 43% in 2025 from 42% in 2024, indicating a healthy balance sheet [1][1] - **Dividend Declared**: Rmb0.15 per share, representing a payout ratio of approximately 36% [1][1] Market Dynamics - **Demand and Supply**: Weak demand from module producers post-Chinese New Year, with glass supply at 89kt, sufficient for ~47GW monthly module production, while global module production plans are below 40GW [2][2] - **Market Share**: Flat Glass Group's market share has expanded due to new line starts, which, combined with lower costs, positions the company favorably to navigate market cycles [2][2] Quarterly Earnings Summary - **Revenue Trends**: Revenue decreased significantly in 2025, with a YoY decline of 24% in 4Q25 [3][3] - **Gross Profit**: Notable recovery in gross profit in 4Q25, with a GPM of 24.3%, up from 16.8% in 3Q25 [3][3] - **EBIT**: Positive EBIT of Rmb412 million in 4Q25, a recovery from losses in previous quarters [3][3] - **Net Income**: Net income for 4Q25 was Rmb343 million, a significant improvement from a loss in 4Q24 [3][3] Risks and Opportunities - **Upside Risks**: Higher-than-expected PV capacity installations and cost reductions from technological advancements could enhance profitability [9][11] - **Downside Risks**: Potential delays in capacity expansion and lower-than-expected PV installations could hinder growth [9][11] Conclusion Flat Glass Group Co Ltd has shown resilience in its financial performance despite industry challenges, with a positive outlook supported by market share expansion and cost management strategies. The company remains well-positioned to capitalize on future growth opportunities in the solar glass market while managing inherent risks.