长江商报记者 沈右荣 福莱特对未来较为乐观。公司认为，新增供给逐步走向理性，落后产能逐步淘汰出清，光伏行业在短期 波动和阵痛之后，将再次焕发新的活力。 福莱特的底气是，作为行业龙头，公司具备技术优势、先发优势、客户资源优势等。公司是通过自主研 发成为国内第一家打破国际巨头对光伏玻璃的技术和市场垄断的企业，成功实现了光伏玻璃的国产化。 出人意料的是，福莱特的实际控制人领衔，11名股东拟合计减持所持公司约4998万股股份。 时隔2年净利再度下降 押注光伏领域，福莱特因此遭周期反噬，业绩承压。 深耕光伏玻璃领域的福莱特（601865.SH）遭遇光伏行业周期，经营业绩大幅调整。 8月27日晚，福莱特披露了2025年半年度业绩报告。上半年，公司实现营业收入约77亿元，同比下降幅 度接近28%；归母净利润为2.61亿元，同比下降幅度近83%。 福莱特是国内领先的玻璃制造企业，光伏玻璃是公司核心产品。近三年，光伏玻璃为公司贡献90%左右 的营业收入。 2025年上半年，光伏产业链仍处于深度调整阶段，受光伏行业周期影响，福莱特的主要产品量减价跌， 业绩承压不可避免。 2022年、2023年和2024年，公司光伏玻璃的收入贡献 ...

五矿期货：玻璃产量维持高位，库存压力有所下降，下游房地产需求数据暂时没有特别明显的好转。虽 然玻璃基本面仍存在压力，但价格调整的空间整体有限，市场对政策端发力仍有一定的预期，支撑远月 合约价格。短期内，预计玻璃偏弱震荡，但估值不宜过分看低。中长期来看，玻璃跟随宏观情绪波动， 需跟随关注反内卷对玻璃产能的进一步影响及城市更新政策对玻璃需求的影响，房地产方面若有实质性 政策出台，期价或能延续上涨趋势，但若需求继续疲软，则需要供给端持续收缩，才能有较大的上涨空 间。 机构观点 新湖期货：整体思路上：09盘面回归于近端现货弱现实情形之下，尤其中游库存对于价格的绝对压制， 近月09合约仍将趋势性偏弱；中期看，对于玻璃底部支撑重心将有所上移，叠加下半年对于宏观政策端 的偏暖预期、"金九银十"及年底赶工需求的相对季节性偏好期待，玻璃中线01把握回调企稳后的低多阶 段性机会，上方压力参考天然气成本（前期高点）附近，整体以宽幅震荡对待、高抛低吸。后续重点需 落在需求端的实际改善情况以及政策端给到需求刺激的空间。 8月29日，玻璃期货盘面表现偏强，截至发稿主力合约报1174.00元/吨，涨幅0.95%。 【消息面汇总】 截止8月 ...

Group 1 - The core point of the article indicates that some photovoltaic glass companies have started to adjust their pricing for new orders in September, with the benchmark price for 2.0mm single-layer coated glass panels raised to 13 yuan per square meter, an increase of 2 yuan per square meter compared to the new order price in July [1] - The leading photovoltaic glass company, Fuyao Glass, stated that the pricing for photovoltaic glass is generally negotiated on a monthly basis, and discussions for the September new order pricing are still ongoing with customers [1]

Core Viewpoint - The photovoltaic stocks are experiencing an upward trend, with notable increases in share prices for companies such as Xinyi Solar, GCL-Poly, and Flat Glass Technology, driven by new pricing strategies in the photovoltaic glass market [1] Group 1: Stock Performance - Xinyi Solar (00968) shares rose by 5.03%, reaching HKD 3.34 [1] - GCL-Poly (03800) shares increased by 2.52%, reaching HKD 1.22 [1] - New Energy (01799) shares grew by 1.34%, reaching HKD 6.8 [1] - Flat Glass Technology (601865) shares rose by 0.87%, reaching HKD 10.47 [1] Group 2: Pricing Developments - Some photovoltaic glass companies have begun adjusting their new order quotes for September, with the benchmark price for 2.0mm single-layer coated glass rising to RMB 13 per square meter, an increase of RMB 2 per square meter from July [1] - Flat Glass Technology indicated that pricing discussions for September orders are ongoing with clients [1] Group 3: Industry Insights - A meeting was held by the Ministry of Industry and Information Technology and other departments to discuss the regulation of competition within the photovoltaic industry, focusing on capacity, pricing, and quality [1] - Market expectations from the meeting include potential price increases for components that could transmit upstream price hikes, with recent bidding prices from China Resources (3GW) and Huadian (20GW) exceeding previous market prices [1] - Despite these developments, the overall price increase in downstream segments remains weak, and the industry currently holds approximately 500,000 tons of silicon material in inventory, which is still accumulating [1]

Core Viewpoint - Company is experiencing significant operational pressure due to the cyclical downturn in the photovoltaic industry, leading to a substantial decline in both revenue and net profit in the first half of 2025 [1][2][3] Financial Performance - In the first half of 2025, the company reported revenue of approximately 77 billion yuan, a year-on-year decrease of nearly 28% [1][2] - The net profit attributable to shareholders was 2.61 billion yuan, reflecting a year-on-year decline of about 83% [1][2] - The company’s revenue and net profit have shown a rapid decline, with net profit and non-recurring net profit decreasing at a rate significantly higher than revenue [2][3] Industry Context - The photovoltaic industry is undergoing a deep adjustment phase, characterized by overcapacity and intensified competition, which has led to a significant drop in the sales price of photovoltaic glass [2][3] - The company’s main product, photovoltaic glass, has contributed approximately 90% of its revenue over the past three years, indicating a heavy reliance on this segment [1][3] Future Outlook - Despite current challenges, the company remains optimistic about the future, believing that supply will gradually stabilize and outdated capacity will be eliminated, allowing the photovoltaic industry to regain vitality [1][8] - The company has established itself as a leader in the photovoltaic glass market, having broken the technological and market monopoly of international giants through independent research and development [8] Shareholder Actions - The actual controller and 11 shareholders plan to collectively reduce their holdings by approximately 49.98 million shares, which is about 2.13% of the company's total shares, due to personal financial needs [9][10] - Since 2020, the company’s executives and major shareholders have cumulatively cashed out over 800 million yuan through secondary market transactions [10]

Core Insights - The company reported a significant decline in revenue and profit for the first half of 2025, with total revenue at 7.737 billion yuan, down 27.66% year-on-year, and net profit at 261 million yuan, down 82.58% year-on-year [1] - The company's gross margin decreased to 14.05%, a drop of 40.92% compared to the previous year, while the net margin fell to 3.44%, down 75.49% year-on-year [1] - The accounts receivable level is concerning, with accounts receivable amounting to 226.47% of the latest annual net profit [1][2] Financial Performance - Total revenue for 2025 was 7.737 billion yuan, compared to 10.696 billion yuan in 2024, reflecting a decrease of 27.66% [1] - Net profit for 2025 was 261 million yuan, down from 1.499 billion yuan in 2024, a decline of 82.58% [1] - The gross margin for 2025 was 14.05%, down from 23.78% in 2024, a decrease of 40.92% [1] - The net margin for 2025 was 3.44%, compared to 14.03% in 2024, a drop of 75.49% [1] - Total expenses (selling, administrative, and financial) amounted to 382 million yuan, which is 4.94% of revenue, up 42.36% year-on-year [1] Debt and Cash Flow - The company’s interest-bearing debt increased slightly to 141.17 billion yuan, up 0.82% from the previous year [1] - The cash flow per share for 2025 was 0.6 yuan, down 19.48% from 0.74 yuan in 2024 [1] - The company’s return on invested capital (ROIC) was reported at 3.98%, indicating weak capital returns [2] Market Position and Fund Holdings - The company has seen significant changes in fund holdings, with the largest fund being the Agricultural Bank of China New Energy Theme A, holding 11.0336 million shares [3] - The fund's recent performance shows a net value increase of 31.44% over the past year [3]

Summary of the Conference Call for 福莱特 (Fuyao Glass Group) Industry Overview - The photovoltaic (PV) glass industry is currently facing challenges such as overcapacity and intensified international trade frictions, leading to a continuous decline in the supply chain prices [2][5][41]. - Despite a significant increase in domestic new installations (up 107% year-on-year to 212 GW) and strong overseas demand, glass prices remain at historical lows, prompting many companies to reduce production and undergo maintenance [5]. Company Performance - 福莱特 reported a revenue of 7.737 billion yuan for the first half of 2025, a year-on-year decrease of 27.66%, primarily due to falling glass prices [2][3]. - The revenue from photovoltaic glass accounted for nearly 90% of total sales, amounting to 6.945 billion yuan, with a gross profit of 1.087 billion yuan, reflecting a 57.27% decline year-on-year [3]. - The gross margin for photovoltaic glass dropped by 12.39 percentage points to 12.31%, while net profit plummeted by 82.27% to 266 million yuan [2][3]. Future Price Expectations - 福莱特 anticipates a potential increase in photovoltaic glass prices in September, driven by an improved supply-demand balance and reduced supply [6][41]. - The current inventory level has decreased from a peak of 25 days to approximately 15-20 days [7]. Market Dynamics - The domestic rush for installations has ended, leading to a slight increase in component production but a noticeable rise in photovoltaic glass demand as some manufacturers stockpiled in anticipation of supply changes [8]. - There is a willingness to raise prices for auxiliary materials like EVA film and photovoltaic glass, although specific cost quotes are not yet defined [9]. Asset and Production Management - In Q2 2025, 福莱特 recorded fixed asset impairments of approximately 240 million yuan, mainly related to the maintenance of idle furnaces [4][10]. - The company has no immediate plans for further impairments unless there are premature maintenance needs [10]. Supply Chain and Production Capacity - The total production capacity of the domestic photovoltaic glass industry is currently under 90,000 tons, with fluctuations influenced by policy and supply uncertainties [4][12]. - The company is evaluating the resumption of production for idled capacities based on market conditions, with projects in Anhui and Nantong ready for ignition [11]. Competitive Landscape - The competitive landscape is shifting, with head companies experiencing a decline in market share due to profitability choices, but they still hold significant unactivated capacity [33]. - Smaller enterprises are struggling to compete, often relying on negotiations with customers, while larger companies maintain a competitive edge [44][45]. Financial Outlook - 福莱特's overseas revenue accounted for about 30% of total sales, with a higher profit margin compared to the domestic market [25]. - The company is optimistic about controlling financial costs, with stable financial expenses and a focus on reducing costs further [35]. Conclusion - The photovoltaic glass industry is navigating through a challenging period marked by price declines and overcapacity, but 福莱特 is positioning itself for potential recovery with expectations of price increases and strategic management of production capacities.

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's revenue for Q2 2025 was 7.74 billion, a year-on-year decrease of 28%, with a net profit attributable to shareholders of 260 million, down 83% year-on-year [8] - The decline in performance was primarily due to asset impairment losses of approximately 240 million caused by product inventory and kiln maintenance [8] - Despite a slight decrease in shipments, price increases have led to a recovery in profitability, with an estimated gross margin increase of about 5 percentage points to around 16.7% [8] - The company has reduced its production capacity due to kiln maintenance, with a total production capacity of 16,400 tons/day as of the end of August 2025 [8] - The company maintains a leading position in the market, with a combined market share with Xinyi exceeding 50% [8] Financial Summary - The total revenue forecast for 2025 is 15.899 billion, with a year-on-year decrease of 14.90% [1] - The net profit attributable to shareholders for 2025 is projected to be 616.08 million, a year-on-year decrease of 38.80% [1] - The earnings per share (EPS) for 2025 is estimated at 0.26 yuan, with a price-to-earnings (P/E) ratio of 62.90 [1] - The company expects a gradual recovery in profitability in 2026 and 2027, with net profits projected at 1.161 billion and 1.488 billion respectively [8]

Core Viewpoint - Some photovoltaic glass companies have begun to adjust their pricing for new orders in September, indicating a potential upward trend in pricing within the industry [1] Pricing Adjustments - The benchmark price for 2.0mm single-layer coated (panel) glass has been raised to 13 yuan per square meter, which is an increase of 2 yuan per square meter compared to the new order prices in July [1] - The leading photovoltaic glass company, Fuyao Glass, stated that pricing discussions for September new orders are still ongoing with customers, suggesting a dynamic pricing environment [1]

Core Viewpoint - The photovoltaic glass industry is experiencing price adjustments and production capacity reductions due to declining sales and increased competition, with leading company Fulete facing significant revenue and profit declines in the first half of 2025 [1][2][3]. Company Summary - Fulete's revenue for the first half of 2025 was 7.737 billion yuan, a year-on-year decrease of 27.66%, with net profit down 82.58% to 261 million yuan, attributed to falling sales prices and volumes of photovoltaic glass [1]. - The contribution of photovoltaic glass to Fulete's revenue has dropped below 90% for the first time in two years, with 89.76% in the first half of 2025, down from 91.42% in 2023 [2]. - Fulete has reduced its production capacity by cooling three glass furnaces, resulting in a current daily melting capacity of 16,400 tons, down from 19,400 tons at the end of 2024 [2]. Industry Summary - The photovoltaic glass industry has seen a significant reduction in production capacity, with domestic capacity dropping from 100,000 tons per day at the end of May to 89,000 tons per day by the end of July [4]. - The industry is experiencing a rebound in glass prices due to low inventory levels and increased demand from downstream component manufacturers, with the price of 2.0mm glass rising from a low of 10.5 yuan to 11 yuan per square meter [4][6]. - Recent government measures aim to combat below-cost sales, which may help stabilize prices and encourage the exit of less competitive production capacities [4][6].