Financial Performance - The company's operating revenue for the first half of the year was ¥7,737,028,136.06, a decrease of 27.66% compared to ¥10,695,995,497.44 in the same period last year [23]. - The total profit for the reporting period was ¥275,338,342.65, down 83.92% from ¥1,712,024,614.23 year-on-year [23]. - The net profit attributable to shareholders was ¥261,094,606.72, representing an 82.58% decline from ¥1,498,620,327.99 in the previous year [23]. - The company's cash flow from operating activities was ¥1,400,703,275.25, a decrease of 19.77% compared to ¥1,745,865,470.74 last year [24]. - The weighted average return on equity decreased to 1.20%, down 5.37 percentage points from 6.57% in the same period last year [25]. - The company's revenue for the current period is CNY 773,702.81 million, a decrease of 27.66% compared to CNY 1,069,599.55 million in the previous year [39]. - The company's operating costs decreased by 18.43% to CNY 664,992.11 million from CNY 815,210.65 million, primarily due to a decline in sales volume and the implementation of quality improvement measures [39]. - The company's research and development expenses decreased by 34.09% to CNY 21,473.60 million, reflecting a reduction in R&D investment [39]. - The company reported a net loss of CNY 20,711,947.78 for the first half of 2025, compared to a net profit of CNY 719,667,049.24 in the same period of 2024 [157]. - Basic earnings per share for the first half of 2025 were CNY 0.11, down from CNY 0.64 in the same period of 2024 [154]. Market Position and Operations - The company’s main product, photovoltaic glass, contributed 89.76% of revenue in the first half of 2025, with a consistent contribution of over 90% projected for the following years [29]. - The company has established long-term stable partnerships with major global photovoltaic module manufacturers, enhancing its customer resource advantage [36]. - The company has a significant presence in the photovoltaic glass market, being the first in China and the fourth globally to receive SPF certification [34]. - The company is currently constructing a project for manufacturing ultra-thin and high-transmittance panels for new energy equipment with an expected total investment of 3.753 billion RMB [45]. - The company has established a stable sales channel and a strong competitive position in the photovoltaic glass industry due to its early entry and standard-setting role [34]. Risks and Challenges - The company has described potential risks in the report, urging investors to pay attention to these risks [9]. - The company faced challenges due to supply-demand imbalances and price declines, leading to the exit of smaller, less efficient producers from the market [31]. - The company faces risks related to fluctuations in raw material and fuel prices, which significantly impact production costs [49]. - The company has identified potential risks in the photovoltaic industry due to macroeconomic factors and trade disputes, which could affect market demand [48]. Shareholder and Governance Matters - The company did not declare any dividend distribution for the first half of 2025 due to funding needs [6]. - The company has established a three-year dividend return plan (2021-2023) to enhance transparency and ensure stable profit distribution to shareholders [84]. - The company commits to improving its governance structure to protect the rights of shareholders and ensure effective decision-making processes [84]. - The actual controllers will not interfere with the company's management activities or infringe upon its interests, ensuring adherence to legal and regulatory requirements [85]. - The company has pledged to not occupy its funds for personal use by its actual controllers or related parties, ensuring financial integrity [81]. Financial Reporting and Compliance - The report indicates that the financial statements have not been audited, ensuring the accuracy and completeness of the financial report [5]. - The financial statements are prepared in accordance with the accounting standards issued by the Ministry of Finance, ensuring compliance with relevant disclosure rules [171]. - The company has assessed its ability to continue as a going concern for the next 12 months and found no significant doubts regarding its sustainability [172]. - The company applies fair value measurement for certain financial instruments, categorizing inputs into three levels based on observability [174]. Investment and Fundraising Activities - The company raised a total of RMB 999.99 million through convertible bonds and stock issuance, with a net amount of RMB 994.23 million [103]. - The company utilized RMB 500 million of idle fundraising to temporarily supplement working capital, with a usage period not exceeding 12 months [107]. - The company has not reported any changes or terminations in fundraising projects during the reporting period [106]. - The company has not encountered any issues regarding unauthorized changes in fundraising purposes or violations of fundraising usage [110]. Share Repurchase and Stock Information - The company approved a share repurchase plan for A-shares with a total fund amount between RMB 300 million and RMB 600 million, at a price not exceeding RMB 30 per share [111]. - As of February 21, 2025, the company repurchased a total of 13,308,421 A-shares, accounting for 0.57% of the total shares [113]. - The total number of shares increased to 2,342,920,139 after the conversion of convertible bonds and the lifting of restrictions on certain shares [118]. - The company issued 40 million A-share convertible bonds, which began conversion on November 28, 2022, resulting in a minor increase in shares [119]. Asset and Liability Overview - As of June 30, 2025, the company's total assets amounted to CNY 43.20 billion, an increase from CNY 42.92 billion as of December 31, 2024 [148]. - The company's total liabilities stood at CNY 21.25 billion, slightly up from CNY 21.14 billion at the end of 2024 [149]. - The company's cash and cash equivalents decreased to CNY 4.60 billion from CNY 5.29 billion, reflecting a decline of approximately 13.09% [148]. - The company's accounts receivable decreased to CNY 2.28 billion from CNY 2.60 billion, a reduction of about 12.14% [148].

| 证券代码：601865 | 股票简称：福莱特 公告编号：2025-053 | | --- | --- | | 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 关于召开 2025 年半年度业绩说明会的公告 1、会议召开时间：2025 年 9 月 4 日下午 14:00-15:00 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: 会议召开时间：2025 年 9 月 4 日（星期四）下午 14:00-15:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： http://roadshow.sseinfo.com/）（以下简称"上证路演中心"） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 8 月 28 日（星期四）至 2025 年 9 月 3 日（星期三） 16:00 前 登 录 上 证 路 演 中 心 网 站 首 页 点 击 " 提 问 预 征 集 " 栏 目 （ http://roadshow.sseinfo.c ...

证券代码：601865 股票简称：福莱特 公告编号：2025-051 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 关于计提 2025 年半年度资产减值准备的公告 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个别及连带责任。 福莱特玻璃集团股份有限公司（以下简称"公司"）于 2025 年 8 月 27 日召开第 七届董事会第八次会议和第七届监事会第六次会议，审议通过了《关于公司计提 2025 年半年度资产减值准备的议案》。该议案已经公司第七届董事会 2025 年第四次审核 委员会会议审议通过。现就本次计提资产减值准备情况公告如下： 一、本次计提资产减值准备情况概述 公司对固定资产存在减值迹象的，估计其可收回金额。可收回金额应当根据资 产的公允价值减去处置费用后的净额与资产预计未来现金流量的现值两者之间较高 者确定。对可收回金额低于其账面价值的固定资产计提固定资产减值准备。经测试， 2025 年半年度需计提固定资产减值损失金额为 14,050.36 万元。 三、计提减值准备对公司财务状况的影响 2025 年半年 ...

福莱特玻璃集团股份有限公司 关于开展期货和衍生品套期保值业务的 可行性分析报告 一、交易目的的概述 为有效地防范原材料价格波动带来的市场风险，并提高福莱特玻璃集团股份 有限公司（以下简称"公司"）及控股子公司应对外汇波动风险的能力，增强财 务稳健性，公司及控股子公司拟利用期货和衍生品的套期保值功能，开展期货和 衍生品套期保值交易业务。公司及控股子公司开展期货和衍生品交易业务与日常 经营紧密相关，以套期保值为原则，不存在投机性操作，符合公司经营发展的需 要。 公司及控股子公司以期货、期权、远期等作为套期工具。公司的原材料和外 汇业务与期货和衍生品套期保值业务之间存在高度相关性，公司的业务与套期工 具之间存在明确的风险相互对冲关系。原材料价格的波动以及汇率的变化给公司 的经营带来较大的不确定性，而通过套期保值操作，可以在一定程度上锁定价格 和汇率，降低风险敞口。通过开展期货和衍生品套期保值业务，可以有效应对风 险，稳定公司的经营业绩，保障公司的持续发展。 二、交易的基本情况 （一）交易金额 期货和衍生品套期保值业务最高持仓合约金额不超过人民币 20 亿元（含外 币折算人民币汇总），即授权期限内任一时点的持仓合约金 ...

| 证券代码：601865 | 证券简称：福莱特 | 公告编号：2025-054 | | --- | --- | --- | | 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。 福莱特玻璃集团股份有限公司(以下简称"公司"或"本公司")董事会根据中国 证券监督管理委员会《上市公司募集资金监管规则》及《上海证券交易所上市公 司自律监管指引第 1 号—规范运作》的规定，编制了截至 2025 年 6 月 30 日止募 集资金存放与实际使用情况的专项报告(以下简称"募集资金存放与实际使用情 况报告")。现将截至 2025 年 6 月 30 日止募集资金存放与实际使用情况专项说明 如下： 一、募集资金基本情况 （一）2022 年 5 月公开发行 A 股可转换公司债券募集资金情况 经中国证券监督管理委员会证监许可[2022]664 号文《关于核准福莱特玻璃 集团股份有限公司公开发行可转换公司债券的批复》核准，本公司向社会公众公 开发行面值总额人民币 400 ...

| 证券代码：601865 | 股票简称：福莱特 | 公告编号：2025-055 | | --- | --- | --- | | 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 关于开展期货和衍生品套期保值业务的公告 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。 重要内容提示： 交易目的：为有效地防范原材料价格波动带来的市场风险，并提高公司 应对外汇波动风险的能力，增强财务稳健性，福莱特玻璃集团股份有限公司（简 称"公司"）及控股子公司拟利用期货和衍生品的套期保值功能，开展套期保值业 务。公司及控股子公司开展期货和衍生品交易业务与日常经营紧密相关，以套期 保值为原则，不存在投机性操作，符合公司经营发展的需要。 交易品种：公司及控股子公司开展期货套期保值业务的品种仅限于与公 司生产经营相关的原材料。公司及控股子公司开展衍生品套期保值业务的品种仅 限于与公司经营相关的外汇汇率及利率。 交易工具：包括但不限于期货、期权、远期、掉期等金融工具。 交易场所：包括但不限于郑州商品交易所、上海期货交易所 ...

Investment Rating - The report maintains an investment rating of "Synchronize with the market - A" for the electric equipment and new energy industry [1]. Core Viewpoints - The report highlights that the electric equipment and new energy industry has shown stable market performance over the past year, with key developments including the establishment of national technical standards for humanoid robots led by UBTECH and the ongoing discussions to prevent price wars in the photovoltaic sector [1][3][4]. Summary by Sections Preferred Stocks - The report lists several preferred stocks with their ratings, including: - Aishuo Co., Ltd. (600732.SH) - Buy - B - Longi Green Energy (601012.SH) - Buy - B - Daqian Energy (688303.SH) - Buy - B - Fulete (601865.SH) - Buy - A - Hengdian East Magnet (002056.SZ) - Buy - A - Sungrow Power Supply (300274.SZ) - Buy - A - Canadian Solar (688472.SH) - Buy - A - Deyang Co., Ltd. (605117.SH) - Buy - A - Langxin Group (300682.SZ) - Buy - B - Quartz Co., Ltd. (603688.SH) - Buy - A [2]. Industry Developments - UBTECH has led the approval of two national standards for humanoid robots, focusing on positioning navigation and human-machine interaction [3]. - A meeting held by the Ministry of Industry and Information Technology emphasized the importance of maintaining fair competition in the photovoltaic industry and called for the orderly exit of outdated production capacity [5]. - The China Photovoltaic Industry Association has proposed initiatives to strengthen industry self-discipline and maintain a fair market order [4]. Price Tracking - The report provides price tracking for various components in the photovoltaic supply chain: - Polysilicon prices remain stable at 44.0 CNY/kg [6]. - Silicon wafer prices are stable, with N-type wafers priced at 1.20 CNY/piece [7]. - Battery cell prices are also stable, with N-type cells priced at 0.290 CNY/W [8]. - Module prices for TOPCon dual-glass components are stable at 0.685 CNY/W [8]. - Glass prices for photovoltaic applications remain unchanged [8]. Investment Recommendations - The report recommends focusing on companies in various strategic directions: - BC new technology: Aishuo Co., Ltd., Longi Green Energy - Supply-side improvement: Daqian Energy, Fulete - Overseas layout: Hengdian East Magnet, Sungrow Power Supply, Canadian Solar, Deyang Co., Ltd. - Market-oriented electricity: Langxin Group - Domestic substitution: Quartz Co., Ltd. [9].

Investment Rating - The report maintains a "Recommended" investment rating for the renewable energy sector, indicating a positive outlook for the industry [7]. Core Insights - The report highlights significant improvements in the performance of the renewable energy sector, particularly in the photovoltaic (PV) and wind power segments, driven by national strategic initiatives aimed at reducing competition and enhancing industry stability [4][5]. - The photovoltaic industry is currently at the bottom of its cycle, with future policy measures expected to be critical in shaping the industry's trajectory towards high-quality development [4]. - The wind power sector is experiencing a favorable supply-demand structure, with increasing profitability among companies, particularly in offshore wind projects [4]. Weekly Market Review - From August 18 to August 22, 2025, the Shanghai Composite Index rose by 3.49%, while the Shenzhen Component Index and the ChiNext Index increased by 4.57% and 5.85%, respectively. The Shenwan Electric Power Equipment Index rose by 2.28%, underperforming the CSI 300 by 1.90 percentage points [2][13]. - Within sub-sectors, photovoltaic equipment saw a rise of 3.47%, while wind power equipment decreased by 0.90% [2][13]. Key Sector Tracking - Longi Green Energy reported a revenue of 32.8 billion yuan for the first half of 2025, a decline of 14.83% year-on-year, with a net loss of 2.569 billion yuan, significantly reduced from a loss of 5.23 billion yuan in the same period last year [3][34]. - The report emphasizes the importance of government subsidies and the impact of market pricing on operational losses within the photovoltaic sector [3][34]. Investment Recommendations - For the photovoltaic sector, the report suggests focusing on companies with clear alpha potential in the silicon material, glass, and battery segments, as well as new technologies and leading manufacturers [4]. - In the wind power sector, the report recommends attention to companies with strong performance in offshore wind projects and related supply chains, such as Goldwind Technology and Orient Cable [4]. Industry Performance Data - The report notes that the cumulative installed capacity of new energy storage in China reached 101.3 GW by mid-2025, marking a year-on-year growth of 110% [22]. - The average utilization hours of power generation equipment decreased by 188 hours compared to the previous year, indicating challenges in the overall energy market [26]. Company Announcements - EVE Energy reported a revenue increase of 30.06% year-on-year for the first half of 2025, driven by strong performance in both power and energy storage battery segments [24]. - JA Solar's net loss narrowed significantly, reflecting improved operational efficiency and market conditions [24]. Price Trends - The report provides insights into the price trends of key materials in the industry, including polysilicon and battery cells, indicating a general upward trend in prices due to supply constraints and increased demand [22][23].

福莱特最新一期业绩显示，截至2025一季报，公司营业总收入40.79亿元、同比减少28.76%，归属净利 润1.06亿元，同比减少86.03%，扣非净利润1.02亿元，同比减少86.56%，流动比率1.604、速动比率 1.430、资产负债率49.38%。 金融界消息 截至2025年8月25日收盘，福莱特（601865）报收于17.05元，上涨1.25%，换手率1.69%， 成交量32.18万手，成交金额5.48亿元。 资金流向方面，今日主力资金净流出1152.74万元，占比成交额2.1%。其中，超大单净流入976.48万 元、占成交额1.78%，大单净流出2129.23万元、占成交额3.88%，中单净流出流出3154.70万元、占成交 额5.75%，小单净流入4307.44万元、占成交额7.86%。 天眼查商业履历信息显示，福莱特玻璃集团股份有限公司，成立于1998年，位于嘉兴市，是一家以从事 非金属矿物制品业为主的企业。企业注册资本58572.982025万人民币，实缴资本58450.989125万人民 币。公司法定代表人为阮洪良。 通过天眼查大数据分析，福莱特玻璃集团股份有限公司共对外投资了24家企业， ...

Group 1 - The core viewpoint of the article highlights a positive trend in the photovoltaic sector, with several companies like Aiko Solar and Hongyuan Green Energy showing improved performance in the first half of the year, either reducing losses or turning profitable [1] - Companies such as GCL-Poly Energy (03800), Xinyi Solar (00968), and Flat Glass (06865) have seen their stock prices increase, indicating a bullish sentiment in the market [1] - The report from Everbright Securities indicates that recent bidding prices for components have risen significantly, which is expected to alleviate losses for manufacturing companies [1] Group 2 - The photovoltaic industry is undergoing a "de-involution" process, with adjustments in polysilicon prices being gradually accepted by the downstream market, suggesting that component prices may soon return to cost levels [1] - The industry is likely to maintain low production loads and low profit margins as a new norm, emphasizing the importance of both manufacturing and asset management in the sector [1] - There is a cautionary note regarding the potential impact of policy changes on the profitability of power station companies, particularly in relation to Document No. 136 and the manufacturing sector [1]