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]

每经记者｜黄鑫磊 每经编辑｜董兴生 近日，上海有色网消息称，部分光伏玻璃企业开始对9月新单报价，其中，2.0mm单层镀膜（面板）基 准价企业报价上调至13元/平方米，较7月新单价格上调2元/平方米。 8月28日，光伏玻璃龙头福莱特（601865.SH，股价17.69元，市值414.46亿元）工作人员在电话中对 《每日经济新闻》记者表示，光伏玻璃报价一般是一月一议，9月新单报价还在和客户商议中。 27日，福莱特发布了2025年半年报，公司上半年实现营业收入77.37亿元，同比下降27.66%；归母净利 润为2.61亿元，同比下降82.58%。公司称，营收下滑主要是光伏玻璃销售价格和销售数量下降所致。 福莱特已减少产能供给 作为光伏玻璃龙头企业，2022年至2024年，福莱特的光伏玻璃收入贡献分别为88.49%、91.42%和 90.01%。今年上半年，公司光伏玻璃的收入贡献为89.76%，两年来首次跌至90%以下。 "上半年抢装潮期间，光伏玻璃价格短期回升后，新产能的投入，使得抢装潮后价格一路下跌至历史最 低位。在激烈的竞争下，整个行业盈利承压。面对巨大的压力，规模小、成本高且技术落后的产能纷纷 退出或冷修，减 ...

Market Overview - On August 28, the photovoltaic equipment sector rose by 2.8%, with Jiejia Weichuang leading the gains [1] - The Shanghai Composite Index closed at 3843.6, up 1.14%, while the Shenzhen Component Index closed at 12571.37, up 2.25% [1] Stock Performance - Jiejia Weichuang (300724) closed at 98.77, up 17.19% with a trading volume of 566,500 shares and a transaction value of 5.324 billion [1] - Weidao Nano (688147) closed at 44.34, up 11.30% with a trading volume of 159,000 shares and a transaction value of 657 million [1] - Other notable performers include: - Dier Laser (300776) at 78.87, up 7.97% [1] - Fulete (601865) at 17.69, up 6.95% [1] - Goodwe (688390) at 50.26, up 5.77% [1] Fund Flow Analysis - The photovoltaic equipment sector experienced a net outflow of 60.54 million from institutional investors, while retail investors saw a net inflow of 542 million [2] - Key stocks with significant fund flow include: - Sunshine Power (300274) with a net inflow of 18.1 million from institutional investors [3] - Tongwei Co. (600438) with a net inflow of 16.8 million from institutional investors [3] - Fulete (601865) with a net inflow of 13.7 million from institutional investors [3]

登录新浪财经APP 搜索【信披】查看更多考评等级 ● 特别风险提示：公司及控股子公司开展期货和衍生品套期保值业务旨在规避价格波动对公司生产经营 造成的潜在风险，不以套利、投机为目的，但仍可能存在一定风险，包括市场波动风险、信用风险、流 动性风险、其他风险等，公司将积极落实风险控制措施，审慎操作，防范相关风险。敬请广大投资者注 意投资风险。 一、交易情况的概述 （一）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，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，符合公司及控股子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 ...

Company Performance - 福莱特玻璃 reported a revenue of approximately 7.737 billion yuan for the first half of 2025, a year-on-year decrease of 27.66% [1] - The net profit attributable to the parent company was about 261 million yuan, down 82.58% year-on-year [1] - In Q2, the company achieved a revenue of 3.658 billion yuan, a decrease of 26.41% year-on-year and a 10% decrease quarter-on-quarter [1] - The net profit for Q2 was 155 million yuan, down 79.02% year-on-year but up 46% quarter-on-quarter [1] Industry Outlook - 中金指出 that the company's profitability is under pressure mainly due to the decline in domestic glass prices and asset impairment losses caused by furnace repairs [1] - However, Q2 showed signs of profitability recovery compared to Q1, with a gross margin of 16.65%, which is down 9.8 percentage points year-on-year but up 4.9 percentage points quarter-on-quarter [1] - Looking ahead to the second half of the year, the industry is expected to achieve a supply-demand balance, with price increases anticipated in September [1] - According to SMM, the price of photovoltaic glass is expected to rise by 2 yuan per square meter in September, which could significantly improve the loss situation across the industry if realized [1]

消息面上，福莱特玻璃公布2025年中期业绩，营业收入约77.37亿元，同比减少27.66%；归属于母公司 所有者净利润约2.61亿元，同比减少82.58%。单看第二季度，该公司二季度营业收入36.58亿元，同比 减少26.41%，环比减少10%；归属于母公司所有者的净利润1.55亿元，同比减少79.02%，环比则增长 46%。 中金指出，上半年公司盈利承压，主要系国内玻璃价格下降导致，同时公司冷修窑炉造成资产减值损 失。但是Q2环比Q1已展现盈利修复趋势，Q2公司毛利率为16.65%，同比-9.8ppt，环比+4.9ppt。展望下 半年，该行认为行业有望呈现供需平衡状态，9月价格存在上涨预期，龙头公司率先受益。根据SMM， 9月光伏玻璃价格有望上调2元/平，该行预期若此价格落地，全行业亏损现象有望大幅改善。 福莱特（601865）玻璃(06865)转涨近3%，早盘曾跌超3%。截至发稿，涨2.76%，报10.43港元，成交额 1.13亿港元。 ...

福莱特首次公开发行股票的发行费用合计4,561.5049万元，其中，承销费用和保荐费用2,952.8302万 元。 2020年6月，福莱特公开发行A股可转换公司债券募集资金。经中国证券监督管理委员会证监许可 [2020]294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，公司 向社会公众公开发行面值总额人民币145,000万元A股可转换公司债券（以下简称"可转债"），期限6 年。截至2020年6月2日止，福莱特实际公开发行可转债1,450万张，每张面值为人民币100元，按面值平 价发行，认购资金总额为人民币1,450,000,000.00元。募集资金总额扣除发行费用（不含增值税）人民币 8,578,301.90元后，募集资金净额为人民币1,441,421,698.10元。公开发行A股可转换公司债券募集资金总 额扣除剩余承销保荐费人民币5,636,792.46元及对应增值税人民币338,207.54元（承销保荐费总计为人民 币7,523,584.91元，对应增值税总计人民币451,415.09元，于2020年6月2日公司已预付承销保荐费人民币 1,886,792.45元及增值税人民 ...

Core Viewpoint - The company reported a significant decline in revenue and net profit for the first half of 2025, with expectations of potential recovery in profitability due to supply adjustments in the photovoltaic glass industry [1][2][4]. Financial Performance - In the first half of 2025, the company achieved revenue of 7.74 billion yuan, a year-on-year decrease of 28%, and a net profit attributable to shareholders of 261 million yuan, down 83% year-on-year [1]. - For Q2 2025, revenue was 3.66 billion yuan, a year-on-year decrease of 26% and a quarter-on-quarter decrease of 10%, with a net profit of 156 million yuan, down 79% year-on-year but up 46% quarter-on-quarter [1]. Operational Analysis - The company's photovoltaic glass segment generated revenue of 6.945 billion yuan in the first half of 2025, reflecting a 28% decline, attributed to a slight decrease in shipments due to production line maintenance amid supply-demand imbalances [2]. - A surge in demand driven by terminal installations from March led to a recovery in photovoltaic glass prices, improving profitability with a Q2 gross margin increase of 4.93 percentage points to 16.65% [2]. - The industry faced a significant price drop in July, with 2.0mm photovoltaic glass prices hitting a historical low of 10.5 yuan per square meter, leading to widespread losses across the sector [2]. - As of August 21, 2025, industry inventory decreased to 24.02 days, down 33% from July's peak, indicating a potential price recovery in September [2]. Cash Flow and Impairment - The company maintained positive operating cash flow, with Q2 net cash flow from operating activities reaching 1.23 billion yuan, an increase of 8% year-on-year and 639% quarter-on-quarter [3]. - The company recorded an asset impairment provision of 254 million yuan in the first half of 2025, primarily due to fixed asset impairments related to the maintenance of production lines [3]. Profit Forecast and Valuation - The company's net profit forecasts for 2025-2027 have been adjusted to 500 million, 1.77 billion, and 2.64 billion yuan, respectively, with current A/H share prices corresponding to 78/44, 22/12, and 15/8 times PE ratios [4]. - The ongoing contraction in photovoltaic glass supply is expected to improve profitability, supported by the company's cost advantages and strong market position [4].

Mergers and Acquisitions - Yongji Co., Ltd. has announced the termination of its plan to issue shares for the acquisition of Nanjing Tena Fei Electronic Technology Co., Ltd. due to the lack of readiness for a major asset restructuring [1] - Debang Lighting plans to acquire at least 51% of Zhejiang Jiali (Lishui) Industrial Co., Ltd. through cash transactions, which is expected to constitute a major asset restructuring [2] Performance Disclosure - Dameng Data reported a 98.36% year-on-year increase in net profit attributable to shareholders, with revenue of 523 million yuan, up 48.65% [3] - Shandong Gold announced a 102.98% year-on-year increase in net profit attributable to shareholders, with revenue of 56.766 billion yuan, up 24.01% [4] - China Life reported a 6.9% year-on-year increase in net profit attributable to shareholders, achieving net investment income of 96.067 billion yuan [5] - Huqin Technology reported a 46.30% year-on-year increase in net profit attributable to shareholders, with revenue of 83.939 billion yuan, up 113.06% [6] Shareholding Changes - Fulaite announced that several shareholders plan to collectively reduce their holdings by up to 2.1% of the company's shares, totaling approximately 49.98 million shares [7] - Hehui Optoelectronics disclosed that the Shanghai Integrated Circuit Industry Investment Fund plans to reduce its holdings by up to 2% of the company's shares, totaling approximately 27.6 million shares [8] - Kangchen Pharmaceutical's executive plans to reduce holdings by up to 0.22% of the company's shares, totaling approximately 87,500 shares [9] Risk Matters - Longjin Technology has received a notice from the China Securities Regulatory Commission regarding an investigation into the company and its actual controller for suspected violations of information disclosure laws [10] - Cambridge Technology's controlling shareholder reduced its holdings by 1.8 million shares, while the company is currently not producing chips containing CPO technology, with related core components still in the development stage [11]

据统计，8月27日，盘后中红医疗披露增持情况。包括科大智能、卫宁健康、精研科技、国芯科技、亚 联发展（维权）、东芯股份、新亚强、杭州园林、妙可蓝多、复旦张江、康辰药业、和辉光电、福莱 特、剑桥科技、拓荆科技、浩瀚深度、红星发展、望变电气、浙大网新、友发集团、恒银科技在内的21 家A股上市公司披露减持情况。 | | | 8.27上市公司盘后增持情况 | | --- | --- | --- | | 1 | 中红医疗 | 总经理杨浩拟增持不低于5万股公司股份 | | | | 8.27上市公司盘后减持情况 | | 1 | 科大智能 | 实控人黄明松8月26日至27日累计减持450万股公司股票 | | 2 | 卫宁健康 | 董事、高级管理人员王涛和王利计划减持公司股份 | | 3 | 国心科技 | 国家集成电路产业基金等股东计划合计减持不超5%公司股份 | | 4 | 精研科技 | 股东史娟华拟减持不超0.89%公司股份 | | 5 | 亚联发展 | 持股5%以上股东乾德精一计划减持不超过2.0000%公司股份 | | 6 | 新网号 | 红塔创新与孙秀杰拟合计减持不超过2%股份 | | 7 | 杭州园林 | 股东拟合 ...