Core Viewpoint - The report from CICC indicates that Fulete has significant advantages in capacity, cost, and profit, highlighting its alpha attributes. The industry is at the bottom of the cycle, and a new round of photovoltaic glass cycle is expected to begin in 2025, with the sector's ROE level outperforming the photovoltaic industry as a whole [1] Industry Summary - 2025 is anticipated to mark the beginning of a new cycle, following a period of demand growth, capacity increase, and rising prices and profits. Currently, there is a decline in demand, leading to a second round of capacity clearance under profit pressure, signaling the end of the current cycle [1] - After this cycle, it is expected that leading companies will return to reasonable profit levels, achieving a net profit of approximately 1-1.5 yuan per square meter, while second-tier companies may transition from cash cost losses to breakeven [1] Company Summary - The photovoltaic glass sector is projected to maintain an ROE of 4.58% in 2024, outperforming other segments of the photovoltaic industry. The glass sector is considered to have strong risk resistance and long-term investment value [1] - The company is given an "outperforming industry" rating, with a target price of 18.51 yuan for A-shares [1]

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 the continuous upward trend in prices within the photovoltaic industry chain, driven by supply-side improvements and increasing demand [1][4] - The global photovoltaic installation forecast for 2025 has been adjusted upwards to 570-630 GW, with China's forecast also increased to 270-300 GW [4] - The report emphasizes the importance of technological advancements in humanoid robots and their potential impact on the market [3] Summary by Sections Investment Highlights - The report lists preferred stocks with 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 - Sunshine Power (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] Market Performance - The report notes that as of June 2025, the cumulative installed capacity of solar power in China reached 110 million kW, representing a year-on-year growth of 54.2% [4] - The average price of polysilicon has increased by 13.5% to 42.0 CNY/kg, while the average price of silicon wafers has also seen significant increases [5][6] Price Tracking - The report provides detailed price tracking for various components in the photovoltaic supply chain, indicating a general upward trend in prices for polysilicon, silicon wafers, battery cells, and modules [5][6][7][8] Investment Recommendations - The report recommends focusing on companies with new technology directions, supply-side improvements, overseas layouts, and domestic substitution strategies, including Aishuo Co., Ltd., Longi Green Energy, Daqian Energy, and others [9]

Market Overview - The Shanghai Composite Index closed at 3595.19 points, slightly down by 0.08%, and remains above the six-month moving average [1] - The total trading volume of A-shares reached 1,145.862 billion yuan [1] Stocks Performance - A total of 44 A-shares have surpassed the six-month moving average today, with notable stocks showing significant deviation rates [1] - The stocks with the highest deviation rates include: - Hexin Instrument (17.10%) - Dekeli (16.12%) - Lais Information (7.54%) [1] - Stocks with smaller deviation rates that have just crossed the six-month moving average include: - Junda Co., Ltd. - Taihe Intelligent - Aikodi [1] Notable Stocks - Hexin Instrument (688622) saw a price increase of 20.00% with a turnover rate of 3.28% [1] - Dekeli (688205) increased by 17.49% with a turnover rate of 23.70% [1] - Lais Information (688631) rose by 7.96% with a turnover rate of 7.58% [1] - Other notable stocks include: - Xinganjiang (873167) up by 13.11% - Anpeilong (301413) up by 10.81% [1] Additional Stocks with Positive Movement - Other stocks with positive movement include: - Haiziwang (301078) up by 4.48% - Naxinwei (688052) up by 7.92% - Tianzhun Technology (688003) up by 4.52% [1]

Summary of Conference Call on China Solar Glass Equities Industry Overview - The conference call focuses on the solar glass industry in China, specifically discussing the performance of Xinyi Solar (XYS) and Flat Glass Group (FGG) amidst profit warnings for the first half of 2025 [1][2]. Key Points and Arguments 1. **Profit Warnings**: - XYS and FGG have issued warnings indicating a significant decline in net profits for 1H25, expected to drop between 56% to 85% year-over-year due to reduced average selling prices (ASPs), impairments for production equipment, and inventory write-offs [2][3]. - XYS's profit is projected to be between RMB 616 million and RMB 797 million, while FGG's profit is expected to be between RMB 230 million and RMB 280 million [10]. 2. **Market Dynamics**: - The industry is experiencing ongoing supply consolidation, with effective capacity down approximately 10% since May 2025. Further supply cuts are anticipated as demand enters a low season [2][9]. - Despite the challenges, there is a belief that investors are looking past these issues, contributing to recent rallies in share prices [2][9]. 3. **Government Reforms**: - Potential government-led reforms aimed at reducing overcapacity in the solar glass sector are highlighted as catalysts to monitor [2]. 4. **Valuation and Target Prices**: - The target prices for XYS and FGG remain unchanged, with XYS at HKD 4.20 and FGG at HKD 13.80 for H-shares and RMB 22.60 for A-shares. Both companies are expected to benefit from market consolidation and their cost advantages [4][9]. 5. **Earnings Estimates**: - XYS's earnings estimates for 2025 remain unchanged, with a projected price-to-earnings (PE) ratio of 11.8x and a price-to-book (PB) ratio of 0.8x. FGG's estimates show a PE ratio of 18.2x and a PB ratio of 1.0x [4][11]. Financial Highlights - **Xinyi Solar (XYS)**: - Revenue for 2024 is projected at RMB 21,921 million, with a decline to RMB 18,480 million in 2025, followed by a recovery to RMB 23,151 million in 2026 [13]. - Net profit is expected to drop to RMB 476 million in 2025, with a recovery to RMB 2,100 million by 2026 [13][14]. - **Flat Glass Group (FGG)**: - Revenue is expected to decrease from RMB 18,683 million in 2024 to RMB 15,626 million in 2025, with a rebound to RMB 19,759 million in 2026 [20]. - FGG's net profit is projected to be negative in 2025, at -RMB 40 million, before recovering to RMB 1,234 million in 2026 [20][21]. Risks and Considerations - **Downside Risks**: - Risks include lower-than-expected ASPs for solar glass, slower solar farm installations, increased competition, and potential international trade tensions [11][12]. - For FGG, risks also encompass weaker-than-expected global solar demand and faster-than-expected industry capacity expansion [11][12]. Conclusion - The solar glass industry in China is facing significant challenges in the short term, with profit warnings from major players like XYS and FGG. However, the potential for market consolidation and government reforms may provide a pathway for recovery and investment opportunities in the future [2][9].

Investment Rating - Industry Rating: Recommended [5] Core Insights - The humanoid robot industry is accelerating its layout both domestically and internationally, with significant breakthroughs expected in AI technology and cost reduction, leading to a strong demand for domestic core components [1][13][15] - The solid-state battery industry is progressing towards commercialization, driven by technological upgrades and the expansion of the supply chain, with companies expected to release new products and increase production capacity [2][18][19] - The photovoltaic industry is expected to return to an orderly competitive state due to the proposed price law amendments aimed at curbing "involution" competition, with upstream material prices rising and benefiting companies like JA Solar and Trina Solar [3][27][30] Summary by Sections Humanoid Robots - The industry is witnessing rapid advancements with major tech companies entering the market, leading to accelerated industrialization [1][14] - Domestic companies are expected to benefit significantly from the demand for localized core components [1][15] - Key players include Tesla, Unitree, and ByteDance, with significant product launches and production plans [14][17] New Energy Vehicles - The solid-state battery technology is identified as the next definitive direction for battery technology, with companies like Funeng Technology and Honeycomb Energy making strides in production [2][18][20] - The industry is experiencing rapid growth, with new models and technologies enhancing performance and reducing costs [20][21] - Companies with technological advantages and those expanding into new applications are expected to benefit [19][22] New Energy - The proposed price law amendments are set to improve market order and reduce excessive competition in the photovoltaic sector [3][26][27] - Upstream material prices are rising, which is expected to positively impact downstream component prices, creating rebound opportunities for companies like JA Solar and Trina Solar [27][30] - The industry is also seeing advancements in battery efficiency and production capabilities, with companies like Aiko Solar and LONGi Green Energy positioned to benefit [27][30] Power Equipment & AIDC - The demand for high-power density servers and cooling systems is expected to grow due to the rapid development of AI, benefiting the AIDC supply chain [8][19] - Companies involved in the production of power equipment and components for AI applications are likely to see increased demand [8][19]

Group 1 - The "anti-involution" policy is becoming a new focus in the market, with expectations for a three-stage development: policy anticipation, price increases, and demand expansion [2] - The photovoltaic industry is expected to see a supply-demand turning point due to capacity clearance, particularly in the polysilicon and photovoltaic glass segments, with companies like Tongwei Co., Ltd., LONGi Green Energy, Daqo New Energy, and GCL-Poly Energy being highlighted [3] - High-dividend coal companies and turnaround coking companies such as China Coal Energy and Yanzhou Coal Mining Company are noted for their potential [4] Group 2 - The stabilization and recovery of bulk commodity prices driven by the "anti-involution" trend will benefit the profitability of bulk supply chain companies like Xiamen Xiangyu, Xiamen International Trade, and Zheshang Zhongtuo [5]

证券代码：601865 股票简称：福莱特 公告编号：2025-047 转债代码：113059 转债简称：福莱转债 工；装卸搬运；金属结构制造；建筑材料生产专用机械制造；金属切削加工服务； 工业控制计算机及系统制造；机械设备销售（除依法须经批准的项目外，凭营业 执照依法自主开展经营活动）。许可项目：货物进出口（依法须经批准的项目， 经相关部门批准后方可开展经营活动，具体经营项目以审批结果为准）。 关于完成工商变更登记及章程备案的公告 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。 福莱特玻璃集团股份有限公司（以下简称"公司"） 于 2025 年 1 月 23 日、 审议通过了《关于变更公司注册资本并修订公司章程的议案》，同意对《公司章 程》相关条款进行修改。具体内容详见公司分别于 2025 年 1 月 24 日和 2025 年 （公告编号：2025-007）及《福莱特玻璃集团股份有限公司 2024 公司章程的公告》 年年度股东大会决议公告》（公告编号：2025-040）。 近日，公司已完成了上述注册资本变更的工商登记手续及公司章 ...

福莱特玻璃集团股份有限公司 章 程 | 第一章 | 总则 | 2 | | --- | --- | --- | | 第二章 | 经营宗旨和范围 3 | | | 第三章 | 股份 | 3 | | 第四章 | 股东和股东大会 7 | | | 第五章 | 董事会 | 23 | | 第六章 | 总裁及其他高级管理人员 30 | | | 第七章 | 监事会 | 32 | | 第八章 | 财务会计制度、利润分配和审计 34 | | | 第九章 | 通知和公告 | 38 | | 第十章 | 合并、分立、增资、减资、解散和清算 | 40 | | 第十一章 | 修改章程 | 43 | 第一章 总则 第一条 为维护福莱特玻璃集团股份有限公司（简称"公司"或"本公司"）、 股东及债权人的合法权益，规范公司的组织和行为，根据《中华人民共和国公 司法》（简称"《公司法》"）、《中华人民共和国证券法》（简称"《证券法》"）、 《香港联合交易所有限公司证券上市规则》（简称"《联交所上市规则》"）、《上 海证券交易所股票上市规则》（简称"《上交所上市规则》"，与《联交所上市规 则》合称"《上市规则》"）、《上市公司章程指引》（简称"《章程指引 ...

| 证券代码：601865 | 股票简称：福莱特 | 公告编号：2025-047 | | --- | --- | --- | | 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 关于完成工商变更登记及章程备案的公告 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。 福莱特玻璃集团股份有限公司（以下简称"公司"） 于 2025 年 1 月 23 日、 2025 年 6 月 16 日分别召开了第七届董事会第三次会议、2024 年年度股东大会， 审议通过了《关于变更公司注册资本并修订公司章程的议案》，同意对《公司章 程》相关条款进行修改。具体内容详见公司分别于 2025 年 1 月 24 日和 2025 年 6 月 17 日披露的《福莱特玻璃集团股份有限公司关于变更公司注册资本并修订 公司章程的公告》（公告编号：2025-007）及《福莱特玻璃集团股份有限公司 2024 年年度股东大会决议公告》（公告编号：2025-040）。 近日，公司已完成了上述注册资本变更的工商登记手续及公司章程修订的备 案手 ...

Core Points - Flat Glass Group Co., Ltd. was established on December 29, 2005, through the restructuring of Zhejiang Flat Glass Mirror Co., Ltd. and is registered in the Zhejiang Provincial Market Supervision Administration [2] - The company was approved by the China Securities Regulatory Commission (CSRC) for its initial public offering of 450 million H shares on July 23, 2015, and listed on the Hong Kong Stock Exchange on November 26, 2015 [3] - The company also issued 150 million A shares, approved by the CSRC on November 23, 2018, and listed on the Shanghai Stock Exchange on February 15, 2019 [3] Company Structure - The registered capital of the company is RMB 585,729,820.25 [3] - The company has a total of 2,342,919,281 shares, with 1,901,204,281 A shares, accounting for approximately 81% of the total shares [7] - The company operates as a permanent limited liability company, with all assets divided into equal shares, and shareholders are liable only to the extent of their subscribed shares [3][4] Business Operations - The company's business scope includes glass manufacturing, technical glass products manufacturing, mirror processing, and related activities [5] - The company emphasizes customer satisfaction, integrity, and mutual benefit as its operational objectives [5] Share Issuance and Management - The company issues shares in the form of stocks, with each share having a par value of RMB 0.25 [6] - The issuance of shares follows principles of openness, fairness, and justice, ensuring equal rights for all shareholders of the same class [6] - The company prohibits providing financial assistance to individuals or entities purchasing its shares [7] Shareholder Rights and Responsibilities - Shareholders have rights to dividends, participate in shareholder meetings, and supervise company operations [14] - Shareholders holding more than 5% of shares must report any pledging of their shares to the company [17] - The company has provisions to protect the rights of minority shareholders and ensure that major decisions are made with their input [19][20]