福萊特玻璃集團股份有限公司 Flat Glass Group Co., Ltd. 第一章 總則 第一條 為維護福萊特玻璃集團股份有限公司（簡稱「公司」或「本公司」）、股東 及債權人的合法權益，規範公司的組織和行為，根據《中華人民共和國公司法》（簡 稱「《公司法》」）、《中華人民共和國證券法》（簡稱「《證券法》」）、《香港聯合交易所有 限公司證券上市規則》（簡稱「《聯交所上市規則》」）、《上海證券交易所股票上市規 則》（簡稱「《上交所上市規則》」，與《聯交所上市規則》合稱「《上市規則》」）、《上市公 司章程指引》（簡稱「《章程指引》」）和其他有關規定，制定本章程。 第二條 公司係依照《公司法》《證券法》《上市規則》《章程指引》和中國其他有 關法律、行政法規和規範性文件成立的股份有限公司。 公司係於2005年12月29日由原浙江福萊特玻璃鏡業有限公司整體改制以發起 方式設立的股份有限公司。在浙江省市場監督管理局註冊登記。公司的發起人為： 阮洪良、姜瑾華、阮澤雲、鄭文榮、沈福泉、祝全明、魏葉忠、沈其甫、陶宏珠、 魏述濤。公司的統一社會信用代碼為913300007044053729。 第三條 公司於2015年7月23 ...

Group 1 - The central government has emphasized the need to address "involution" competition and to regulate low-price disorderly competition in enterprises, aiming to promote the orderly exit of backward production capacity [1] - The photovoltaic and lithium battery industries are currently at a profit bottom, with photovoltaic losses being particularly significant, and the "anti-involution" approach is expected to be a key driver for the medium to long-term profit recovery in the new energy sector [1] - As of July 21, 2025, the CSI Photovoltaic Industry Index (931151) has risen by 0.91%, with notable increases in constituent stocks such as Tebian Electric (600089) up 4.72% and Shuangliang Energy (600481) up 2.30% [1] Group 2 - As of June 30, 2025, the top ten weighted stocks in the CSI Photovoltaic Industry Index (931151) include Yangguang Electric (300274), Longi Green Energy (601012), and TCL Technology (000100), with these stocks collectively accounting for 55.39% of the index [2]

Investment Rating - Industry Rating: Recommended [5] Core Insights - The report highlights the acceleration of humanoid robot production due to advancements in AI technology and domestic companies' efforts to replace core components, indicating a broad market opportunity [1][15] - The electric vehicle (EV) sector is entering a deep penetration phase, with new high-cost performance models expected to drive sales growth and stabilize the industry in the medium to long term [2][18] - The renewable energy sector is facing rising upstream raw material prices, which are expected to be passed down the supply chain, potentially leading to price rebounds for solar components [3][24] - The UK government's decision to relax AR7 offshore wind auction entry requirements is anticipated to boost investment enthusiasm and accelerate project implementation in the offshore wind sector [4][27] Summary by Sections Humanoid Robots - The launch of the new industrial humanoid robot Walker S2 by UBTECH enables 24/7 operation with a rapid battery swap system, indicating a significant technological breakthrough [1][15] - The report emphasizes the strong domestic demand for core components and the potential for domestic companies to benefit from this trend [1][15] - Key players in the humanoid robot supply chain are expected to see substantial opportunities as the industry matures [1][17] New Energy Vehicles - The report notes that the introduction of multiple new EV models is likely to enhance user experience and drive sales growth [2][18] - The EV industry is characterized by rapid growth, with new technologies and materials expected to improve performance and reduce costs [2][19] - The report identifies several investment opportunities within the EV supply chain, particularly in battery technology and related components [2][23] Renewable Energy - The report discusses the impact of rising prices for upstream materials like silicon, which are expected to lead to price increases for solar components [3][24] - It highlights the ongoing optimization of battery efficiency and the potential for companies with differentiated high-efficiency products to enhance profitability [3][26] - The report also notes the expected reduction in production from glass manufacturers, which could alleviate inventory and pricing pressures in the solar market [3][26] Offshore Wind Energy - The UK government's relaxation of AR7 offshore wind auction rules is seen as a positive signal for the global offshore wind industry, potentially increasing project participation [4][27] - The report anticipates that the extension of contract terms for difference agreements will further stimulate investment in offshore wind projects [4][28] - Key beneficiaries of this trend are expected to include leading domestic companies involved in offshore wind energy [4][28] Energy Storage - The introduction of capacity pricing policies for energy storage in Gansu province is expected to enhance the profitability of long-duration storage projects [8][31] - The report emphasizes the importance of energy storage in balancing renewable energy output and improving utilization rates [8][31] - Companies with technological advantages in energy storage are likely to be the first to benefit from these new policies [8][31]

Investment Rating - The investment rating for the company is "Buy" [4][10]. Core Views - The company is expected to see a significant quarter-on-quarter increase in performance for Q2, with estimated earnings of RMB 230-280 million for 1H25, and RMB 120-170 million for Q2, representing a 41% increase from the previous quarter [2][7]. - The report anticipates a recovery in product prices following substantial industry production cuts, which are expected to lead to a bottoming out of prices for photovoltaic glass [7][8]. - The company has a production capacity of 2,000 tons of photovoltaic glass in Vietnam, which is significant for exports to the U.S. The report suggests monitoring the progress of trade agreements between the U.S. and Vietnam, as a reduction in tariffs could benefit the company's operations [7][8]. - The report maintains a positive outlook on the photovoltaic supply side, citing recent government meetings aimed at regulating the industry and promoting the exit of outdated production capacity [7][8]. Financial Overview - Revenue projections for the company are as follows: RMB 21,524 million in 2023, RMB 18,683 million in 2024, RMB 16,543 million in 2025E, RMB 20,822 million in 2026E, and RMB 23,232 million in 2027E, with a year-on-year growth of 39.2% in 2023, followed by declines in 2024 and 2025, and recoveries in subsequent years [3][11]. - Net profit is projected to be RMB 2,760 million in 2023, dropping to RMB 1,007 million in 2024, and further to RMB 340 million in 2025E, before rebounding to RMB 1,828 million in 2026E and RMB 2,368 million in 2027E [3][11]. - The earnings per share (EPS) are expected to be RMB 1.17 in 2023, decreasing to RMB 0.43 in 2024, and RMB 0.15 in 2025E, with a significant recovery anticipated in 2026E and 2027E [3][11]. - The price-to-earnings (P/E) ratio is projected to be 7.8 in 2023, increasing to 21.2 in 2024, and then to 62.6 in 2025E, before stabilizing in the following years [3][11]. Market Performance - The company's stock price has shown a year-to-date change of -8.88%, with a 52-week high of HKD 15.84 and a low of HKD 7.75 [6][10]. - The average daily trading volume is reported at 10.68 million shares [6].

Summary of Conference Call Records Industry Overview - The conference call primarily discusses the **consumption building materials industry** and its performance in 2024, highlighting a **7.2% year-on-year decline** in revenue for the sector [1] - The **real estate demand** remains weak, impacting the consumption building materials sector, which has seen continuous revenue pressure over the past few quarters [1] Key Points and Arguments - **Revenue Trends**: The revenue growth for the consumption building materials sector is expected to decline in 2024, with quarterly comparisons showing fluctuations: **0.2% growth**, **5.3% decline**, **10.7% decline**, **10.9% decline**, and **5.7% decline** from Q1 2024 to Q1 2025 [1] - **Profitability Issues**: The industry faces challenges such as **declining gross margins** due to reduced demand and increased expense ratios. Some companies have reported increased impairments on goodwill and assets [2] - **Improvement in Profitability**: In Q1 2024, some companies managed to stabilize and improve profitability through better gross margins and expense control, with half of the consumption building materials companies reporting year-on-year gross margin increases [2] - **Net Profit Performance**: Among 26 analyzed companies, **10 reported year-on-year net profit increases**, and **9 showed improvements in net profit margins** both year-on-year and quarter-on-quarter, particularly in waterproofing and coating sectors [3] - **Market Resilience**: Despite the downturn in new housing demand, the sector shows resilience supported by the high demand for second-hand housing, which could lead to revenue growth if new housing demand stabilizes [4] Additional Insights - **Future Growth Potential**: Companies with strong brand and channel capabilities are expected to have significant growth potential. Key players mentioned include **Sanhe Tree, Tubaobao, Beixing Building Materials, and others** [5] - **Cement Industry Outlook**: The cement sector is projected to see a bottoming out in Q1 2024, with expectations of gradual improvement in profitability throughout the year. The industry experienced a **35% year-on-year decline** in scale in 2024 [5] - **Price Trends**: Cement prices are expected to rise after a period of decline, with a **1.4% year-on-year drop** in demand noted in Q1 2024, but a recovery is anticipated post-Chinese New Year [6] - **Cost Management**: The decline in coal prices is expected to stabilize industry profitability, with a projected **6% year-on-year decline** in cement demand for 2025 [7] - **Investment and Dividends**: Companies with low cash flow and stable investment returns, such as **Tapai Group and Ningxia Building Materials**, are highlighted for their significant profit contributions [8] Conclusion - The consumption building materials and cement industries are navigating through challenging market conditions, with signs of potential recovery in profitability and demand stabilization. Key players are expected to leverage their market positions for future growth opportunities.

Group 1 - The company expects to achieve a net profit attributable to shareholders of the parent company between 230 million to 280 million yuan for the first half of 2025, representing a decrease of 1.219 billion to 1.269 billion yuan compared to the same period last year, which is a year-on-year decline of 81.32% to 84.66% [1][2] - The net profit attributable to shareholders of the parent company, after deducting non-recurring gains and losses, is expected to be between 195 million to 245 million yuan, a decrease of 1.235 billion to 1.285 billion yuan compared to the same period last year, reflecting a year-on-year decline of 83.45% to 86.82% [1][2] - The significant decline in profit is primarily due to a notable decrease in the sales price of photovoltaic glass, which has led to a substantial drop in sales revenue and net profit [2] Group 2 - In the same period last year, the total profit was 1.712 billion yuan, and the net profit attributable to shareholders of the parent company was 1.499 billion yuan, with a net profit after deducting non-recurring gains and losses of 1.480 billion yuan [2] - The company maintains a strong competitive advantage in the photovoltaic glass sector despite the challenges posed by structural adjustments and temporary overcapacity in the photovoltaic industry [2] - The company has a healthy balance sheet and ample financial reserves, continuing to invest in technological innovation and enhancing research and development capabilities [2]

盈利警告 本公告由福萊特玻璃集團股份有限公司（「本公司」，連同其附屬公司統稱「本集團」）根據香港聯合交 易所有限公司證券上市規則（「上市規則」）第13.09（2）條及香港法例第571章證券及期貨條例第XIVA 部項下內幕消息條文（定義見上市規則）刊發。 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） 股東及潛在投資者於買賣本公司股份時務請審慎行事。 本公司董事會（「董事會」）謹此告知本公司股東（「股東」）及潛在投資者，根據初步審閱本集團截至二 零二五年六月三十日止六個月的（「本報告期」未經審核綜合管理賬目及董事會目前獲得的資料，預 計(i)本集團截至二零二五年六月三十日止六個月，實現歸屬於上市公司股東的淨利潤為人民幣230 百萬元到人民幣280百萬元，與上年同期相比，將減少人民幣1,219百萬元到人民幣 ...

Flat Glass Group Co., Ltd. 2025 Half-Year Performance Pre-announcement [Key Performance Forecast Highlights](index=1&type=section&id=%E9%87%8D%E8%A6%81%E5%86%85%E5%AE%B9%E6%8F%90%E7%A4%BA) Flat Glass Group Co., Ltd. forecasts a significant year-on-year decline in net profit attributable to shareholders by 81.32% to 84.66% and non-recurring net profit by 83.45% to 86.82% for the first half of 2025 2025 Half-Year Performance Forecast | Indicator | Estimated Amount (RMB) | Year-on-Year Change | | :--- | :--- | :--- | | Net Profit Attributable to Parent Company Shareholders | 230 million - 280 million yuan | ↓ 81.32% - 84.66% | | Net Profit Attributable to Parent Company Shareholders Excluding Non-Recurring Items | 195 million - 245 million yuan | ↓ 83.45% - 86.82% | [Details of Current Period Performance Forecast](index=1&type=section&id=%E4%B8%80.%E6%9C%AC%E6%9C%9F%E4%B8%9A%E7%BB%A9%E9%A2%84%E5%91%8A%E6%83%85%E5%86%B5) The company's preliminary forecast for H1 2025 shows a significant year-on-year decrease in both net profit and non-recurring net profit, with all data unaudited 2025 Half-Year Performance Forecast Details (Compared to Prior Year) | Indicator | 2025 H1 Estimated (RMB) | Decrease from Prior Year (RMB) | Year-on-Year Decline | | :--- | :--- | :--- | :--- | | Net Profit Attributable to Parent | 230 million - 280 million yuan | 1.219 billion - 1.269 billion yuan | 81.32% - 84.66% | | Non-Recurring Net Profit Attributable to Parent | 195 million - 245 million yuan | 1.235 billion - 1.285 billion yuan | 83.45% - 86.82% | - This performance forecast represents the company's preliminary estimate based on operating conditions, and the related data has not been audited by a certified public accountant[4](index=4&type=chunk) [Prior Year (2024 H1) Performance Review](index=1&type=section&id=%E4%BA%8C.%E4%B8%8A%E5%B9%B4%E5%90%8C%E6%9C%9F%E7%BB%8F%E8%90%A5%E4%B8%9A%E7%BB%A9%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%83%85%E5%86%B5) In H1 2024, the company achieved net profit attributable to parent company shareholders of **1.499 billion yuan**, non-recurring net profit of **1.480 billion yuan**, and basic earnings per share of **0.64 yuan**, serving as the comparison basis for this forecast 2024 Half-Year Key Financial Data | Indicator | Amount (RMB) | | :--- | :--- | | Total Profit | 1.712 billion yuan | | Net Profit Attributable to Parent Company Shareholders | 1.499 billion yuan | | Net Profit Attributable to Parent Company Shareholders Excluding Non-Recurring Items | 1.480 billion yuan | | Earnings Per Share | 0.64 yuan | [Analysis of Performance Decline Reasons](index=2&type=section&id=%E4%B8%89.%E6%9C%AC%E6%9C%9F%E4%B8%9A%E7%BB%A9%E9%A2%84%E5%87%8F%E7%9A%84%E4%B8%BB%E8%A6%81%E5%8E%9F%E5%9B%A0) The significant performance decline is primarily attributed to deteriorating market conditions, including overcapacity and intensified competition in the photovoltaic glass sector, coupled with asset impairment provisions - Market Factors: Overcapacity and intensified competition in the photovoltaic industry led to a significant year-on-year decrease in solar glass sales prices in H1 2025, resulting in a substantial decline in sales revenue and net profit[7](index=7&type=chunk) - Cost and Efficiency: Decreased procurement costs for key raw materials (soda ash, quartz sand) and the implementation of technological innovations and efficiency improvement measures partially offset the adverse impact of price reductions[7](index=7&type=chunk) - Asset Impairment: The company recognized asset impairment provisions for glass kilns undergoing cold repair and certain solar glass inventory, further impacting current period profit[7](index=7&type=chunk) - Company Self-Assessment: Despite the performance decline, the company emphasizes its strong comprehensive competitive advantage in the solar glass sector, healthy balance sheet, and ample cash reserves, committing to focus on its core business and enhance core competitiveness[7](index=7&type=chunk) [Risk Warning and Other Notes](index=2&type=section&id=%E5%9B%9B.%E9%A3%8E%E9%99%A9%E6%8F%90%E7%A4%BA) The company states no significant uncertainties currently affect the accuracy of this performance forecast, reminding investors that these are preliminary results and final financial data will be based on the official 2025 half-year report - The company confirms no significant uncertainties currently affect the accuracy of this performance forecast[8](index=8&type=chunk) - Final financial data will be based on the company's officially disclosed 2025 half-year report, cautioning investors about investment risks[9](index=9&type=chunk)

福莱特（601865）公告，预计2025年半年度实现归属于母公司所有者的净利润为2.3亿元到2.8亿元，与 上年同期相比，预计减少12.19亿元到12.69亿元，同比减少81.32%到84.66%。归属于母公司所有者的扣 除非经常性损益的净利润为1.95亿元到2.45亿元，与上年同期相比，预计减少12.35亿元到12.85亿元，同 比减少83.45%到86.82%。 ...

Group 1: Industry Outlook - The analyst from Goldman Sachs expresses a pessimistic view on the photovoltaic glass industry, predicting a 40% year-on-year decline in global photovoltaic module demand from June to December 2025, averaging 34 GW per month [2] - The industry needs to reduce production by 30% to achieve monthly supply-demand balance, given the ongoing inventory pressure and the need for significant production cuts [2] - The average furnace age in the industry is decreasing, making it more challenging to execute a new round of production cuts compared to the previous year [2] Group 2: Company Performance - Company Fuyat is the second-largest photovoltaic glass manufacturer globally, with a production volume of 1.287 billion square meters and a capacity utilization rate of 91.47% as of the end of 2024 [3] - In 2024, the company experienced a 63.52% year-on-year decline in net profit, marking its worst performance since going public, with a further 86.03% decline in profit in Q1 of this year [3] - Despite pressures, the company has not announced plans to halt production capacity but has been adjusting operations by repairing older furnaces since the second half of last year [3][4] Group 3: Future Capacity and Investments - The company has significant new capacity in the pipeline, with a total production capacity of 19,400 tons per day as of the end of last year [4] - Ongoing projects in Anhui and Nantong are set to commence operations based on market conditions, and the company plans to invest in photovoltaic glass furnaces in Indonesia to meet regional demand [4] - The total investment for the under-construction production lines is 9.668 billion yuan, with a designed capacity of 4 million tons per year, expected to be operational between 2025 and 2027 [4]