Core Viewpoint - The company held a performance briefing on May 21, 2025, to discuss its Q1 2025 financial results and engage with investors [1][2]. Group 1: Financial Performance - As of March 31, 2025, the company's comprehensive gross margin decreased from 21.46% to 11.72% compared to the same period last year [2]. - The net profit for the period was 106 million, marking a turnaround from previous losses [2]. Group 2: Future Growth Drivers - The company believes that the photovoltaic (PV) industry will continue to benefit from the global energy transition and will focus on the development of the photovoltaic glass sector [2]. - The company maintains a positive outlook on the future development of the photovoltaic industry, viewing it as a pillar of global energy transition [2]. Group 3: Industry Context - Investors were encouraged to refer to periodic reports released by other listed companies in the photovoltaic industry for a broader understanding of industry performance [2].

为便于广大投资者更全面深入地了解福莱特玻璃集团股份有限公司（以下简 称"公司"）2025 年第一季度的经营成果、财务状况等相关情况，根据上海证券 交易所的相关规定，公司于 2025 年 5 月 21 日（星期三）上午 10:00-11:00 通过 上海证券交易所上证路演中心（http://roadshow.sseinfo.com/）召开了关于 2025 年第一季度业绩说明会，就公司 2025 年第一季度的经营成果、财务状况的具体 情况与投资者进行互动交流和沟通，在信息披露允许的范围内就投资者普遍关注 的问题进行了解答。现将有关事项公告如下： 一、本次说明会召开情况 公司已于 2025 年 4 月 30 日通过指定信息披露媒体及上海证券交易所网站 （http://www.sse.com.cn）披露了《福莱特玻璃集团股份有限公司关于召开 2025 年第一季度业绩说明会的公告》（公告编号：2025-033）。2025 年 5 月 21 日，公 司董事长阮洪良先生、总裁阮泽云女士、财务负责人蒋纬界先生、独立董事徐攀 女士和董事会秘书成媛女士出席了本次说明会，针对公司 2025 年第一季度的经 营成果、财务状况的具体情 ...

Investment Rating - The investment rating for the company is "Buy" and it is maintained [6]. Core Views - The company reported a revenue of 4.079 billion CNY in Q1 2025, a year-on-year decrease of 29% and a quarter-on-quarter stability; the net profit attributable to shareholders was 106 million CNY, down 86% year-on-year but up 137% quarter-on-quarter [2][4]. - The gross margin for Q1 was 11.72%, which improved by 8.84 percentage points quarter-on-quarter, primarily due to a rise in glass prices influenced by domestic demand and enhanced cost control measures [7]. - The company is expected to maintain its leading position in the photovoltaic glass industry, with a projected net profit of 1.4 billion CNY for 2025, corresponding to a PE ratio of 26 times for A-shares and 14 times for Hong Kong shares [7]. Summary by Sections Financial Performance - In Q1 2025, the company achieved a revenue of 4.079 billion CNY, reflecting a 29% decline year-on-year and stable performance compared to the previous quarter; the net profit attributable to shareholders was 106 million CNY, marking an 86% decrease year-on-year but a 137% increase quarter-on-quarter [2][4]. Market Dynamics - The company’s gross margin improved due to a combination of rising glass prices from domestic demand and effective cost management strategies [7]. - The demand side is expected to see a revival as domestic installations slow down, with high production levels in May but potential reductions in June [7]. Competitive Position - The company maintains a significant cost advantage over smaller competitors, which is expected to enhance profitability as natural gas prices decrease in the off-season [7]. - The company aims to expand its scale in photovoltaic glass production and improve manufacturing processes to solidify its leading position in the industry [7].

Investment Rating - The report maintains a "Buy-A" rating for the company [1][7]. Core Views - The company achieved a turnaround in Q1 2025, with a net profit of 1.1 billion yuan, reflecting a 136.7% increase quarter-on-quarter, despite a year-on-year decline of 86.0% [5][6]. - The company remains a leader in the photovoltaic glass industry, with a total production capacity of 19,400 t/d and a market share exceeding 50% when combined with its main competitor [6][7]. - The company is expected to face short-term pressure on downstream demand and product prices following a surge in installations, but it is projected to maintain its industry-leading position due to its scale, resources, and technology [7]. Financial Performance - For Q1 2025, the company reported revenues of 40.8 billion yuan, a year-on-year decrease of 28.8% but stable quarter-on-quarter [5]. - In 2024, the company is expected to generate revenues of 186.8 billion yuan, down 13.2% year-on-year, with a net profit of 10.1 billion yuan, reflecting a 63.5% decline [6][9]. - The company's gross margin for 2024 is projected to be 15.5%, down 6.3 percentage points year-on-year, primarily due to declining market prices for photovoltaic glass [6]. Earnings Forecast - The expected earnings per share (EPS) for 2025, 2026, and 2027 are projected to be 0.44 yuan, 0.89 yuan, and 1.08 yuan, respectively [7][9]. - The price-to-earnings (P/E) ratios for the same years are estimated at 35.6, 17.4, and 14.4, respectively [7][9].

Group 1 - The three major indices experienced fluctuations and increased, with the photovoltaic equipment sector leading the gains, particularly in silicon energy and solid-state battery concepts, as the China Securities New Energy Index rose by 1.27% [1] - The New Energy ETF (159875) increased by 1.15%, with constituent stocks such as Daqo New Energy rising over 16%, and Dongfang Risheng increasing over 15%, while Tongwei Co., Ltd. and GCL-Poly Energy Holdings Ltd. hit the daily limit [1] - The New Energy ETF closely tracks the China Securities New Energy Index, which selects listed companies involved in renewable energy production, application, storage, and interaction devices to reflect the overall performance of the new energy industry [1] Group 2 - Dongguan Securities emphasized that improving photoelectric conversion efficiency and reducing production costs are core to the photovoltaic industry's development, necessitating continuous new product launches in the photovoltaic equipment sector to meet technological advancements [2] - Industrialization of solid-state batteries is accelerating, with 2025 identified as a critical turning point, as companies across the supply chain are rapidly establishing production lines in preparation for mass production of solid-state battery models [2]

证券代码：601865 股票简称：福莱特 公告编号：2025-035 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"福莱转债"2025 年付息的公告 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： 福莱特玻璃集团股份有限公司（以下简称"公司"）于 2022 年 5 月 20 日发行 的可转换公司债券（以下简称"本期债券"）将于 2025 年 5 月 20 日支付自 2024 年 5 月 20 日至 2025 年 5 月 19 日期间的利息。根据公司《公开发行 A 股可转换 公司债券募集说明书》（以下简称"《募集说明书》"）及《公开发行 A 股可转换 公司债券上市公告书》（以下简称"《上市公告书》"）有关条款的规定，现将有 关事项公告如下： 一、本期债券的基本情况 （六）发行价格：本次可转换公司债券按面值发行，人民币 100 元/张； （九）债券利率：第一年 0.3%、第二年 0.5%、第三年 1.0%、第四年 1.5%、 第五年 1.8%、第六年 2.0%； （十）债券期限：自发 ...

| 证券代码：601865 | 股票简称：福莱特 | 公告编号：2025-035 | | --- | --- | --- | | 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"福莱转债"2025 年付息的公告 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： 福莱特玻璃集团股份有限公司（以下简称"公司"）于 2022 年 5 月 20 日发行 的可转换公司债券（以下简称"本期债券"）将于 2025 年 5 月 20 日支付自 2024 年 5 月 20 日至 2025 年 5 月 19 日期间的利息。根据公司《公开发行 A 股可转换 公司债券募集说明书》（以下简称"《募集说明书》"）及《公开发行 A 股可转换 公司债券上市公告书》（以下简称"《上市公告书》"）有关条款的规定，现将有 关事项公告如下： 一、本期债券的基本情况 ● 可转债付息债权登记日：2025 年 5 月 19 日 ● 可转债除息日：2025 年 5 月 20 日 ● 可转债兑息日：2025 年 5 月 ...

Group 1 - The core viewpoint of the news is that Fuyao Glass Group Co., Ltd. has applied for a patent for multifunctional LOW-E coated glass for automotive sunroofs and windshields, which aims to enhance the performance of these components [1] - The patent application, published as CN119954408A, was filed on January 2025 and involves a multi-layer LOW-E coating that reduces heat accumulation inside vehicles, improving comfort [1] - The multifunctional LOW-E coated glass also includes a UV-blocking layer to effectively block harmful ultraviolet rays and an anti-glare coating to enhance driving safety by reducing glare [1] Group 2 - Fuyao Glass Group Co., Ltd. was established in 1998 and is located in Jiaxing City, primarily engaged in the non-metallic mineral products industry [2] - The company has a registered capital of approximately 5.86 billion RMB and has invested in 24 enterprises, participated in 52 bidding projects, and holds 174 patents [2] - Additionally, Fuyao Glass has 57 trademark registrations and possesses 53 administrative licenses [2]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年4月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 福萊特玻璃集團股份有限公司 本月底法定/註冊股本總額： RMB 585,730,034.75 FF301 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 呈交日期: 2025年5月7日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 06865 | 說明 | H股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 441,715,000 | RMB | | 0.25 | RMB | | 110,428,750 | | 增加 / 減少 (-) | | | | | | ...

Investment Rating - The report maintains an investment rating of "Synchronize with the market - A" for the power equipment and new energy industry [1]. Core Viewpoints - The report highlights a 19.5% year-on-year increase in national solar power generation from January to March 2025, while prices in the downstream of the industry chain are declining [3]. - The report emphasizes the launch of the first AI-powered exoskeleton robot in China, showcasing advancements in technology within the industry [1][4]. - The report notes that the first quarter of 2025 saw a new installed capacity of 59.71 GW in photovoltaic power generation, with distributed photovoltaic accounting for 60.8% of the total [5]. Summary by Sections Preferred Stocks - The report lists preferred stocks with ratings: - Aishuo Co., Ltd. (600732.SH) - Buy - B - Longi Green Energy (601012.SH) - Buy - B - Flat Glass Group (601865.SH) - Buy - A - Hengdian East Magnetic (002056.SZ) - Buy - A - Sungrow Power Supply (300274.SZ) - Buy - A - Canadian Solar (688472.SH) - Buy - A - Deye Technology (605117.SH) - Buy - A [3]. Price Tracking - The report provides price tracking data: - The average price of dense polysilicon is 40.0 CNY/kg, unchanged from last week, while granular silicon has decreased by 5.3% to 36.0 CNY/kg [6][7]. - The average price of 150um 182mm monocrystalline silicon wafers is 1.15 CNY/piece, unchanged, while 130um 183mm N-type wafers have decreased by 8.7% to 1.05 CNY/piece [7]. - The average price of M10 battery cells is 0.29 CNY/W, down 1.7%, and TOPCon battery cells are priced at 0.27 CNY/W, down 5.3% [8]. Investment Recommendations - The report recommends focusing on companies in various sectors: - New technology direction: Aishuo Co., Ltd., Longi Green Energy - Supply-side improvement direction: Flat Glass Group - Overseas layout direction: Hengdian East Magnetic, Sungrow Power Supply, Canadian Solar, Deye Technology [10].