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 ...

太阳能 福莱特（601865.SH） 买入-A(维持) 2025 年 Q1 业绩环比扭亏为盈，行业龙头地位稳固 2025 年 5 月 15 日 公司研究/公司快报 公司近一年市场表现 市场数据：2025 年 5 月 15 日 | 收盘价（元）： | | | | 15.27 | | --- | --- | --- | --- | --- | | 年内最高/最低（元）： | | | | 30.31/14.60 | | 流 通 A 股 / | 总 | 股 | 本 | 19.00/23.43 | | （亿）： | | | | | | 流通 A 股市值（亿）： | | | | 290.14 | | 总市值（亿）： | | | | 357.76 | 基础数据：2025 年 3 月 31 日 | 基本每股收益(元)： | 0.05 | | --- | --- | | 摊薄每股收益(元)： | 0.05 | | 每股净资产(元)： | 9.31 | | 净资产收益率(%)： | 0.48 | 资料来源：最闻 分析师： 肖索 执业登记编码：S0760522030006 邮箱：xiaosuo@sxzq.com 贾惠淋 执业登记编 ...

| 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 (-) | | | | | | ...

Group 1: Wind Power Industry - The wind power industry in China is experiencing a recovery in performance from Q4 2024 to Q1 2025, with some companies exceeding expectations [3] - In 2024, 23 A-share wind power companies reported a total revenue of 225.15 billion yuan and a net profit of 13.24 billion yuan, showing a revenue increase of 4.39% but a net profit decline of 12.70% year-on-year [3] - In Q1 2025, these companies achieved a total revenue of 47.58 billion yuan and a net profit of 4.22 billion yuan, indicating growth compared to Q1 2024 [3] - Goldwind Technology reported a revenue of 9.47 billion yuan in Q1 2025, a 35.72% increase year-on-year, and a net profit of 568 million yuan, up 70.84% [4] - The recovery in wind turbine prices and expansion into overseas markets have positively impacted the performance of wind power manufacturers [4][6] Group 2: Solar Power Industry - The solar power industry faced significant challenges in 2024, with 110 A-share solar companies reporting a total revenue of approximately 1.38 trillion yuan, a decrease of 17.96% year-on-year, and a net profit of approximately -363 million yuan, a decline of 100.25% [8] - In Q1 2025, these companies reported a total revenue of 279.14 billion yuan, with a net profit of approximately 4.74 billion yuan, indicating a significant drop compared to Q1 2024 [8] - Major integrated solar companies like TCL Zhonghuan, Longi Green Energy, and Tongwei reported substantial losses, with net profits of -9.82 billion yuan, -8.62 billion yuan, and -7.04 billion yuan respectively [8] - Despite the overall downturn, companies involved in solar energy storage have shown resilience, with notable performances from companies like Sungrow Power and Canadian Solar [9] Group 3: Energy Storage Industry - The energy storage industry saw a decline in overall performance in 2024, with 21 A-share companies reporting a total revenue of 682.1 billion yuan, a decrease of 3.59%, and a net profit of 74.54 billion yuan, down 21.4% year-on-year [12] - In Q1 2025, these companies reported a total revenue of 158.07 billion yuan, a year-on-year increase of 12.39%, and a net profit of 21.03 billion yuan, up 34% [13] - The profitability in the energy storage sector is increasingly concentrated among leading companies like CATL and Sungrow, which have reported significant profit increases [13] - The energy storage market is undergoing transformation, with a shift in focus from domestic to overseas markets for higher profit margins [14][15]

作 者丨曹恩惠 费心懿 延续这一影响因素，2 0 2 5年第一季度，上述2 3家A股风电公司合计取得4 7 5 . 7 5亿元的营收和 4 2 . 2 1 亿 元 的 归 母 净 利 润 。 与 2 0 2 4 年 一 季 度 相 比 ， 其 营 收 和 净 利 润 整 体 数 据 都 呈 现 增 长 的 局 面。这其中，部分头部整机厂商净利润增速强劲。 编 辑丨张星 大热的风电、光伏、储能等新能源行业，近些年来遭遇产业周期性波动影响，各条赛道呈现 出不同的业绩冷热现象。 2 0 2 4年，A股风电、储能公司整体维持着盈利状态，光伏公司就陷入了困境。而在2 0 2 5年第 一季度，风电、储能公司业绩"回春"，光伏公司则分化加剧。 整体来看，风电、光伏以及储能行业需求前景依然被业内看好，但产业链价格波动、海外市 场需求等因素，正在影响风电、光伏以及储能公司业绩的走势。 风机价格回升厂商整体业绩回暖 从2 0 2 4年第四季度到2 0 2 5年第一季度，国内风电行业整体表现回暖，部分厂商的业绩甚至超 出预期。 根据2 1世纪经济报道记者统计，2 0 2 4年，2 3家A股风电公司合计实现营业收入和归属于母公 司股 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has turned from a loss to a profit in Q1 2025, with expectations for gradual improvement throughout the year [1] - The company's Q1 2025 revenue was approximately 4.08 billion yuan, a year-on-year decrease of 29%, but a slight quarter-on-quarter increase of 0.01% [7] - The net profit attributable to the parent company for Q1 2025 was 106 million yuan, reflecting a year-on-year decline of 86% but a quarter-on-quarter increase of 137% [7] - The company is expected to maintain a leading position in the photovoltaic glass market due to its production capacity and ongoing overseas expansion [7] Financial Performance Summary - Total revenue forecast for 2023A is 21.524 billion yuan, with a year-on-year growth of 39.21% [1] - The net profit attributable to the parent company for 2023A is projected at 2.75969 billion yuan, with a year-on-year increase of 30% [1] - The latest diluted EPS for 2023A is estimated at 1.18 yuan per share [1] - The company’s P/E ratio for 2023A is 12.44 [1] Production and Market Position - As of April 2025, the company has a total production capacity of 19,400 tons per day, with ongoing projects in Vietnam and plans for new facilities in Indonesia [7] - The company’s market share, combined with its competitor, exceeds 50%, indicating a strong competitive advantage [7] Cost and Inventory Management - The company reported a decrease in inventory by approximately 15% as of Q1 2025 [7] - Operating cash flow for Q1 2025 was 167 million yuan, down from the previous year [7]

福莱特 20250429 摘要 • 福莱特一季度扭亏为盈，净利润达 1.06 亿元，得益于光伏玻璃价格上涨 及内部降本增效措施。但受光伏玻璃价格同比大幅下降影响，营收同比下 降 28.76%至 40.79 亿元，综合毛利率降至 11.72%。 • 公司在产产能为 19,400 吨/天，国内包括安徽四期和南通项目，海外印尼 项目预计今年 6 月开工，2027 年投产。全年出货量受新增产能节奏影响， 具体时间待定。 • 一季度出货情况良好，但预计 5 月组件端需求将略有下降，导致玻璃需求 波动。公司库存约 20 天，低于行业平均水平。光伏玻璃价格正在协商中， 预计 5 月初确定。 • 公司实施多项降本增效措施，包括管理、行政及生产运营端，效果积极。 石英砂和纯碱价格稳定，天然气价格回归淡季水平，一季度费用同比下降。 • 越南工厂主要出口美国，受关税影响较小，越南产能约 2000 吨，对集团 影响不大。北美收入占比约为 6%，主要为越南直接出口美国部分。 • 行业内新增产能有限，国内总产能约 9 万多吨，海外约 1 万吨。组件端需 求预计 55~60GW，供给较为充裕。公司有 7,000 多吨待点火产能，点火 节奏 ...

Investment Rating - The investment rating for the company is "Buy" for both A-shares and H-shares, maintained from previous assessments [8]. Core Views - The company reported Q1 2025 revenue of 4.08 billion RMB and net profit attributable to shareholders of 110 million RMB, showing a year-on-year decline of 28.8% and 86.0% respectively, but a quarter-on-quarter recovery from Q4 2024 due to stabilizing solar glass prices [1][2]. - The gross margin for Q1 2025 improved to 11.7%, with a quarter-on-quarter increase of 8.8 percentage points, indicating a potential for continued improvement in profitability as solar glass prices are expected to remain stable [2]. - The company’s operating cash flow for Q1 2025 was 170 million RMB, down 72.2% year-on-year, primarily due to decreased sales revenue and collection [3]. - The demand for solar installations continues to grow rapidly, with a reported 59.7 GW of new installations in China from January to March 2025, a year-on-year increase of 31% [4]. Summary by Sections Financial Performance - Q1 2025 revenue was 4.08 billion RMB, with a year-on-year decrease of 28.8% and a quarter-on-quarter increase of 0.01% [2]. - The gross margin for Q1 2025 was 11.7%, reflecting a year-on-year decrease of 10.3% but a quarter-on-quarter increase of 8.8 percentage points [2]. - The company expects continued improvement in profitability in Q2 2025 due to stable solar glass prices and declining costs [2]. Expense and Cash Flow Analysis - The expense ratio for Q1 2025 was 7.9%, up 1.7 percentage points year-on-year, with increases in management, R&D, and financial expenses [3]. - The company’s cash flow from operations was significantly impacted by lower sales and collection rates, leading to a 72.2% decline year-on-year [3]. Market Demand and Capacity - The solar installation demand remains strong, with a reported 59.7 GW of new installations in Q1 2025, indicating a robust market outlook [4]. - The company’s production capacity for solar glass increased by 4.9% to 97,000 tons per day as of the end of April 2025, suggesting a positive trend in production recovery [4]. Profit Forecast and Valuation - The company maintains its profit forecast, expecting net profits of 1.07 billion RMB, 1.83 billion RMB, and 2.30 billion RMB for 2025, 2026, and 2027 respectively [5]. - The target price for A-shares is set at 19.44 RMB, while for H-shares it is 10.45 HKD, reflecting a valuation of 2.0x PB for A-shares and 1.0x PB for H-shares [5].