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]

Investment Rating - Industry rating: Recommended [5] Core Insights - The humanoid robot industry is expected to accelerate towards mass production due to breakthroughs in AI technology and increasing domestic and international enterprise layouts, with strong demand for domestic replacement of core components [12][15] - The domestic new energy vehicle (NEV) market is experiencing rapid growth, with production and sales in June exceeding 25% year-on-year, driven by technological advancements in vehicle performance [16][18] - The photovoltaic industry chain has seen a significant price increase across the board, with policies promoting orderly competition and a solidified industry foundation [24][29] - The approval of the UK's 1.5GW Mona offshore wind project marks a significant advancement in the European offshore wind sector, with expectations for further auctions and orders in the second half of the year [25][27] Humanoid Robots - The humanoid robot sector is witnessing increased participation from major tech companies, with a focus on the T-chain and domestic supply chain developments, indicating a robust market opportunity [12][15] - Key components such as dexterous hands and lightweight materials are expected to see significant advancements, enhancing the efficiency and application of humanoid robots [13][15] New Energy Vehicles - The NEV sector is in a growth phase, with new models enhancing performance and cost-effectiveness, supported by advancements in solid-state batteries and other technologies [16][18] - The demand for lithium battery materials is expected to expand due to the recovery of the consumer electronics market and the growth of energy storage applications [20][22] Photovoltaic Industry - The photovoltaic industry is experiencing a price surge due to supply chain adjustments and policy support, with specific beneficiaries identified in the silicon material and battery sectors [24][29] - The market is expected to stabilize as inventory levels decrease and production capacity is adjusted, with a focus on high-efficiency products and new technologies [30][32] Offshore Wind Power - The approval of the Mona offshore wind project is anticipated to stimulate further developments in the offshore wind sector across Europe, with domestic companies poised to benefit from upcoming orders [25][27] - The demand for offshore wind components is expected to rise, driven by both domestic and international projects, creating opportunities for companies involved in the supply chain [43][45]

Summary of Key Points Core Viewpoint - The announcement details the completion of a share reduction plan by a specific shareholder, Tao Hongzhu, who reduced her holdings in Fulaite Glass Group Co., Ltd. by 2,500,000 shares, representing 0.1067% of the company's total share capital [1][2]. Group 1: Shareholder Reduction Details - Tao Hongzhu held 12,840,000 shares prior to the reduction, which accounted for 0.5480% of the company's total share capital [2]. - The reduction was executed through centralized bidding from April 28, 2025, to July 8, 2025 [2]. - The total amount raised from the share reduction was approximately 36,980,428 yuan, with share prices ranging from 14.10 to 17.01 yuan per share [2]. Group 2: Current Shareholding Status - After the reduction, Tao Hongzhu's remaining shares are 10,340,000, which is 0.4413% of the total share capital [2]. - The actual reduction matched the previously disclosed plan, confirming that the reduction was completed as intended [2].

Core Viewpoint - The photovoltaic industry chain has returned to the market spotlight after four years, with significant stock price increases across various segments, indicating a strong market recovery and investor interest [1][2][4]. Summary by Sections Market Performance - On July 8, A-share photovoltaic concept stocks saw three stocks hit the 20% daily limit, with nearly 30 stocks rising over 10%, showcasing a rare market phenomenon [1]. - As of July 9, nearly 70 photovoltaic concept stocks had increased by over 10% in July, with 25 stocks rising over 20%, marking it as a significant month for the sector [8]. Price Trends and Influences - The recent surge in the photovoltaic industry began in late June following important government commentary on "anti-involution" and subsequent meetings [5]. - Key stocks like Xinling Electric and Yamaton have shown remarkable price increases, with Xinling Electric rising 62.45% over five trading days [9][10]. - The price of polysilicon, a critical material for photovoltaic cells, has seen a significant increase, with a recent rise of 7% and a cumulative increase of over 30% [11]. Industry Dynamics - The photovoltaic industry is experiencing a strong recovery driven by policy support and rising material prices, leading to a high degree of certainty in valuation recovery [14]. - Historical patterns indicate that the industry has undergone several supply contraction cycles, suggesting potential for further price increases [17][18]. Valuation and Investment Opportunities - The photovoltaic sector has faced significant valuation pressures, with many companies experiencing up to 80% declines since their peak in 2021 [19][20]. - Despite the challenges, there are signs of stabilization, with industry losses narrowing and potential for performance recovery among leading companies [21][22]. - The photovoltaic ETF has outperformed many individual stocks, indicating a favorable investment vehicle for exposure to the sector [23]. Broader Implications - The "anti-involution" trend is not limited to photovoltaics but extends to other sectors such as construction materials and chemicals, suggesting a broader market recovery [24][25]. - The potential for significant investment opportunities exists, particularly for leading companies and those with competitive advantages in the current market environment [26].

Market Overview - The Shanghai Composite Index fell by 0.13% on July 9, with 17 out of the 28 sectors rising, led by Media and Agriculture sectors, which increased by 1.35% and 0.65% respectively [1] - The Electric Equipment sector saw a slight increase of 0.17% [1] - The sectors with the largest declines were Non-ferrous Metals and Basic Chemicals, which dropped by 2.26% and 0.85% respectively [1] Capital Flow Analysis - The main capital outflow from the two markets totaled 38.536 billion yuan, with only three sectors experiencing net inflows: Media (1.055 billion yuan), Retail (864 million yuan), and Construction Decoration (40.34 million yuan) [1] - The Electronic sector had the largest net outflow, totaling 7.789 billion yuan, followed by Non-ferrous Metals with 5.412 billion yuan [1] Electric Equipment Sector Performance - In the Electric Equipment sector, 358 stocks were tracked, with 99 stocks rising and 252 stocks declining; 5 stocks hit the daily limit up [2] - The top net inflow stock was Ningde Times, with a net inflow of 378 million yuan, followed by Tongguan Copper Foil and Kelu Electronics with inflows of 219 million yuan and 178 million yuan respectively [2] - The sector experienced a total net outflow of 4.576 billion yuan, with 11 stocks seeing outflows exceeding 100 million yuan; the largest outflows were from Rongfa Nuclear Power, Sunshine Power, and Nord Shares, with outflows of 327 million yuan, 250 million yuan, and 226 million yuan respectively [2][3] Top Gainers in Electric Equipment Sector - The top gainers in the Electric Equipment sector included: - Ningde Times: +2.84%, turnover rate 0.75%, main capital flow 377.94 million yuan - Tongguan Copper Foil: +20.02%, turnover rate 48.19%, main capital flow 218.52 million yuan - Kelu Electronics: +10.06%, turnover rate 7.49%, main capital flow 178.39 million yuan [2] Top Losers in Electric Equipment Sector - The top losers in the Electric Equipment sector included: - Rongfa Nuclear Power: +0.42%, turnover rate 33.08%, main capital flow -327.43 million yuan - Sunshine Power: -0.57%, turnover rate 3.01%, main capital flow -249.65 million yuan - Nord Shares: -4.98%, turnover rate 14.04%, main capital flow -226.20 million yuan [3]

| 证券代码：601865 | 证券简称：福莱特 | 公告编号：2025-045 | | --- | --- | --- | | 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 一、减持主体减持前基本情况 特定股东减持股份结果公告 本公司董事会、全体董事及相关股东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： 特定股东持股的基本情况 本次减持计划实施前，福莱特玻璃集团股份有限公司（以下简称"公司"）特 定股东陶宏珠女士持有公司股份 12,840,000 股，占公司当前总股本的比例为 0.5480%（四舍五入后），股份来源于公司首次公开发行（"IPO"）前持有的股份。 减持计划的实施结果情况 公司于 2025 年 4 月 4 日披露了《福莱特玻璃集团股份有限公司特定股东集 中竞价减持股份计划公告》（公告编号：2025-027），陶宏珠女士通过集中竞价 交易方式，减持本公司无限售条件流通股数量合计不超过 2,500,000 股，不超过 公司总股本的 0.1067%（四舍五入后），减持期间为自 2025 ...