Core Viewpoint - The company, Nanbo A, has confirmed its overseas business primarily involves engineering glass, photovoltaic glass, and float glass [1] Group 1 - The company is actively engaged in international markets with a focus on engineering glass [1] - The photovoltaic glass segment is a significant part of the company's overseas operations [1] - Float glass is also a key product in the company's export portfolio [1]

Group 1 - The company, Nanbo A, stated on September 1 that as of August 20, 2025, the total number of shareholders is 129,768 [1]

Group 1 - The company Nanfang A announced on September 1 that its high-purity silicon project in Qinghai is currently in the trial production phase [1]

Core Viewpoint - The company, Nanfang Glass A, addressed investor inquiries regarding its photovoltaic glass operations, directing them to the company's periodic reports for detailed information [2] Group 1 - The company is actively engaging with investors through an interactive platform [2] - Investors are encouraged to refer to the company's disclosed periodic reports for insights into the photovoltaic glass business [2]

Group 1 - The company, Nanbo A, announced a share buyback plan, having repurchased approximately 35.53 million A-shares and 18.22 million B-shares, totaling 1.7504% of its total share capital as of August 29, 2025 [1] - For the first half of 2025, the revenue composition of Nanbo A was as follows: glass industry accounted for 90.48%, electronic and display glass industry 8.71%, solar energy industry 2.61%, undistributed 2.42%, and internal offsets -4.22% [1] - As of the report date, the market capitalization of Nanbo A was 14.6 billion yuan [1]

证券代码：000012；200012 证券简称：南玻 A；南玻 B 公告编号：2025-041 中国南玻集团股份有限公司 关于回购股份进展公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏。 截至 2025 年 8 月 29 日，公司通过回购专用证券账户以集中竞价交易方式累 计回购公司 A 股股份 35,533,160 股，回购公司 B 股股份 18,215,496 股，合计占 公司总股本的比例为 1.7504%。回购 A 股股份的最高成交价为 5.04 元/股（未超 过本次回购方案限定的回购 A 股价格上限 7.53 元/股），最低成交价为 4.54 元/ 股，累计支付的资金总额为人民币 168,997,717.73 元（不含印花税、交易佣金等 交易费用）。回购 B 股股份的最高成交价为 1.94 港元/股（未超过本次回购方案 限定的回购 B 股价格上限 3.05 港元/股），最低成交价为 1.65 港元/股，累计支 付的资金总额为 32,835,646.25 港元（按照 2025 年 8 月 29 日港元兑人民币汇率 中 间 价 1 港 元 =0.91157 ...

Group 1 - The core point of the article is that the high-purity silicon project in Haixi Prefecture, Qinghai Province, which started construction in June 2022 and was expected to be completed by June 2024, is currently in the trial production phase instead of being fully operational [2][3]. Group 2 - The project has an annual production capacity of 50,000 tons of high-purity silicon [2]. - The construction period for the project is set for two years, indicating a timeline that extends into mid-2024 for full production [2].

Group 1 - The glass fiber sector experienced a significant increase of 5.37% on August 28, with International Composite leading the gains [1] - The Shanghai Composite Index closed at 3843.6, up 1.14%, while the Shenzhen Component Index closed at 12571.37, up 2.25% [1] - Key stocks in the glass fiber sector showed notable price increases, with International Composite rising by 19.97% to a closing price of 7.87 [1] Group 2 - The main capital inflow in the glass fiber sector amounted to 876 million yuan, while retail investors saw a net outflow of 546 million yuan [2] - The trading volume for International Composite reached 2.9013 million shares, contributing to a transaction value of 2.133 billion yuan [1] - Other notable performers included Honghe Technology, which increased by 10% to a closing price of 44.89, and Zhongcai Technology, which rose by 3.91% to 37.20 [1][2]

Market Overview - On August 27, the glass and fiberglass sector declined by 2.14%, with Jiuding New Materials leading the drop [1] - The Shanghai Composite Index closed at 3800.35, down 1.76%, while the Shenzhen Component Index closed at 12295.07, down 1.43% [1] Stock Performance - Notable stock performances include: - Honghe Technology: Closed at 40.81, up 2.93% with a trading volume of 380,400 shares and a turnover of 1.588 billion [1] - Jiuding New Materials: Closed at 8.17, down 4.56% with a trading volume of 270,600 shares and a turnover of 227 million [2] - Other significant declines include: - China Jushi: Closed at 13.46, down 2.25% [1] - Jinjing Technology: Closed at 4.92, down 3.15% [1] - Zhongcai Technology: Closed at 35.80, down 3.16% [1] Capital Flow - The glass and fiberglass sector experienced a net outflow of 349 million from institutional investors, while retail investors saw a net inflow of 322 million [2] - The capital flow for individual stocks shows: - Jiuding New Materials: Net outflow of 19.76 million from institutional investors [3] - Honghe Technology: Net inflow of 2.71 million from institutional investors [3] - Yao Pi Glass: Net outflow of 15.19 million from institutional investors [3]

丨证券研究报告丨 范超 李浩 SAC：S0490513080001 SAC：S0490520080026 SFC：BQK473 请阅读最后评级说明和重要声明 公司研究丨点评报告丨南玻 A（000012.SZ） [Table_Title] 周期底部下的经营韧性 报告要点 [Table_Summary] 公司 2025 年上半年实现收入 64.84 亿，同比下降 19.7%；实现归属净利润 0.75 亿，同比下降 89.8%；实现扣非归母净利润 0.22 亿，同比下降 96.8%。 分析师及联系人 [Table_Author] %% %% %% %% research.95579.com 1 南玻 A（000012.SZ） cjzqdt11111 [Table_Title2] 周期底部下的经营韧性 [Table_Summary2] 事件描述 公司 2025 年上半年实现收入 64.84 亿，同比下降 19.7%；实现归属净利润 0.75 亿，同比下降 89.8%；实现扣非归母净利润 0.22 亿，同比下降 96.8%。 其中 Q2 实现收入 34.15 亿，同比下降 17.4%；归属净利润 0.59 亿，同比下降 ...