Group 1 - The company has 11 subsidiaries recognized as national "green factories" by the Ministry of Industry and Information Technology, positioning itself as a leader in the industry's green development [2] - This recognition provides the company with significant development opportunities and a broader market space [2]

Core Viewpoint - The company reported a significant decline in revenue and net profit for the third quarter of 2025, indicating challenges in managing costs and maintaining profitability [20][23]. Financial Data - Total assets as of September 30, 2025, amounted to 312.69 billion yuan, remaining stable compared to the end of 2024 [23]. - Total liabilities increased by 3.47 billion yuan to 175.64 billion yuan, while net assets decreased by 3 billion yuan to 137.05 billion yuan [23]. - The debt-to-asset ratio rose to 56.17%, an increase of 1.02% from the end of 2024 [23]. - Revenue for the first three quarters was 104.24 billion yuan, a decrease of 14.12 billion yuan or 11.9% year-on-year [23]. - Net profit fell to 1.39 billion yuan, down 6.33 billion yuan or 82% year-on-year [23]. Shareholder Information - The company has repurchased a total of 61,676,667 shares, representing 2.0086% of the total share capital, with 38,191,671 A-shares and 23,484,996 B-shares repurchased [5][18]. - The maximum purchase price for A-shares was set at 7.53 yuan per share, while for B-shares it was 3.05 HKD per share [17][18]. Corporate Governance - The board of directors and supervisory board have confirmed the accuracy and completeness of the quarterly report, taking legal responsibility for its content [2][20]. - The company is in the process of board and supervisory board member re-election, which is expected to have no adverse impact on operations [15].

Group 1 - The company, Nanbo A, exports its products to several EU countries including Italy, Greece, Spain, and Portugal [1]

Core Viewpoint - The company, Nanbo A, emphasizes its commitment to high-quality development and differentiated operations while ensuring stable and orderly production and operations [1] Group 1 - The company is focused on continuously improving lean production and intelligent manufacturing levels [1] - The company aims to ensure the healthy development of all its industries [1] - The company is dedicated to enhancing its intrinsic value through steady operations [1]

Core Viewpoint - The company emphasizes a scientific, serious, and cautious decision-making approach for project decisions, ensuring that decision-making efficiency aligns with the normal standards of a listed company [1] Group 1 - The company focuses on prudent operations and will adapt its business activities based on industry and market development trends, in conjunction with its actual situation [1]

证券代码：000012；200012 证券简称：南玻 A；南玻 B 公告编号：2025-045 中国南玻集团股份有限公司（以下简称"公司"、"本公司"、"南玻集团"） 第九届董事会临时会议于2025年10月 27日以通讯形式召开。会议通知已于2025 年10月24日以电子邮件形式向所有董事发出。本次会议由董事长陈琳女士召集， 公司全体监事、高级管理人员列席了会议。会议应出席董事 7 名，实际出席董事 7 名。本次会议符合《公司法》和《公司章程》的有关规定。 会议以 6 票同意，1 票反对，0 票弃权表决通过了《2025 年第三季度报告》。 详见同日公布于巨潮资讯网（www.cninfo.com.cn）、《中国证券报》、《证券 时报》、《上海证券报》、《证券日报》的南玻集团《2025 年第三季度报告》。 中国南玻集团股份有限公司 第九届董事会临时会议决议公告 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。 董事程细宝对本议案投反对票，反对理由详见本决议公告附件。 此议案已经公司董事会审计委员会审议通过。 中国南玻集团股份有限公司 董 事 会 二〇二五年十月二十九日 ...

中国南玻集团股份有限公司 2025年第三季度报告 董事长：陈琳 二零二五年十月 中国南玻集团股份有限公司 2025 年第三季度报告 证券代码：000012、200012 证券简称：南玻Ａ、南玻 B 公告编号：2025-046 一、主要财务数据 （一） 主要会计数据和财务指标 中国南玻集团股份有限公司 2025 年第三季度报告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误 导性陈述或重大遗漏。 重要内容提示： 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存 在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报 告中财务信息的真实、准确、完整。 3.第三季度财务会计报告是否经过审计 □是 否 公司是否需追溯调整或重述以前年度会计数据 □是 否 本报告期 本报告期比上年 同期增减 年初至报告期末 年初至报告 期末比上年 同期增减 营业收入（元） 3,940,452,263 4.86% 10,424,014,383 -11.94% 归属于上市公司股东的净利润（元 ...

Core Insights - The glass and fiberglass sector experienced a 3.3% increase on October 28, with Honghe Technology leading the gains [1] - The Shanghai Composite Index closed at 3988.22, down 0.22%, while the Shenzhen Component Index closed at 13430.1, down 0.44% [1] Stock Performance - Honghe Technology (603256) closed at 38.48, up 10.01%, with a trading volume of 271,500 shares and a turnover of 1.014 billion yuan [1] - Zhongcai Technology (002080) closed at 34.54, up 6.87%, with a trading volume of 744,600 shares and a turnover of 2.524 billion yuan [1] - International Composite (301526) closed at 6.64, up 5.23%, with a trading volume of 1,683,700 shares and a turnover of 1.102 billion yuan [1] - Other notable performers include Changhai Co. (300196) up 2.26%, Kaisheng New Energy (600876) up 2.10%, and Jiuding New Materials (002201) up 1.98% [1] Capital Flow - The glass and fiberglass sector saw a net inflow of 597 million yuan from institutional investors, while retail investors experienced a net outflow of 498 million yuan [2] - The main capital inflow was led by Honghe Technology with a net inflow of 331 million yuan, accounting for 32.70% of its trading volume [3] - Zhongcai Technology followed with a net inflow of 179 million yuan, representing 7.08% of its trading volume [3]

Core Viewpoint - The photovoltaic glass industry exhibits a steep cost curve, with leading companies demonstrating significant cost advantages over mid-tier firms. The gross margin difference between top-tier and mid-tier companies is estimated to be between 10% and 20% in 2024, indicating a higher cost disparity compared to the downstream photovoltaic module sector [1]. Group 1: Cost Structure Analysis - The cost structure of photovoltaic glass is influenced by several factors, including furnace size, technology, raw material costs, transportation costs, management and R&D expenses, and financial costs [1]. - Large furnaces optimize product output by reducing fuel consumption and increasing yield, leading to higher production efficiency and lower waste [1]. - Leading companies benefit from self-sourcing low-iron quartz sand and soda ash, as well as large-scale procurement, which contributes to their cost advantages [1]. Group 2: Current Market Dynamics - The advantage of furnace size among leading companies has diminished due to rapid technology diffusion and a recent trend of smaller furnaces being ignited, which has reduced the scale gap [2]. - The current average cost difference between leading and mid-tier companies is approximately 3.6 yuan per square meter, with a potential cost advantage of 2.4 yuan per square meter when excluding additional costs from capacity cold repairs [2]. - Future improvements in cost structures are anticipated as companies optimize personnel and equipment, potentially leading to a renewed expansion of cost advantages for leading firms [2].

Group 1 - The company, South Glass A, has stated that its glass furnaces utilize clean energy natural gas as fuel, achieving energy consumption levels that are at the forefront of the industry for most of its flat glass melting furnaces [1] - An investor inquired about the environmental impact report approval for a project involving clean energy combustion technology for glass furnaces, with a total investment of 10 million yuan, which uses methanol and pure water to generate hydrogen and mixed gases [3] - The inquiry also sought clarification on whether the project's implementation indicates that the company's next-generation glass furnace clean energy combustion technology has been certified and its potential impact on the company's performance and social responsibility if successfully promoted across the group [3]