Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company is expected to achieve revenue of 15.455 billion in 2024, a decrease of 15.1% year-on-year, with a net profit attributable to shareholders of 267 million, down 83.9% [4][10]. - The first quarter of 2025 is projected to have a revenue of 3.069 billion, a decline of 22.3%, and a net profit of 16 million, down 95.1% [4][10]. - The company is experiencing a downturn in profitability, with a significant drop in net profit margins and gross margins across various segments [10]. Financial Performance Summary - In 2024, the company achieved a total revenue of 15.455 billion, with a gross profit margin of 16.9%, down 5.4 percentage points year-on-year [10]. - The glass industry revenue was 13.76 billion, a decline of 6.3%, while the photovoltaic glass segment saw a growth of 25.77% [10]. - The company reported a net profit margin of 1.7% for the year, down 7.4 percentage points [10]. Segment Analysis - The photovoltaic glass production capacity is expanding, with the company operating nine production lines across various locations, leading to a daily melting capacity of approximately 9,000 tons [10]. - The company is positioned as one of the earliest entrants in the photovoltaic glass market, which is expected to enhance its cost competitiveness as production scales up [10]. Future Outlook - The company anticipates continued growth in photovoltaic glass production, with a projected net profit of 710 million for 2025, corresponding to a PE ratio of 21 times [10].

Core Insights - In 2024, the company faces significant challenges with a substantial decline in both operating revenue and net profit, with net profit decreasing by 83.89% year-on-year and non-recurring net profit dropping by 92.14% [1] Financial Performance Summary - The company's operating revenue for 2024 is 15,455,386,401 yuan, a decrease of 15.06% from 18,194,864,366 yuan in 2023. The glass industry revenue is 13,755,566,623 yuan (89% of total revenue), down 6.33%, while electronic glass and display revenue is 1,407,968,511 yuan (9.11% of total revenue), down 10.47%. Solar and other industries revenue is 592,199,240 yuan (3.83% of total revenue), down 73.66% [2] - The net profit for 2024 is 266,772,318 yuan, compared to 1,655,614,446 yuan in 2023, marking an 83.89% decline. Non-recurring net profit is 120,793,126 yuan, down 92.14% from 1,535,858,783 yuan in 2023. The decline is attributed to market changes leading to price drops, rising costs, and asset impairments [3] - Basic earnings per share for 2024 is 0.09 yuan, down 83.33% from 0.54 yuan in 2023, indicating a significant reduction in shareholder returns [4] Expense Analysis - Sales expenses decreased slightly to 289,402,862 yuan in 2024 from 308,908,806 yuan in 2023, a decline of 6.31%, suggesting adjustments in market promotion strategies [5] - Management expenses fell from 865,371,137 yuan in 2023 to 791,021,833 yuan in 2024, a decrease of 8.59%, indicating potential for improved internal management efficiency [6] - Financial expenses increased to 183,964,983 yuan in 2024 from 158,826,105 yuan in 2023, a rise of 15.83%, highlighting increased debt servicing pressure [7] - R&D expenses decreased from 739,301,765 yuan in 2023 to 611,497,261 yuan in 2024, a decline of 17.29%, which may impact future innovation capabilities [8] Cash Flow Analysis - Net cash flow from operating activities decreased by 36.34% to 1,756,923,649 yuan in 2024 from 2,759,788,894 yuan in 2023, indicating weakened cash generation ability [12] - Net cash flow from investing activities improved to -2,283,592,545 yuan in 2024 from -4,253,234,650 yuan in 2023, a reduction of 46.31%, suggesting better cash management in investments [13] - Net cash flow from financing activities turned positive at 834,412,074 yuan in 2024 compared to -56,073,109 yuan in 2023, indicating improved funding sources [14] R&D and Innovation - The number of R&D personnel decreased to 1,744 in 2024 from 1,879 in 2023, a reduction of 7.18%, which may affect the company's innovation capacity [10] - R&D investment in 2024 is 611,497,261 yuan, accounting for 3.96% of operating revenue, down from 4.15% in 2023, potentially impacting future product competitiveness [11]

Shareholding Reduction Announcements - MEI TUNG (CHINA) LIMITED plans to reduce its shareholding in Helen Zhe by up to 22.09 million shares, representing 2.12% of the total share capital after excluding repurchased shares [1] - Shandong Railway Development Fund plans to reduce its shareholding in Century Rui Er by up to 17.55 million shares, representing 3% of the total share capital [1] - Wu Baigeng plans to reduce his shareholding in Pinwo Food by up to 2.97 million shares, representing 3% of the total share capital [1] - Huayuan International Land Port Group plans to reduce its shareholding in Phoenix Shipping by up to 30.36 million shares, representing 3% of the total share capital [3] Financial Performance Reports - United Chemical reported a revenue of 535 million yuan for 2024, a year-on-year increase of 24.80%, and a net profit of 56.43 million yuan, up 66.81% [5] - Huitong Technology achieved a revenue of 662 million yuan, a year-on-year increase of 11.84%, and a net profit of 108 million yuan, up 9.30% [7] - Guangji Pharmaceutical reported a revenue of 639 million yuan, a year-on-year decrease of 13.42%, and a net loss of 295 million yuan [8] - Anshuo Information achieved a revenue of 990 million yuan, a year-on-year increase of 11.53%, and a net profit of 15.09 million yuan, up 132.78% [9] - Yifan Pharmaceutical reported a revenue of 5.16 billion yuan, a year-on-year increase of 26.84%, and a net profit of 386 million yuan, up 170.04% [10] - Hongri Pharmaceutical reported a revenue of 5.78 billion yuan, a year-on-year decrease of 5.34%, and a net profit of 21.47 million yuan, down 95.76% [11] - Zhonglan Environmental reported a revenue of 646 million yuan, a year-on-year decrease of 22.75%, and a net profit of 13.10 million yuan, down 36.12% [13] - Feilu Co. reported a revenue of 518 million yuan, a year-on-year decrease of 37.16%, and a net loss of 140 million yuan [14] - China Great Wall reported a revenue of 14.20 billion yuan, a year-on-year increase of 5.83%, and a net loss of 1.48 billion yuan [15] - Nanshan A reported a revenue of 15.45 billion yuan, a year-on-year decrease of 15.06%, and a net profit of 267 million yuan, down 83.89% [16] - Yawen Co. reported a revenue of 2.06 billion yuan, a year-on-year increase of 6.70%, and a net profit of 75 million yuan, down 24.13% [17] - Jinlong Co. reported a revenue of 663 million yuan, a year-on-year increase of 245.16%, and a net loss of 89.23 million yuan [18] - Nanshan Holdings reported a revenue of 8.40 billion yuan, a year-on-year decrease of 30.35%, and a net loss of 1.77 billion yuan [20] - Hengfeng Information reported a revenue of 227 million yuan, a year-on-year decrease of 53.07%, and a net loss of 86.80 million yuan [21] - Wantong Technology reported a revenue of 1.21 billion yuan, a year-on-year increase of 19.58%, and a net profit of 36.92 million yuan, up 147.08% [22] - Kehua Bio reported a revenue of 1.76 billion yuan, a year-on-year decrease of 27.55%, and a net loss of 641 million yuan [23] - Dongfang Tower reported a revenue of 4.20 billion yuan, a year-on-year increase of 4.79%, and a net profit of 564 million yuan, down 10.97% [24] - Yanpai Co. reported a revenue of 785 million yuan, a year-on-year increase of 8.75%, and a net profit of 42.18 million yuan, down 35.72% [25] - Yongli Co. reported a revenue of 2.24 billion yuan, a year-on-year increase of 10.69%, and a net profit of 22.30 million yuan, down 40.73% [26]

Core Points - The company reported a revenue of 3.068 billion yuan for the first quarter of 2025, representing a year-on-year decline of 22.3% [22] - The net profit for the same period was 9.18 million yuan, down 97.2% year-on-year, indicating a significant decrease in profitability [22] - The board of directors and management have been urged to enhance operational management, expand revenue, and control costs to improve performance and protect shareholder interests [22] Financial Data - The company confirmed that the quarterly report is accurate, complete, and free from any misleading statements or omissions [2][3] - The first quarter report was not audited [16] - The company does not have any non-recurring gains or losses to report for the quarter [3] Shareholder Information - The company has a total of 10 billion yuan registered for issuing medium-term notes and short-term financing bonds, with the latter being registered for a total of 1 billion yuan [7][9] - The company has approved a guarantee plan for 2024, with a total guarantee amount not exceeding 24.4 billion yuan [10] - The company is currently in the process of board and supervisory committee member re-election, which is not expected to adversely affect operations [13] Other Important Matters - The company has initiated a share buyback plan for both A-shares and B-shares, with the buyback period set for twelve months [14] - The company is involved in a legal case regarding a 171 million yuan talent introduction fund, currently under appeal [12]

Core Viewpoint - The company reported a revenue of 15.455 billion yuan and a net profit of 267 million yuan for the year 2024, highlighting its ongoing industrial optimization and diversification strategies to mitigate cyclical impacts in various sectors [1] Group 1: Photovoltaic Glass Business - In 2024, the company achieved a photovoltaic glass sales volume of 43.864 million square meters, representing a year-on-year growth of 25.77% [1] - The company is enhancing production efficiency and reducing costs by leveraging its technological advantages and aligning product development with diverse customer needs [1] - A new photovoltaic glass production furnace in Guangxi commenced commercial operations in 2024, with further expansions planned [1] Group 2: Engineering Glass Business - The company is utilizing industrial internet platforms to create smart factories, optimizing production lines through digital twin technology, which shortens delivery times and improves yield rates [2] - The company has developed photovoltaic building-integrated (BIPV) glass products for zero-carbon demonstration projects in the Guangdong-Hong Kong-Macao Greater Bay Area [2] - Sales of coated glass reached 30.91 million square meters, up 12.2% year-on-year, while hollow glass sales increased by 4.72% to 14.41 million square meters, with a leading market share in high-end energy-saving LOW-E hollow glass [2] Group 3: Float Glass Business - The company is focusing on the high-end ultra-white glass market, developing the "Blue Diamond" series to enhance market share and become a leader in niche segments [3] - The company is optimizing its product structure and increasing the sales ratio of high-value-added products, which helps mitigate the impact of the declining construction glass market [3] - Cost reduction and efficiency improvement measures are being implemented, including centralized procurement of raw materials and lean management practices [3]

证券代码：000012；200012 证券简称：南玻 A；南玻 B 公告编号：2025-019 中国南玻集团股份有限公司（以下简称"公司"）于 2025 年 4 月 24 日召开 第九届董事会第十五次会议审议通过了《关于开展资产池业务的议案》，为满足 公司统筹管理所持票据及信用证等资产的需要，公司及子公司拟开展不超过人民 币 20 亿元的资产池业务。 根据相关规定，本议案需提交公司股东大会审议。本次公司拟开展的资产池 业务不构成关联交易。 一、资产池业务情况概述 1、业务概述 资产池业务于不同金融机构具体名称会有不同之处，一般是指协议银行依托 资产池平台对公司所持的票据、信用证等资产入池、出池及质押融资等业务和服 务的统称。协议银行为满足公司统筹使用所持的票据及信用证等资产的需要，对 其提供的集资产管理与融资服务等功能于一体的综合金融服务平台，是协议银行 对公司提供流动性服务的主要载体。 资产池项下的票据池业务是指协议银行为满足公司及子公司对所持有的承 兑汇票进行统一管理、统筹使用的需求，向公司及子公司提供的集票据托管和托 收、票据质押池融资、票据贴现、票据代理查询、业务统计等功能于一体的票据 综合管理服务。 ...

内部控制审计报告 致同会计师事务所（特殊普通合伙） 中国南玻集团股份有限公司 二〇二四年度 Thornton 5 5 层 邮编 10000 内部控制审计报告 致同审字(2025) 第 441A015142 号 中国南玻集团股份有限公司全体股东: 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求, 我们审计了中国南玻集团股份有限公司(以下简称南玻集团)2024 年 12月 31日的财务报告内部控制的有效性。 我们的责任是在实施审计工作的基础上,对财务报告内部控制的有效性 发表审计意见,并对注意到的非财务报告内部控制的重大缺陷进行披露。 三、内部控制的固有局限性 内部控制具有固有局限性,存在不能防止和发现错报的可能性。此外, 由于情况的变化可能导致内部控制变得不恰当,或对控制政策和程序遵循的 程度降低,根据内部控制审计结果推测未来内部控制的有效性具有一定风险。 l Grant Thornton 致同 一、企业对内部控制的责任 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企业 内部控制评价指引》的规定,建立健全和有效实施内部控制,并评价其有效 性是南玻集团董事会的责任。 二、注册会计师的 ...

中国南玻集团股份有限公司 二〇二四年度 审计报告 致同会计师事务所（特殊普通合伙） 目 录 | 审计报告 | 1-5 | | --- | --- | | 合并及公司资产负债表 | 1-2 | | 合并及公司利润表 | 3 | | 合并及公司现金流量表 | 4 | | 合并及公司股东权益变动表 | 5-8 | | 财务报表附注 | 9-95 | 致同会计师事务所（特殊普通合伙） 中国北京朝阳区建国门外大街 22 号 赛特广场 5 层邮编 100004 电话 +86 10 8566 5588 传真 +86 10 8566 5120 www.grantthornton.cn 审计报告 致同审字（2025）第 441A015141 号 中国南玻集团股份有限公司全体股东： 一、审计意见 我们审计了中国南玻集团股份有限公司（以下简称南玻集团）财务报表，包 括 2024 年 12 月 31 日的合并及公司资产负债表，2024 年度的合并及公司利润表、 合并及公司现金流量表、合并及公司股东权益变动表以及相关财务报表附注。 我们认为，后附的财务报表在所有重大方面按照企业会计准则的规定编制，公 允反映了南玻集团 2024 年 1 ...

关于中国南玻集团股份有限公司 非经营性资金占用及其他关联 资金往来的专项说明 致同会计师事务所 (特殊普通合伙) 中国南玻集团股份有限公司 2024年度非经营性资金占用及其他关 联资金往来情况汇总表 hornton 65号 邮编 1000 关于中国南玻集团股份有限公司 非经营性资金占用及其他关联资金往来的专项说明 the state 致同专字(2025)第 441A009270 号 目 录 关于中国南玻集团股份有限公司非经营性资金占用及其他关联资 1-2 金往来的专项说明 中国南玻集团股份有限公司全体股东: 我们接受中国南玻集团股份有限公司（以下简称"南玻集团"）委托, 根据中国注册会计师执业准则审计了中国南玻集团股份有限公司 2024年 12月 31 日的合并及公司资产负债表,2024年度合并及公司利润表、合并及公司现 金流量表、合并及公司股东权益变动表和财务报表附注,并出具了致同审字 （2025）第 441A015141 号标准无保留意见审计报告。 根据《上市公司监管指引第8号——上市公司资金往来、对外担保的监管 要求》等有关规定,南玻集团编制了本专项说明所附的中国南玻集团股份有 限公司 2024 年度非 ...

2024年度独立董事述职报告 各位股东及股东代表： 作为中国南玻集团股份有限公司（以下简称"公司"、"本公司"）的独立董 事，本人严格按照《公司法》、《上市公司独立董事管理办法》等法律、法规和 《公司章程》的规定，在2024年度工作中忠实履行职责，认真审议董事会各项议 案，充分发挥作为独立董事的独立作用，注重维护公司整体利益，维护全体股东 尤其是中小股东的合法权益。现将这一年的工作情况报告如下： 一、独立董事的基本情况 （一）工作履历、专业背景及兼职情况 本人作为公司的独立董事，在法律方面拥有专业资历以及相应的经验，并在 履职过程中充分运用自身的专业和经验优势。关于本人的个人履历具体如下： 沈云樵：历任澳门科技大学法学院助理教授，广州南沙新区和自贸区法律顾 问，广东德联集团股份有限公司独立董事。现任澳门科技大学法学院副教授，博 士生导师，仲裁与争议解决研究中心主任，本公司独立董事。兼任深圳市誉辰智 能装备股份有限公司独立董事，湖南南新制药股份有限公司独立董事，中国法学 会商法学研究会理事，中国法学会立法会研究会理事，中国人民大学亚太法学研 究院校外研究生导师、研究员，中国人民大学亚太法学研究院亚太仲裁研究专业 ...