Core Viewpoint - The photovoltaic glass industry is currently experiencing weak demand, with inventory days increasing and prices dropping to RMB 11.5 per square meter, leading to near breakeven profitability for four leading companies, while others face deepening losses [1] Supply and Demand - The report indicates that by 2026, the industry's capacity utilization will become increasingly polarized, requiring a reduction of 5,000 to 20,000 tons of domestic photovoltaic glass capacity to achieve supply-demand balance [1] - Domestic demand for photovoltaic glass is expected to decline by approximately 23% to 36% due to weakened component demand next year, while overseas component demand is projected to grow by about 60 GW, reaching a total demand of 150 GW [1] - Approximately 8,800 tons of domestic capacity will still need to be allocated for direct sales of glass overseas, benefiting companies with an established overseas customer base, while those with weaker export capabilities may face operational pressures due to accumulating inventory [1] Price and Cost - The average price of 2.0mm photovoltaic glass is expected to stabilize next year, with the average price for this year being RMB 12.59 per square meter, a year-on-year decrease of 15.83% [2] - The average price for next year is projected to remain in the range of RMB 13 to 13.5 per square meter [2] Profitability - Leading companies are expected to see an increase in profit margins, with two leading firms projected to improve their overall profit margins by approximately 5 percentage points compared to this year [2] - Second-tier leading companies, such as South Glass A and Qibin Group, may see profit margins increase by 2 to 3 percentage points, while most second-tier and below companies lack an overseas customer base, making it difficult to improve profitability through exports [2]

Core Viewpoint - The photovoltaic glass industry is currently experiencing weak demand, with inventory days increasing and prices dropping to RMB 11.5 per square meter, leading to near breakeven profitability for four leading companies while others face deepening losses [1] Supply and Demand - The report indicates that by 2026, the industry's capacity utilization will become increasingly polarized, requiring a reduction of 5,000 to 20,000 tons of domestic photovoltaic glass capacity to achieve supply-demand balance [1] - Domestic demand for photovoltaic glass is expected to decline by approximately 23% to 36% due to weakened component demand next year, while overseas component demand is projected to grow by about 60 GW, reaching a total demand of 150 GW [1] - Approximately 8,800 tons of domestic capacity will still need to be allocated for direct sales of glass overseas, benefiting companies with an established overseas customer base while those with weaker export capabilities may face operational pressures due to accumulating inventory [1] Price and Cost - The average price of 2.0mm photovoltaic glass is expected to stabilize next year, with the average price for this year being RMB 12.59 per square meter, a year-on-year decrease of 15.83% [2] - The average price for next year is projected to remain in the range of RMB 13 to 13.5 per square meter [2] Profitability - Leading companies are expected to see an increase in profit margins, with two leading firms projected to improve their overall profit margins by approximately 5 percentage points compared to this year [2] - Second-tier leading companies, such as South Glass A and Qibin Group, may see profit margins increase by 2 to 3 percentage points, while most second-tier and lower-tier companies lack an overseas customer base, making it difficult to improve profitability through exports [2]

Core Viewpoint - The recent demand for photovoltaic glass has been weak, leading to an increase in inventory days and a price drop to 11.5 yuan/square meter, with four leading companies nearing breakeven profitability while others face deeper losses, indicating a widening profitability gap in the industry [1] Supply and Demand - By 2026, the capacity utilization rate for photovoltaic glass is expected to further polarize, requiring a reduction of 5,000 to 20,000 tons in domestic production to achieve supply-demand balance. Domestic component demand is projected to decline, resulting in a corresponding drop in photovoltaic glass demand of approximately 23-36%. Conversely, overseas component demand is anticipated to grow by about 60 GW compared to this year, with total demand reaching 150 GW, necessitating the allocation of 8,800 tons of domestic capacity for direct sales of glass overseas [2] Pricing and Costs - The average price of 2.0mm photovoltaic glass is expected to stabilize next year, with the average price this year being 12.59 yuan/square meter, a year-on-year decline of 15.83%. The average price next year is projected to remain between 13-13.5 yuan/square meter, adhering to the guideline of not selling below cost. There is potential for slight cost reductions due to oversupply of raw materials like heavy alkali and ultra-white quartz sand, stable natural gas prices, and a gradual decrease in the use of antimony in clarifying agents [2] Profitability - Leading companies are expected to see an improvement in profit margins, while second-tier companies face risks of further declines in profitability. Domestic leading glass companies are projected to improve profitability next year, while second-tier companies struggle to increase sales through prices below the industry average. Internationally, demand from foreign component manufacturers is expected to remain strong, with net profits likely to stay above 3 yuan/square meter. Leading companies can enhance overall profit margins by increasing overseas shipments, with the top two companies expected to see a 5 percentage point increase in comprehensive profit margins compared to this year, while second-tier companies like Nanbo A and Qibin Group may see a 2-3 percentage point increase [3] Recommended Stocks - The report recommends focusing on Xinyi Solar (00968) and Flat Glass (601865.SH), while suggesting attention to Nanbo A (000012.SZ) and Qibin Group (601636.SH) [3]

中国南玻集团股份有限公司（以下简称"公司""南玻集团"）于2025年4月18日在巨潮资讯网 （www.cninfo.com.cn）披露了《关于公司涉及诉讼的公告》（公告编号：2025-012），中山润田投资有 限公司以公司董事会决议撤销纠纷向广东省深圳市南山区人民法院对公司提起了诉讼（案号：（2025） 粤0305民初36230号）。 二、本次诉讼事项的进展 登录新浪财经APP 搜索【信披】查看更多考评等级 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。 一、案件基本情况 四、对公司未来可能产生的影响 截至本公告披露日，公司生产经营管理一切正常，相关案件对公司本期利润或期后利润不会产生影响。 本判决为一审判决，公司将持续关注诉讼的后续进展情况，并按照相关法律法规及时履行信息披露义 务。公司指定的信息披露媒体为《中国证券报》《证券时报》《上海证券报》《证券日报》和巨潮资讯 网（www.cninfo.com.cn），敬请广大投资者关注公司相关公告，注意投资风险。 2025年12月19日，公司收到广东省深圳市南山区人民法院送达的（2025）粤0305民初36230号《 ...

Industry Overview - Demand for photovoltaic glass is weak, with inventory days increasing rapidly and prices dropping to 11.5 yuan per square meter. Four leading companies are close to breakeven, while others are experiencing deeper losses [1] - It is anticipated that by 2026, the capacity utilization rate will further polarize, requiring a reduction of 5,000 to 20,000 tons of domestic photovoltaic glass capacity to achieve supply-demand balance [1] - Domestic component demand is expected to decline, leading to a 23-36% drop in photovoltaic glass demand, while overseas component demand may increase by approximately 60 GW, bringing total demand to around 150 GW [1] Price and Cost Analysis - The average price for 2.0mm photovoltaic glass is projected to stabilize next year, with an expected average price of 13-13.5 yuan per square meter, based on sales not falling below cost [2] - There is potential for slight cost reductions next year due to oversupply of raw materials like heavy alkali and ultra-white quartz sand, along with stable natural gas prices [2] Profitability Insights - Profit margins for leading companies are expected to improve, while second-tier companies may face continued downward pressure on profits [2] - Leading glass companies in China are projected to see improved domestic profitability, while second-tier companies struggle to increase sales through prices below the industry average [2] - Due to rising demand from foreign component manufacturers, net profits are expected to remain above 3 yuan per square meter for leading companies [2] Recommendations - Companies such as Xinyi Solar and Fuyao Glass are recommended, with a focus on South Glass A and Qibin Group [2]

证券代码：000012；200012 证券简称：南玻 A；南玻 B 公告编号：2025-057 中国南玻集团股份有限公司 关于公司涉及诉讼的进展公告 如不服本判决，可以在判决书送达之日起十五日内，向本院递交上诉状，并 按照对方当事人或者代表人的人数提出副本，上诉于广东省深圳市中级人民法院。 三、其他尚未披露的诉讼仲裁事项 截至本公告披露日，公司及控股子公司没有应披露而未披露的其他重大诉讼、 仲裁事项。 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。 一、案件基本情况 中国南玻集团股份有限公司（以下简称"公司""南玻集团"）于2025年4 月18日在巨潮资讯网（www.cninfo.com.cn）披露了《关于公司涉及诉讼的公告》 （公告编号：2025-012），中山润田投资有限公司以公司董事会决议撤销纠纷向 广东省深圳市南山区人民法院对公司提起了诉讼（案号：（2025）粤0305民初36230 号）。 二、本次诉讼事项的进展 2025年12月19日，公司收到广东省深圳市南山区人民法院送达的（2025）粤 0305民初36230号《民事判决书》，广东省深圳市南山区人 ...

Core Viewpoint - The company emphasizes its commitment to energy-saving, low-carbon, and green development, focusing on enhancing the efficiency of its main business through structural adjustments, system optimization, and technological upgrades [2] Group 1 - The company is actively engaging with investors through interactive platforms [2] - The company is implementing measures such as structural adjustments and system optimization to improve operational efficiency [2] - The company prioritizes green development as a core aspect of its business strategy [2]

Core Viewpoint - The company, Nanbo A, has a diverse range of automotive glass products, which are supplied to well-known domestic and international automotive brands through downstream automotive clients [1] Group 1: Product Offerings - The company offers various types of automotive cover glass, including automotive AG glass, coated mirror cover glass, automotive 2A (AR, AF) cover glass, automotive 3A cover glass, and customized special function cover glass [1]

Core Viewpoint - Nanfang Glass (南玻A) is recognized as one of the largest suppliers of high-end architectural energy-saving glass in China, with a strong emphasis on innovative products and technology [2] Group 1: Company Overview - Nanfang Glass specializes in float ultra-white glass products, which are favored by both domestic and international customers due to their high transmittance and low self-explosion rates [2] - The company has independently developed various energy-saving products in the field of engineering glass, including the innovative "Ice Qilin" glass series, insulation products, and BIPV products [2]

Group 1 - The company, Nanbo A (南玻Ａ), confirmed its involvement in the automotive glass sector, producing various types of automotive cover products [1][3] - The product range includes automotive AG glass, coated mirror covers, 2A (AR, AF) covers, 3A covers, and customized special function covers [1] - These products are supplied indirectly to well-known domestic and international automotive brands through downstream automotive clients [1]