湖北菲利华石英玻璃股份有限公司 2025 年限制性股票激励计划 首次授予激励对象名单（首次授予日） | 类别 | 获授的限制性 | 占本激励计划授予限 | 占公司当前股 | | --- | --- | --- | --- | | | 股票数量（股） | 制性股票总数的比例 | 本总额的比例 | | 核心技术人员、核心销售人员及 | | | | | 董事会认为需要激励的其他人员 | 1,424,000 | 84.36% | 0.27% | | （248 人） | | | | | 合计 | 1,424,000 | 84.36% | 0.27% | 一、2025 年限制性股票激励计划首次授予分配情况表 说明：1、上述任何一名激励对象通过全部在有效期内的股权激励计划获授的本公司 股票均未超过公司总股本的1%。公司全部有效期内的激励计划所涉及的标的股票总数累 计不超过股权激励计划提交股东大会审议时公司股本总额的20%。激励对象因个人原因自 愿放弃获授权益的，由董事会对授予数量作相应调整和分配； 2、以上激励对象不包括单独或合计持有公司5%以上股份的股东或实际控制人及其配 偶、父母、子女，不包括公司独立董事、监事，不包括 ...

证券代码：300395 证券简称：菲利华 公告编号：2025-45 湖北菲利华石英玻璃股份有限公司 关于调整 2025 年限制性股票激励计划 首次授予激励对象名单及授予数量的公告 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。 湖北菲利华石英玻璃股份有限公司（以下简称"公司"）于 2025 年 8 月 27 日召开了第六届董事会第二十次会议和第六届监事会第二十次会议，审议通过了 《关于调整 2025 年限制性股票激励计划首次授予激励对象名单及授予数量的议 案》。根据《上市公司股权激励管理办法》（以下简称"《管理办法》"）、《公 司 2025 年限制性股票激励计划（草案）》（以下简称"《激励计划（草案）》"） 等相关规定以及公司 2025 年第一次临时股东大会的授权，董事会对 2025 年限制 性股票激励计划（以下简称"本激励计划"）首次授予的激励对象名单及授予数 量进行调整。现将相关内容公告如下： 一、已履行的决策程序和信息披露情况 （三）2025 年 8 月 12 日，公司召开 2025 年第一次临时股东大会，审议通 过了《关于<公司 2025 年限制性股票 ...

湖北今天律师事务所 关于湖北菲利华石英玻璃股份有限公司 2025 年限制性股票激励计划调整和首次授予相关事项的 法律意见书 （2025）鄂今证代字第【 】号 致：湖北菲利华石英玻璃股份有限公司 湖北今天律师事务所（以下简称"本所"）接受湖北菲利华石英玻璃股份有 限公司（以下简称"菲利华"或"公司"）的委托，就菲利华 2025 年限制性股 票激励计划（以下简称"本次激励计划"）调整和限制性股票首次授予相关事项， 出具法律意见。 本所及经办律师依据《中华人民共和国公司法》（以下简称《公司法》）、 《中华人民共和国证券法》（以下简称《证券法》）、《上市公司股权激励管理 办法》（以下简称《管理办法》）、《律师事务所从事证券法律业务管理办法》 《深圳证券交易所创业板上市公司自律监管指南第 1 号——业务办理》等法律、 法规和中国证券监督管理委员会（以下简称"中国证监会"）的有关规定、《湖 北菲利华石英玻璃股份有限公司章程》(以下简称《公司章程》) 的规定及本法 律意见书出具之日以前已经发生或者存在的事实，按照律师行业公认的业务标准、 道德规范和勤勉尽责的精神，出具本法律意见书。 为出具本法律意见书，本所律师审阅了公司公 ...

Core Viewpoint - The company reported its 1H25 financial results, showing stable growth in the semiconductor sector and recovery in aerospace orders, alongside significant progress in ultra-thin quartz electronic cloth products [1][4]. Financial Performance - 1H25 revenue reached 910 million yuan, a year-over-year decrease of 0.8%; net profit attributable to shareholders was 220 million yuan, up 28.7% year-over-year; and net profit excluding non-recurring items was 200 million yuan, up 51.1% year-over-year [1]. - In 2Q25, the company achieved revenue of 500 million yuan, a year-over-year decrease of 0.6%; net profit attributable to shareholders was 120 million yuan, up 23.0% year-over-year; and net profit excluding non-recurring items was 110 million yuan, up 26.8% year-over-year [1]. - The gross margin for 1H25 improved by 6.4 percentage points to 49.2%, while the net margin increased by 3.1 percentage points to 23.0% [1]. Segment Performance - Revenue from quartz glass products was 260 million yuan, down 30.9% year-over-year, accounting for 29% of total revenue, with a gross margin decline of 3.17 percentage points to 26.0% [2]. - Revenue from quartz glass materials was 640 million yuan, up 21.4% year-over-year, representing 71% of total revenue, with a gross margin increase of 6.02 percentage points to 58.7% [2]. - The subsidiary Zhongyi Technology reported revenue of 90 million yuan, up 31.7% year-over-year, with a net profit of 10 million yuan, also up 31.3% year-over-year [2]. Cost Management - The company's expense ratio decreased by 1.8 percentage points year-over-year to 22.5% in 1H25, with reductions in sales, management, and R&D expense ratios [3]. - Operating cash flow significantly improved, reaching 190 million yuan in 1H25 compared to 10 million yuan in the same period last year [3]. Investment Outlook - The company is a leading domestic supplier of quartz glass fiber for aerospace, with a complete industrial chain in quartz glass fiber materials and innovative products like the 10.5 generation TFT-LCD photomask substrate [4]. - The ongoing development of ultra-thin quartz electronic cloth products is in the client testing and certification phase, which is expected to drive future growth [4]. - Projected net profits for 2025 to 2027 are 439 million yuan, 636 million yuan, and 865 million yuan, with corresponding price-to-earnings ratios of 111x, 77x, and 57x [4].

Investment Rating - The report maintains a "Recommended" rating for the company [4][6]. Core Views - The company achieved a net profit of 220 million yuan in 1H25, representing a year-over-year increase of 28.7%, while revenue was 910 million yuan, down 0.8% year-over-year [1]. - The semiconductor segment showed steady growth, and orders in the aerospace sector have recovered, contributing to the overall performance [1]. - The company is progressing in the development of ultra-thin quartz electronic cloth products, which are currently undergoing client testing and certification [4]. Financial Performance Summary - In 2Q25, the company reported a net profit of 120 million yuan, a 23% increase year-over-year, with a revenue of 500 million yuan, down 0.6% year-over-year [1]. - The gross margin for 1H25 improved by 6.4 percentage points to 49.2%, and the net margin increased by 3.1 percentage points to 23.0% [1]. - Revenue from quartz glass materials grew by 21% year-over-year, significantly contributing to the overall gross margin improvement [1]. Product Segment Performance - Revenue from quartz glass products was 260 million yuan, down 30.9% year-over-year, accounting for 29% of total revenue [2]. - Revenue from quartz glass materials reached 640 million yuan, up 21.4% year-over-year, making up 71% of total revenue [2]. - The subsidiary Zhongyi Technology reported a revenue of 90 million yuan, a 31.7% increase year-over-year [2]. Cost and Cash Flow Analysis - The company's expense ratio decreased by 1.8 percentage points to 22.5% in 1H25, with reductions in sales, management, and R&D expenses [3]. - Operating cash flow significantly improved to 190 million yuan in 1H25, compared to 10 million yuan in the same period last year [3]. Future Earnings Forecast - The company is projected to achieve net profits of 439 million yuan, 636 million yuan, and 865 million yuan for the years 2025, 2026, and 2027, respectively [4]. - The current stock price corresponds to a price-to-earnings ratio of 111x for 2025, 77x for 2026, and 57x for 2027 [4].

Company Overview - Filihua's stock price is reported at 93.60 yuan, down 5.93 yuan or 5.96% from the previous trading day [1] - The stock reached a high of 98.50 yuan and a low of 92.35 yuan during the trading session, with a trading volume of 299,300 hands and a transaction amount of 2.821 billion yuan [1] Financial Performance - For the first half of 2025, the company achieved an operating income of 908 million yuan, a year-on-year decrease of 0.77% [1] - The net profit attributable to shareholders of the listed company was 222 million yuan, reflecting a year-on-year increase of 28.72% [1] - The net profit excluding non-recurring gains and losses was 203 million yuan, showing a year-on-year growth of 51.07% [1] Market Activity - On August 26, the net outflow of main funds was 299 million yuan, accounting for 0.62% of the circulating market value [1] - Over the past five days, the cumulative net outflow of main funds reached 454 million yuan, representing 0.95% of the circulating market value [1] Industry Context - Filihua operates in the non-metallic materials industry, focusing on the research, development, production, and sales of high-performance quartz glass materials and products [1] - The company's products are widely used in sectors such as semiconductors, optical communications, optics, and solar energy [1]

Summary of Special Electronic Fabric Industry Conference Call Industry Overview - The special electronic fabric industry is experiencing strong demand growth, particularly in the PCB (Printed Circuit Board) segment, driven by new applications and technological advancements [1][7]. Demand Forecast - **First Generation Low Dielectric Electronic Fabric**: - Demand is projected to reach approximately 92.4 million square meters in 2025, increasing to 145 million square meters in 2026 [1][4]. - **Second Generation Electronic Fabric**: - Expected demand of around 13.2 million square meters in 2025, growing to 26 million square meters in 2026 [1][4]. - **Third Generation Electronic Fabric**: - Demand is contingent on the application of specific copper-clad laminates, with an estimated 10 million meters by 2026 if certain companies adopt the new technology [1][4]. Demand Validation - Monthly demand for first-generation electronic fabric is expected to rise from 5 million meters at the end of 2024 to 10 million meters by the end of 2025, aligning closely with the forecast of 93 million meters for the year [1][5]. Market Pricing and Scale - Current market prices are approximately: - First Generation: 30 RMB/meter - Second Generation: 120-130 RMB/meter - Third Generation: 260 RMB/meter (300-400 RMB/meter overseas) [1][6]. - The market size for special electronic fabric is projected to be around 4.4 billion RMB in 2025, increasing to 10 billion RMB in 2026 [1][6]. Demand Characteristics - The demand for special electronic fabric is characterized by steep growth due to emerging applications, such as NVIDIA's adoption of advanced fabric solutions, which may prompt other manufacturers to follow suit [1][7]. - There is a tendency for downstream manufacturers to overprepare capacity, leading to amplified demand for electronic fabric [1][7]. Supply Chain Insights - **First Generation Low Dielectric Glass Fiber Fabric**: - Supply is tight, with overseas suppliers accounting for 50%. Major domestic players include China National Materials and Linzhou Guangyuan, with plans for capacity expansion [2][9]. - **Second Generation Electronic Fabric**: - Despite many production plans, actual output remains limited due to low yield rates, maintaining a tight supply-demand balance through 2026 [2][11]. - **Third Generation Electronic Fabric**: - The market is expected to grow significantly, with existing players expanding production capabilities to meet high demand [10][12]. Procurement Trends - Downstream manufacturers are preemptively purchasing third-generation electronic fabric to mitigate future demand shocks, leading to current supply shortages [8][10]. Competitive Landscape - Key players in the special electronic fabric sector include China National Materials, Feilihua, and Honghe Technology, each with distinct advantages and growth potential [16]. Conclusion - The special electronic fabric industry is poised for significant growth driven by technological advancements and increasing demand across various applications, with supply constraints likely to persist in the near term.

（文章来源：证券日报） 证券日报网讯 8月26日晚间，菲利华发布公告称，公司第六届监事会第十九次会议审议通过了《关于公 司2025年半年度报告及其摘要的议案》。 ...

智通财经APP讯，菲利华(300395.SZ)发布2025年半年度报告，该公司营业收入为9.08亿元，同比减少 0.77%。归属于上市公司股东的净利润为2.22亿元，同比增长28.72%。归属于上市公司股东的扣除非经 常性损益的净利润为2.03亿元，同比增长51.07%。基本每股收益为0.4259元。 ...

Core Insights - The company reported a revenue of 908 million yuan for the first half of 2025, representing a year-on-year decrease of 0.77% [1] - The net profit attributable to shareholders increased to 222 million yuan, showing a year-on-year growth of 28.72% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 203 million yuan, reflecting a year-on-year increase of 51.07% [1] - The basic earnings per share stood at 0.4259 yuan [1]