（於中華人民共和國註冊成立的股份有限公司） | | 普通決議案 | （附註5） 贊成 | （附註5） 反對 | （附註5） 棄權 | | --- | --- | --- | --- | --- | | 1 | 《2025年度董事局工作報告》 | | | | | 2 | 《2025年度利潤分配方案》 | | | | | 3 | 《關於提請股東會授權董事局制定2026年中期分 | | | | | | 紅方案的議案》 | | | | | 4 | 《2025年年度報告及年度報告摘要》 | | | | | 5 | 《關於續聘安永華明會計師事務所（特殊普通合夥） | | | | | | 作為公司2026年度境內審計機構與內部控制審計 | | | | | | 機構的議案》 | | | | | 6 | 《關於續聘安永會計師事務所作為公司2026年度 | | | | | | 境外審計機構的議案》 | | | | | 7 | 《獨立董事2025年度述職報告》 | | | | | 8 | 《關於制定〈董事、高級管理人員薪酬管理制度〉 | | | | | | 的議案》 | | | | | | 特別決議案 | （附註5） 贊成 | （ ...

如 閣下已出售或轉讓名下所有福耀玻璃工業集團股份有限公司股份，應立即將本通函連同 所附代表委任表格交給買主或承讓人，或送交經手買賣或轉讓的銀行、股票經紀或其他代理商， 以便轉交買主或承讓人。 此乃要件 請即處理 如 閣下對本通函任何方面或應採取的行動有任何疑問，應諮詢 閣下的股票經紀或其他註 冊證券商、銀行經理、律師、專業會計師或其他專業顧問。 香港交易及結算所有限公司及香港聯合交易所有限公司對本通函的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本通函全部或任何部份內容而產生或 因倚賴該等內容而引致的任何損失承擔任何責任。 （於中華人民共和國註冊成立的股份有限公司） （股份代號：3606） 2025年度股東週年會及 2026年第一次H股類別股東會 福耀玻璃工業集團股份有限公司謹定於2026年4月21日（星期二）下午二時三十分於中國福建 省福清市融僑經濟技術開發區福耀工業村本公司會議室召開2025年度股東週年會（「股東週年 會」），及於同日下午三時或緊隨2026年第一次A股類別股東會（「A股類別股東會」）或其任何續 會結束後（以較晚者為準）召開2026年第一次H股類別股東會（「H股類 ...

重要提示 重要提示 五. 董事局決議通過的本報告期利潤分配預案或公積金轉增股本預案 經安永華明會計師事務所（特殊普通合夥）審計，2025年度本公司按中國企業會計準則編製的合併財務報表中歸屬 於母公司普通股股東的淨利潤為人民幣9,312,304,150元。經安永會計師事務所審計，2025年度本公司按國際財務 報告會計準則編製的合併財務報表中歸屬於母公司普通股股東的淨利潤為人民幣9,311,873,589元。 經安永華明會計師事務所（特殊普通合夥）審計，2025年度本公司按中國企業會計準則編製的母公司報表的淨 利潤為人民幣6,024,633,376元，加上2025年年初未分配利潤人民幣8,717,965,322元，扣減當年已分配的2024 年度及2025年中期利潤人民幣7,046,307,536元，並按2025年度母公司淨利潤的10%提取法定盈餘公積金人民幣 602,463,338元後，截至2025年12月31日可供股東分配的利潤為人民幣7,093,827,824元。 本公司擬訂的2025年度利潤分配方案為：公司擬以實施2025年度權益分派的股權登記日登記的總股數為基數，向 2025年度權益分派的股權登記日登記在 ...

Summary of Fuyao Glass Conference Call Company Overview - **Company**: Fuyao Glass - **Industry**: Auto Glass Manufacturing Key Financial Highlights - **FY25 Results**: - Net Sales: RMB 45.79 billion, a 17% year-over-year increase [22] - Gross Profit: RMB 17.07 billion, Gross Margin: 37.3% [22] - Net Profit: RMB 9.31 billion, Net Margin: 20.3% [22] - Core Net Profit Margin improved to 22%, up 1.14% year-over-year [9] Revenue Growth Drivers - **ASP and Volume Growth**: - Auto glass revenue growth driven by an 8.1% ASP increase and an 8.5% volume increase [7] - High-value-added products accounted for 54.2% of auto glass revenue, contributing significantly to ASP growth [8] - **Overseas Performance**: - Overseas auto glass revenue increased by 21% year-over-year, outpacing domestic growth of 15% [7] Management Guidance and Outlook - **ASP Growth**: Management expects a sustainable ASP CAGR of 6-7% over the next decade, driven by the trend of auto intelligence and high-value-added products [5] - **Sales Rebates**: Sales rebates are projected to increase to approximately 2% in FY26, up from 1.61% in FY25, indicating pricing pressure from OEM customers [10] - **Market Share**: Management noted a potential loss in market share in China due to capacity constraints, with domestic sales volume growth lagging behind the overall auto production growth [11] Operational Updates - **US Plant Performance**: - The US plant's operating margin reached 13.3% in FY25, with expectations for a 15% net profit margin in the next 2-3 years [12][14] - Management anticipates a ramp-up in capacity utilization from 30% in FY25 to 60-65% in FY26 [15] - **Natural Gas and Freight Costs**: Limited impact from natural gas price hikes due to stable supply and long-term contracts [19] Capacity and Expansion Plans - **Domestic Capacity**: - 6 million sets of new domestic capacity expected to be operational by end-2025, with delays in additional capacity expansion [18][44] - **Aluminum Trim Business**: Projected revenue growth of 25% year-over-year in FY26, supported by ongoing capacity expansion [17] Pricing Dynamics - **US Pricing Post-Tariff Hike**: Successful ASP hikes were achieved following the US tariff increase, with potential for further increases in 2026 as OEM profitability recovers [16] Financial Projections - **Price Targets**: - A-share price target remains at RMB 62, while H-share price target is lowered to HK$ 68 [2] Conclusion - **Management's Optimism**: Despite challenges, management maintains a positive outlook for growth driven by market share gains, ASP increases, and the introduction of high-value-added products [2][5]

Group 1 - Mitsubishi UFJ Financial Group, Inc. increased its stake in Fuyao Glass (03606.HK) by purchasing 817,600 shares at an average price of HKD 60.7035 per share, totaling approximately HKD 49.6312 million [1] - Following the acquisition, Mitsubishi UFJ's total holdings in Fuyao Glass rose to 37,218,400 shares, increasing its ownership percentage from 5.99% to 6.13% [1]

Core Viewpoint - Fuyao Glass is expected to report a net profit of 1.801 billion yuan for Q1 2026, reflecting a year-on-year decline of 11.3% [1][6]. Group 1: Earnings Forecast - The forecasted net profit for Fuyao Glass is 1.801 billion yuan, with a year-on-year change of -11.3% [1][2][6]. - The average and median estimates for net profit are both 1.801 billion yuan, indicating consensus among analysts [2][7]. Group 2: Recent Seller Opinions - Dongwu Securities reports that Fuyao Glass's 2025 annual report shows a revenue increase of 16.65% and a net profit increase of 24.20%, with Q4 showing revenue growth of 14.15% and net profit growth of 11.35% [3][8]. - The company continues to grow its global market share, with an 8.07% increase in the average price per unit of automotive glass, although gross margin has slightly decreased [3][8]. - Fuyao Glass is positioned as a leader in the global automotive glass industry, with expected further market share growth due to capacity expansions in the U.S. and other facilities [9]. Group 3: Financial Performance - Fuyao Glass achieved a total revenue of 45.787 billion yuan in 2025, with a net profit of 9.312 billion yuan, marking significant growth [4][9]. - The automotive glass segment remains the primary revenue driver, with both sales volume and revenue increasing, and an average price per unit increase of 8.08% [4][9]. - The company reported a robust operating cash flow of 12.055 billion yuan, a year-on-year increase of 40.8%, and plans to distribute cash dividends of 5.48 billion yuan, with a payout ratio of 58.85% [4][9].

Core Viewpoint - Fuyao Glass emphasizes that its market value management is rooted in solid internal value, focusing on excellent operational performance, continuous R&D innovation, substantial shareholder returns, transparent information disclosure, and effective communication with investors [1][2] Financial Performance - In 2025, Fuyao Glass expects to achieve consolidated revenue of 45.787 billion yuan, representing a year-on-year increase of 16.65% [1][2] - The company anticipates a total profit of 11.162 billion yuan, reflecting a year-on-year growth of 24.15% [1][2] - The net profit attributable to shareholders is projected to be 9.312 billion yuan, with a year-on-year increase of 24.20% [1][2] Shareholder Returns - Since its listing in 1993, Fuyao Glass has distributed a total of 38.815 billion yuan in cash dividends to investors, including 3.132 billion yuan in cash dividends declared but not yet distributed for 2025 [1][2] - The company has also issued stock dividends totaling 1.406 billion yuan, with total dividends and stock distributions accounting for 64.30% of cumulative net profit attributable to shareholders [1][2] Investor Relations and Communication - Fuyao Glass places a high priority on information disclosure and investor relations management, adhering strictly to regulations from the CSRC, Shanghai Stock Exchange, and Hong Kong Stock Exchange to ensure information is disclosed in a truthful, accurate, complete, timely, and fair manner [1][2] - The company actively enhances communication with investors and analysts through various channels, including earnings release meetings, roadshows, conference calls, investor hotlines, emails, and the "Shanghai Stock Exchange e-Interaction" platform, aiming to protect the rights of investors, especially small and medium-sized investors [1][2]

Group 1 - Mitsubishi UFJ Financial Group, Inc. increased its stake in Fuyao Glass (03606) by 817,600 shares at a price of HKD 60.7035 per share, totaling approximately HKD 49.6312 million [1] - After the increase, Mitsubishi UFJ's total shareholding in Fuyao Glass reached 37.2184 million shares, representing a holding percentage of 6.13% [1]

Group 1 - Mitsubishi UFJ Financial Group, Inc. increased its stake in Fuyao Glass (03606) by 817,600 shares at a price of HKD 60.7035 per share, totaling approximately HKD 49.6312 million [1] - After the increase, Mitsubishi UFJ's total shareholding in Fuyao Glass reached 37,218,400 shares, representing a holding percentage of 6.13% [1]

Core Viewpoint - Fuyao Glass emphasizes its commitment to shareholder returns, highlighting its strong cash flow and ability to distribute dividends without relying on short-term debt [1] Financial Performance - The company projects a net cash flow from operating activities of 12.055 billion yuan for 2025, representing a year-on-year increase of 40.79% [1] - As of the end of 2025, Fuyao Glass expects to have monetary funds amounting to 19.241 billion yuan [1] Dividend History - Since its listing in 1993, Fuyao Glass has distributed a total of 38.815 billion yuan in cash dividends to investors, including a declared but unpaid cash dividend of 3.132 billion yuan for 2025 [1] - The company has also issued stock dividends totaling 1.406 billion shares, with total dividends and stock distributions accounting for 64.30% of cumulative net profit attributable to shareholders [1]