Core Points - Fuyao Glass (600660) underwent a significant management change on November 3, with Cao Dewang stepping down as the legal representative and transitioning from chairman to director, while Cao Hui was appointed as the new legal representative and chairman [1] - The company aims to optimize its governance structure strategically for sustainable development, as indicated by the announcement made on October 16 regarding Cao Dewang's resignation from the chairman position [1] Company Overview - Fuyao Glass Industry Group Co., Ltd. was established in June 1992, with a registered capital of approximately 2.61 billion RMB [1] - The company's business scope includes the production of automotive glass, decorative glass, and other industrial technical glass, as well as glass installation and after-sales services [1] - Fuyao Glass also develops and produces high-quality float glass [1] Shareholder Information - The company is jointly held by Hong Kong Central Clearing Limited, China Securities Finance Corporation, and other shareholders [1]

Core Points - Fuyao Glass reported a closing price of 66.26 yuan on November 3, 2025, down 1.84% from the previous trading day, with a total market capitalization of 172.92 billion yuan [1] - The stock opened at 67.6 yuan, reached a high of 67.75 yuan, and a low of 66.17 yuan, with a trading volume of 601 million yuan and a turnover rate of 0.45% [1] Company Information - The company disclosed its monthly securities change report as of October 31, 2025, indicating no changes in its legal/registered capital [1] - The number of H-shares is 606,757,200, with a par value of 1 yuan per share, listed on the Hong Kong Stock Exchange; the number of A-shares is 2,002,986,332, also with a par value of 1 yuan per share, not listed on the Hong Kong Stock Exchange [1] - The total legal/registered capital for both classes of shares is 2,609,743,532 yuan, with no changes in issued shares for both H-shares and A-shares during the month [1] - There are zero treasury shares, and arrangements for stock options, warrants, convertible bonds, and other issuance are not applicable [1] - All securities issuance or treasury share sales for the month have been approved by the board of directors and comply with listing rules and legal requirements [1]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年10月31日 狀態: 新提交 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 03606 | 說明 | H股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 606,757,200 | RMB | | 1 RMB | | 606,757,200 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 606,757,200 | RMB | | 1 RMB | | 606,757,200 | | 2. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- ...

致：香港交易及結算所有限公司 公司名稱: 福耀玻璃工業集團股份有限公司 呈交日期: 2025年11月3日 I. 法定/註冊股本變動 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年10月31日 狀態: 新提交 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 03606 | 說明 | H股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 606,757,200 | RMB | | 1 RMB | | 606,757,200 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 606,757,200 | RMB | | 1 RMB | | 606,757,200 | | 2. 股份分類 | 普通股 | 股份類別 | ...

Core Viewpoint - Fuyao Glass has shown a positive stock performance with a year-to-date increase of 14.87% and a recent rise of 2.01% on October 27, 2023, indicating strong market interest and financial health [1][2]. Financial Performance - For the period from January to September 2025, Fuyao Glass reported a revenue of 33.302 billion yuan, representing a year-on-year growth of 17.62%, and a net profit attributable to shareholders of 7.064 billion yuan, which is an increase of 28.93% compared to the previous year [2]. - The company has distributed a total of 35.683 billion yuan in dividends since its A-share listing, with 13.701 billion yuan distributed over the last three years [3]. Shareholder Information - As of September 30, 2025, the number of shareholders for Fuyao Glass decreased to 85,700, a reduction of 8.07% from the previous period, while the average number of circulating shares per person increased by 8.79% to 23,375 shares [2]. - The second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 398 million shares, which increased by 24.511 million shares from the previous period [3]. Stock Market Activity - On October 27, 2023, Fuyao Glass's stock price was 68.58 yuan per share, with a trading volume of 583 million yuan and a turnover rate of 0.43%, leading to a total market capitalization of 178.976 billion yuan [1]. - The stock has experienced a 4.59% increase over the last five trading days, a 4.02% decrease over the last 20 days, and a 22.71% increase over the last 60 days [1]. Business Overview - Fuyao Glass specializes in the design, production, and sales of automotive-grade float glass and automotive glass, with its main business revenue composition being 91.10% from automotive glass, 14.43% from float glass, and 10.51% from other sources [1]. - The company is categorized under the automotive industry, specifically in automotive parts and body accessories, and is associated with various concept sectors including special glass and automotive components [1].

Core Viewpoint - The company, Keli Equipment (301552.SZ), positions itself as the largest domestic supplier of injection and extrusion automotive glass assembly components in China, successfully integrating into the global supply chains of major automotive glass manufacturers. Group 1: Company Positioning - Keli Equipment is recognized as the largest domestic supplier in the injection and extrusion automotive glass assembly sector [1] - The company has established a presence in the global supply chains of four major automotive glass producers: Fuyao Glass, AGC, NSG, and Saint-Gobain [1] Group 2: Competitive Advantages - The company leverages its strengths in technology research and development, manufacturing processes, and quality management to maintain its competitive edge [1]

Investment Rating - The report maintains an "Outperform" rating for Fuyao Glass [5][50]. Core Viewpoints - Fuyao Glass reported a 14% year-on-year increase in net profit attributable to shareholders in Q3 2025, with total revenue reaching 33.3 billion yuan, an 18% increase year-on-year [1][8]. - The company is positioned as a global leader in automotive glass, benefiting from trends in smart glass technology and an expected increase in vehicle glass area and value per square meter [3][50]. - The transition of leadership to the founder's son is seen as a strategic move for sustainable development and governance optimization [1][25]. Financial Performance Summary - For Q3 2025, Fuyao Glass achieved a revenue of 119 billion yuan, a 19% increase year-on-year, and a net profit of 23 billion yuan, a 14% increase year-on-year [1][8]. - The gross margin for Q3 2025 was 37.9%, with a net profit margin of 19.06%, reflecting slight declines due to accounting and exchange rate fluctuations [1][18]. - The company’s core profit margin for the first three quarters of 2025 was 22.28%, an increase of 1.14 percentage points year-on-year [1][18]. Market Position and Growth Potential - Fuyao Glass holds a global market share of over 36% in automotive glass, with a year-on-year increase of 1.88 percentage points [2][29]. - The company is expanding production capacity in regions such as Fuzhou, Anhui, and North America, which is expected to initiate a new growth cycle [2][34]. - The average price per square meter of automotive glass has increased from 174 yuan in 2020 to 229 yuan in 2024, with a compound annual growth rate (CAGR) of 7% [2][35]. Future Outlook - The report forecasts net profits for Fuyao Glass to reach 99.84 billion yuan, 112.28 billion yuan, and 129.92 billion yuan for the years 2025 to 2027, respectively [3][50]. - The automotive glass market is expected to grow significantly, driven by trends in smart glass applications and increased vehicle glass area [35][50]. - The company is investing heavily in R&D, with over 4% of revenue allocated annually, ensuring a strong pipeline of high-value products [46][50].

Investment Rating - The report maintains an "Outperform" rating for Fuyao Glass [5][50]. Core Views - Fuyao Glass reported a steady growth in Q3, with a year-on-year increase of 14% in net profit attributable to shareholders. For the first three quarters of 2025, the company achieved revenue of 33.3 billion yuan, up 18% year-on-year, and a net profit of 7.1 billion yuan, up 29% year-on-year [1][8]. - The company is positioned as a global leader in automotive glass, benefiting from the trend towards smart glass in vehicles, which is expected to drive demand for higher value-added products [2][50]. - The transition in leadership aims to enhance corporate governance and sustainable development, with the founder stepping down as chairman while his son takes over [1][25]. Financial Performance - In Q3 2025, Fuyao Glass achieved a gross margin of 37.9%, with a net profit margin of 19.06%. The core profit margin for the first three quarters of 2025 was 22.28%, reflecting a year-on-year increase of 1.14 percentage points [1][18]. - The company forecasts net profits of 9.98 billion yuan, 11.23 billion yuan, and 12.99 billion yuan for 2025, 2026, and 2027, respectively, with a high dividend payout ratio maintained [3][50]. Market Position and Growth Potential - Fuyao Glass holds a global market share of over 36% in automotive glass, with a year-on-year increase of 1.88 percentage points. The company is expanding production capacity in various regions, including Fuzhou and Anhui, to support growth [2][29]. - The automotive glass market is expected to see a compound annual growth rate (CAGR) of over 7% from 2025 to 2027, driven by the increasing demand for high-value products such as HUD and smart glass [3][35]. Product Development and Innovation - Fuyao is focusing on high-value products, including smart panoramic roofs and adjustable light glass, which are anticipated to gain traction in the market [2][41]. - The company has invested significantly in R&D, with expenditures growing from 155 million yuan in 2010 to 1.678 billion yuan in 2024, indicating a commitment to innovation and maintaining competitive advantages [35][39]. Expansion Strategy - Fuyao is actively expanding its production capacity both domestically and internationally, with significant investments planned in North America and other regions to capture growing market opportunities [33][34]. - The company aims to enhance its market share through strategic expansions and the introduction of high-value products, which are expected to drive revenue growth [34][50].

Core Viewpoint - The resignation of Cao Dewang as chairman of Fuyao Glass marks a significant leadership transition, with his son Cao Hui taking over the role, indicating a well-planned succession strategy within the company [2][10]. Group 1: Leadership Transition - On October 17, Fuyao Glass announced that Cao Dewang submitted his resignation as chairman, and Cao Hui was elected as the new chairman, while Cao Dewang will serve as the honorary chairman for life [2]. - This transition signifies the end of Cao Dewang's 38-year leadership at Fuyao Glass, with Cao Hui, aged 55, taking over, which is considered a mature age for a successor in the industry [2][10]. - Following the announcement, Fuyao Glass's stock price rose by 3.25%, closing at 65.54 yuan, with a market capitalization of 171 billion yuan [2]. Group 2: Cao Hui's Background and Experience - Cao Hui, born in 1970, initially had a distaste for the family business, feeling that it took away family warmth during his childhood [3]. - After graduating from Xiamen University, he worked at the grassroots level in Fuyao Glass, gaining hands-on experience before moving into sales and management roles [4][5]. - His leadership capabilities were solidified when he successfully led the company through a significant anti-dumping lawsuit in the U.S., making Fuyao the first Chinese company to win such a case [5]. Group 3: Company Performance and Growth - During Cao Hui's first tenure as CEO from 2006 to 2015, Fuyao Glass's revenue grew from 3.935 billion yuan to 13.57 billion yuan, a 3.5-fold increase, while net profit increased from 614 million yuan to 2.607 billion yuan, a 4.2-fold increase [8]. - Since Cao Hui's return in 2018, Fuyao Glass's revenue has continued to grow, reaching 39.25 billion yuan in 2024, with net profit increasing to 7.498 billion yuan [9][10]. - The company has also seen improvements in net profit margin, which rose from 13.73% in 2019 to 19.12% in 2024 [9]. Group 4: Strategic Initiatives - Cao Hui has implemented significant changes, including resolving labor disputes at the U.S. factory and initiating a digital transformation with a 3.5 billion yuan investment in smart factories [10]. - Under his leadership, Fuyao has focused on new energy initiatives, developing products like adjustable glass and ultra-thin photovoltaic glass, securing major clients such as Tesla and BYD [10]. - The company has maintained a revenue growth rate exceeding 18% annually from 2021 to 2024, demonstrating robust performance in a competitive market [9].

Core Viewpoint - Fuyao Glass experienced a decline in stock price, with a current trading price of 64.46 CNY per share, reflecting a decrease of 2.04% on October 22. The company has a total market capitalization of 168.22 billion CNY and has seen a year-to-date stock price increase of 7.97% [1] Financial Performance - For the period from January to September 2025, Fuyao Glass reported a revenue of 33.30 billion CNY, representing a year-on-year growth of 17.62%. The net profit attributable to shareholders was 7.06 billion CNY, showing a year-on-year increase of 28.93% [2] Shareholder Information - As of September 30, 2025, the number of shareholders for Fuyao Glass was 85,700, a decrease of 8.07% from the previous period. The average number of circulating shares per person increased by 8.79% to 23,375 shares [2] Dividend Distribution - Fuyao Glass has cumulatively distributed dividends amounting to 35.68 billion CNY since its A-share listing, with 13.70 billion CNY distributed over the last three years [3] Institutional Holdings - As of September 30, 2025, Hong Kong Central Clearing Limited was the second-largest circulating shareholder, holding 398 million shares, an increase of 24.51 million shares from the previous period. China Securities Finance Corporation remained the sixth-largest shareholder with 28.10 million shares, unchanged from the previous period [3]