Group 1: Investment and Business Strategy - The company has invested in the Chuang Dongfang Houze Fund, focusing on hard technology fields aligned with its "1+3+N" strategy, including automotive electrification and intelligent sensors [1][2] - The fund has made significant investments in projects such as RISC-V CPU chip development and leading companies in RF front-end modules and lightweight automotive components, indicating a strong growth trajectory [2] - The company aims to expand its business scope and accelerate innovation through participation in the fund, enhancing strategic collaboration [2] Group 2: Product Development and Innovation - The company showcased its Smart Bed 2.0 system at the 2025 Tencent Global Digital Ecosystem Conference, featuring medical-grade sensing technology for health monitoring [2][3] - The company is actively developing products in the pet technology sector, including smart aquariums and pet feeders, capitalizing on the growing pet economy [3][4] - The automotive electronics segment has seen significant growth, with marketing revenue reaching CNY 92.93 million, a 151.34% increase year-on-year [4] Group 3: Financial Performance and Revenue Growth - The company reported a revenue of CNY 504.28 million from home appliance smart controllers, a 9.57% increase year-on-year [4] - New business segments, including medical health and robotics, contributed CNY 161.06 million in revenue, reflecting a 49.18% year-on-year growth [4] - As of August 31, 2025, the company repurchased 223,000 shares, representing 0.22% of its total share capital [6][8] Group 4: Market Expansion and Internationalization - The Vietnam production base has reached saturation and is undergoing capacity expansion to support international market growth [5][6] - The company is committed to enhancing its global market influence through strategic international partnerships and operational efficiency improvements [6][7] Group 5: Shareholder Communication and Market Performance - The company emphasizes the importance of shareholder returns and is focused on improving operational performance to enhance intrinsic value [7][8] - The stock price is influenced by various factors, including macroeconomic conditions and market sentiment, leading to volatility [7][8] - The company plans to maintain open communication with investors through regular reports and performance briefings [8]

Core Viewpoint - The company reported strong financial performance in H1 2025, with revenue of 21.447 billion yuan, a year-on-year increase of 16.95%, and a net profit attributable to shareholders of 4.805 billion yuan, up 37.33% year-on-year, indicating robust growth driven by favorable policies and market demand [1] Financial Performance - H1 2025 revenue reached 21.447 billion yuan, up 16.95% year-on-year - H1 2025 net profit attributable to shareholders was 4.805 billion yuan, an increase of 37.33% year-on-year - Q2 2025 single-quarter revenue was 11.537 billion yuan, up 21.39% year-on-year and 16.42% quarter-on-quarter - H1 2025 gross margin was 37.06%, a decrease of 0.23 percentage points year-on-year; net margin was 22.42%, an increase of 3.33 percentage points year-on-year [1] Business Segments - Automotive glass revenue in H1 2025 was 19.538 billion yuan, up 16.16% year-on-year, accounting for 92.52% of main business revenue - Float glass revenue in H1 2025 was 3.096 billion yuan, up 11.18% year-on-year, accounting for 14.66% of main business revenue - Other business revenue in H1 2025 was 2.255 billion yuan, accounting for 10.68% of main business revenue [1] Market Drivers - The introduction of policies such as vehicle trade-in programs, tax exemptions for new energy vehicles, and incentives for rural purchases has boosted automotive glass sales - The company is leveraging its technological leadership and increasing marketing efforts to capitalize on structural opportunities in the automotive glass market [1] Demand and Supply Dynamics - The shift towards electric and intelligent vehicles is expanding the market for automotive glass, with new functionalities such as heat insulation, soundproofing, and HUD integration driving demand - The company is enhancing its production capacity with new manufacturing bases in China and expanding its facility in the U.S., which will improve regional support and global delivery capabilities [2] Investment Outlook - The company's performance in the second half of 2025 is expected to benefit from various stimulating policies, accelerated capacity release, and an increase in high-value-added products - Revenue projections for 2025-2027 are 46.4 billion, 53.1 billion, and 60.8 billion yuan, with net profits of 9.127 billion, 10.261 billion, and 11.397 billion yuan respectively, indicating a positive growth trajectory [3]

Core Viewpoint - The company reported better-than-expected performance in its 2025 H1 results, with revenue and net profit showing significant year-on-year growth, driven by increased demand from core customers and successful project ramp-ups [2][3]. Financial Performance - In 2025 H1, the company achieved revenue of 3.63 billion yuan, a year-on-year increase of 6.2%, and a net profit attributable to shareholders of 276 million yuan, up 8.4%. The adjusted net profit was 268 million yuan, reflecting a 9.5% increase [2]. - For Q2 2025, revenue reached 2.09 billion yuan, with a quarter-on-quarter increase of 11% and a year-on-year increase of 35%. The net profit for this quarter was 180 million yuan, showing a year-on-year growth of 19% and a quarter-on-quarter surge of 97% [2]. Revenue Drivers - The significant revenue growth in Q2 2025 was primarily driven by the ramp-up of production for key projects and increased demand from major customers, including new energy vehicle clients like Seres and NIO, as well as stable orders from traditional clients like SAIC Volkswagen [3]. - New projects such as the high-voltage wiring harness for L Automotive and low-voltage wiring harness for Mercedes-Benz have been launched, laying a solid foundation for future revenue growth [3]. Profitability and Cash Flow - The company improved its gross margin to 15.7% in H1 2025, a year-on-year increase of 0.3 percentage points, with Q2 2025 gross margin reaching 16.6% [4]. - Operating cash flow for H1 2025 was 185 million yuan, a year-on-year increase of 67.9%, attributed to shorter customer payment cycles and increased government subsidies [5]. Business Expansion - The company is actively expanding its new energy wiring harness business, with new projects covering mainstream new energy vehicle manufacturers. The production of wiring harnesses for M Automotive's battery packs has also commenced, contributing to the growing share of new energy business [6]. - The company is undergoing a transformation in its wiring harness industry, with successful deliveries of wiring harnesses for drones and smart robots, enhancing its competitive edge in the automotive "new four modernizations" trend [6]. Profit Forecast and Investment Rating - The company maintains revenue forecasts of 10 billion yuan, 12.1 billion yuan, and 14.3 billion yuan for 2025-2027, representing year-on-year growth rates of 26%, 21%, and 19% respectively. The net profit forecasts for the same period are 870 million yuan, 1.09 billion yuan, and 1.29 billion yuan, with corresponding year-on-year growth rates of 30%, 25%, and 18% [7].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company reported a significant increase in both volume and profit in Q2 2025, exceeding expectations [7] - Revenue for H1 2025 reached 3.63 billion yuan, a year-on-year increase of 6.2%, while net profit attributable to shareholders was 276 million yuan, up 8.4% year-on-year [7] - The growth in revenue is driven by increased demand from core customers and the successful ramp-up of key projects [7] - The company is expanding its new energy projects and upgrading its wiring harness industry, which is expected to enhance its competitiveness in the automotive sector [7] - The financial forecast for 2025-2027 indicates a steady growth in revenue and net profit, with corresponding P/E ratios suggesting an attractive valuation [7] Summary by Sections Financial Performance - H1 2025 revenue was 3.63 billion yuan, with Q2 revenue at 2.09 billion yuan, showing a quarter-on-quarter increase of 11% and a year-on-year increase of 35% [7] - H1 2025 gross margin was 15.7%, with Q2 gross margin reaching 16.6% [7] - Operating cash flow for H1 2025 was 185 million yuan, a year-on-year increase of 67.9% [7] Revenue and Profit Forecast - Projected total revenue for 2025 is 10 billion yuan, with a year-on-year growth of 26% [1] - Expected net profit for 2025 is 871.74 million yuan, reflecting a year-on-year increase of 30% [1] - The report anticipates a continued increase in revenue and profit through 2027, with P/E ratios decreasing from 17.45 in 2025 to 11.77 in 2027 [1] Market Position and Strategy - The company is focusing on expanding its new energy wiring harness business, with new projects for major electric vehicle manufacturers [7] - The report highlights the successful production ramp-up of various projects, including those for traditional and new energy vehicle clients [7] - The company is also diversifying into other sectors, such as drones and robotics, to enhance its market presence [7]

Core Insights - The rapid growth of China's new energy vehicle (NEV) industry is accompanied by a significant talent shortage, which is becoming a critical bottleneck for high-quality development [1][7] - By 2024, the number of NEVs in China is expected to reach 31.4 million, a more than fivefold increase from 4.92 million at the end of the 13th Five-Year Plan [1] - The talent gap in the NEV sector is projected to reach 1.03 million by 2025, with a total demand for 1.2 million skilled professionals [1][2] Talent Demand and Structure - The automotive industry is undergoing a transformation that requires interdisciplinary talent, as traditional automotive skills are no longer sufficient [2][3] - The demand for skilled workers is shifting towards roles that require knowledge in both automotive engineering and advanced technologies like AI and big data [2][3] - The skills gap is particularly evident in the "new four modernizations" (electrification, intelligence, connectivity, and sharing), with specific shortages in areas such as solid-state battery assembly and digital twin technology [3][4] Skills and Training Gaps - There are four major skill gaps identified: skill gap, distribution gap, demand gap, and structural gap [6][7] - Approximately 65% of issues in NEVs are related to electronic control, yet only 12% of the 4 million automotive repair workers have received relevant training [6] - The distribution of skilled talent is uneven, with 70% of NEV production capacity concentrated in the eastern region, leaving the central and western regions underserved [6][7] Industry Response and Solutions - The industry is exploring solutions through global talent acquisition, systematic training, and deep collaboration between academia and enterprises [8][9] - Initiatives include creating platforms for talent development, enhancing policy guidance, and improving the integration of vocational education with industry needs [8][9] - Companies like Geely and Changan are adopting unique strategies to build sustainable talent ecosystems, focusing on both attracting and nurturing talent [9][10]

Investment Rating - The investment rating for the company is "Buy" [7][8] Core Views - The company reported strong growth in its main business, with a 1H25 revenue of 21.447 billion yuan, a year-on-year increase of 16.94%, and a net profit of 4.805 billion yuan, up 37.33% year-on-year [1] - The company has resumed mid-term dividends after seven years, indicating confidence in its financial health and growth prospects [4] - The company is expected to benefit from the ongoing trends in the automotive industry, particularly the demand for high-value glass products [2][3] Summary by Sections Financial Performance - In 1H25, the company achieved a revenue of 21.447 billion yuan, with a net profit of 4.805 billion yuan, reflecting a year-on-year growth of 16.94% and 37.33% respectively [1] - The second quarter (Q2) showed continued strong performance with a revenue of 11.537 billion yuan, a year-on-year increase of 21.39% [1] Automotive Glass Business - The automotive glass segment generated 19.538 billion yuan in revenue in 1H25, a year-on-year increase of 16.16% [2] - The gross margin for automotive glass was 30.90%, up 0.58 percentage points year-on-year, driven by a higher proportion of high-value products [2] Overseas Market Expansion - The company is actively expanding its overseas market, with 46.1% of revenue coming from international operations in 1H25 [3] - The U.S. subsidiary reported a revenue of 3.852 billion yuan, reflecting a year-on-year growth of 19.96% [3] Financial Health - As of the end of 1H25, the company's debt-to-asset ratio was 45.76%, a decrease of 1.64 percentage points year-on-year, indicating a stable financial position [4] - The company announced a mid-term dividend of 0.9 yuan per share, with a payout ratio of 48.88% [4] Earnings Forecast and Valuation - The company is expected to see continued profit growth, with projected EPS of 3.60, 4.18, and 4.82 yuan for 2025, 2026, and 2027 respectively [5] - The target price is set at 76.08 yuan for A shares and 70.28 HKD for H shares, based on a P/E ratio consistent with historical averages [5]

Core Viewpoint - Fuyao Glass reported a significant increase in net profit by 37.33% in the first half of the year, showcasing strong financial performance amidst competitive pressures in the automotive industry [1][2]. Financial Performance - The company achieved operating revenue of 21.447 billion yuan, representing a year-on-year growth of 16.94% [2]. - The total profit reached 5.794 billion yuan, up 40.46% compared to the previous year [2]. - The net profit attributable to shareholders was 4.805 billion yuan, reflecting a 37.33% increase [2]. - The net profit after deducting non-recurring gains was 4.707 billion yuan, with a growth of 31.61% [2]. - The net cash flow from operating activities was 5.354 billion yuan, showing a substantial increase of 61.02% [2]. Dividend Distribution - Fuyao Glass plans to distribute a cash dividend of 0.9 yuan per share, totaling 2.349 billion yuan, which accounts for 48.88% of the net profit attributable to shareholders [3]. Employment and Workforce - The company employed 39,050 individuals by the end of the reporting period, an increase of 1,140 employees compared to the end of 2024 [3]. Market Potential - Fuyao Glass expressed confidence in the future growth of the automotive market in China, noting that the car ownership rate is significantly lower than in developed countries, indicating substantial growth potential [3]. Industry Trends - The automotive industry is experiencing a shift towards electrification, connectivity, intelligence, and sharing, which presents new opportunities for the glass sector [4]. - The company highlighted its leadership in technology, which is expected to enhance sales of high-value-added products such as smart panoramic glass and adjustable light glass [4]. Company Background - Fuyao Glass, established in 1987, specializes in automotive safety glass and is a large multinational group listed on both the Shanghai and Hong Kong stock exchanges [4].

Core Insights - Fuyao Glass reported a significant increase in net profit by 37.33% for the first half of the year, achieving a net asset return rate of 13.18% [2] - The company has consistently delivered double-digit growth in its interim financial reports for five consecutive years [2] Financial Performance - The total operating revenue for the first half of the year reached 21.45 billion yuan, marking a year-on-year growth of 16.94% [3] - The total profit amounted to 5.79 billion yuan, reflecting a 40.46% increase compared to the same period last year [3] - The net profit attributable to shareholders was 4.80 billion yuan, up 37.33% year-on-year, while the net profit after deducting non-recurring gains was 4.71 billion yuan, an increase of 31.61% [3] - The net cash flow from operating activities was 5.35 billion yuan, with a remarkable growth rate of 61.02% [3] Dividend Distribution - Fuyao Glass plans to distribute a cash dividend of 0.9 yuan per share, totaling 2.35 billion yuan, which represents 48.88% of the net profit attributable to shareholders [4] Employment and Future Outlook - The company employed 39,050 people by the end of the reporting period, an increase of 1,140 employees compared to the end of 2024 [4] - Fuyao Glass expressed confidence in future growth, citing the significant potential for automobile consumption in China compared to developed countries [4] - The company highlighted the ongoing trends of electrification, connectivity, intelligence, and sharing in the automotive industry, which present new opportunities for the glass sector [5] Company Background - Established in 1987, Fuyao Glass is a large multinational group specializing in automotive safety glass and was listed on the Shanghai Stock Exchange in 1993 and the Hong Kong Stock Exchange in 2015 [5] - The company is led by its founder, Cao Dewang, who is known as the "Glass King," and his son, Cao Hui, serves as vice chairman [5]

Core Viewpoint - Fuyao Glass reported a significant increase in net profit by 37.33% in the first half of the year, achieving a net asset return rate of 13.18% [2] Financial Performance - The company achieved an operating income of 21.447 billion yuan, a year-on-year increase of 16.94% [3] - The total profit reached 5.794 billion yuan, up 40.46% compared to the same period last year [3] - The net profit attributable to shareholders was 4.805 billion yuan, reflecting a growth of 37.33% [3] - The net cash flow from operating activities was 5.354 billion yuan, with a remarkable increase of 61.02% [3] Dividend Distribution - Fuyao Glass plans to distribute a cash dividend of 0.9 yuan per share, totaling 2.349 billion yuan, which accounts for 48.88% of the net profit attributable to shareholders [4] Employment and Workforce - The company employed 39,050 people by the end of the reporting period, an increase of 1,140 from the end of 2024 [4] Market Potential and Future Outlook - Fuyao Glass highlighted the significant potential for automobile consumption in China, with a car ownership rate of approximately 25 vehicles per 100 people compared to over 50 in developed countries [5] - The company noted that the trend of "electrification, connectivity, intelligence, and sharing" in the automotive industry presents new opportunities for the glass sector, with high-value products gaining a larger market share [5] - Fuyao Glass emphasized its technological leadership in the industry, which provides structural opportunities for its automotive glass sales [5] Company Background - Established in 1987, Fuyao Glass is a large multinational group focused on automotive safety glass, listed on the Shanghai Stock Exchange in 1993 and on the Hong Kong Stock Exchange in 2015 [6] - The company is controlled by Cao Dewang, known as the "Glass King," who remains the chairman at the age of 79 [6] - Fuyao Glass's stock saw a significant increase of 77% last year, but has experienced a decline of about 8% this year, with a market capitalization of 145.5 billion yuan as of August 19 [6]

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公告的內容概不負責，對 其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份 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） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第 13.10B 條刊發。 茲載列福耀玻璃工業集團股份有限公司（「本公司」）在上海證券交易所網站 (http://www.sse.com.cn) 刊發的《2025 年半年度報告》，僅供參閱。 承董事局命 福耀玻璃工業集團股份有限公司 曹德旺 董事長 中國福建省福州市，2025 年 8 月 19 日 於本公告日期，本公司董事局成員包括執行董事曹德旺先生、曹暉先生、葉舒先 生及陳向明先生；非執行董事吳世農先生及朱德貞女士；獨立非執行董事劉京先 生、薛祖雲先生及達正浩先生。 福耀玻璃工业集团股份有限公司2025 年半年度报告 公司代码：600660 公司简称：福耀玻璃 福耀玻璃工业集团股份有限公司 2025 年半年度报告 1 / 136 福耀玻璃工业集团股份有限公司2025 年半年度 ...