Summary of Key Points Core Viewpoint - The announcement details a share reduction plan by a specific shareholder, Tao Hongzhu, who intends to sell up to 2,500,000 shares of Fuyao Glass Group Co., Ltd. due to personal financial needs, which represents approximately 0.1067% of the company's total share capital [1][2]. Group 1: Shareholder Information - Tao Hongzhu holds 12,840,000 shares, accounting for 0.5480% of the total share capital of the company [1][2]. - The shares were acquired prior to the company's IPO [1][3]. Group 2: Reduction Plan Details - The planned reduction will not exceed 2,500,000 shares and will be executed at market price [1][2]. - The reduction period starts from the announcement date and may be adjusted if the company's stock is suspended [2][3]. Group 3: Compliance and Commitments - Tao Hongzhu made a commitment not to transfer or manage the shares acquired before the IPO for 36 months post-listing, with limited conditions for future reductions [3][4]. - The current reduction plan is consistent with previously disclosed commitments [4]. Group 4: Regulatory Compliance - The reduction plan complies with relevant laws and regulations, and the shareholder will adhere to disclosure obligations during the process [4][5].

Core Viewpoint - The company reported a significant decline in both revenue and net profit for 2024, indicating challenges in the market and operational performance [3]. Group 1: Financial Performance - In 2024, the company achieved operating revenue of 18.683 billion yuan, a year-on-year decrease of 13.20%, and a net profit attributable to shareholders of 1.007 billion yuan, down 63.52% year-on-year [3]. - For Q4 2024, the operating revenue was 4.079 billion yuan, a decrease of 27.67% year-on-year, with a net profit of -289 million yuan, reflecting a year-on-year decline of 136.54% and an expanded loss compared to the previous quarter [3]. Group 2: Solar Glass Segment - The company maintained a steady increase in solar glass sales, with a 3.70% year-on-year rise to 1.265 billion square meters in 2024 [4]. - The average selling price (ASP) of solar glass (2.0mm) dropped significantly from 17 yuan per square meter at the beginning of the year to 11.5 yuan per square meter by year-end, resulting in an ASP of 13.30 yuan per square meter for 2024, a decrease of 17.59% year-on-year [4]. - The total revenue from solar glass in 2024 was 16.816 billion yuan, down 14.54% year-on-year, with a gross margin reduction of 6.81 percentage points to 15.64%, indicating temporary pressure on profitability [4]. Group 3: Other Business Segments - The engineering glass segment experienced a revenue decline of 13.83% to 502 million yuan in 2024, with a gross margin decrease of 3.58 percentage points to 7.21% [5]. - The home glass segment saw a revenue drop of 6.10% to 308 million yuan, but the gross margin increased by 1.81 percentage points to 13.33% [5]. - The float glass segment's revenue fell by 17.35% to 283 million yuan, with a slight gross margin increase of 0.03 percentage points to -3.59% [5]. - The overall gross margin for the company decreased by 6.31 percentage points to 15.50%, while the period expense ratio increased by 0.47 percentage points to 7.45% [5]. Group 4: Future Plans - The company plans to gradually activate the Anhui and Nantong projects based on market conditions, aiming to maintain its production capacity advantage while expanding steadily [6]. - In addition to existing overseas capacity in Vietnam, the company intends to invest in building solar glass furnaces in Indonesia to meet the demand in various countries and regions [6].

山东华鹏玻璃股份有限公司 一、现场会议时间：2025年4月10日14点30分 二、会议召集人：山东华鹏玻璃股份有限公司董事会 山东华鹏玻璃股份有限公司 证券代码：603021 二〇二五年四月 三、会议召开地点：山东省荣成市石岛龙云路468号公司七楼会议室 四、会议召开方式：采取现场投票与网络投票相结合的方式 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025年4月10日至2025年4月10日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为 股东大会召开当日的交易时间段，即9:15-9:25,9:30-11:30，13:00-15:00；通过互 联网投票平台的投票时间为股东大会召开当日的9:15-15:00。 五、会议审议表决事项： （一）非累积投票议案 六、股东提问与解答 七、股东对上述议案进行投票表决 八、宣布现场投票表决结果 九、宣布股东大会决议 《关于山东海科控股有限公司向公司提供委托贷款暨关联交易 的议案》 各位股东及股东代表： 一、关联交易概述 为满足山东华鹏玻璃股份有限公司（以下简称"公司"）日常运营流动资金 需求，山东海科控股有限公司（以下简称"海科 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future investment returns [4][6]. Core Views - The company reported a revenue of 18.683 billion yuan in 2024, a decrease of 13.20% year-on-year, and a net profit attributable to shareholders of 1.007 billion yuan, down 63.52% year-on-year [1]. - The photovoltaic glass segment showed a stable increase in sales volume, with a 3.70% year-on-year rise to 1.265 billion square meters, although the average selling price (ASP) dropped significantly by 17.59% to 13.30 yuan per square meter [2]. - The company is expected to recover its profitability in 2025 due to recent price recoveries in photovoltaic glass and the optimization of comprehensive costs from new production capacities [2]. Summary by Sections Financial Performance - In Q4 2024, the company experienced a revenue decline of 27.67% year-on-year, resulting in a net loss of 289 million yuan, a decrease of 136.54% compared to the previous year [1]. - The overall gross margin for 2024 decreased by 6.31 percentage points to 15.50%, with an increase in the expense ratio by 0.47 percentage points to 7.45% [3]. Business Segments - The engineering glass segment saw a revenue drop of 13.83% to 502 million yuan, while the home glass segment's revenue decreased by 6.10% to 308 million yuan [3]. - The float glass segment's revenue fell by 17.35% to 283 million yuan, with a slight increase in gross margin to -3.59% [3]. Future Outlook - The company plans to gradually start operations at its Anhui and Nantong projects based on market conditions, aiming to maintain its production capacity advantage [4]. - The company is also expanding its overseas production capacity, with plans to build photovoltaic glass furnaces in Indonesia to meet regional demand [4]. Profit Forecast - The profit forecast for 2025-2027 has been adjusted, with expected net profits of 1.504 billion yuan, 2.148 billion yuan, and 2.720 billion yuan respectively, reflecting a significant downward revision of 66% and 56% for 2025 and 2026 [4][5].

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Report's Core View - No core view explicitly stated in the provided content Group 3: Summary of Glass Price and Contract Information - On April 1, 2025, the price of 5mm large - plate glass from Shahe Anquan was 1257.0, with no weekly or daily change; FG09 contract was 1237.0, a weekly decrease of 52.0 and a daily increase of 14.0 [2] - Shahe Great Wall's 5mm large - plate glass was 1211.0 on April 1, a weekly decrease of 22.0 and a daily increase of 13.0; FG05 contract was 1235.0, a weekly decrease of 25.0 and a daily increase of 54.0 [2] - The low - price of 5mm large - plate glass in Shahe was 1211.0 on April 1, a weekly decrease of 22.0 and a daily increase of 30.0; FG 5 - 9 spread was - 2.0, a weekly increase of 27.0 and a daily increase of 40.0 [2] - Wuhan Changli's 5mm large - plate glass price remained 1160.0 from March 25 to April 1; 05 Hebei basis was - 24.0 on April 1, a weekly increase of 3.0 and a daily decrease of 24.0 [2] - The low - price of large - plate glass in Hubei was 1120.0 on April 1, a weekly increase of 20.0 and a daily increase of 10.0; 05 Hubei basis was - 115.0, a weekly increase of 45.0 and a daily decrease of 44.0 [2] - The low - price of 5mm large - plate glass in South China remained 1380.0 from March 25 to April 1 [2] - Shandong Jurun's 5mm large - plate glass price remained 1260.0 from March 25 to April 1 [2] Profit and Basis Information - North China coal - fired profit was 287.8 on April 1, a weekly decrease of 12.9 and a daily increase of 27.9; North China coal - fired cost was 923.2, a weekly decrease of 9.1 and a daily increase of 2.1 [2] - South China natural gas profit was - 174.3 on April 1, a weekly increase of 10.5 and no daily change; North China natural gas profit was - 177.8, a weekly decrease of 13.6 and a daily increase of 27.9 [2] - 09FG futures natural gas profit was - 169.0 on April 1, a weekly decrease of 42.1 and a daily increase of 11.5; 05FG futures natural gas profit was - 161.7, a weekly decrease of 14.3 and a daily increase of 50.8 [2] Spot and Sales Information - Spot: Shahe traders' prices increased to around 1210, with the 05 contract at around par; Hubei factories' low - price was around 1130, with fair sales and some manufacturers raising prices; Hubei's old 05 contract basis was between - 100 and - 140, with reported average sales [2] - Sales: Shahe's sales rate was 69, Hubei's was 112, East China's was 81, and South China's was 96 [2] Group 4: Summary of Soda Ash Contract and Spot Price Information - On April 1, 2025, the SA05 contract price of Shahe heavy soda ash was 1380.0, a weekly decrease of 50.0 and a daily increase of 10.0; the SA01 contract price of Central China heavy soda ash was 1350.0, a weekly decrease of 40.0 and no daily change; the SA09 contract price of South China heavy soda ash was 1570.0, a weekly decrease of 50.0 and no daily change [2] - SA05 Shahe basis of Qinghai heavy soda ash was 1080.0 on April 1, a weekly decrease of 30.0 and no daily change; SA month - spread 05 - 09 was - 44.0, a weekly decrease of 4.0 and a daily increase of 3.0 [2] Profit and Cost Information - North China ammonia - soda process profit was - 152.9 on April 1, a weekly decrease of 36.7 and a daily increase of 10.0; North China combined - soda process profit was - 195.2, a weekly decrease of 24.4 and a daily increase of 4.7 [2] - North China ammonia - soda process cost was 1502.9 on April 1, a weekly decrease of 3.3 and no daily change [2] Spot and Industry Information - Spot: The spot price of heavy soda ash at Hebei delivery warehouses was around 1350, Shahe warehouses was around 1380, and the terminal delivery price was around 1390; downstream restocking was nearly finished [2] - Industry: Yuanxing's production load increased, Jinshan restarted, and factory inventories accumulated [2]

Report Industry Investment Rating No relevant content provided. Core Viewpoints - In March, the glass market showed signs of a peak season, with improved production and sales leading to a rebound in the futures market, but it failed to drive up prices in low - price regions. The market gave a premium and then fell back. Attention should be paid to the demand performance. - Demand has arrived, but its persistence needs to be monitored. The cumulative year - to - date on - the - spot demand is - 7.4%, and the overall downward trend of demand has not changed. - For the 05 contract, unless demand in the next few weeks is unexpectedly strong, leading to price increases in Hubei and rapid destocking of intermediate inventories, Hubei may face discount delivery. - In April, if demand does not strengthen unexpectedly, caution should be exercised regarding delivery [1][5][18]. Summary by Directory 1. Market Review and Outlook - In March, the futures price fluctuated between 1133 and 1269. It first declined, bottomed out on March 13th, and then rebounded, but fell back again two days after a significant rebound on March 24th. - The rebound was due to improved production and sales and seasonal demand. After the Spring Festival, the worst demand period ended, and the market shifted from a high - valuation, high - inventory, and no - demand - driven pattern in February to a low - valuation, high - inventory, and demand - driven pattern in March. - Regionally, Shahe's production and sales improved at the beginning of March and remained high. Hubei's production and sales were affected by rain in the early stage and strengthened in the middle of the month. South China and East China were weaker in the first half and stronger in the second half. - The improvement in production and sales was seasonal. Although the overall demand was weak, there was some explosive power. The cumulative year - to - date on - the - spot demand was - 7.4%, and the total demand was still declining. - In the past two weeks, there was destocking because the supply was - 10.4% year - to - date, and the weekly supply was about 1.108 million tons, while the on - the - spot demand was higher than this for two consecutive weeks. - Looking ahead, demand is likely to fluctuate around the current level. If there is no significant improvement in demand in the first half of the year, inventory will remain at the current level, and the industry will continue to compress profits. Otherwise, there is room for demand recovery [7][8][11]. 2. Glass Supply and Demand Situation 2.1 Price: Regional Differentiation - There are significant price differences among different regions of glass. East China's prices are leading the country, while South China is in the off - season with low prices and high inventory pressure. Northeast China's prices are falling due to increased supply, and Hubei's prices are relatively stable with a discount to the futures market [12][16]. 2.2 Domestic Glass Supply - In the short term, the daily melting volume is expected to remain around 158,000 - 161,000 tons per day. The current supply is 158,000 tons per day, with a year - to - date cumulative decline of 10.4%. Assuming an annual supply of 160,000 tons per day, the annual total supply will be about 58.4 million tons, a year - on - year decrease of 5.28%. - Structurally, the production of white glass is gradually resuming, reaching about 120,000 tons, close to the capacity in October last year. There are many potential ignition and cold - repair production lines, and their implementation needs further tracking [34][35]. 2.3 Domestic Glass Inventory - With the recovery of demand, inventory is starting to decline. Seasonally, April may see the highest demand and lowest inventory in the first half of the year. The current supply is - 10.4% year - to - date, and the demand is - 7.4% year - to - date. Attention should be paid to demand performance [46]. 2.4 Cost and Profit - The cost is relatively stable overall. The futures market profit has tightened from a profitable state to near the cost level [58][61]. 2.5 Downstream Real Estate - The real estate market is in a destocking cycle. The Politburo meeting emphasized promoting the stabilization of the real estate market, controlling new construction, optimizing existing inventory, and improving quality. - This year, the arrival of funds has been slow, and the resumption of work has been delayed. Continued attention is needed [72][73]. 2.6 Deep - processing - In March, the performance of the deep - processing industry was still weak, and its real situation needs attention [76]. 2.7 Completion Reference Indicators - After the seasonal decline during the Spring Festival, there has been an overall recovery, but the recovery of glass is relatively weak [79][81].

Investment Rating - The report maintains an "Overweight" rating for the construction materials sector [3] Core Views - The construction materials sector is experiencing a marginal improvement in demand due to active second-hand housing transactions, despite a recent decline in the sector [1][11] - The report highlights the potential for recovery in municipal engineering projects, driven by increased local government bond issuance and fiscal pressure relief [2] - The glass market shows signs of marginal improvement, particularly in photovoltaic glass, with price increases being implemented [2] - Cement prices are stabilizing after a period of decline, with short-term price increases expected due to production cuts and rising infrastructure demand [2] - The fiberglass market is stabilizing, with price recovery anticipated due to increased demand from wind power projects [2] Summary by Sections Market Overview - From March 21 to March 28, 2025, the construction materials sector (SW) declined by 1.82%, with specific declines in cement (1.63%), glass manufacturing (3.49%), fiberglass (1.52%), and renovation materials (1.75%) [1][11] - The sector experienced a net capital outflow of 821 million yuan during this period [1] Cement Industry Tracking - As of March 28, 2025, the national cement price index was 393.69 yuan/ton, reflecting a week-on-week increase of 0.57% [15] - Cement output reached 2.905 million tons, up 17.61% from the previous week, with a clinker capacity utilization rate of 60.5% [15] Glass Industry Tracking - The average price of float glass was 1306.69 yuan/ton, with a week-on-week increase of 0.30% [32] - Inventory levels for float glass decreased by 2.74 million weight boxes compared to the previous week [32] Fiberglass Industry Tracking - The price of non-alkali fiberglass remained stable, with the average price for 2400tex non-alkali winding direct yarn at 3833 yuan/ton, unchanged from the previous week [44] - The electronic yarn market also showed stability, with prices for G75 electronic yarn ranging from 8800 to 9200 yuan/ton [44] Key Stocks - Recommended stocks include: - Puhua Co., Ltd. (Buy) with an EPS forecast of 0.25 yuan for 2023 [7] - Qibin Group (Increase) with an EPS forecast of 0.65 yuan for 2023 [7] - China Jushi (Buy) with an EPS forecast of 0.76 yuan for 2023 [7] - Beixin Building Materials (Buy) with an EPS forecast of 2.09 yuan for 2023 [7]

以下文章来源于硬氪 ，作者吴若瑜 硬氪 . 专注全球化、硬科技报道。36kr旗下官方账号。 深耕特种玻璃四十年。 文 ｜ 吴若瑜 编辑 ｜ 袁斯来 来源｜ 硬氪（ID：south_36kr） 封面来源 ｜ 企业供图 硬氪获悉，近期深创投新材料基金完成对江苏铁锚科技股份有限公司（以下简称"铁锚科技"）的数亿元C轮投资。本轮融资用于高新技术产品线的战略布局 与核心技术攻坚，重点投向航空领域、透明陶瓷等"国产替代"核心项目。 自2023年国产大飞机C919首航成功，正式投入商业运营。更多的国产大飞机交付使用，带动了产业背后的零部件和原材料公司发展，也显露出更多本土制 造商的实力。据了解，C919大飞机、C929洲际客机上的机舱舷窗玻璃就是由"铁锚科技"提供。 C919产品示意图（图源/企业） 后续，铁锚将推广透明新材料的市场应用以及航空座椅的国内生产与国际化销售。硬氪了解到，公司研发的YAG透明陶瓷于2024年实现了1.2米×0.8米的工 程化生产，创下了全球最大透明陶瓷材料的纪录。 产能方面， "铁锚科技"拥有的标准厂房面积共计50万㎡，具备年产1500万平方米安全玻璃及其配套总成的生产能力，年产产值可达40亿元 ...

上海耀皮玻璃集团股份有限公司 募集资金管理办法 上海耀皮玻璃集团股份有限公司 募集资金管理办法 第一条 为规范上海耀皮玻璃集团股份有限公司（以下简称"公司"）募集 资金的管理和使用，切实保护投资者的利益，提高募集资金的使用效率，根据 《中华人民共和国公司法》、《中华人民共和国证券法》、《上市公司监管指 引第2号——上市公司募集资金管理和使用的监管要求》、《上海证券交易所上 市公司自律监管指引第1号——规范运作》和中国证券监督管理委员会(以下简 称"中国证监会")、上海证券交易所及《上海耀皮玻璃集团股份有限公司章程》 的有关规定，特制定本管理办法(以下简称"本办法")。 第一章 总则 第二条 本办法所称募集资金是指公司通过公开发行证券(包括配股、增发、 发行可转换公司债券、发行分离交易的可转换公司债券等)以及以非公开发行股 票的方式向投资者募集的有特定用途的资金，但不包括上市公司实施股权激励 计划募集的资金。 第三条 募集资金到位后，按有关规定，公司应及时办理验资手续，由具有 证券从业资格的会计师事务所出具验资报告。 第四条 募集资金的使用应当符合招股说明书或者募集说明书公布的资金投 向和用途。公司改变招股说明 ...

上海耀皮玻璃集团股份有限公司 舆情管理制度 （十一届五次董事会会议审议通过） 一般舆情是指除重大舆情之外的其他舆情。 第一章 总 则 第一条 为规范上海耀皮玻璃集团股份有限公司（以下简称"公司"）应 对各类舆情的能力，建立快速反应和应急处置机制，及时、妥善处理各类舆情对 公司股价、公司商业信誉及正常生产经营活动造成的影响，切实保护投资者合法 权益，根据《公司章程》、《上海证券交易所股票上市规则》等相关法律法规的 规定和，特制订本制度。 第二条 公司舆情分为重大舆情和一般舆情两类，其中重大舆情包括： （一）可能或者已经影响社会公众投资者投资取向，造成股价异常波动的信 息； （二）社会上存在的已经或者将给公司造成较大不良影响的传言或信息； （三）报刊、电视、网络等媒体对公司进行的负面报道； （四）其他涉及公司信息披露且可能对公司股票及其衍生品交易价格产生 较大影响的事件信息。 （二）拟定各类舆情信息的处理方案； 第二章 舆情管理的组织体系及其工作职责 第三条 公司应对各类舆情实行统一领导、统一组织、快速反应、协同应对。 第四条 公司成立应对舆情管理工作领导小组（以下简称"舆情工作组"） （三）协调和组织各类舆情处 ...