Core Viewpoint - The significant discrepancy between the revenue of 1.733 billion yuan and cash received from sales of 1.014 billion yuan for the company is primarily due to the reliance on bank acceptance bills for payments and the company's cash management practices [1]. Group 1: Revenue and Cash Flow Discrepancy - The difference between the 2024 operating revenue and cash received from sales amounts to 720 million yuan, with 891 million yuan related to the payment of procurement costs through the endorsement of bank acceptance bills [1]. Group 2: Accounts Receivable and Customer Stability - The top five accounts receivable customers for 2024 include companies such as Hubei Zhouzheng Logistics Co., Ltd. and Urumqi Borui Sunshine Trading Co., Ltd., with only one customer overlapping with 2023 [2][6]. - The company asserts that the overall sales amount from the top five accounts receivable customers is relatively low, indicating a stable customer base primarily consisting of first-level agents or traders [2]. Group 3: Major Customer and Bad Debt Issues - A significant bad debt issue involves Shenzhen Hengbo Commercial Chain Co., Ltd., for which the company provided a guarantee for a bank loan and subsequently compensated 163 million yuan [7]. - The company has recorded 466 million yuan in other receivables from Hengbo Commercial, with a provision for bad debts amounting to 421 million yuan, reflecting a provision rate of 90.48% [8].

Core Viewpoint - The announcement details the cash dividend distribution plan for the fiscal year 2024 by Shanghai Yaopi Glass Group Co., Ltd, including specific amounts for A and B shares and the relevant tax implications for different types of shareholders [1][2][3]. Dividend Distribution Plan - The cash dividend for A shares is set at 0.007 RMB per share (pre-tax), while for B shares, it is 0.000975 USD per share (pre-tax) [2][4]. - The total cash dividend distribution amounts to 6,544,412.48 RMB based on the total share capital of 934,916,069 shares [4]. Relevant Dates - The profit distribution plan was approved at the annual shareholders' meeting held on June 13, 2025 [2]. Implementation Method - Cash dividends for A shares will be distributed through China Securities Depository and Clearing Corporation Limited, Shanghai Branch, to shareholders registered by the end of the trading day on the record date [5]. - For B shares, the cash dividends will be paid in USD, with the exchange rate set at 1 USD = 7.1789 RMB based on the central bank's rate on June 16, 2025 [9]. Tax Implications - For A share individual shareholders, the tax rate varies based on the holding period, with a maximum tax rate of 20% for shares held for one month or less, and no tax for shares held for over one year [6][10]. - For B share shareholders, a 10% corporate income tax will be withheld, resulting in a net dividend of 0.000878 USD per share for non-resident enterprises [9][11].

Core Viewpoint - The legal opinion letter from Beijing Zhide Law Firm confirms that the 2024 annual general meeting of China Southern Glass Group Co., Ltd. was convened and conducted in compliance with relevant laws and regulations, ensuring the legitimacy of the meeting and its resolutions [1][2][3]. Group 1: Meeting Procedures - The board of directors announced the meeting on May 30, 2025, detailing the time, location, and agenda [2][3]. - The meeting was held on June 24, 2025, combining on-site and online voting methods [4]. - The meeting location was specified as the new office building of China Southern Glass Group in Shenzhen [4]. Group 2: Attendance and Voting - A total of 608 shareholders attended the meeting, representing 784,626,011 shares, which is 25.94% of the total voting shares [4][5]. - Among the attendees, 604 were minority shareholders, holding 127,048,057 shares, accounting for 4.20% of the total voting shares [4][5]. - The meeting included 70 on-site attendees and 538 online voters, with the online votes accounting for 22.59% of the total voting shares [5]. Group 3: Proposals and Voting Results - The meeting reviewed several proposals, including the 2024 annual reports and profit distribution plans [6]. - The voting results showed significant support for the proposals, with the majority of votes in favor [7][8][9]. - Specific proposals received over 93% approval from minority shareholders, indicating strong backing for the company's plans [10][11]. Group 4: Legal Compliance - The legal opinion confirms that all procedures, qualifications of attendees, and voting results adhered to the Company Law, Securities Law, and relevant regulations [12].

证券代码：600819 证券简称：耀皮玻璃 公告编号：2025-039 上海耀皮玻璃集团股份有限公司 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗 漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： ? 每股分配比例 A 股每股现金红利0.007元（税前），B 股每股现金红利0.000975美元（税前） ? 相关日期 股份类别 股权登记日 最后交易日 除权（息）日 现金红利发放日 Ａ股 2025/6/30 － 2025/7/1 Ｂ股 2025/7/3 2025/6/30 2025/7/16 ? 差异化分红送转： 否 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司2025 年 6 月 13 日的2024年年度股东大会审议通过。 二、 分配方案 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分 公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 本次利润分配以方案实施前的公司总股本 934,916,069 股为基数，每股派发现金红利 三、 相关日期 股份类别 股权登记日 最后交易日 除权（息）日 现金红利发 ...

Report Industry Investment Rating No relevant content provided. Core Viewpoints - Glass prices have been on a downward trend, and the supply - side daily melting volume may accelerate contraction due to corporate losses. The demand is expected to be weak from July to August but may improve from September to December, with potential price increases and stock price rebounds similar to Q4 2024. However, glass prices may hit new lows due to the continuous decline in soda ash prices [3][27]. - There is high investor attention on special electronic cloth. Domestic leading enterprises are actively increasing supply capacity in response to the opportunity of domestic substitution. It is recommended to pay attention to companies such as Sinoma Science & Technology and Honghe Technology [3]. - It is recommended to pay attention to companies like Honglu Steel Structure, Qibin Group, Punan Co., Ltd., Hainan Huatie, Beixin Building Materials, China National Chemical Engineering, China State Construction, Shanghai Harbor, Sinoma Science & Technology, and Keda Manufacturing [3]. Summary by Directory 1. Week - long Special Topic: How Much Room Is There for the Decline of Float Glass Prices? - **Current Glass Price Position**: As of June 20, 2025, the glass price has dropped to 1,190 yuan/ton, a year - on - year decline of about 470 yuan, approaching the lowest point of this cycle (1,160 yuan/ton in late September 2024). The current price is at the lowest 2% of the price range from 2017 to now [10]. - **Reasons for Price Decline**: The continuous decline in glass prices is mainly due to the continuous negative year - on - year growth rate of housing completion area since 2024, which reduces the consumption of architectural glass, and the continuous decline in soda ash prices, which lowers the production cost of glass [12]. - **Stock Price Rebound in the Downturn**: During the four - year downward cycle of glass stock prices, there are still rebound opportunities. From September to October 2024, the stock price of Qibin Group rebounded by 40% - 50%, partly due to the market's rise and partly due to the rebound of glass prices [17]. - **Supply - Side Contraction and Price Rebound Potential**: If glass prices continue to be sluggish or decline, corporate losses may accelerate the contraction of the supply - side daily melting volume. The demand is expected to be weak from July to August, but the supply - demand pattern may improve from September to December, with potential price increases and stock price rebounds [27]. - **Risk of New Price Lows**: Considering the decline in soda ash prices, the current glass price may be about 108 yuan lower than the low point, and glass prices may hit new lows in this downward cycle [27]. 2. Profit Forecast and Valuation of Main Covered Companies No specific content about profit forecast and valuation is provided other than the table title. 3. Weekly Market Review - **Building and Building Materials Sub - sectors**: The report shows the weekly price changes of various sub - sectors in the building and building materials industries, but specific analysis is not provided [33]. - **Infrastructure Public REITs**: The report lists the weekly market conditions of multiple infrastructure public REITs, including closing prices, 52 - week highs and lows, weekly, monthly, year - to - date, 250 - day, and IPO - to - date price changes [38][39]. 4. Aggregate Data Tracking - **Real Estate Data**: It includes data on real estate new construction, construction, completion, sales area cumulative year - on - year, land transaction data, real estate transaction data, social financing data, infrastructure investment growth rate, and the quarterly new contract signing situation of eight major construction central enterprises [41][85]. - **Special Bond Issuance**: It shows data on the monthly and cumulative issuance amounts of new and replacement special bonds [87][91]. 5. High - Frequency Data Tracking - **Cement Data**: It includes national PO42.5 cement average price, East China regional cement price trend, cement - coal price difference index, cement inventory ratio, and cement production monthly year - on - year growth rate [98][104]. - **Float Glass Data**: It includes glass spot and futures prices, glass inventory, and glass daily melting volume [104][113]. - **Photovoltaic Glass Data**: It includes photovoltaic glass inventory, soda ash price, 2mm photovoltaic glass price, and photovoltaic glass daily melting volume [112][113]. - **Glass Fiber Data**: It includes prices of various types of glass fiber yarns and glass fiber inventory [116][128]. - **Carbon Fiber Data**: It includes carbon fiber average price, raw silk price, production, inventory, start - up rate, cost, gross profit, and gross profit margin [125][134]. - **Magnesia and Alumina Prices**: It includes the ex - factory tax - included price of large - crystal electro - fused magnesia and alumina price [137][139]. - **Upstream Raw Material Prices**: It includes prices of asphalt, waste paper, PVC, HDPE, acrylic acid, and titanium dioxide [142][155]. - **Physical Workload Data**: It includes high - machine rental rate, excavator monthly working hours, and asphalt average start - up rate [150][156].

Core Viewpoint - The geopolitical conflict between Iran and Israel has led to significant volatility in crude oil-related products, while the soda ash market remains weak with an unfavorable outlook for the future [1] Macro Factors - The recent rise in crude oil prices does not impact soda ash costs, leaving soda ash unaffected by the upward trend in energy prices [1] - Financial and real estate data show no positive highlights, with national real estate development investment from January to May 2025 at 36,234 billion yuan, a year-on-year decrease of 10.7%, and construction area at 625,020 thousand square meters, down 9.2% year-on-year [1] - The market's anticipated monetary and fiscal support has not materialized, leading to expectations of restrained future stimulus policies [1] Micro Factors - As of June 23, 2025, domestic soda ash manufacturers have a total inventory of 1.7559 million tons, an increase of 29,200 tons from the previous week, representing a 1.69% rise and an 84.19% increase year-on-year [1] - The weekly production of soda ash is expected to remain above 700,000 tons post-June, indicating significant supply pressure with limited maintenance support [1] - The photovoltaic glass industry is experiencing a reduction in production, negatively impacting the demand for soda ash, while the rebound in float glass prices is based on supply tightening expectations, which is also unfavorable for soda ash demand [1] Future Outlook - The fundamental outlook for soda ash remains weak, with no significant rebound or reversal expected in the short to medium term [1] - Attention should be paid to potential policy stimuli on the macro level and unplanned maintenance on the micro level; otherwise, the oversupply situation for soda ash is likely to continue [1] - It is suggested to monitor opportunities for hedging or arbitrage when soda ash futures prices rebound to the cost line of ammonia-soda enterprises [1]

| | | | | | 纯 碱 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 2025/6/16 | 2025/6/20 | | 2025/6/23 周度变化 日度变化 | | | 2025/6/16 | 2025/6/20 | | 2025/6/23 周度变化 日度变化 | | | 沙河重碱 | 1210.0 | 1210.0 | 1210.0 | 0.0 | 0.0 | SA05合 约 | 1206.0 | 1207.0 | 1206.0 | 0.0 | -1.0 | | 华中重碱 | 1170.0 | 1170.0 | 1170.0 | 0.0 | 0.0 | SA01合约 | 1165.0 | 1162.0 | 1161.0 | -4.0 | -1.0 | | 华南重碱 | 1510.0 | 1500.0 | 1500.0 | -10.0 | 0.0 | SA09合约 | 1174.0 | 1173.0 | 1173.0 | -1.0 | 0.0 | | 青 海 | ...

Core Viewpoint - Compliance in tax operations is essential for the sustainable development of enterprises, as demonstrated by the initiatives taken by the tax authority in Shuangqiao District, Chengde City, Hebei Province to support businesses in adhering to tax regulations [1] Group 1: Tax Compliance and Business Development - Chengde Huafu Glass Technology Engineering Co., Ltd. emphasizes that tax compliance has always been a critical focus since its establishment, with management adhering to the principle that "compliance creates value" [2] - The company attributes its good tax credit to the precise services provided by the tax authority and its own efforts, including proactive reminders for proper record management and documentation from the initial stages of the business [2][3] Group 2: Benefits of Good Tax Credit - The company has experienced tangible benefits from its strong tax credit, gaining advantages in bidding, financing, and export operations due to its good credit standing [3] - In 2024, the company is expected to benefit from tax reductions amounting to 4.32 million yuan from policies such as R&D expense deductions and high-tech enterprise tax exemptions, which will support its technological innovation and process upgrades [3] Group 3: Ongoing Support from Tax Authorities - The tax authority in Shuangqiao District plans to continue enhancing tax law publicity and serve as a guide for businesses to comply with laws and regulations, thereby supporting their sustainable development [3]

证券代码：601865 证券简称：福莱特 公告编号：2025-042 转债代码：113059 转债简称：福莱转债 福莱特玻璃集团股份有限公司 关于 2020 年 A 股限制性股票激励计划预留授予部分第 四个解除限售期解除限售条件成就暨上市公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： ? 本次股票上市类型为股权激励股份；股票认购方式为网下，上市股数为 本次股票上市流通总数为140,000股。 ? 本次股票上市流通日期为2025 年 6 月 30 日。 福莱特玻璃集团股份有限公司（以下简称"本公司"或"公司"）于 2025 年 6 月 23 日召开第七届董事会第七次会议和第七届监事会第五次会议审议通过了《关 于 2020 年 A 股限制性股票激励计划预留授予部分第四个解除限售期解除限售条件 成就的议案》，同意对符合公司 2020 年 A 股限制性股票激励计划（以下简称"本激 励计划"）预留授予部分第四个限售期解除限售条件的 140,000 股限制性股票办理 解除限售，本次解除限售事项已经公司 2019 ...

Report Industry Investment Rating No relevant content provided. Core Views - Glass shows a weak rebound due to the warming of commodity sentiment, but the medium - term demand contraction and industrial deflation persist, and the short - term fundamentals are still weak with no obvious driving force [1][4] - The overall logic of soda ash is a supply - demand surplus pattern, and a medium - to long - term bearish view is recommended, although it is sensitive to policy and cost changes [1][6] Summary by Relevant Catalogs Glass Supply - The weekly start - up rate of the float glass industry is 75.34%, a week - on - week decrease of 0.08 percentage points; the capacity utilization rate is 77.7%, a week - on - week increase of 0.22 percentage points [3] - One production line was cold - repaired this week, with a capacity of 700 tons per day. The daily output is 15.54 tons, a week - on - week decrease of 0.16%; the weekly output is 109.35 tons, a month - on - month increase of 0.21% and a year - on - year decrease of 7.88% [3] Demand - In the off - season, the shipment in various regions is mainly for rigid demand, and the speculative purchasing demand is relatively weak [3] Inventory - The total inventory of national float glass sample enterprises increased by 202,000 heavy boxes or 0.29% week - on - week to 69.887 million heavy boxes, reaching an 8.5 - month high, with a year - on - year increase of 16.82%. The inventory days are 30.8 days, the same as the previous period [3] Cost and Profit - The costs of glass made from petroleum coke, coal, and natural gas are 1,138, 1,020, and 1,466 yuan per ton respectively, with week - on - week changes of - 20, - 6, and - 7 yuan per ton [3] - The production profits are - 108.5, 83.7, and - 195.1 yuan per ton respectively, with week - on - week changes of + 20, + 3, and - 12.3 yuan per ton [3] View and Strategy - The glass shows a weak repair market. The short - term fundamentals are weak, and there is no obvious driving force. Although the valuation is relatively low, considering the uncertainty of the off - season and limited positive driving forces, attention should be paid to the 1,045 pressure level [4] Soda Ash Supply - The comprehensive capacity utilization rate of soda ash this week is 86.57%, a week - on - week increase of 1.68%. The domestic soda ash output is 754,700 tons, a week - on - week increase of 14,600 tons or 1.97% [5] Demand - The sales - to - production ratio this week is 94.65%, a week - on - week increase of 2.61%, but less than 100%. The downstream demand is average, mainly for on - demand procurement [5] - There is no new investment or cold - repair of production lines in photovoltaic glass, and the downstream orders are few. The performance of float glass is mediocre, with most processing plants having scattered orders [5] Inventory - The total inventory of domestic soda ash manufacturers is 1.7267 million tons, a week - on - week increase of 40,400 tons or 2.40%. Among them, the light soda ash inventory is 812,600 tons, a week - on - week increase of 1,300 tons; the heavy soda ash inventory is 914,100 tons, a week - on - week increase of 39,100 tons [5] Cost and Profit - The ammonia - soda production cost is 1,259 yuan per ton, a week - on - week decrease of 47 yuan per ton. The combined - soda production cost is 1,591 yuan per ton (calculated at a ratio of 75% - 80%, it is 1,193 - 1,272 yuan per ton), with no week - on - week change [5] - The profit of the ammonia - soda method is 25.2 yuan per ton, a week - on - week increase of 4.5 yuan per ton; the profit of the combined - soda method is 99.5 yuan per ton, a week - on - week decrease of 40 yuan per ton [5] View and Strategy - Soda ash shows a relatively poor performance. With the increase in supply and decrease in demand, the inventory of soda ash manufacturers has increased for three consecutive weeks, and the market is worried about over - supply. A medium - to long - term bearish view is recommended, and attention should be paid to the 10 - day moving average pressure [6]