Core Viewpoint - The company reported a revenue of 873 million yuan for the first half of 2025, marking an 8.02% year-on-year increase, while the net profit attributable to shareholders decreased by 32.31% to 48 million yuan [4]. Group 1: Equipment Segment Performance - The company achieved a dual business integration in "glass deep processing equipment and products." The non-metallic building materials segment generated revenue of 306 million yuan, a decline of 10.34%, with a gross margin of 20.38%, down by 9.37 percentage points [5]. - Revenue from specialized equipment reached 567 million yuan, an increase of 21.42%, with a gross margin of 29.75%, up by 1.24 percentage points. The glass tempering equipment, a key pillar of the company, saw revenue of 353 million yuan, down 14.28%, with a gross margin of 29.51%, a slight decrease of 0.11 percentage points [5]. - The fourth-generation high-end glass tempering equipment achieved two industry-firsts in smart integration, laying a solid foundation for future intelligent development [5]. - Revenue from vacuum coating equipment was 156 million yuan, with a gross margin of 37.65%. The company has been expanding market applications for vacuum coating equipment, with future potential in thin-film batteries, medical devices, and fabric materials [5]. Group 2: Global Expansion - The company is actively advancing its global development strategy, with overseas market expansion becoming a core driver of performance growth. The company has integrated resources and enhanced market competitiveness, resulting in product sales covering over 110 countries and regions, with more than 80% coverage in "Belt and Road" countries [6]. - Overseas business revenue accounted for 47.50% of total revenue, reflecting a year-on-year growth of 45.53% [6].

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Investment Rating - The report maintains a rating of "Buy" for companies such as Beixin Building Materials and China Jushi, while recommending "Overweight" for Weixing New Materials [9]. Core Views - The construction materials sector experienced a decline of 3.04% from September 1 to September 5, 2025, with cement down 2.22% and fiberglass down 7.46%, while glass manufacturing saw a slight increase of 2.13 [12]. - Shenzhen's recent real estate policy adjustments are expected to stimulate demand, particularly in the consumer building materials segment, benefiting companies like Beixin Building Materials and Weixing New Materials [2][9]. - The report highlights a potential recovery in the fiberglass market, with prices stabilizing after a price war, and an increase in demand from the wind power sector [2][7]. Summary by Sections Cement Industry Tracking - As of September 5, 2025, the national cement price index was 336.2 RMB/ton, a decrease of 0.43% week-on-week, with cement output at 2.5775 million tons, up 0.68% [17]. - The cement market is in a weak recovery phase, with demand expected to remain limited due to funding and progress constraints in infrastructure projects [17]. Glass Industry Tracking - The average price of float glass was 1192.99 RMB/ton, with a slight increase of 0.28% week-on-week, while inventory levels rose by 500,000 boxes [6]. - Market sentiment remains cautious, with demand primarily driven by essential replenishment rather than speculative buying [6]. Fiberglass Industry Tracking - The price of non-alkali fiberglass remained stable, with some manufacturers planning price increases due to seasonal demand and cost pressures [7]. - The demand for electronic fiberglass is recovering slowly, while high-end products continue to see strong sales [7]. Consumer Building Materials Tracking - The consumer building materials segment is benefiting from improved second-hand housing transactions and consumption stimulus policies, with companies like Beixin Building Materials and Weixing New Materials recommended for investment [2][9]. - The report notes a weak recovery in demand for consumer building materials, with fluctuations in raw material prices impacting market sentiment [8]. Carbon Fiber Industry Tracking - The carbon fiber market remains stable, with production levels at 1854 tons and an operating rate of 61.59% [8]. - The industry continues to face challenges with profitability, as many companies are still operating at a loss [8].

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company reported a revenue of 873 million yuan in the first half of 2025, representing a year-on-year increase of 8.02%, while the net profit attributable to shareholders decreased by 32.31% to 48 million yuan [1] - The company is actively advancing its globalization strategy, with overseas business accounting for 47.50% of total revenue, a year-on-year increase of 45.53% [3] - The company has achieved an integrated industrial layout of "glass deep processing equipment and products," positioning itself as a leader in the glass deep processing sector [3] Summary by Sections Financial Performance - In the first half of 2025, the non-metallic building materials segment generated revenue of 306 million yuan, down 10.34% year-on-year, with a gross margin of 20.38%, a decrease of 9.37 percentage points [2] - The specialized equipment segment achieved revenue of 567 million yuan, up 21.42% year-on-year, with a gross margin of 29.75%, an increase of 1.24 percentage points [2] - The company’s fourth-generation high-end glass tempering equipment has achieved two industry-firsts in smart integration, laying a solid foundation for future intelligent development [2] Global Expansion - The company’s products are sold in over 110 countries and regions, with more than 80% coverage in Belt and Road countries and regions [3] - The report highlights that the overseas market expansion has become a core driver of the company's performance growth [3] Profit Forecast and Valuation - The report forecasts the company's net profit attributable to shareholders for 2025 and 2026 to be 104 million yuan and 122 million yuan, respectively, with a new forecast for 2027 at 144 million yuan [3] - The company is positioned as a leader in the glass deep processing field, maintaining a "Buy" rating [3]

Core Viewpoint - Hubei Yijun Yaoneng New Materials Co., Ltd. (referred to as Yijun Yaoneng) has disclosed the progress of its initial public offering (IPO) guidance work, with China International Capital Corporation (CICC) serving as the advisory institution [2]. Company Overview - Yijun Yaoneng was established on December 18, 2003, with a registered capital of 115 million yuan. The company specializes in the production and sales of glass raw sheets and deep-processed glass, with main products including float glass, Low-E coated glass, and hollow glass [4]. - The company is controlled by Li Chuanbing and Li Jun, who hold 41.34% and 27.06% of the shares, respectively, totaling 68.40% of the company's shares [4]. Management Information - Li Chuanbing serves as the chairman of the board, while Li Jun is the vice chairman. Other board members include Wang Yongke, Chen Ya, Yang Fan, Chen Tianyu, Li Chengliang, and Wang Wanlun [5]. - In 2020, Li Chuanbing received a pre-tax salary of 5.0048 million yuan, while Li Jun received 1.1196 million yuan [6]. Historical Context - Yijun Yaoneng's IPO process began with a pre-disclosure of the prospectus on September 27, 2021, aiming for a listing on the Shenzhen Main Board. However, the IPO review was terminated on September 6, 2022 [2].

Group 1 - The company announced the use of idle raised funds to purchase financial products, with a total limit not exceeding RMB 800 million, for a period not exceeding 12 months [1] - On June 4, 2025, the company used RMB 470 million of idle raised funds to purchase a structured deposit product from Industrial and Commercial Bank of China [2] - The structured deposit product matured on September 4, 2025, yielding a return of 2.471%, resulting in a financial gain of RMB 2,927,762.63 [2] Group 2 - The company’s board of directors and all directors guarantee the announcement's content is free from false records, misleading statements, or major omissions [1] - The financial gains from the investment were returned to the raised funds account on September 4 and 5, 2025 [2]

Group 1 - The core idea of the article emphasizes the business philosophy of Cao Dewang, who advocates for a "dumb business" approach, focusing on long-term stability rather than quick profits [33][34] - Cao Dewang's strategy involves not engaging in speculation, avoiding financial leverage, and concentrating solely on glass manufacturing, which has led to the establishment of Fuyao Glass as a global leader in the industry [33][34] - The article highlights the importance of maintaining healthy cash flow, solid technology, and practical management, contrasting this with the trend of pursuing explosive growth seen in other sectors [35][36] Group 2 - The article suggests that true business success comes from creating value for users over time, rather than seeking immediate gains [36] - It promotes the idea of "slow is fast" and "less is more," indicating that a focus on core competencies and customer service can lead to sustainable growth [35] - The upcoming event in Fuzhou aims to share Cao Dewang's business wisdom and philosophy, emphasizing the integration of business principles with personal and spiritual growth [37]

1. Report General Information - Report title: Black Series Weekly Report [2] - Report date: September 5, 2025 [2] - Author: Shi Lei, Research Assistant Shi Zhuoran [2] 2. Report Industry Investment Rating - No industry investment rating is provided in the report. 3. Report Core Views Mid - to - Long - Term - For rebar and iron ore, this week, the market sentiment remained weak at the beginning and middle of the week, with the rebar main contract stabilizing and rebounding on Friday. After the military parade on Wednesday, the impact of production restrictions was coming to an end, and the expectation of upstream and downstream resumption of production increased. The supply and demand of rebar weakened simultaneously this week, and the contraction of steel mill profits formed a negative feedback. Attention should be paid to the recovery of peak - season demand. The global iron ore shipments increased significantly this period, and the daily average hot metal output reached a new low in the past six months. The iron ore futures price was under pressure due to the situation of strong supply and weak demand [65]. - For float glass, the float glass start - up rate increased month - on - month, the weekly output remained stable, and the in - factory inventory accumulated, with cautious market sentiment. For soda ash, the in - factory inventory continued to decline, downstream procurement was mainly for rigid demand, the improvement of the supply - demand fundamentals was limited, and the main contract fluctuated weakly and steadily [69]. Short - Term - For the black series, recently, the main contracts of the black series mainly oscillated within a range. Attention should be paid to the start of demand during the "Golden September and Silver October" period [66]. - For glass and soda ash, the fundamentals improved limitedly this week, and the market continued to consolidate at the bottom [70]. 4. Summary by Related Catalogs Black Series One - Week Market Review | Variety | Futures Closing Price Change | Futures Closing Price Change Rate | Spot Price | Basis (Unconverted) | | ---- | ---- | ---- | ---- | ---- | | Rebar (RB2601) | - 17.0 | - 1% | 3240.0 | 97.0 | | Hot - Rolled Coil (HC2601) | - 6.0 | - 0.2% | 3380.0 | 40.0 | | Iron Ore (I2601) | 2.0 | 0.3% | 790.0 | 0.5 | | Coke (J2601) | 3.5 | 0.2% | 1670.0 | 23.5 | | Coking Coal (JM2601) | 7.5 | 0.7% | 1350.0 | 191.5 | | Glass (FG601) | 7.0 | 0.6% | 1240.0 | 51.0 | | Soda Ash (SA601) | 6.0 | 0.5% | 1283.8 | - 18.3 | [3] Rebar - **Profit**: On September 4, the rebar blast furnace profit was reported at 1 yuan/ton, a decrease of 50 yuan/ton compared to August 28 [7]. - **Supply**: As of September 5, the blast furnace start - up rate was 80.4%, a decrease of 2.8 percentage points; the daily average hot metal output was 228.84 tons, a decrease of 11.29 tons; the rebar output was 218.68 tons, a decrease of 1.88 tons [12]. - **Demand**: In the week of September 5, the apparent consumption of rebar was reported at 202.07 tons, a decrease of 2.14 tons month - on - month; as of September 4, the trading volume of construction steel by mainstream traders was reported at 101,009 tons [17]. - **Inventory**: In the week of September 5, the social inventory of rebar was reported at 468.66 tons, an increase of 14.89 tons month - on - month; the in - factory inventory was reported at 171.34 tons, an increase of 1.72 tons month - on - month [22]. Iron Ore - **Supply**: In the week of August 29, the global iron ore shipments were reported at 3556.8 tons, an increase of 241 tons month - on - month; the arrival volume at 47 ports in the country was reported at 2645 tons, an increase of 182.7 tons month - on - month [27]. - **Inventory**: In the week of September 5, the inventory of imported iron ore at 47 ports in the country was reported at 14425.72 tons, an increase of 37.7 tons month - on - month; the inventory of imported iron ore at 247 steel enterprises was reported at 8939.87 tons, a decrease of 67.32 tons month - on - month [30]. - **Demand**: In the week of September 5, the daily average port clearance volume of imported iron ore at 47 ports in the country was reported at 330.33 tons, a decrease of 3.81 tons month - on - month; as of September 4, the trading volume at major ports in China was reported at 90.5 tons [35]. Float Glass - **Supply**: In the week of September 5, the number of float glass production lines in operation was reported at 225, an increase of 1 compared to the previous week; the weekly output was reported at 1117025 tons, the same as the previous week; as of September 4, the capacity utilization rate of float glass was reported at 79.78%, the same as the previous week; the start - up rate of float glass was reported at 76.01%, an increase of 0.33 percentage points month - on - month [40]. - **Inventory**: In the week of September 5, the in - factory inventory of float glass was reported at 6305.0 million weight boxes, an increase of 48.4 million weight boxes compared to August 29; the available days of in - factory inventory were 26.9 days, an increase of 0.2 days month - on - month [44]. - **Demand**: As of September 1, the order days of glass deep - processing downstream manufacturers were 10.4 days [48]. Soda Ash - **Supply**: In the week of September 5, the capacity utilization rate of soda ash was reported at 86.22%, an increase of 3.75 percentage points compared to the previous week; the output was reported at 75.17 tons, an increase of 3.26 tons compared to the previous week [53]. - **Inventory**: As of September 5, the in - factory inventory of soda ash was reported at 182.21 tons, a decrease of 4.54 tons compared to August 29 [58]. - **Sales Rate**: As of September 5, the sales rate of soda ash was reported at 106.04%, an increase of 0.2 percentage points compared to August 29 [62].

Core Viewpoint - CITIC Heavy Industries has achieved a significant breakthrough in the high-performance photovoltaic glass sector with the launch of its self-cleaning photovoltaic glass product, addressing key maintenance challenges and contributing to the green low-carbon development of the industry [1] Group 1: Technical Innovation and Performance - The self-cleaning photovoltaic glass features a special functional coating that prevents dust and liquid stains from adhering, allowing for easy removal with rainwater or clean water, thus enhancing the cleaning convenience and power generation efficiency compared to traditional photovoltaic glass [2] - The product exhibits superior physical properties, with a pencil hardness of 5H, significantly exceeding the national standard of 3H, and shows no change after 30 cycles of rubber abrasion; the water contact angle is below 5°, close to 0°, outperforming the national standard of less than 10°, demonstrating excellent hydrophilicity [2] - In the adhesive tape test for dirt resistance, the product showed stable performance, validating its reliability and durability [2] Group 2: Application Prospects and Green Development - The research and development of this product was a collaborative effort involving multiple research institutions, focusing on ultra-fine nanomaterials to overcome key process bottlenecks, achieving full control from technical validation to large-scale production [3] - In the context of the "dual carbon" strategy and green low-carbon development, the application prospects for self-cleaning photovoltaic glass are extensive, with potential uses in solar power plants, high-rise building facades, rail transportation, and automotive glass, promoting broader energy-saving and environmental protection practices [3] - CITIC Heavy Industries aims to leverage this launch to continue its commitment to "innovation-driven, green development," optimizing product performance and accelerating the global application and promotion of new material technologies [3]

Report Industry Investment Rating - No relevant content provided Core Viewpoints - No clear core viewpoints are presented in the given content Summary by Related Catalogs Glass - **Price and Spread Changes**: From August 28 to September 4, 2025, the price of 5mm large - plate glass in some regions showed different trends. For example, the price of 5mm large - plate glass of Shahe Great Wall increased by 11.0 week - on - week and 9.0 day - on - day; FG9 - 1 spread increased by 15.0 week - on - week and 6.0 day - on - day [1]. - **Profit Changes**: During the same period, the profit of North China coal - fired glass increased by 19.5 week - on - week and 9.4 day - on - day; the profit of North China natural gas glass increased by 15.2 week - on - week and 9.0 day - on - day [1]. - **Market Conditions**: The production and sales of glass in Shahe factories were average, with low - price sales of Shahe traders around 1113 and average shipments; the price of factories in Hubei Province was around 1000, with average transactions. The production and sales rates of glass in different regions were: Shahe 97, Hubei 106, East China 86, and South China 99 [1]. Soda Ash - **Price and Spread Changes**: From August 28 to September 4, 2025, the price of heavy soda ash in some regions changed. For example, the price of heavy soda ash in Shahe decreased by 10.0 week - on - week and then increased by 20.0 day - on - day; SA09 - 01 spread increased by 7.0 week - on - week and 1.0 day - on - day [1]. - **Profit Changes**: The profit of North China ammonia - soda process decreased by 12.4 week - on - week and then increased by 0.6 day - on - day [1]. - **Market Conditions**: The spot price of heavy soda ash in Hebei delivery warehouses was around 1160, and the price delivered to Shahe was around 1200. The industry showed factory de - stocking and delivery warehouse inventory accumulation, with overall slight de - stocking [1].