内容来源：笔记侠(Notesman)。 责编| 贾宁 排版| 拾零 第 9141 篇深度好文：5533 字 | 14 分钟阅读 组织管理 今天，让我们一起探索如何通过管理向善，释放团队中每个人内心深处的善意与潜能。 一、曹德旺：一个"善管理"的实践者 1987年，福耀玻璃刚刚成立不久，就接到了第一笔外贸订单——香港隆辉公司2000片汽车玻璃。 当第一批产品生产出来后，曹德旺发现有些玻璃的波纹不符合标准。虽然客户可能不会发现，但他坚持全部重新生产。"我们要做就做最好的玻璃"，他在 书中回忆这个决定时说， "信誉比利润重要得多。" 这种对品质的执着很快为福耀赢得了声誉。1991年，福耀开始为北美市场供货。当时国际客户对中国产品普遍存在质量疑虑，但福耀用实际表现改变了他 们的看法。 1993年，美国PPG公司代表在考察福耀生产线后感叹："没想到中国能有如此高标准的汽车玻璃生产企业。" 对外善待客户的同时，曹德旺对内善待员工的理念同样令人感动。 笔记君说： 福耀集团董事长曹德旺是杰出的中国企业家，在他的自传《心若菩提》中，我们能看到一位真正践行"管理向善"的企业家。如何将善意转化为最强大的管 理力量，他的经营实践为这 ...

Core Viewpoint - The company reported a decline in revenue and incurred a net loss for the first half of 2025, indicating financial challenges ahead [1] Financial Performance - The company achieved an operating revenue of 771 million yuan, representing a year-on-year decrease of 6.00% [1] - The net loss attributable to shareholders of the listed company was 45.3166 million yuan [1] - The net loss attributable to shareholders after deducting non-recurring gains and losses was 45.1331 million yuan [1] - The basic loss per share was 0.1156 yuan [1]

Core Viewpoint - Qibin Group (601636.SH) reported its 2025 mid-year results, showing strong performance with significant increases in revenue and net profit compared to the previous year [1][3]. Financial Performance - The company's total operating revenue reached 7.393 billion yuan, ranking third among disclosed peers [1]. - The net profit attributable to shareholders was 891 million yuan, also ranking third among peers, with an increase of 79.285 million yuan, representing a year-on-year growth of 9.77% [1]. - Operating cash flow net inflow was 321 million yuan, ranking fifth among peers, with an increase of 372 million yuan compared to the same period last year [1]. Profitability Metrics - The latest asset-liability ratio stood at 58.27%, a decrease of 0.72 percentage points from the previous quarter [3]. - The gross profit margin was 13.23%, an increase of 1.21 percentage points from the previous quarter [3]. - Return on equity (ROE) was 6.42%, ranking first among disclosed peers, with an increase of 0.76 percentage points year-on-year [3]. Earnings Per Share - The diluted earnings per share were 0.33 yuan, ranking fourth among peers, with an increase of 0.03 yuan, achieving two consecutive years of growth and a year-on-year increase of 9.76% [3]. Efficiency Ratios - The total asset turnover ratio was 0.21 times, ranking sixth among peers [3]. - The inventory turnover ratio was 2.79 times, ranking fifth among peers, with an increase of 0.38 times year-on-year, representing a growth of 16.02% [3]. Shareholder Structure - The number of shareholders was 120,700, with the top ten shareholders holding 1.281 billion shares, accounting for 47.72% of the total share capital [3]. - The largest shareholder, Fujian Qibin Group Co., Ltd., holds 25.38% of the shares [3].

Core Insights - The company achieved a revenue of 8.2 billion yuan in the first half of 2025, representing a year-on-year growth of 49%, with a net profit of 750 million yuan, up 64% year-on-year [1] - The overseas building materials segment is identified as the core growth driver, with a revenue increase of 90% year-on-year [2][3] - The company is positioned as a leading player in the African building materials market, with a strong growth outlook due to demographic advantages [5] Financial Performance - In Q2, the company reported a revenue of 4.4 billion yuan, a 51% increase year-on-year, and a net profit of 400 million yuan, up 178% year-on-year [1] - The gross margin for the first half of the year was approximately 29.3%, an increase of 3.7 percentage points year-on-year, while the net profit margin was about 9.1%, up 0.8 percentage points year-on-year [2] - The overseas building materials revenue for the first half was approximately 3.77 billion yuan, with a gross margin of 36.8%, reflecting a 5.9 percentage point increase year-on-year [3] Segment Analysis - The building materials machinery segment saw a revenue decline of 5% year-on-year, totaling approximately 2.57 billion yuan, primarily due to weak domestic demand [4] - The company’s ceramic machinery business maintained stable growth in Southeast Asia and South Asia, while the overseas ink business performed well [4] - Blueco Lithium achieved a sales volume of approximately 21,000 tons, generating revenue of 1.24 billion yuan, with a net profit of 19,000 yuan per ton [4] Market Positioning - The company is recognized as a leading player in the African building materials market, benefiting from production, channel, and brand advantages [5] - Future net profit projections for the company are estimated at 1.67 billion yuan, 1.93 billion yuan, and 2.21 billion yuan for 2025-2027, indicating a favorable valuation trend [5]

Core Viewpoint - The company, ST Huapeng, has reported significant changes in its financial status, including a negative net asset value, and plans to hold an earnings presentation to discuss its semi-annual performance [5][12][14]. Company Overview - ST Huapeng is a glass manufacturing company based in Shandong, China [3]. - The company has undergone changes in its financial structure, with a notable shift in net assets from positive to negative [5]. Financial Data - As of the end of the reporting period, the net assets attributable to shareholders of the listed company were -4,373,765.97 yuan, indicating a transition from positive to negative [5]. - The company has successfully managed its financial obligations, repaying a total of 430 million yuan in bank loans during the reporting period [4]. Important Events - The company’s subsidiary, Anqing Huapeng, is scheduled for a major overhaul starting July 2025, which is expected to impact revenue [4]. - The board of directors convened to approve the semi-annual report, with all members present and in agreement [2][8]. Investor Communication - An earnings presentation is scheduled for September 24, 2025, to address investor inquiries regarding the semi-annual report [12][14]. - Investors can submit questions prior to the meeting through designated channels [16].

Group 1 - The core viewpoint of the article highlights the competitive landscape of the Chinese borosilicate glass industry, focusing on regional distribution and strategic clusters of competitors [1][4] - The industry is primarily concentrated in the eastern coastal regions of China, particularly in Jiangsu Province, indicating a regional competitive advantage [1] - The competitive landscape categorizes companies into four strategic clusters: leaders, challengers, followers, and niche players, with a notable number of challengers in the market [1][4] Group 2 - The first-tier companies in the borosilicate glass industry are characterized by significant market share, advanced technology, and a high number of approved associations, including Shandong Pharmaceutical Glass, Zhengchuan Co., and Linuo [4] - The second-tier companies, such as Four Star Glass and Qibin Group, lag behind the first tier in market share and influence, while the third tier includes companies like Delixi and Weigao, which have lower recognition and influence [4] - The domestic production of borosilicate glass is crucial for reducing reliance on imports and enhancing the competitiveness of the pharmaceutical packaging industry [8] Group 3 - The core raw materials for borosilicate glass, such as boron and quartz sand, have a high dependency on imports, leading to moderate bargaining power for suppliers [9] - The downstream demand is highly concentrated in the pharmaceutical packaging sector, with major clients like Qilu Pharmaceutical and Huayao Group, resulting in moderate bargaining power for buyers [9] - The production of borosilicate glass requires advanced technologies, and only a few companies have overcome technical barriers, indicating a low threat from potential new entrants [9]

1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report - The glass fundamentals are weak, and it is expected to mainly show a weak and volatile trend in the short term. The supply has declined to a relatively low level in the same period, and there has been phased replenishment by downstream players, leading to a reduction in glass factory inventories. However, the sustainability of this reduction is questionable, and it is expected that glass will mainly show a wide - range volatile trend [2][5]. 3. Summary by Relevant Catalogs Glass Futures Market - The closing price of the main glass futures contract was 1175 yuan/ton, with a daily increase of 0.17%. The spot price of Shahe Safety large - plate glass was 1064 yuan/ton, remaining unchanged. The main basis was - 111 yuan/ton, with a change of 1.83% [6]. Glass Spot Market - The market price of 5mm white glass large - plate in the spot benchmark area of Hebei Shahe was 1064 yuan/ton, remaining unchanged from the previous day [12]. Fundamentals - Cost Side - Glass production profit has declined, and the cold - repair speed of the industry has slowed down. The start - up rate and output have dropped to the lowest levels in the same historical period [2]. Fundamentals - Supply - The number of operating national float glass production lines was 223, with a start - up rate of 75.34%. The daily melting volume of national float glass was 159,600 tons, with the production capacity at the lowest level in the same historical period and showing signs of stabilization and recovery [22][24]. Fundamentals - Demand - In June 2025, the apparent consumption of float glass was 4.634 million tons. The terminal real - estate demand remains weak, and the number of orders from glass deep - processing enterprises is at a historical low in the same period. The capital collection situation in the deep - processing industry is not optimistic, and traders and processors are cautious, mainly focusing on digesting the original glass inventory [28][4]. Fundamentals - Inventory - The inventory of national float glass enterprises was 63.606 million weight boxes, an increase of 0.28% from the previous week, and the inventory was running above the 5 - year average [42]. Fundamentals - Supply - Demand Balance Sheet - From 2017 to 2024E, the production, consumption, and other data of float glass showed different trends. For example, in 2024E, the production was expected to be 55.1 million tons, with a growth rate of 3.94%, and the consumption was expected to be 53.1 million tons, with a decline rate of 1.15% [43]. Influencing Factors - **Positive Factors**: Under the influence of the "anti - involution" policy, there is an expectation of capacity clearance in the float glass industry [3]. - **Negative Factors**: The terminal real - estate demand remains weak, the capital collection in the deep - processing industry is not optimistic, and the "anti - involution" market sentiment has subsided [4].

Overview of Trading Situation - The company and its subsidiaries aim to utilize futures and derivatives for hedging to mitigate risks from raw material price fluctuations and enhance financial stability [2][3] - The maximum contract amount for futures and derivatives hedging is set at RMB 2 billion, with a maximum expected margin and premium of RMB 300 million [2][3] - The funding for these transactions will come from the company's own funds, without involving raised capital [2] Trading Methods - The company will limit its hedging activities to raw materials and foreign exchange rates relevant to its operations, using tools such as futures, options, forwards, and swaps [3] - Trading will occur on recognized exchanges, including the Zhengzhou Commodity Exchange and the Shanghai Futures Exchange, to manage risks associated with international market fluctuations [3] Approval Process - The company held board and supervisory meetings on August 27, 2025, to approve the hedging proposal, which does not constitute a related party transaction [4][5] Risk Analysis and Control Measures - The company acknowledges potential risks, including market volatility, credit risk, liquidity risk, and operational risk, but emphasizes that the hedging activities are not for speculative purposes [5][6] - Control measures include adherence to relevant laws and regulations, regular risk assessments, and training for personnel involved in trading [6][7][8] Impact on the Company - As a leading glass manufacturer, the company faces significant uncertainty from raw material and energy price fluctuations, as well as foreign exchange risks due to international transactions [9] - The hedging strategy is designed to stabilize operational performance and enhance financial resilience, thereby improving capital management efficiency [9] Accounting Treatment - The company will follow relevant accounting standards for financial instruments and hedge accounting to manage the financial implications of these transactions [11]

Company Performance - 福莱特玻璃 reported a revenue of approximately 7.737 billion yuan for the first half of 2025, a year-on-year decrease of 27.66% [1] - The net profit attributable to the parent company was about 261 million yuan, down 82.58% year-on-year [1] - In Q2, the company achieved a revenue of 3.658 billion yuan, a decrease of 26.41% year-on-year and a 10% decrease quarter-on-quarter [1] - The net profit for Q2 was 155 million yuan, down 79.02% year-on-year but up 46% quarter-on-quarter [1] Industry Outlook - 中金指出 that the company's profitability is under pressure mainly due to the decline in domestic glass prices and asset impairment losses caused by furnace repairs [1] - However, Q2 showed signs of profitability recovery compared to Q1, with a gross margin of 16.65%, which is down 9.8 percentage points year-on-year but up 4.9 percentage points quarter-on-quarter [1] - Looking ahead to the second half of the year, the industry is expected to achieve a supply-demand balance, with price increases anticipated in September [1] - According to SMM, the price of photovoltaic glass is expected to rise by 2 yuan per square meter in September, which could significantly improve the loss situation across the industry if realized [1]

消息面上，福莱特玻璃公布2025年中期业绩，营业收入约77.37亿元，同比减少27.66%；归属于母公司 所有者净利润约2.61亿元，同比减少82.58%。单看第二季度，该公司二季度营业收入36.58亿元，同比 减少26.41%，环比减少10%；归属于母公司所有者的净利润1.55亿元，同比减少79.02%，环比则增长 46%。 中金指出，上半年公司盈利承压，主要系国内玻璃价格下降导致，同时公司冷修窑炉造成资产减值损 失。但是Q2环比Q1已展现盈利修复趋势，Q2公司毛利率为16.65%，同比-9.8ppt，环比+4.9ppt。展望下 半年，该行认为行业有望呈现供需平衡状态，9月价格存在上涨预期，龙头公司率先受益。根据SMM， 9月光伏玻璃价格有望上调2元/平，该行预期若此价格落地，全行业亏损现象有望大幅改善。 福莱特（601865）玻璃(06865)转涨近3%，早盘曾跌超3%。截至发稿，涨2.76%，报10.43港元，成交额 1.13亿港元。 ...