天眼查App显示，近日，耀森（河南）新材料科技有限公司成立，法定代表人为王森，注册资本100万 人民币，经营范围为一般项目：新材料技术研发；技术服务、技术开发、技术咨询、技术交流、技术转 让、技术推广；玻璃制造；技术玻璃制品制造；技术玻璃制品销售；功能玻璃和新型光学材料销售；建 筑材料销售；非金属矿及制品销售；工程和技术研究和试验发展（除依法须经批准的项目外，凭营业执 照依法自主开展经营活动）。 ...

Core Insights - A new company, Xuzhou Miyue Glass Products Co., Ltd., has been established with a registered capital of 300,000 RMB [1] Company Overview - The legal representative of the company is Chen Ling [1] - The company’s business scope includes various glass manufacturing and sales activities, such as: - Glass manufacturing - Sales of daily glass products - Manufacturing of glass instruments and thermal insulation containers - Sales of technical glass products and ordinary glass containers - Manufacturing and sales of non-sealed glass shells and other glass products [1] Business Activities - The company is involved in a wide range of activities, including: - Sales of glass fiber and products - Sales of molds and non-metallic minerals and products - Packaging services and sales of packaging equipment - Sales of plastic products, cork products, and daily wooden products - Retail of kitchenware, daily miscellaneous items, and tea sets - Sales of electronic products, rubber products, and arts and crafts items (excluding ivory and its products) - Sales of daily necessities, office supplies, metal tools, and miscellaneous goods - Import and export of goods, technology, and agency services - Internet sales (excluding items requiring permits) [1]

Core Viewpoint - Hebei Shennan Technology Co., Ltd. has been established with a registered capital of 3 million RMB, focusing on various technology services and manufacturing in the glass and optical materials sector [1] Group 1: Company Overview - The legal representative of Hebei Shennan Technology Co., Ltd. is Liang Yanjuan [1] - The registered capital of the company is 3 million RMB [1] Group 2: Business Scope - The company’s business scope includes technology services, development, consulting, and transfer, as well as new materials technology research and promotion [1] - Manufacturing capabilities include technical glass products, daily glass products, optical glass, and various glass containers [1] - The company also engages in the sale of glass products, including functional glass and new optical materials [1] - Additional activities include research and development in industrial robotics, IoT technology, and solar power technology services [1] - The company is involved in the manufacturing and sales of metal tools, electronic products, and communication equipment [1]

Core Viewpoint - ST Huapeng has experienced significant stock price increases, with 8 out of 12 trading days resulting in price limits, leading to a cumulative increase of 31.21% and a turnover rate of 46.30% [2] Stock Performance - The stock recorded a trading volume of 3.7686 million shares and a transaction amount of 21.4276 million yuan, with a turnover rate of 1.18% as of 9:46 AM [2] - The stock has been listed on the Dragon and Tiger list due to a cumulative closing price deviation of 12% over three consecutive trading days [2] - The net buying amount from leading trading departments reached 1.8571 million yuan [2] Financial Performance - For the first three quarters, the company achieved an operating income of 271 million yuan, a year-on-year decrease of 6.07% [2] - The net profit for the same period was -96.0473 million yuan, showing a year-on-year increase of 1.24% [2] - The basic earnings per share stood at -0.3000 yuan [2] Company Background - Shandong Huapeng Glass Co., Ltd. was established on December 29, 2001, with a registered capital of 3.1994807 billion yuan [2]

Core Points - A new company, Bengbu Jingyi Printing Materials Co., Ltd., has been established with a registered capital of 100,000 RMB [1] - The legal representative of the company is Su Kqun [1] Business Scope - The company is engaged in the manufacturing and sales of inks (excluding hazardous chemicals) [1] - It also produces and sells paper products, glass, and daily-use glass products [1] - The company is involved in the manufacturing of glass fiber and related products, as well as the sale of construction materials [1] - Additional services include leasing (excluding licensed leasing services) and advertising design and agency [1] Licensing Projects - The company is authorized to conduct residential interior decoration and various printing services, including packaging and specific printed materials [1] - It can also produce food-grade paper packaging and container products, subject to approval from relevant authorities [1]

Core Viewpoint - Recently, Xuzhou Qilin Glass Products Co., Ltd. was established with a registered capital of 500,000 RMB, indicating a new player in the glass manufacturing industry [1] Company Summary - The legal representative of the newly established company is Zhu Nana [1] - The registered capital of the company is 500,000 RMB [1] - The company operates in various sectors including glass manufacturing, daily glass products manufacturing, technical glass products manufacturing, and more [1] Industry Summary - The company’s business scope includes the manufacturing and sales of a wide range of glass products, including optical glass, glass instruments, and glass insulation containers [1] - The company also engages in the manufacturing and sales of rubber products, bamboo products, and wooden products, indicating a diversified product line [1] - Additional services include packaging services, import and export activities, and supply chain management, reflecting a comprehensive operational strategy [1]

Financial Data and Key Metrics Changes - Total revenues for Q3 2025 reached a record $260.5 million, up 9.3% year over year, driven by strong organic growth in both single-family residential and multi-family commercial businesses [4][12] - Adjusted EBITDA for Q3 2025 was $79.1 million, representing an adjusted EBITDA margin of 30.4%, compared to $81.4 million and a 34.2% margin in the prior year [12][13] - Gross profit was $111.3 million, with a gross margin of 42.7%, down from a gross profit of $109.2 million and a 45.8% margin in the prior year [12][13] Business Line Data and Key Metrics Changes - Single-family residential revenue grew 3.4% year over year to a record $113.5 million, benefiting from pricing initiatives and market share gains [4][9] - Multi-family and commercial business revenue increased 14.3% year over year to a record $147 million, reflecting market share gains and project execution [5][8] - The backlog reached a record $1.3 billion, up over 20% year over year, indicating strong demand and project pipeline [5][8] Market Data and Key Metrics Changes - The company reported a healthy book-to-bill ratio of 1.3x for Q3, maintaining a ratio above 1.1x for 19 consecutive quarters [8] - The composition of the backlog has shifted towards high-end, large-sized projects, which are less sensitive to interest rate fluctuations [8][9] Company Strategy and Development Direction - The company is focused on geographic expansion and product diversification, with plans for a new fully automated facility in Florida to enhance manufacturing capabilities [10][11] - The board authorized an expansion of the share repurchase program to $150 million, reflecting confidence in the business and commitment to balanced capital allocation [6][17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to deliver exceptional shareholder value, supported by a strong balance sheet and record backlog [6][20] - The updated full-year 2025 financial guidance anticipates revenues in the range of $970 million to $990 million, reflecting approximately 10% growth at the midpoint [18][19] Other Important Information - The company generated operating cash flow of $40 million in Q3, driven by strong profitability and efficient working capital management [15][16] - Capital expenditures for the quarter were $18.8 million, with expectations for moderation through year-end [15][16] Q&A Session Summary Question: Context around 2026 double-digit growth visibility - Management highlighted a record backlog providing visibility, especially for larger projects, and growth driven by geographical expansion and vinyl product ramp-up [24] Question: Trends in aluminum costs and FX impacts - Management noted a significant increase in aluminum prices and U.S. aluminum premiums, with expectations for normalization as demand subsides [25][26] Question: Update on the vinyl business performance - The company expects vinyl business to grow significantly in 2026, with a complete product line and new dealer partnerships [28] Question: Pricing and tariff costs for 2026 - Management indicated that pricing adjustments have been implemented, and gross margins are expected to maintain a low to mid-40% range [33][34] Question: Capacity and CapEx for the new U.S. facility - The projected total cost for the new facility is around $350 million to $400 million, with a multi-year investment timeline [35][39] Question: Impact of slower invoicing in light commercial construction - Management estimated a $20 million reduction in revenue guidance, with half expected to shift to 2026 [43] Question: Market conditions for high-end space and backlog growth - The company is expanding geographically and capturing market share, particularly in Florida and other states [55]

Core Insights - A new company, Xuzhou Qihe Glass Products Co., Ltd., has been established with a registered capital of 300,000 RMB [1] - The legal representative of the company is Bi Yucong [1] Company Overview - The company specializes in various glass manufacturing and sales, including technical glass products, ordinary glass containers, and daily-use glass products [1] - It also engages in the production of specialized equipment for glass, ceramics, and enamel products [1] - The company has a broad range of business activities, including the sale of non-metallic minerals, packaging materials, and household appliances [1] Business Scope - The operational scope includes glass manufacturing, technical glass product manufacturing, and the sale of various glass and non-glass products [1] - The company is involved in import and export activities, as well as technical services related to its products [1]

Core Viewpoint - Dongguan Liufang Zhiduo Technology Co., Ltd. has been established with a registered capital of 5 million RMB, focusing on various technological and manufacturing services in the new materials and glass industry [1] Company Summary - The company is engaged in research and development of new materials, manufacturing of glass products, and sales of optical glass and electronic equipment [1] - It offers a wide range of services including vacuum coating processing, technical glass product manufacturing, and technology promotion services [1] - The company is also involved in domestic trade agency, technology import and export, and general trading activities [1]

Core Viewpoint - Shanghai Poli Building Materials Co., Ltd. has been established with a registered capital of 10 million RMB, focusing on various construction-related activities and materials sales [1] Company Summary - The legal representative of the newly established company is Tan Jiexiong [1] - The registered capital of the company is 10 million RMB [1] - The business scope includes general projects such as sales of building materials, sales of decorative materials, manufacturing and sales of doors and windows, and metal door and window engineering construction [1] - The company is also involved in the research and development of metal products and technical glass products, as well as their manufacturing and sales [1] Industry Summary - The company is permitted to engage in construction engineering and design, subject to approval from relevant authorities [1] - The operational activities are conducted based on the business license, allowing the company to autonomously carry out its business activities [1]