Core Viewpoint - The recent surge in solar glass stocks, particularly for Yamaton, is attributed to the "anti-involution" trend and government policies aimed at addressing overcapacity in the photovoltaic industry [1][6][7]. Company Summary - Yamaton has seen a significant rebound in its stock price, rising over 51% since hitting a low of 11.55 CNY per share on April 9, after previously experiencing a decline of over 68% from its peak of 48.05 CNY per share in August 2022 [2][10]. - The company confirmed the news regarding the collective production cut of 30% by major solar glass manufacturers starting in July, which is expected to promote sustainable development in the industry [7]. - Yamaton is investing 240 million USD to build a solar glass production line in the UAE with an annual capacity of 500,000 tons, aiming to reduce production costs and expand its market share [8][9]. Industry Summary - The photovoltaic industry is currently facing severe price competition, leading to a decline in product prices and prompting companies to explore overseas markets [7][9]. - Recent government initiatives, including the commentary from the People's Daily and the Central Financial Committee's meeting, emphasize the need for regulatory measures to curb low-price competition and promote quality improvements in the industry [6][7]. - The demand for solar glass is expected to increase due to favorable policies in international markets, particularly after the U.S. Senate passed legislation that benefits solar projects [8].

Core Viewpoint - The company reported a significant decrease in revenue and various financial metrics for the first quarter, primarily due to adverse market conditions in the photovoltaic sector, while also outlining a profit distribution plan for 2024. Financial Performance - The company’s operating income decreased by 36.80% compared to the same period last year, attributed to the impact of the photovoltaic market despite a slight increase in sales prices [5][6]. - The net cash flow from operating activities decreased by 70.42% year-on-year, mainly due to reduced revenue leading to lower cash receipts [10]. - The company’s short-term borrowings increased by 34.67%, driven by increased bank loans and reclassification of discounted letters of credit [5]. - The company reported a 76.28% decrease in employee compensation payable, due to the payment of bonuses accrued from the previous period [5]. Profit Distribution Plan - The company proposed a cash dividend of RMB 5 per 10 shares (including tax) for the 2024 fiscal year, totaling RMB 96,531,256.50, based on a share base of 193,062,513 shares after excluding repurchased shares [16][29]. - The profit distribution plan is subject to approval at the 2024 annual general meeting [21]. Business Operations - The company continues to focus on the photovoltaic glass sector, with no significant changes in its main business operations or products during the reporting period [31]. - The company has maintained a strong position in the glass deep processing industry, being a leader in photovoltaic coating glass and ultra-thin photovoltaic glass products [31]. Other Financial Metrics - The company’s financial expenses increased by 55.35% year-on-year, primarily due to higher interest expenses from increased bank loans [7]. - The company’s investment income decreased by 103.65% year-on-year, attributed to changes in the fair value of financial assets and reduced bank wealth management income [7].