Group 1 - The core focus of Qibin Group at the Eurasia Glass Industry Exhibition was on three main product systems: high-quality float glass, energy-saving building glass, and photovoltaic glass, showcasing their comprehensive strength from product R&D to value-added services [1] - The exhibition served as a platform for Qibin Group to effectively communicate brand value and service advantages, enhancing its recognition in international markets and establishing a solid bridge for the promotion of high-end products and deep processing services overseas [1] - Qibin Group engaged in in-depth discussions with international clients on key topics such as photovoltaic glass supply, green building materials application, new material technology cooperation, and deep processing service support, resulting in bulk orders and valuable channel resources [1] Group 2 - Europe is identified as a key market for Qibin Group's global layout due to its high standards, stable demand, and significant potential in the glass industry [1] - The exhibition facilitated intensive connections with European partners, leading to multiple agreements on technical exchanges, demand matching, and cooperation models, further deepening regional market penetration [1][3] - Qibin Group's participation in the exhibition is a crucial step in advancing international business and strengthening its brand's international influence [1][3]

Core Viewpoint - Qibin Group's stock has experienced fluctuations, with a recent decline of 2.08% and a year-to-date increase of 18.42%, indicating volatility in market performance [1][2]. Financial Performance - For the period from January to September 2025, Qibin Group reported a revenue of 11.78 billion yuan, reflecting a year-on-year growth of 1.55%, while the net profit attributable to shareholders was 915 million yuan, showing a significant increase of 30.90% [2]. - Cumulatively, since its A-share listing, Qibin Group has distributed a total of 7.92 billion yuan in dividends, with 1.67 billion yuan distributed over the past three years [3]. Stock Market Activity - As of November 12, Qibin Group's stock price was 6.59 yuan per share, with a market capitalization of 18.375 billion yuan. The trading volume was 119 million yuan, with a turnover rate of 0.64% [1]. - The stock has seen a net outflow of 4.32 million yuan in principal funds, with significant buying and selling activity from large orders [1]. Shareholder Structure - As of October 20, the number of shareholders for Qibin Group was 94,100, a decrease of 3.16% from the previous period, while the average circulating shares per person increased by 3.26% to 28,523 shares [2]. - Notable institutional shareholders include Invesco Great Wall New Energy Industry Fund and GF Advanced Manufacturing Fund, with significant changes in their holdings [3].

Core Viewpoint - Qibin Group's stock price dropped by 5.09% to 6.71 CNY per share, with a total market capitalization of 18.007 billion CNY as of November 6 [1] Group 1: Company Overview - Qibin Group, established on July 8, 2005, and listed on August 12, 2011, is located in Nanshan District, Shenzhen, Guangdong Province [1] - The company's main business involves the production and sale of glass and glass products, with revenue composition as follows: ultra-white photovoltaic glass 43.59%, high-quality float glass 37.93%, energy-saving architectural glass 14.87%, other functional glass 2.39%, and logistics 0.04% [1] Group 2: Fund Holdings - Changjiang Asset Management holds a significant position in Qibin Group through its fund, Changjiang Hongli Return Mixed Fund A (013934), which held 550,000 shares, accounting for 4.34% of the fund's net value, ranking as the ninth largest holding [2] - The fund has experienced a floating loss of approximately 198,000 CNY as of the report date [2] Group 3: Fund Manager Information - The fund manager of Changjiang Hongli Return Mixed Fund A is Xu Jie, who has a total tenure of 20 years and 79 days [3] - The fund's total asset size is 222 million CNY, with the best return during the tenure being 174.92% and the worst return being 0.76% [3]

Core Viewpoint - Qibin Group's stock has experienced fluctuations, with a recent decline of 2.11%, while the company has shown a year-to-date increase of 25.07% in stock price [1] Financial Performance - For the period from January to September 2025, Qibin Group achieved a revenue of 11.78 billion yuan, representing a year-on-year growth of 1.55%, and a net profit attributable to shareholders of 915 million yuan, reflecting a significant increase of 30.90% [2] - Cumulative cash dividends paid by Qibin Group since its A-share listing amount to 7.92 billion yuan, with 1.67 billion yuan distributed over the past three years [3] Shareholder Information - As of October 20, 2025, the number of shareholders in Qibin Group decreased to 94,100, a reduction of 3.16%, while the average circulating shares per person increased by 3.26% to 28,523 shares [2] - The top ten circulating shareholders include notable institutional investors, with Invesco Great Wall New Energy Industry Fund being the fifth largest shareholder, increasing its holdings by 5.57 million shares [3]

Summary of Q3 2025 Earnings Call for Qibin Group Company Overview - **Company**: Qibin Group - **Industry**: Glass manufacturing, specifically float glass, photovoltaic glass, electronic glass, and pharmaceutical glass Key Financial Metrics - **Q3 2025 Revenue**: 4.387 billion CNY - Float Glass: 1.9 billion CNY - Photovoltaic Glass: 2.1 billion CNY - Energy-saving Building Glass: 240 million CNY - Electronic Glass: 70 million CNY - Pharmaceutical Glass: 7-8 million CNY - **Net Profit**: Over 24 million CNY - Float Glass Profit: 62 million CNY - Energy-saving Building Glass Profit: 20 million CNY - Losses: Photovoltaic Glass (23 million CNY), Electronic Glass (14 million CNY), Pharmaceutical Glass (7 million CNY) [2][5][6] Production and Sales Performance - **Float Glass Production**: 83.64 million weight cases in the first three quarters, up 1.91 million weight cases year-on-year - **Sales of Float Glass**: 81.83 million weight cases, with a production-sales ratio of 97.84% and a gross margin of 15.4% - **Q3 Production**: 28.3 million weight cases, sales of 29.61 million weight cases, production-sales ratio of 104.5% - **Photovoltaic Glass**: Production and sales of 445 million square meters in the first three quarters, with a gross margin of 7.6% [7][2] Cost and Expense Management - **Raw Material Prices**: - Soda ash prices decreased from over 1,400 CNY to 1,200 CNY - Petroleum coke prices increased from 1,400 CNY to under 1,700 CNY - **Financial Ratios**: - Financial expense ratio decreased from 3.08% to 2.5% - Management expense ratio decreased from 5% to 4.1% - Sales expense ratio decreased from 1.14% to 1% [8] Cash Flow and Investment Activities - **Net Cash Flow from Operating Activities**: 1.06 billion CNY in the first three quarters, with Q3 contributing over 700 million CNY, a year-on-year increase of 255% - **Investment Activities**: 1.58 billion CNY, significantly reduced compared to previous years; accounts receivable increased by 143 million CNY but the growth rate narrowed; inventory decreased by 200 million CNY compared to Q2 [9] Dividend Policy - **Future Dividend Plan**: Increased dividend payout ratio from 20% to 50% over the next three years, with more frequent cash dividends, potentially semi-annually or quarterly [10] Industry Insights - **Float Glass Market**: - The float glass industry is under pressure but showed signs of recovery in September 2025, with an average domestic price of 1,290 CNY/ton, up 7.6% from Q2 and 10.8% year-on-year - Energy-saving building glass is experiencing structural upgrades driven by carbon neutrality goals and changing market demands [4] - **Photovoltaic Glass Market**: - After a period of adjustment, the photovoltaic glass industry is recovering, with inventory pressure released and prices rebounding - Major companies dominate the market, reducing the risk of vicious competition, and prices are expected to remain stable [2][12] Challenges and Future Outlook - **Electronic Glass**: Currently in a loss position due to R&D expenses and personnel costs, with profitability unlikely in the first half of next year, but long-term improvements are anticipated through investments in chip packaging and overflow projects [3][25] - **Market Predictions**: - The industry consensus is that supply-demand balance can be maintained, with expectations of price declines next year but not reaching the lows of mid-2023 [21] - The potential for significant price drops in November is low, with prices expected to stabilize around 13 CNY [13] Additional Considerations - **Environmental Policies**: New policies require advance reporting for new capacity and emphasize measures against underpricing, although specific regulations are yet to be clarified [11] - **Future Production Capacity**: Limited unactivated capacity in photovoltaic glass, with minimal likelihood of large-scale activation due to energy consumption requirements [22]

Core Viewpoint - Qibin Group is a leading glass production enterprise in China, demonstrating strong revenue and profit performance in the industry, with a focus on various glass products and concepts such as BIPV and energy-saving technologies [1][2][6]. Group 1: Business Performance - In Q3 2025, Qibin Group achieved a revenue of 11.78 billion yuan, ranking first among seven companies in the industry, with the second-place company, Nanshan Glass, reporting 10.42 billion yuan [2]. - The company's net profit for the same period was 893 million yuan, also leading the industry, while the second-place company, Yaopi Glass, reported a net profit of 164 million yuan [2]. - The main business segments include ultra-white photovoltaic glass (3.22 billion yuan, 43.59%), high-quality float glass (2.80 billion yuan, 37.93%), and energy-saving architectural glass (1.10 billion yuan, 14.87%) [2]. Group 2: Financial Ratios - As of Q3 2025, Qibin Group's debt-to-asset ratio was 58.44%, slightly up from 58.22% year-on-year, and higher than the industry average of 48.69% [3]. - The gross profit margin for the same period was 12.33%, down from 19.01% year-on-year, but still above the industry average of 8.81% [3]. Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 0.92% to 97,200, while the average number of circulating A-shares held per shareholder increased by 0.92% to 27,600 [5]. - Notable changes among the top ten circulating shareholders include an increase in holdings by Invesco Great Wall New Energy Industry Stock A and the entry of GF High-end Manufacturing Stock A as a new sixth-largest shareholder [5]. Group 4: Management Compensation - The chairman, Zhang Baizhong, received a salary of 7.57 million yuan in 2024, a decrease of 332,100 yuan from 2023, while the president, Ling Genlue, saw a significant increase in salary to 7.54 million yuan [4]. Group 5: Market Outlook - Analysts from Guangfa Securities and Zhongtai Securities have mixed views on the company's performance, with expectations of fluctuating revenues and net profits for 2025-2027, forecasting net profits of 1 billion yuan, 800 million yuan, and 1.06 billion yuan respectively [5][6]. - The company is noted for its strong market position in float and photovoltaic glass, with significant growth potential in energy-saving architectural glass [6].

机构持仓方面，截止2025年6月30日，旗滨集团十大流通股东中，景顺长城新能源产业股票A类 （011328）位居第五大流通股东，持股2924.60万股，相比上期减少578.89万股。香港中央结算有限公司 位居第七大流通股东，持股2543.72万股，相比上期增加108.12万股。南方中证500ETF（510500）位居 第八大流通股东，持股2396.37万股，相比上期增加318.77万股。景顺长城成长龙头一年持有期混合A类 （011058）退出十大流通股东之列。 10月23日，旗滨集团盘中下跌2.04%，截至09:48，报6.72元/股，成交4481.05万元，换手率0.25%，总市 值180.34亿元。 资金流向方面，主力资金净流出501.05万元，特大单买入193.69万元，占比4.32%，卖出339.02万元，占 比7.57%；大单买入681.89万元，占比15.22%，卖出1037.61万元，占比23.16%。 旗滨集团今年以来股价涨20.75%，近5个交易日跌5.88%，近20日跌0.88%，近60日涨5.16%。 资料显示，株洲旗滨集团股份有限公司位于广东省深圳市南山区桃源街道龙珠四路2号方大城T1 ...

分红方面，旗滨集团A股上市后累计派现79.20亿元。近三年，累计派现16.66亿元。 机构持仓方面，截止2025年6月30日，旗滨集团十大流通股东中，景顺长城新能源产业股票A类 （011328）位居第五大流通股东，持股2924.60万股，相比上期减少578.89万股。香港中央结算有限公司 位居第七大流通股东，持股2543.72万股，相比上期增加108.12万股。南方中证500ETF（510500）位居 第八大流通股东，持股2396.37万股，相比上期增加318.77万股。景顺长城成长龙头一年持有期混合A类 （011058）退出十大流通股东之列。 责任编辑：小浪快报 资料显示，株洲旗滨集团股份有限公司位于广东省深圳市南山区桃源街道龙珠四路2号方大城T1栋36 楼，成立日期2005年7月8日，上市日期2011年8月12日，公司主营业务涉及玻璃及玻璃制品生产、销 售。主营业务收入构成为：超白光伏玻璃43.59%，优质浮法玻璃37.93%，节能建筑玻璃14.87%，其他 功能玻璃2.39%，其他(补充)1.18%，物流0.04%。 截至9月19日，旗滨集团股东户数9.81万，较上期减少2.48%；人均流通股27368 ...

Core Viewpoint - Qibin Group's stock has shown a significant increase in price this year, with a year-to-date rise of 26.33%, indicating strong market performance despite recent fluctuations in trading volume and net capital outflow [1][2]. Financial Performance - For the first half of 2025, Qibin Group reported operating revenue of 7.393 billion yuan, a year-on-year decrease of 6.55%, while net profit attributable to shareholders increased by 9.77% to 891 million yuan [2]. - Cumulatively, since its A-share listing, Qibin Group has distributed a total of 7.92 billion yuan in dividends, with 1.666 billion yuan distributed over the past three years [3]. Shareholder Structure - As of September 19, 2025, the number of shareholders for Qibin Group was 98,100, reflecting a decrease of 2.48% from the previous period, while the average circulating shares per person increased by 2.54% to 27,368 shares [2]. - Among the top ten circulating shareholders, Invesco Great Wall New Energy Industry Stock A ranked fifth with 29.246 million shares, a decrease of 5.789 million shares from the previous period [3].

Core Viewpoint - Qibin Group's stock has shown significant growth this year, with a 29.20% increase, indicating strong market performance and investor interest [2]. Group 1: Stock Performance - As of September 30, Qibin Group's stock price rose by 2.13% to 7.19 CNY per share, with a trading volume of 1.94 billion CNY and a turnover rate of 1.02%, resulting in a total market capitalization of 192.95 billion CNY [1]. - Year-to-date, Qibin Group's stock has increased by 29.20%, with a 12.87% rise in the last five trading days, 13.59% in the last 20 days, and 26.58% in the last 60 days [2]. Group 2: Financial Performance - For the first half of 2025, Qibin Group reported a revenue of 73.93 billion CNY, a year-on-year decrease of 6.55%, while the net profit attributable to shareholders increased by 9.77% to 8.91 billion CNY [2]. - The company has distributed a total of 79.20 billion CNY in dividends since its A-share listing, with 16.66 billion CNY distributed over the past three years [3]. Group 3: Shareholder Information - As of June 30, 2025, Qibin Group had 98,100 shareholders, a decrease of 2.48% from the previous period, with an average of 27,368 circulating shares per shareholder, an increase of 2.54% [2]. - Major shareholders include Invesco Great Wall New Energy Industry Stock A and Hong Kong Central Clearing Limited, with notable changes in their holdings [3].