证券代码：300160 证券简称：秀强股份 江苏秀强玻璃工艺股份有限公司 投资者关系活动记录表 编号：2025-003 | | ☑特定对象调研 □分析师会议 | | | --- | --- | --- | | 投资者关系活动 | □媒体采访 □业绩说明会 | | | 类别 | □新闻发布会 □路演活动 | | | | □现场参观 □其他（请文字说明其他活动内容） | | | 参与单位名称及 | 国诚投资：洪海超、王凡 | | | 人员姓名 | | | | 时间 | 年 11 月 10 日（星期一） | 2025 | | 地点 | 江苏秀强玻璃工艺股份有限公司 会议室 302 | | | 上市公司接待人 | 副总经理、董事会秘书：席公正 | | | 员姓名 | 证券事务代表：鲍梦媛 1、公司未来的发展方向是什么？ | | | | 答：公司持续以客户需求为导向，实行产品销售差异化战略，提升新 产品、高附加值产品的销售占比，围绕家电玻璃及新能源玻璃领域进行产 | | | | 品优化。家电端将持续围绕彩晶、镀膜、多曲面等方向优化迭代，在关键 | | | | 生产工序推进自动化与信息化，依托泰国生产基地贴近核心客户、提 ...

Core Viewpoint - The recent financial report of Xiugang Co., Ltd. shows a mixed performance with a revenue increase but a decline in net profit, highlighting concerns over accounts receivable and profitability metrics [1][3]. Financial Performance - Total revenue for Q3 2025 reached 1.237 billion yuan, a year-on-year increase of 9.19% compared to 1.133 billion yuan in Q3 2024 [1]. - Net profit attributable to shareholders for Q3 2025 was 171 million yuan, down 5.9% from 182 million yuan in Q3 2024 [1]. - The gross profit margin decreased to 26.33%, a decline of 12.36% year-on-year, while the net profit margin fell to 13.84%, down 13.78% year-on-year [1]. - The company reported a significant increase in accounts receivable, which reached 373 million yuan, representing 170.19% of the latest annual net profit [1][3]. Cost and Efficiency Metrics - Total selling, administrative, and financial expenses amounted to 97.83 million yuan, accounting for 7.91% of revenue, a decrease of 9.45% year-on-year [1]. - Earnings per share (EPS) decreased to 0.22 yuan, down 5.91% from 0.24 yuan in the previous year [1]. Business Operations and Strategy - The company is focusing on its core product lines, particularly household appliance glass, which includes subcategories like colored glass and coated glass [3]. - The establishment of a production line in Thailand aims to enhance supply chain responsiveness and mitigate trade risks [5]. - The company plans to continue developing new products and optimizing production management to maintain competitiveness in the household appliance glass market [6]. Investment and Financial Health - The company's return on invested capital (ROIC) was reported at 8.75%, indicating average capital returns [4]. - Cash assets are described as healthy, suggesting a stable financial position despite the challenges in profitability [4].

Group 1: Autonomous Driving and Low Altitude Economy - The fourth Dubai World Autonomous Driving Congress highlighted that 25% of transportation in Dubai is expected to be automated by 2030, with a further increase to 36% by 2040 [2] - Chinese companies, including Pony.ai, WeRide, and Loong Air, are leading the autonomous driving sector in Dubai, providing testing autonomous taxis for the autonomous driving zone [2] - The DroneTech Dubai 2025 event showcased over 150 exhibitors from more than 40 countries, with the MENA region's low-altitude economy projected to grow to $22-26 billion by 2030, reflecting a compound annual growth rate exceeding 35% [2] Group 2: Aviation and Manufacturing Developments - COMAC (China Commercial Aircraft Corporation) will make its debut at the Dubai Airshow in November, indicating the importance of the Gulf region as a growth market for aircraft manufacturers [3] - China South Glass Group plans to invest 300 million dirhams to establish its first overseas smart manufacturing plant in Abu Dhabi, focusing on energy-efficient glass production with an expected annual output exceeding 5 million square meters [3] Group 3: Economic Policies and Business Growth - Dubai introduced the "Free Zone Mainland Operating Permit," allowing free zone companies to operate in the mainland, which is expected to boost cross-jurisdiction business growth by approximately 20% [4] - As of September 30, 2025, the UAE's corporate tax registration exceeded 640,000, facilitated by the EmaraTax digital platform, enhancing tax compliance and regulatory efficiency [4] Group 4: Real Estate Market Performance - Dubai's real estate market reached a historic high in Q3 2025, with total sales nearing 500 billion dirhams, marking a 32.3% year-on-year increase in transaction value [5] - Ajman’s real estate sales surged by 53% in September 2025, reaching 2.97 billion dirhams (approximately $809 million), indicating strong market growth [5] Group 5: Electric Vehicle Infrastructure - Dubai's electricity and water authority, DEWA, is collaborating with several companies to establish a comprehensive electric vehicle charging network, planning to build over 1,500 green charging stations [6] Group 6: Qatar's Economic Indicators - Qatar's Hamad, Ruwais, and Doha ports reported a 12% increase in transshipment volume in September, with a total of 1.11 million TEUs processed from January to September [7] - Qatar's foreign exchange reserves grew by 3.08% year-on-year in September 2025, reaching 261.05 billion riyals, with official international reserves increasing by 3.73% [7]

Core Insights - The Abu Dhabi Khalifa Economic Zone announced that China Southern Glass Group plans to invest 300 million dirhams to build its first overseas smart manufacturing plant in the Musaffah Industrial Area (ICAD-1) [1] - The project is expected to create 400 professional and technical jobs, supporting Abu Dhabi's industrial growth and economic diversification strategy [1] - The factory is projected to produce over 5 million square meters of coated glass, laminated glass, and hollow glass annually, serving markets in the UAE, Gulf countries, Europe, Africa, and the United States [1] - The new plant is scheduled to commence production by the end of 2026 [1]

Core Viewpoint - Fuyao Glass has established itself as the largest automotive glass supplier globally, with a significant market share and robust production capacity to meet automotive manufacturers' demands [1] Group 1: Production Capacity - The first and second phases of the Fuyao Glass factory in the U.S. have a combined production capacity of approximately 5.5 million sets [1] - The third phase of the project focuses on high-value-added products such as coated glass, panoramic sunroofs, and flat tempered laminated side windows, and has entered the ramp-up production stage [1] Group 2: Market Share - As of 2022, Fuyao Glass holds an estimated global market share of around 34%, confirming its position as the largest automotive glass supplier in the world [1] - Specific regional market share data is confidential and cannot be disclosed due to commercial information protection [1]

Core Viewpoint - Shanghai Yaohua Pilkington Glass Group Co., Ltd. plans to issue A-shares to specific investors to optimize its product structure and enhance market competitiveness, addressing the growing demand for high-end glass products in various industries [12][15][24]. Group 1: Issuance Plan - The company intends to raise a total of up to 300 million yuan (30,000 million) through this issuance, with the net proceeds allocated to specific projects [20][25]. - The issuance will be subject to approval from the Shanghai Stock Exchange and the China Securities Regulatory Commission [2][24]. - The final issuance price will not be lower than 80% of the average trading price over the 20 trading days prior to the pricing date [17][19]. Group 2: Investment Projects - The funds will be used for projects including energy-saving upgrades and automation improvements at the Dalian and Tianjin production lines, with a total investment requirement of approximately 404.75 million yuan [21][26]. - The Dalian project aims to enhance the production line's energy efficiency and product quality through technological upgrades [26]. Group 3: Market Context - The glass industry is experiencing a transformation towards high-end, energy-efficient products, driven by increasing demand in sectors such as automotive, photovoltaic, and construction [13][15]. - The company is positioned as a leading player in the glass industry, focusing on technological innovation and product upgrades to meet market needs [14][15]. Group 4: Financial Implications - The issuance is expected to strengthen the company's capital structure and improve its ability to respond to market changes, thereby enhancing its long-term sustainability [15][24]. - The company plans to utilize self-raised funds for project initiation before the issuance proceeds are available, ensuring project timelines are met [25].

Fundraising Plan - The company plans to raise a total of up to 300 million RMB through a private placement of A-shares, with all proceeds intended for specific investment projects after deducting related issuance costs [1][2] - The actual amount raised will not exceed the funding requirements of the investment projects, and if the funds are insufficient, the company will adjust the investment amounts based on actual needs [2][3] Investment Projects - The first project is the energy-saving upgrade and automation transformation of the Dalian float glass production line, with a total investment of 288.31 million RMB, of which 188.31 million RMB will be funded by the raised capital [2][4] - The project aims to enhance production efficiency and reduce costs through the upgrade of core equipment and automation systems, addressing the aging of the production line and increasing energy consumption [5][6] Market Demand and Trends - There is a growing demand for high-value-added glass products in various sectors, including automotive, photovoltaic, and industrial applications, driven by technological advancements and market trends [6][8] - The company has established a stable customer base across multiple industries, ensuring steady revenue streams post-project completion [7][8] Financial Impact - The internal rate of return for the Dalian project is projected at 14.62%, with a payback period of approximately 7.80 years [9] - The second project, focusing on energy-saving upgrades and coating process improvements at the Tianjin plant, has a total investment of 99.65 million RMB, with 94.90 million RMB sourced from the raised funds [10][11] Strategic Alignment - The fundraising and investment projects align with national policies aimed at reducing carbon emissions and enhancing energy efficiency in the glass manufacturing industry [5][12] - The company aims to optimize its product structure and enhance competitiveness in high-end glass markets, particularly in response to the growing demand for energy-efficient and high-performance glass products [13][16]

Group 1 - The core viewpoint emphasizes the significant progress in energy conservation and carbon reduction in China, with a cumulative decrease in energy intensity exceeding 26% since 2012, equivalent to saving 1.4 billion tons of standard coal and reducing carbon dioxide emissions by approximately 3 billion tons [7][6][8] - The "14th Five-Year Plan" period has seen a notable reduction of 11.6% in energy consumption per unit of GDP compared to the end of the "13th Five-Year Plan," indicating a clear trend towards green and low-carbon development [7][6] - Key industries such as steel, cement, and glass have shown continuous declines in energy consumption per unit of industrial added value, alongside reductions in the intensity of major pollutants [9][10] Group 2 - Companies like Zhejiang Shunhu Aluminum Co., Ltd. have successfully implemented energy-saving technologies, achieving significant savings in natural gas and costs through energy efficiency improvements [8][9] - The introduction of intelligent water management systems in companies like Zhejiang Nanlong Industrial Co., Ltd. has led to a water reuse rate exceeding 98%, showcasing advancements in resource efficiency [10] - The Guangzhou Metro Group has adopted smart cooling systems and energy-efficient technologies, resulting in a 15% to 20% reduction in traction energy consumption, highlighting the importance of energy efficiency in urban transportation [12][11] Group 3 - The construction industry is increasingly focusing on green building practices, with new policies promoting energy efficiency and carbon reduction in building design [15][14] - The Xiong'an Free Trade Zone's zero-carbon demonstration building exemplifies innovative energy-saving technologies, including photovoltaic glass and geothermal heat pumps, contributing to significant energy savings [16][17] - Nationally, the proportion of newly built green buildings has exceeded 97%, with energy consumption per unit of building area decreasing compared to 2020, reflecting a strong commitment to sustainable construction practices [17]

Company Overview - Samsung New Materials' stock price closed at 14.07 yuan on August 13, 2025, down 0.85% from the previous trading day [1] - The company specializes in the research, production, and sales of home appliance glass products, including tempered glass and coated glass [1] - Samsung New Materials is recognized as a specialized and innovative enterprise within the home appliance industry [1] Recent Developments - On August 13, 2025, Samsung New Materials held its fourth extraordinary general meeting of shareholders, where several resolutions were passed, including the proposal to abolish the supervisory board and amend related articles [1] - The company also convened a workers' representative meeting on the same day, resulting in the election of the fifth board of directors' employee representative [1] Financial Performance - On August 13, 2025, the net outflow of main funds for Samsung New Materials was 4.0672 million yuan, with a cumulative net outflow of 15.6427 million yuan over the past five days [1]

Company Overview - Yidu (International Holdings) Limited is primarily engaged in the manufacturing and sales of liquid crystal displays (LCDs) and related products, established in 1988 [2] - The company has two production bases in mainland China and has developed OLED products in collaboration with Tsinghua University [2] - Yidu has become the world's largest monochrome flat panel LCD supplier and is expanding its product line into color LCDs [2] Financial Performance - As of March 31, 2025, Yidu reported total revenue of 958 million yuan, a year-on-year increase of 10.88% [1] - The net profit attributable to shareholders reached 2.574 billion yuan, showing a significant year-on-year growth of 1477.66% [1] - The gross margin stood at 12.54%, and the debt-to-asset ratio was 14.01% [1] Market Position and Valuation - Yidu's current price-to-earnings (P/E) ratio is 0.64, ranking third in the industrial engineering sector, which has an average P/E ratio of 17.89 [1] - Other companies in the same sector have varying P/E ratios, with China Aerospace Wanyuan at 0.32 and Tianjie Environment at 3.18 [1] - The stock has seen a cumulative increase of 16.4% year-to-date, underperforming the Hang Seng Index's 27.24% increase [1]