格隆汇11月19日丨福莱特(601865.SH)在互动平台表示，我司拥有TCO玻璃的技术储备。 ...

Core Viewpoint - The company reported a decline in revenue and net profit for the first three quarters of 2025, but showed significant improvement in Q3, exceeding market expectations [1][2]. Financial Performance - For the first three quarters of 2025, the company achieved revenue of 12.464 billion yuan, a year-on-year decrease of 14.66%, and a net profit attributable to shareholders of 638 million yuan, down 50.79% year-on-year [1]. - In Q3 2025, the company realized revenue of 4.727 billion yuan, a year-on-year increase of 20.95% and a quarter-on-quarter increase of 29.22%. The net profit attributable to shareholders was 376 million yuan, turning profitable year-on-year and increasing 142.93% quarter-on-quarter [1]. Operational Insights - Q3 saw both volume and profit improve quarter-on-quarter, with an expected increase in photovoltaic glass sales driven by downstream component customers stocking up at lower prices, leading to a rapid decrease in inventory, which fell 38% quarter-on-quarter by the end of Q3 [1]. - The gross profit margin for Q3 was 16.8%, remaining stable quarter-on-quarter, with net profit per unit expected to improve [1]. - The recovery in profitability is attributed to several factors: the historical low prices of photovoltaic glass, rapid inventory reduction leading to price increases in September, lower raw material costs, and effective cost control measures [1][2]. Other Financial Metrics - The expense ratio during Q3 was 6.9%, a decrease of 0.6 percentage points quarter-on-quarter. Asset impairment losses were reversed by 80 million yuan, mainly due to the recovery in photovoltaic glass prices in September, positively impacting profits [2]. - By the end of Q3, construction in progress increased by 31.6% compared to the end of the previous year, primarily due to the construction of photovoltaic glass production lines in Anhui and Nantong, as well as cold repairs of the group's float glass production line [2]. Industry Outlook - The industry inventory has returned to a reasonable level, and with the expected rise in natural gas prices during the heating season, production costs are likely to be supported, leading to stable photovoltaic glass prices [2]. - The company maintains its leading position in the market despite competition from other firms like Jibang, with a steep cost curve and a focus on expanding overseas markets, which supports positive profit expectations [2].

Group 1 - Morgan Stanley increased its stake in Fuyao Glass (601865) by purchasing 1.602 million shares at a price of HKD 13.0217 per share, totaling approximately HKD 20.8608 million [1] - Following the acquisition, Morgan Stanley's total shareholding in Fuyao Glass reached approximately 62.8214 million shares, representing a holding percentage of 14.22% [1]

香港联交所最新资料显示，11月7日，上海宁泉资产管理有限公司减持福莱特（601865）玻璃 (06865)161.1万股，每股作价13.11港元，总金额约为2112.02万港元。减持后最新持股数目为2560.8万 股，最新持股比例为5.8%。 ...

（原标题：上海宁泉资产管理有限公司减持福莱特玻璃(06865)161.1万股 每股作价13.11港元） 智通财经APP获悉，香港联交所最新资料显示，11月7日，上海宁泉资产管理有限公司减持福莱特玻璃 (06865)161.1万股，每股作价13.11港元，总金额约为2112.02万港元。减持后最新持股数目为2560.8万 股，最新持股比例为5.8%。 ...

智通财经APP获悉，香港联交所最新资料显示，11月7日，摩根大通增持福莱特玻璃(06865)160.2万股， 每股作价13.0217港元，总金额约为2086.08万港元。增持后最新持股数目约为6282.14万股，最新持股比 例为14.22%。 ...

（於中華人民共和國註冊成立的股份有限公司） （股份代號：6865） 海外監管公告 本公告乃由福萊特玻璃集團股份有限公司（「本公司」）根據香港聯合交易所有限公司證券上市規則 第13.10B條作出。 以下為本公司於上海證券交易所網站刊登之《福萊特玻璃集團股份有限公司關於歸還用於暫時補充 流動資金的閒置募集資金的公告》，僅供參閱。 承董事會命 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或 完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因依賴該 等內容而引致的任何損失承擔任何責任。 福萊特玻璃集團股份有限公司 Flat Glass Group Co., Ltd. 在本公告之日，執行董事為阮洪良先生、姜瑾華女士、阮澤雲女士、魏葉忠先生和沈其甫先生， 獨立非執行董事為徐攀女士、杜健女士和吳幼娟女士。 证券代码：601865 股票简称：福莱特 公告编号：2025-072 转债代码：113059 转债简称：福莱转债 福莱特玻璃集团股份有限公司 关于归还用于暂时补充流动资金的闲置募集资金的 公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性 ...

证券代码：601865 股票简称：福莱特 公告编号：2025-072 转债代码：113059 转债简称：福莱转债 截至 2025 年 11 月 17 日，公司已将上述用于暂时补充流动资金的闲置募集 资金全部归还至募集资金专用账户，并将募集资金的归还情况及时通知了公司保 荐机构国泰海通证券股份有限公司及保荐代表人。 特此公告。 福莱特玻璃集团股份有限公司 董事会 二零二五年十一月十八日 福莱特玻璃集团股份有限公司 关于归还用于暂时补充流动资金的闲置募集资金的 公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 福莱特玻璃集团股份有限公司（以下简称"公司"）于 2024 年 11 月 18 日 召开第七届董事会第一次会议、第七届监事会第一次会议审议通过了《关于使用 部分闲置募集资金暂时补充流动资金的议案》，同意公司使用不超过 6 亿元人民 币的闲置募集资金暂时补充流动资金，使用期限自公司董事会审议批准之日起不 超过 12 个月，到期将归还至募集资金专用账户。上述事项具体内容详见公司于 2024 年 11 月 19 日在上海证券交 ...

丨证券研究报告丨 [Table_scodeMsg1] 港股研究丨公司点评丨福莱特玻璃（06865.HK） [Table_Title] Q3 利润同环比大幅增长，海外销售占比持续提 升 报告要点 [Table_Summary] 福莱特发布 2025 年三季报，2025 前三季度公司实现收入 124.64 亿元，同比下降 14.66%；归 母净利 6.38 亿元，同比下降 50.79%；其中，2025Q3 实现收入 47.27 亿元，同比增长 20.95%， 环比增长 29.22%；归母净利 3.76 亿元，同比扭亏，环比增长 142.93%，超出市场预期。 分析师及联系人 [Table_Author] 邬博华 曹海花 王耀 申浩树 SAC：S0490514040001 SAC：S0490522030001 SAC：S0490524120006 SAC：S0490525060004 SFC：BQK482 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_scodeMsg2] 福莱特玻璃（06865.HK） cjzqdt11111 [Table_Title ...

Investment Rating - The report indicates a positive outlook for the photovoltaic sector, with signs of recovery in profitability and stable growth in the wind power sector [1][5]. Core Insights - The renewable energy sector reported a revenue of 11,722 billion yuan for Q1-3 2025, a year-on-year decrease of 1%, and a net profit of 242 billion yuan, down 19% year-on-year. In Q3 2025, revenue was 4,138 billion yuan, up 2% year-on-year, and net profit was 118 billion yuan, up 41% year-on-year [2][7]. - The photovoltaic segment experienced a significant reduction in losses, with Q3 2025 revenue at 2,315 billion yuan, down 8% year-on-year, but net profit surged to 28.4 billion yuan, a year-on-year increase of 1,495% [2][37]. - The wind power segment showed robust growth, with Q3 2025 revenue of 1,135 billion yuan, up 22% year-on-year, and net profit of 50 billion yuan, up 33% year-on-year [2][16]. Summary by Sections Revenue and Profitability - The renewable energy sector's revenue for Q1-3 2025 was 11,722 billion yuan, with a net profit of 242 billion yuan. Q3 2025 saw a revenue of 4,138 billion yuan and a net profit of 118 billion yuan, marking a significant recovery [2][15]. - The photovoltaic sector's revenue for Q1-3 2025 was 6,640 billion yuan, with a net loss of 43 billion yuan. In Q3 2025, revenue was 2,315 billion yuan, and net profit was 28.4 billion yuan, indicating a strong recovery [2][37]. Segment Performance - The photovoltaic segment's Q3 2025 performance showed a revenue decline of 8% year-on-year but a remarkable net profit increase of 1,495%. The wind power segment continued to grow, with a 22% revenue increase year-on-year [2][16][37]. - The report highlights that the profitability of the wind power segment is improving, with a notable increase in gross margins due to price adjustments and operational efficiencies [2][16]. Market Trends - The report notes a gradual recovery in demand for household energy storage, with significant growth expected in commercial and large-scale storage solutions. The anticipated installation capacity for 2025 is around 150 GWh, representing a year-on-year increase of over 40% [2][6]. - The photovoltaic industry is undergoing a restructuring process, with upstream profitability recovering as prices for silicon materials rise. This trend is expected to continue into 2026, leading to a reshaped industry ecosystem [2][6]. Recommendations - The report recommends focusing on high-growth areas such as inverters and mounting systems, as well as leading photovoltaic companies with cost advantages and strong distribution channels [2][6].