福莱特玻璃中期报告 2025

2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .2. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .3. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .4. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .24. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .38. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .41. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .44. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .46. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .47. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .49. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .51. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .53. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .55. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .221 1999 6116 www.flatgroup.com.cn H1617 A A a. A b. c. 600A195,0000.31%500A0.26%83.33%100A0.05%16.67% d. A1.00% e. 721423 3. 4.14.47 5. (1)150%6.23 (2)2050%5.75 6. 150% (2)2050% A14.23370A 20% A AA A a.A b.A AA c.A AA594.7858214,689.32540.28%535.3072214,689.32540.25%90%59.4786214,689.32540.03%10% A d.A A1.00%A10.00%A20.00% e. A f. g.A AA72 h. – – 11–22–Black-ScholesBS (i)42.89 (ii)12345 (iii)14.73%17.44%18.71%17.92%16.55% (iv)1.50%2.10%2.75%123 AAAAAA3,147,284 A 1. 2.44.022021AAA0.2343.790.2380.3843.17 3.A A 4.12 AA 0% 7,737.0327.66%261.0982.58% 13692.92GW388%212.21GW107%1,000GW20232026–2027 16,400 7,737.010,696.027.66%266.01,500.382.27% 7,737.010,696.027.66%6,944.99,659.128.10%5,410.88,252.334.43%2,326.32,443.74.80% 6,649.98,152.118.43% 1,087.12,543.957.27%14.05%23.78%9.73 2025 31.637.114.97% 144.8146.61.23% 214.7325.834.09% 205.6187.29.84% 9.4211.895.57% EBITDA EBITDA1,451.63,012.41,560.8EBITDA18.76%28.16% 266.01,500.31,234.3 43,196.842,919.8277.00.65%21,948.721,784.2164.50.76% 1.541.60 100%49.19%49.24%0.05 1,739.92,612.1 7,916443.15.73% 1.60%5.90% 2,342,920,1391,901,205,139A13,308,421A441,715,000H C1 C3 XV352XV78 1,901,205,139A441,715,000H (2)1,901,205,139A441,715,000H2,342,920,139 (3)439,358,400A485,000H324,081,600A111,000H350,532,000A2,203,000H4,800,000A 1,118,772,000A2,799,000H XV352XV78 XV23336 Xizang JingningCorporateManagementCompany Limited(5) (1)1,901,205,139A441,715,000H(2)1,901,205,139A441,715,000H2,342,920,139(3)439,358,400A485,000H324,081,600A111,000H350,532,000A2,203,000H4,800,000A1,118,772,000A2,799,000H(4)JPMorgan Chase & Co.3,545,0371,318,000).(5)Xizang Jingning Corporate Management Company LimitedShanghai Greenwoods Asset ManagementCompany Limited 100%(6)China International Capital Corporation LimitedChina International Capital Corporation LimitedCICC Pucheng Investment Co., Ltd. XV23336 1.A A40AHAA29.53AAA1004,000A4,000,000,000.0023,078,799.673,976,921,200.33112,0002,584A A3,976.92 2.A AAH[2022]2742509,068,000AAAHA0.25A204,429,30129.355,999,999,984.3534,592,837.655,965,407,146.70AA42.51 A5,965,407,146.70 A 2.A 3.A A A [2015]10111111150%20%115 A (QFII)QFII2009[47]10%QFII AQFII[2009]3B[2009]39410% [2014]81A10%10% [2016]127A10%10% H [1994]020 H[2008]897H200810% [2014]81HH20%HH12 [2016]127HH20%HH12 202563020241231 123457891013 4,602,655,257.985,294,894,127.46180,017,888.52520,018,576.54587,828.35698,070.401,679,035,308.031,106,217,189.542,279,611,564.522,595,254,216.481,370,301,634.551,566,522,584.0471,092,934.8453,328,847.7682,906,901.57130,072,141.341,562,500.00–1,957,829,297.701,732,831,478.80143,172,000.00–762,725,535.43877,208,803.7513,129,936,151.4913,877,046,036.11 1415172021222526282930 202563020241231 32343536383940414344 45464748505129 202563020241231 5354555657585960 585,730,034.75585,729,891.25491,721,745.95491,724,696.3610,704,806,791.1510,700,692,654.16306,188,427.47229,499,392.17-60,170,890.24-26,317,651.9773,708,835.1868,241,880.14293,915,529.38293,915,529.3810,075,404,843.919,814,310,237.1921,858,928,462.6121,698,797,844.3489,739,346.6785,363,031.6921,948,667,809.2821,784,160,876.0343,196,821,751.5842,919,798,033.81 202563020241231 202563020241231 20252024617,737,028,136.0610,695,995,497.447,737,028,136.0610,695,995,497.44617,317,145,793.208,958,995,700.086,649,921,146.428,152,106,505.236270,524,451.47110,166,378.186331,583,324.4037,144,805.9464144,771,118.55146,576,187.9065214,736,035.17325,805,907.0466205,609,717.19187,195,915.79266,176,196.06268,449,034.5240,217,174.0160,847,569.886745,592,149.5564,235,439.66–6819,862,455.2615,074,051.3617,203,819.27––70-382,209.81-48,505.41–7113,270,599.75-1,291,228.78–72-253,917,860.30-93,038,1