福莱特玻璃年度报告 2025

2025 24524284057616365666768697173267 1999 64217 www.flatgroup.com.cn H 1617 15,566.818,682.616.68%980.61,006.62.58% A A a. A b. c. 600A195,0000.31%500A0.26%83.33%100A0.05%16.67% d. A1.00% e. 72817 1. 3. 4.16.95 5. (1)150%6.23(2)2050%5.75 6. 150% (1)(2)2050% A14.23370A 7.2020A140,000 20%20%2020A140,000 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 AA 20252025580GW10%315.07GW50% 20252024 1 2025 (2) 2025301(CBAM) (1) 2025580GW700GW (2) 15,566.818,682.616.68%980.61,006.62.58% 15,566.818,682.616.68%13,986.116,816.116.83% 110.7282.860.86%250.6308.318.72%543.6502.18.27% (1)(2) 12,934.715,787.62,852.918.07% 2,632.12,895.09.08%16.91%15.50%1.41 69.552.033.65% 336.1327.62.59% 430.7604.828.79% 413.5407.51.47% 1.65%5.74%1.60%5.98% 87.6112.422.06%9.96%8.11% 2,879.54,886.0 42,919.842,384.421,784.222,611.5 5,276.25,989.3 EBITDA EBITDA3,625.062.63,562.4EBITDA22.88%19.40% 1,016.123.52.31%992.6 100%46.65%49.24%2.59 9,668.910,333.9665.06.44%5.59%94.41%2.10%–5.29% 4,184.71 7,366874.15.62% AA 2,342,880,2331,901,165,233A441,715,000HA13,308,421H 0.15 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 64 40 6432 39(Sheffield University) 5430 5923 40 38(CIA)(CICPA) 48 50 6226 6625 7226 51 40 41(University of NorthernVirginia) 5733 51 39 35 39 XV23 C1 2426 3.09D A.1.1A.1.314144 1891 2023202520254 C3 A17.08A3,00051,240.00C3B.860C3A.3 B.8 C3 (i)(ii)(iii)(iv)(v) 29 51329 B1.5 500,000500,0001,000,000 D27 (i)(ii)(iii)(iv) 29 7,3665,4711,895 29 29 D.3.1 13.90 (i)(ii) 5760 3.2927 39555 571571 (i) (ii) 10% (iii) 1% (i) (ii)(iii)www.flatgroup.com.cn(iv)1999flat@flatgroup.com.cn 199964217 47 1 6172 4 1617 0.15 539,274.851,661,407.87 13,986.189.85% 2-2020-QH1406-2022-ND-CP08-2022-ND-CP01-2022-TT-BTNMT02–2022-TT-BTNMT ISO14001:2015 16.77%48.92% 1,094,929,242.071,482,118,187.5143.46%55.04%19,270,754.6626,085,280.10 5% HA 2432 34 40 1.A AAA 13,308,421A 300,001,317.59 2.2020A 2020A2020A140,000 1.A A40AHAA29.53AAA1004,000A4,000,000,000.0023,078,799.673,976,921,200.33116,0002,678A 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 2427 1891 2023202520254 XV352XV78 (1)1,901,165,233A441,715,000H (2)1,901,165,233A441,715,000H2,342,880,233 (3)439,358,400A485,000H310,081,600A111,000H350,532,000A2,203,000H4,800,000A 1,104,772,000A0A2,799,000H XV352XV78 XV23336 (1)1,901,165,233A441,715,000H(2)1,901,165,233A441,715,000H2,342,880,233(3)439,358,400A485,000H310,081,600A111,000H350,532,000A2,203,000H4,800,000A1,104,772,000A0A2,799,000H(4)JPMorgan Chase & Co.3,198,7685,345,000(5)Xizang Jingning Corporate Management Company LimitedShanghai Greenwoods Asset Management CompanyLimited 100%(6)HSBC Holdings plc944,7942,681,000(7)China International Capital Corporation Limited XV23336 14A.9514A14A.76 14A 29 •• 202512312025 202512312025 1– 47202514,890,917,295.82 (1)(2)(3)(4) (1) (2) (3) (4) (5) (6) • 2026326 6172 6172 6172 6172 20251231 6172 6172 20251231 6172 6172 20251231 1 19986241999200512 292011323201410 10 2 2026326 15–2023 2025123112 ••• 35 1 202512312025 2 111231 3 12 4 5 11111 1 6 6 6.1 6.2 7 7.1 7.2 7 7.2 8 17.3.2. 9 10 10.1 10.2 11 14– 11.1 11 11.1 ••• •• 11 11.1 11.1.1 11.1.2 11 11.1 11.1.3 11.2 12 12 11 11.2 11.2.1 (1) (2)(3)(4)(5) 11 11.2 11.2.2 (1)(2)(3)(4)(5) 11 11.2 11.2.3 •• 11.2.4 11.3 (1)(2)(3) 11 11.3 • • 11 11.4 11.4.1 11.4.1.1 ••• (1)(2)(3) 11 11.4 11.4.1 11.4.1.1 11.4.1.2 11 11.4 11.4.2 11.4.3 11 11.5 11.6 11.7 12 12.1 13 13.1 13.2 14 14.1 15 15.1 16 16.1 16.1.1 16.1.2 16.1.3 16.1.4 16 16.2 17 17.1 7 17 17.2 17.3 17.3.1 17 17.3 17.3.2 17 17.4 18 19 19.1 19.2 19 19.3 20 21 22 22.1 22 22.2 (1) (2)(3)(4)(5) 23 24 25 26 26.1 26.2 26.3 27 28 28.1 28.2 29 29.1 EXWFOBCIFFCADAP 13 30 30.1 30.2 31 3 32 32.1 32.2 32 32.2 32 32.3 33 33 33.1 33.1.1 • • • • 4–– 8–– 33.1.2 33 33.1 33.1.3 12 33.1.4 •• 33 33.2 33.2.1 33.3 34 34.1 20251231 1 15%15%15%125%0%15%10%15%25%0%PT FLATSOLAR ENERGY INDONESIA22%FLAT SOLAR TECHNOLOGY PTE. LTD.17%PT FLATGLOBAL INVESTMENT INDONESIA22%FLAT INTERNATIONAL SOLAR TRADE PTE. LTD17% 12,000,0008.25%2,000,00016.5% 2 20251219GR2025330096772025202715% 20251219GR2025330049262025202715% 20231016GR2023340005062023202515% 201663050