投資概要
前三季度多賺近三成，高端產品繼續擴大份額
福耀玻璃 2025 年前三季度累計實現營收為 333.02 億元（人民幣，下同），同比增加
17.62%；實現歸母淨利潤 70.64 億元，同比增加 28.93%，再創歷史新高。其中，第三
季度營業收入 118.55 億元，同比增加 18.86%；歸母淨利潤 22.59 億元，同比增加
14.09%。
今年以來汽車市場持續回暖，中國汽車市場 2025 年前三季度累計銷售了 2436.3 萬
輛，同比增加 12.9%，美國輕型車新車銷售同比小升 4.4%。公司收入增速繼續跑贏行
業，主要受益于高附加值產品滲透率的提升和市場份額進一步提高。
期內，智慧天幕玻璃、可調光玻璃、HUD 集成玻璃等創新產品持續放量，推動單車配
套價值穩步上升，前三季度公司汽車玻璃單平米價格（ASP）同比提升約 6.9%，高附
加值產品占比也進一步提升了 4.9ppts。隨著汽車智慧化、輔助駕駛級別不斷提升、各
種新技術和場景的應用和發展、用戶體驗式消費增強，汽車玻璃高端化趨勢有望持
續，公司產品結構中高附加值占比有繼續提升的空間。
毛利率錄得 0.99ppts 的同比上升，歸母淨利率 21.2%，同比提升 1.86 個百分點。業績
驅動因素主要來自於產能利用率提升帶來的經營杠杆效應，費用率同比下降，以及匯
兌收益增加和投資收益虧損收窄。前三季度公司銷售費用率為 2.84%，同比減少
0.01ppts；管理費用率為 7.29%，同比減少 0.07ppts；研發費用投入達 13.9 億元，占收
入 4.18%，同比減少 0.11 ppts。
公司現金流強勁，前三季度經營現金淨流入 98.8 億元，同比+57.3%，其中第三季度淨
流入 45.3 億元，創歷史新高。
新產能逐步釋放
公司正加速推進福清、合肥及美國伊利諾州等生產基地的產能釋放。國內方面，福
清、安徽等智慧製造基地正加速建設，預計 2025 年底前將陸續投產，新增產能將支撐
全球份額進一步提升。海外業務方面，福耀美國公司 2025 年上半年實現淨利潤 4.33
億元，同比增長 11.8%，隨著當地產能利用率的逐漸攀升，當地語系化產銷研體系優
勢凸顯，北美市場淨利率預計將穩定在 11.2%以上，並向 15%的目標邁進。

Investment Summary
Nearly 30% Increase in Profit for the First Three Quarters, High-End Products Continue to
Expand Proportion
In the first three quarters of 2025, Fuyao Glass reported a revenue of RMB33.302 billion
(RMB, the same below), a year-on-year (YoY) increase of 17.62%. Net profit attributable to
the parent company reached RMB7.064 billion, up 28.93% YoY, setting a new historical high.
In the third quarter alone, revenue amounted to RMB11.855 billion, a YoY increase of
18.86%, while net profit attributable to the parent company reached RMB2.259 billion, up
14.09% YoY.
Since the beginning of the year, the automotive market has continued to recover. In the first
three quarters of 2025, the Chinese automotive market sold 24,363 thousand vehicles, a YoY
increase of 12.9%. The new car sales of light vehicles in the United States increased slightly
by 4.4%. The company’s revenue growth continues to outperform the industry, mainly
benefiting from the increased penetration of high-value-added products and further market
share expansion.
During this period, innovative products such as intelligent sunroof glass, adjustable light
glass, and HUD-integrated glass continued to ramp up, driving the steady increase in per
vehicle glass value. In the first three quarters, the Company’s average selling price (ASP) of
automotive glass per square meter rose by approximately 6.9% YoY. The share of high-valueadded products also increased by 4.9 percentage points. With the continuous advancement
of automotive intelligence, autonomous driving levels, and the application and development
of various new technologies and scenarios, as well as an increase in user experience-driven
consumption, the trend towards high-end automotive glass is expected to continue. There is
still room for further improvement in the proportion of high-value-added products in the
Company’s product mix.
Gross margin recorded a YoY increase of 0.99 percentage points. The net profit margin
attributable to the parent company was 21.2%, a YoY increase of 1.86 percentage points.
The main drivers of the performance were the operating leverage effect from improved
capacity utilization, a YoY decrease in expense ratios, increased foreign exchange gains, and
a narrowing of investment losses. In the first three quarters, the company’s selling expense
ratio was 2.84%, down 1.36 percentage points YoY; the administration expense ratio was
7.29%, down 0.07 percentage points YoY; and R&D expenditure amounted to RMB1.39
billion, accounting for 4.18% of revenue, a YoY decrease of 0.11 percentage points.
The company’s cash flow remains strong, with net operating cash inflows reaching RMB9.88
billion in the first three quarters, a YoY increase of 57.3%. In the third quarter alone, net
cash inflow amounted to RMB4.53 billion, setting a new historical high.
Gradual Release of New Production Capacity
The Company is accelerating the release of production capacity at its production bases in
Fuqing, Hefei, and Illinois, USA. Domestically, the smart manufacturing bases in Fuqing and
Anhui are under rapid construction, with production expected to begin before the end of
2025. The new capacity will support the further expansion of global market share. In terms
of overseas business, Fuyao’s U.S. subsidiary achieved a net profit of RMB433 million in the
first half of 2025, up 11.8% YoY. As local production capacity utilization gradually increases,
the advantages of the localized production, sales, and R&D system will become more
evident. It is expected that the net profit margin in the North American market will stabilize
above 11.2%, with a target of reaching 15%.

投資概要
三季度業績表現強勁
福耀玻璃 2024 年前三季度累計實現營收為 283.14 億元，同比+18.84%；歸母淨利潤為
54.79 億元，同比+32.79%，均創歷史新高。其中，第三季度營業收入 99.7 億元（人民
幣，下同），同比+13.4%；歸母淨利潤 19.8 億元，同比+53.5%。
中國汽車市場 2024 年前三季度累計銷售了 2157.1 萬輛，同比+2.4%，美國輕型車新車
銷售同比微增 0.7%。福耀玻璃前三季度營收增速遠超行業，印證了公司作為頭部企
業，綜合競爭力丌斷加強，虹吸效應增強，市場份額進一步提升。
盈利能力提升
淨利增速大幅跑贏收入增速，得益於盈利能力快速提高，主要由以下幾個因素驅動：
1）產品結構持續優化升級，高附加值占比提升。前三季度公司高附加值產品占比已經
達到 58.18%，同比+5.25ppts，平均單價+8.84%；
2）海運成本下行、純鹼以及天然氣等原料成本進一步下探。公司前三季度毛利率達
37.82% ， 同 比 +2.88ppts ； 其 中 第 三 季 毛 利 率 為 38.78% ， 同 比 環 比 分 別
+2.47/+1.05ppts。
3）規模效應放大經營杠杆，提高了產能利用率，同時推進自動化信息化進程，提升運
營效率，改善了工廠盈利狀況，比如，美國工廠上半年淨利率同比同比+4.05ppts。前
三季度公司銷售費用率為 4.30%，同比減少 0.27ppts；管理費用率為 7.36%，同比減少
0.06ppts。
但部分被以下因素抵消：
1）財務費用率為-1.59%，同比提高 0.77ppts，主要系受匯兌損益變動影響，本期匯兌
損失 1.38 億元，上年同期匯兌收益 3.35 億元，影響稅前利潤 4.73 億元。
2）因終止履行北京福通剩餘 24%股權轉讓，減少投資收益 2.12 億元。
截至三季度末，公司財務狀況良好，在手現金及銀行存款 197.6 億元，處於淨現金狀
態。

Investment Summary
Strong Result Performance in Q3
In the first three quarters of 2024, Fuyao Glass recorded total revenue of RMB28,314 million,
up 18.84% yoy and its net profit attributable to the parent company was RMB5,479 million,
up 32.79% yoy, both reaching record highs. In Q3, the operating revenue was RMB9.97
billion (RMB, the same below), up 13.4% yoy; the net profit attributable to the parent
company was RMB1.98 billion, up 53.5% yoy.
The Chinese automobile market sold a total of 21.571 million vehicles in the first three
quarters of 2024, up 2.4% yoy. The sales volume of new light vehicles in the US increased
slightly by 0.7% yoy. In the first three quarters, Fuyao Glass's revenue growth far exceeded
the industry average, demonstrating that as a leading company, Fuyao Glass has seen
continuous enhancement of its overall competitiveness and siphon effect and further
expansion of its market share.
Profitability Improvement
The net profit growth significantly outpaced revenue growth, benefiting from a rapid
increase in profitability, and driven primarily by the following factors:
1) The product mix continues to be optimized and upgraded, raising the proportion of highvalue-added products. In the first three quarters, the proportion of the Company's highvalue-added products reached 58.18%, up 5.25 ppts yoy, with an increase of 8.84% in the
ASP.
2) The shipping cost has decreased, and the costs of raw materials such as soda ash and
natural gas have experienced a further decline. The Company's gross profit margin for the
first three quarters reached 37.82%, up by 2.88 ppts yoy. The gross profit margin for Q3
stood at 38.78%, up 2.47 ppts yoy and 1.05 ppts qoq, respectively.
3) The scale effect has amplified the operating leverage and increased capacity utilization,
while advancing the process of automation and informatization, thereby improving
operational efficiency and enhancing factory profitability. For example, the net profit margin
of the US factory in H1 increased by 4.05 ppts yoy. In the first three quarters, the Company's
sales expense ratio was 4.30%, down 0.27 ppts yoy; the administration expense ratio was
7.36%, down 0.06 ppts yoy.
However, the expenses were partially offset by the following factors:
1) The financial expense ratio was -1.59%, up 0.77 ppts yoy, mainly due to changes in
exchange gains and losses. This period saw an exchange loss of RMB138 million, compared
to an exchange gain of RMB335 million in the same period last year, affecting pre-tax profit
by RMB473 million.
2) Due to the termination of the transfer of the remaining 24% equity of Beijing Futong, the
investment income decreased by RMB212 million.
As of the end of Q3, the Company's financial position has been good, with cash in hand and
bank deposits of RMB19.76 billion, in a net cash position.

投資概要
二季度收入創歷史新高，核心盈利能力穩健
福耀玻璃公佈 2023 年半年報，上半年實現營業收入 150.31 億元（人民幣，下同），
同比+16.49%，高於於下游汽車行業整體 10%的增速；歸母淨利潤 28.36 億元，同比
+19.07%；扣非後歸母淨利潤 27.93 億元，同比+20.89%。分季度看，今年一、二季度
的營業收入分別是 70.52 億和 79.79 億元，同比+7.7%和+25.5%，歸母淨利潤分別為
9.15 億和 19.22 億元，同比+4.97%和 27.21%。公司第二季度盈利創歷史新高，主要原
因在於高附加值產品占比增加繼續提升產品結構，以及海運費下降等因素影響所致。
本報告期稅前利潤比 22 年同期增長 24.36%，期內匯兌/海運費降價/能源漲價/純鹼漲
價分別影響稅前利潤+0.9 億/+1.53 億/-1.14 億/-0.38 億元，若扣除該等因素影響，則稅
前利潤比 22 年同期增長 25.89%，核心盈利快速增長。
公司上半年毛利率 34.14%，同比下滑 0.08 個百分點，主要因浮法玻璃毛利率下降 2.1
個百分點拖累，汽車玻璃毛利率則同比增加 0.35 個百分點至 29.37%。二季度毛利率表
現較好，同比/環比提升 2.3/1.8 個百分點，我們預計主要由於公司產品結構繼續提
升，有利的匯率方向，浮法玻璃價格環比回升以及海運費下降等原因所致。
上半年公司總體費用隨著收入增長繼續攤薄：銷售費用率、管理費用率、研發費用率
分別為 4.81%/7.66%/4.44%，分別同比-0.3/-0.62/+0.22 個百分點。

Investment Summary
Revenue in Q2 Hits a Record High, Core Profitability Is Robust
Fuyao Glass (hereinafter referred to as the “Company”) released its 2023 Interim Report.
In the first half of 2023, the Company recorded the operating revenue of RMB15,031 million,
with a year-on-year increase of 16.49%, higher than the overall growth rate of 10% of the
downstream automotive industry. The net profit attributable to the parent company stood
at RMB2,836 million, up by 19.07% year-on-year. Less non-recurring profit or loss, the
figures will become RMB2,793 million and 20.89%. In the first and second quarters this year,
the operating revenue was RMB7,052 million and RMB7,979 million, rising by 7.7% and
25.5% year-on-year, respectively, while the net profit attributable to the parent company
amounted to RMB915 million and RMB1,922 million, climbing by 4.97% and 27.21% year-onyear, respectively. The earnings hit a record high in the second quarter mainly because of
the increased proportion of high-value-added products, which continued to improve the
product structure, and decreased ocean freight.
During the Reporting Period, the profit before tax grew by 24.36% from the same period of
2022. Additionally, exchange, decreased ocean freight, increased energy prices, and the
increased prices of sodium carbonate affected the profit before tax by RMB90 million,
RMB153 million, -RMB114million, and -RMB38 million, respectively. Less such influencing
factors, the profit before tax would go up by 25.89% from the same period last year. Core
earnings showed a rapid growth.

投資概要
一季度收入再創新高，核心盈利表現強勁
福耀玻璃 2022 年一季報顯示，公司實現營業收入 65.5 億元（人民幣，下同），同比
增長 14.8%，再創歷史同期新高，且顯著跑贏整體汽車行業增長幅度（+2%），我們認
為這主要受益於公司產品單價提高以及其逆勢擴充的全球市場份額。淨利潤為 8.7 億
元，同比增長 1.9%，環比增長 58.4%，增幅丌及收入，主要受人民幣升值以及海運費
和原材料純鹼價格上漲等因素的拖累。
公司一季度毛利率 35.75%，同比減少 4.85 個百分點，主要由於會計準則變動（運輸費
用調整至營業成本）、人民幣升值以及海運費和原材料純鹼價格上漲影響。其中，海
運費漲價/原材料純鹼漲價/人民幣升值分別影響毛利率 0.76/1.1/0.81 個百分點左右。
同時人民幣升值產生財務費用匯兌損失 1.35 億元（上期僅產生匯兌損失 0.7 億元），
如果扣除這些因素影響，稅前利潤總額大約同比增長 24.4%，核心盈利表現強勁。

Investment Summary
Revenue Hits New High in Q1, Core Earnings See Strong Performance
According to the results report for Q1 2022, Fuyao Glass reported operating revenue of
RMB6.55 billion, up 14.8% yoy, a new record for the same period and significantly
outperforming the overall growth rate of the automobile industry (+2%). We believe that
the increase in the unit price of the Company's products and the Company's global
expansion of its market share against the trend are the main reasons. The Company also
reported a net profit of RMB870 million, up 1.9% yoy and up 58.4% qoq, with a growth rate
lower than that of revenue, mainly due to RMB appreciation, increasing freight charges and
the rising price of sodium carbonate, the raw material.
In Q1, the Company recorded a gross margin of 35.75%, down 4.85 ppts yoy, mainly due to
changes in accounting standards (inclusion of transportation charges in operating cost), RMB
appreciation, increasing freight charges and the rising price of sodium carbonate, the raw
material. In particular, increasing freight charges/the rising price of sodium carbonate, the
raw material/RMB appreciation caused gross margin to fall by approximately 0.76/1.1/0.81
ppts, respectively. Meanwhile, RMB appreciation led to RMB135 million of exchange loss
from financial expenses (which was only RMB70 million in the previous period). If the
impacts of such factors were ignored, the total pre-tax profit was up 24.4% approximately
yoy, and core earnings showed a strong performance.