HH119121122
H
H
H24H18354H
1999A
Flat Glass Group Co., Ltd.
6865
(1)A
(2)
H
– i –
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .1
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .3 2022A. . . . . . . . . . . . . . . . . . . . . . .152022A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .73 . . . . . . . . . . . . . . . . . . . . . . . .89A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .104 2022-2024 . . . . . . . . . . . . . . . .113A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .117
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .119H . . . . . . . . . . . . . . . . . . . . . . . . . . . . .122
– 1 –
A
AA
AH
H
HHA
HA
H0 . 25
6865)HH
– 2 –
2022A
600,000
AA30%
AH
%
– 3 –
Flat Glass Group Co., Ltd.
6865
1999
(1)A
(2)
HI.
A (i)A(ii)H
– 4 –
II. A
1. A
A
2. 2022A
A0.25
– 5 –
14A
20A80%20A=20A20A
20A80%
A
– 6 –
A1,696,893,254
A30%50,906.80
50,906.80
A1,696,893,25479.04%H450,000,00020.96%
A
––
2,146,893,254100%
– 7 –
A1,696,893,25463.89%H450,000,00016.94%
A509,067,97619.17%
2,655,961,230100.00%
A1,400,415,03052.73%
A
A
A
– 8 –
600,000
1195
434,933.56193,000.00
2150
375,296.00227,000.00
3180,000.00180,000.00
990,229.56600,000.00
1. 2150
– 9 –
2. A
2022
3. A
2023
4. A
A
195150
3. 2022A
2022A
– 10 –
4. 2022A
600,000
1195
434,933.56193,000.00
2150
375,296.00227,000.003180,000.00180,000.00
990,229.56600,000.00
2150
–
2022A
5.
[2007]500
– 11 –
6. A
600,000[2013]110
[2015]31
7. (2022
– 2024
[2013]42[2012]37
– [2022]3
(2022–2024
– 12 –
8. A
AA
A
9.
AA
(1)
(2)
– 13 –
(3)
(4)
A
III. H
HH119121122124
13.39(4)
HH
HH
HHH
HH18354H
H
H
– 14 –
H
H24H
18354HIV.
A
H
2022A
– 15 –
1 A
2 35
2022A
– 16 –
3 600,000
1195
434,933.56193,000.00
2150
375,296.00227,000.003180,000.00180,000.00
990,229.56600,000.00
2022A
– 17 –
4 A
–
A30%A
A30%50,906.80
2080%20
=20
2022A
– 18 –
[2012]373–
[2022]3
[2013]110[2014]17
[2015]31
2022A
– 19 –
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .21 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .24
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .24
. . . . . . . . . . . . . . . . . . . . . . . . . . .25
. . . . . . . . . . . . . . . . . . . . . . . . .29
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .29
. . . . . . . . . . . . . . . . . . . . . . . . . . . . .33
. . . . . . . . . . . . . . . . . .33
. . . . . . . . . . . . . . . . . . . . . . .33 . . . . . . . . . . . . . . . . . . .34
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .34
. . . . . . . . . . . . . . . . . . . . . . .35
. . . . . . . . . . . . . . . . . . . .39
. . . . . . . . . . . . . . . . . . . .43
. . . . .48 . . . . . . . . . . . . . . . . .50
. . . . . . . . . . . . . . . . . . .50
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .51
2022A
– 20 –
. . . . . . . . . . . . .52
. . . . . . . . . . . . . . . . . . . . . . . . . . . . .52 . . . . . . . . . . . . . . . . . . . . . . . . .52 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .52 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .57
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .57 . . . . . . . .59 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .60 A . . . . . . . . . . . . . . . . . . .64
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .64 . . . . . . . . . . . .67 . . . . . . . .67
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .67 . . . . . . . .69
. . . . . .71
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .72
2022A
– 21 –
A601865H06865
A600,000
2022A
80%
(2022-2024
2022A
– 22 –
2020
2020
20192020202120221-3
CZFZ
2022A
– 23 –
380780
WKW MWGW
1GW=1,000MW=1,000,000KW=1,000,000,000W
2022A
– 24 –
Flat Glass Group Co., Ltd1998624
536,723,313.50AAA601865HHH06865
19991999
314001
0573-82793013
0573-82793015
http://www.flatgroup.com.cn
flat@flatgroup.com.cn
2022A
– 25 –
202111(BuildBack Better Act)5,550202110
203036
–38%203014
–
16%20224
(EEG)2030/203542%80%/100%2030215GW200GW202622GW202820GW)20225REPowerEU203040%45%2025320GW20202030600GW
2022A
– 26 –
(CPIA)2022
–
2025
–
286GW(IRENA)20508,519GW, 2025
25%201710
2021
54.88GW13.86%9
2021305.99GW
20.94%7
(CPIA)2022
–2025
–99GW
202220213,259
25.1%3.9%0.4
2050(2019)20506
39%
2022A
– 27 –
202012
203020602021
(1) 2025
20%(2) 203025%
12kW(3) 206080%
2022A
– 28 –
–30%2021202137.4%2023
Global Industry Analysts202076202744728.8%
2022A
– 29 –
47.56
86.74
A
A
0.25
2022A
– 30 –
2080%20
=20
2022A
– 31 –
AA30%50,906.80
A
A
2022A
– 32 –
600,000
1195
434,933.56193,000.00
2150
375,296.00227,000.003180,000.00180,000.00
990,229.56600,000.00
2022A
– 33 –
112,034.1052.18%A111,877.20A65.93%
50,906.80
42.18%AA50.72%
A
2022A
– 34 –
600,000
1195
434,933.56193,000.00
2150
375,296.00227,000.003180,000.00180,000.00
990,229.56600,000.00
2022A
– 35 –
75120
434,933.5651,200
434,933.56
434,933.5619551,200
434,933.56121,202.33249,858.8518,553.0645,319.32193,000.00
2022A
– 36 –
17.04%186.56
492,809.3057,813.68
(2020)0002806371,914.0012020211231
341126[2021]128
(1)752019-341126-30-03-0290401202020-341126-30-03-017001.(2)
[2021]25
[2020]106
2022A
– 37 –
375,296.0015041,200
31,200253,104.16227,000.001
1,200122,191.84
253,104.16
253,104.16150
31,200
253,104.1672,639.57154,717.2511,367.8414,379.51227,000.00
2022A
– 38 –
16.74%186.62
295,685.5834,588.03
2022223341126[2021]134
(1)2020-341126-30-03-020542.(2)
[2021]5
180,000.00
2022A
– 39 –
195150
(IRENA)20302,840GW
Zion Market Research2028520
33.46%
2022A
– 40 –
182mm210mm182mm210mm202275%
2022A
– 41 –
2022A
– 42 –
2019202020212022480,680.40626,041.78871,322.81350,890.08
56.89%30.24%39.18%70.61%.
2022A
– 43 –
2020
20225721
2030
20223
20223
202530%2022
20223
12.2%
2022A
– 44 –
202232025
0.5
20222
20221
2035
(2021–2025
2021122025
2022A
– 45 –
202111
202192025
202013.5%
20%2030
200565%25%
206080%
2006
1(GB/T30984.1-2015)
(GB 30252-2013)
2022A
– 46 –
–
–
ISO9001ISO140013CSPF
2022A
– 47 –
2022A
– 48 –
2022A
– 49 –
A
2022A
– 50 –
112,034.1052.18%A111,877.20A65.93%
50,906.80
42.18%AA
50.72%
2022A
– 51 –
2022A
– 52 –
2021123141.19%
475,588.67622,227.31867,366.00350,158.35
71,724.37162,878.38211,991.9343,671.03
68,792.70161,933.87205,520.5741,970.30
31.03%42.17%35.57%21.33%
2022A
– 53 –
50%
2020723
71.40%12.80%
67.10%17.10%
2017690.5%
4.20.2
7007190)
136.21
202167
90.5%4.21,500
700719002022513
90.5%4.2
1,50070071900
192.82302.65
2022A
– 54 –
2022513
EVA
2019423
60,0002021318380,000
2022A
– 55 –
30.93%28.89%
26.72%15.24%
15-30%
2022A
– 56 –
115,760.27146,962.71115,955.95228,348.97
12.33%11.98%5.77%9.76%
2022A
– 57 –
[2012]373–
[2022]3
20%
(1)
80%(2)
40%
2022A
– 58 –
(3)
20%
2022A
– 59 –
50,162.80148,864.8933.70%30%
20195,265.0071,724.377.34%202044,897.80162,878.3827.57%2021–211,991.93–148,864.89
33.70%201911262019
20195,265.0020201092020
202012,704.9020215202020202032,192.90
2022A
– 60 –
2022321202120212021
–
2022–2024
2022A
– 61 –
2022
– 2024
(1)
(2)(3)
2022A
– 62 –
(1)
(2)(3)(4)
(1)
80%(2)
40%(3)
20%
2022A
– 63 –
20%
2022A
– 64 –
A
[2013]110
[2015]31
2022
2 202211
4 600,000.00
2022A
– 65 –
5 214,689.33
202120226
2021A202211
6 50,906.807 20212,119,919,326.43
2022
(1)202110%(2)2021(3)202110%
2022
2022A
– 66 –
20212021.12.31
20222022.12.31214,689.33214,794.23265,701.03 723,474.261,181,016.911,181,016.91 397,692.12
600,000.002022202110% 211,991.93233,191.13233,191.13 1,181,016.911,482,437.702,082,437.70
0.991.091.07
0.991.061.04(%)19.5717.4716.8420222021 211,991.93211,991.93211,991.93 1,181,016.911,461,238.502,061,238.50
0.990.990.97
0.990.970.95(%)19.5716.0115.432022202110% 211,991.93190,792.74190,792.74 1,181,016.911,440,039.312,040,039.31
0.990.890.87
0.990.870.85(%)19.5714.5313.99
2022A
– 67 –
1 195150
2022A
– 68 –
20062008
–
SPF
2022A
– 69 –
Sunpower
–
2022
2022A
– 70 –
–
[2022]32022
–2024
2022A
– 71 –
6 A
2022A
– 72 –
2 A
2022A
– 73 –
A600,000
1195
434,933.56193,000.00
2150
375,296.00227,000.003180,000.00180,000.00
990,229.56600,000.00
2022A
– 74 –
75120
434,933.5651,200
434,933.56
434,933.5619551,200
434,933.56121,202.33249,858.8518,553.0645,319.32193,000.00
2022A
– 75 –
17.04%186.56
492,809.3057,813.68
(2020)0002806371,914.0012020211231
341126[2021]128
(1)752019-341126-30-03-0290401202020-341126-30-03-017001(2)
[2021]25
[2020]106
2022A
– 76 –
375,296.0015041,20031,200253,104.16227,000.001
1,200122,191.84
253,104.16
253,104.16150
31,200
253,104.1672,639.57154,717.2511,367.8414,379.51227,000.00
2022A
– 77 –
16.74%186.62
295,685.5834,588.03
2022223341126[2021]134
(1)2020-341126-30-03-020542
(2)
[2021]5
180,000.00
2022A
– 78 –
195150
(IRENA)20302,840GW
Zion Market Research2028520
33.46%
2022A
– 79 –
182mm210mm182mm210mm202275%
2022A
– 80 –
2022A
– 81 –
2019202020212022480,680.40626,041.78871,322.81350,890.08
56.89%30.24%39.18%70.61%
2022A
– 82 –
2020
20225721
2030
20223
20223
202530%2022
20223
12.2%
2022A
– 83 –
202232025
0.5
20222
20221
2035
2021–2025
2021122025
2022A
– 84 –
202111
202192025
202013.5%
20%2030
200565%25%
206080%
2006
1GB/T30984.1-2015
GB 30252-2013
2022A
– 85 –
–
–
ISO9001ISO140013CSPF
2022A
– 86 –
2022A
– 87 –
2022A
– 88 –
A
A
– 89 –
[2007]500
A
[2018]1959A150,000,0002.00
300,000,000.0045,615,049.00254,384,951.00
28,584,905.661,715,094.3429,528,301.891,771,698.112019211943,396.2356,603.77
269,700,000.0020192
(19)00059
(388375753547)(8110801012801603829)(1204060029000019640)(359775769945)(1204060029000019764)
2022331A
255,917,471.7832,625.64
1,499,895.142019
– 90 –
A
[2020]294145,000A62020621,450
1,450,000,000.008,578,301.90
1,441,421,698.10A
5,636,792.46338,207.547,523,584.91451,415.092020621,886,792.45
113,207.551,444,025,000.00
(20)00225
(367577640767)(1204060029000024114)
(384477642546)(1204060029000024238)(1313072129300256393)
2022331A
47,330.58A1,444,025,000.008,495,447.3618,117,910.80
1,470,591,027.5847,330.58
– 91 –
A
[2020]2648450,000,000A202117
0.25A84,545,147
29.572,499,999,996.79
16,918,053.102,483,081,943.6916,509,433.94990,566.042,482,499,996.81202117
(21)00008
(400078999786)(1204060029000134455)(39747899669)(1204060029000134579)(33050163803509168168)
(362378981198)(1204060029000134730)2022331A
12,904,772.28A2,482,499,996.8116,984,628.36
10,665,982.242,497,245,835.1312,904,772.28
– 92 –
2022331A
A2022331A
A2022331A
A
1 A
2019426
254,384,951.00
(19)E00193
2019
– 93 –
2 A
2020715
68,465,092.00
(20)E00370
2020
1 A
2019222254,384,951.00
1,499,895.142022331
– 94 –
2 A
2020624
13.5
18,117,910.802022331
3 A
2021119
A
202233110,665,982.24
– 95 –
1 A
AA2 A
A
A3 A
AA
20%20%
2022331
20%20%
– 96 –
2021
1231
201920202021201920202021A
(1) 90
25,591.75––25,591.75––A
(1) 75
–84,480.4562,440.65–84,480.4562,440.65A
(1) 75
103,499.01103,499.01
(2) 4,200
33,440.0433,440.04
(3) 75,000.0075,000.00
25,591.7584,480.45274,379.7025,591.7584,480.45274,379.70
– 97 –
A
2022331A A
2022331A
47,330.582022331
0.003%
A
2022331A
12,904,772.282022331
0.520%
– 98 –
A
25,438.5025,591.75
2022331
25,591.752022331
25,438.5025,438.5025,591.7525,438.5025,438.5025,591.75153.25
3.26149.99
201812
202233125,591.75201921125,438.50
153.25
– 99 –
A
144,142.17147,059.10
2022331
147,059.102022331
144,142.17144,142.17147,059.10144,142.17144,142.17147,059.102,916.93
2,916.93
8,495,447.3618,117,910.802,603,301.90
7522021
202084,480.45202062
6,846.5177,633.94202162,440.6520221–3138.00
– 100 –
A
248,308.19249,724.58
2022331
249,724.582022331
140,000.00140,000.00141,284.55140,000.00140,000.00141,284.551,284.552022
24,200
4,200
33,308.1933,308.1933,440.0433,308.1933,308.1933,440.04131.852022
375,000.0075,000.0075,000.0075,000.0075,000.0075,000.00–248,308.19248,308.19249,724.59248,308.19248,308.19249,724.591,416.40
1,416.4016,984,628.3610,665,982.24581,946.88
7522022
20223314,200
2021211,939.0520221–
37,785.53
– 101 –
A
201920202021
2022
21111119088%
191,037.15165,004.90197,098.37191,079.0857,252.30610,434.65
223,513.46191,037.1570%70%2019133,726.002019165,004.902020
197,098.372021191,079.08202257,252.30
2022447,759.29
– 102 –
A
201920202021
2022211111
17573%
181,381.98114,938.4563,157.15178,095.60
7522021
181,381.982021114,938.45202168,018.24202263,157.152022445,345.50
– 103 –
A
201920202021
2022211111
69%181,381.9823,595.2223,595.22
24,200
A754,20075220224,200
181,381.98202237523,595.2220221215,115.17
A
– 104 –
2022A600,000
[2013]110[2015]31
2022
2 202211
4 600,000.00
A
– 105 –
5 214,689.33
202120226
2021A202211
6 50,906.807 20212,119,919,326.43
2022
(1)202110%(2)2021(3)202110%
2022
20212021.12.31
20222022.12.31214,689.33214,794.23265,701.03 723,474.261,181,016.911,181,016.91 397,692.12
600,000.00
A
– 106 –
20212021.12.31
20222022.12.312022202110% 211,991.93233,191.13233,191.13 1,181,016.911,482,437.702,082,437.70
0.991.091.07
0.991.061.04(%)19.5717.4716.8420222021 211,991.93211,991.93211,991.93 1,181,016.911,461,238.502,061,238.50
0.990.990.97
0.990.970.95(%)19.5716.0115.432022202110% 211,991.93190,792.74190,792.74 1,181,016.911,440,039.312,040,039.31
0.990.890.87
0.990.870.85(%)19.5714.5313.99
A
– 107 –
1 195150
A
– 108 –
20062008
––
SPF
A
– 109 –
–
2022
A
– 110 –
–
[2022]32022
–2024
A
– 111 –
A
6 A
A
– 112 –
2 A
2022-2024
– 113 –
–
2022–2024
2022-2024
– 114 –
2022-2024
(1)
(2)(3)
(1)
(2)
2022-2024
– 115 –
(3)(4)
(1)
80%(2)
40%(3)
20%
20%
2022-2024
– 116 –
A
– 117 –
AAA
A
– 118 –
11 12
– 119 –
Flat Glass Group Co., Ltd.
6865
1. A
2. 2022A(i)(ii)(iii)(iv)(v)(vi)(vii)(viii)
– 120 –
(ix)(x)
3. 2022A
4. 2022A5.
6. A
7. 2022– 20248.
A
– 121 –
1.
H18354H
1999AA2.3.4.
2424
HH
18354
5.6.
7. 1999
H
– 122 –
Flat Glass Group Co., Ltd.
6865
H
A
H
1. 2022A
(i)(ii)(iii)(iv)(v)(vi)(vii)(viii)(ix)(x)
H
– 123 –
2. 2022A
3. A
H
– 124 –
1. H
HH
H
H18354
2. HH
3. HH
H
4. HH
24HH18354HH
5. HH
HH
6. H
7.
8. 1999