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    3300   BMG2111H1236

CHINA GLASS HOLDINGS LIMITED

(3300)
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China Glass : OPERATIONAL UPDATE FOR THE THREE MONTHS ENDED 31 MARCH 2021

04/19/2021 | 07:56pm EDT

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

CHINA GLASS HOLDINGS LIMITED

中 國 玻 璃 控 股 有 限 公 司 *

(Incorporated in Bermuda with limited liability)

(Stock Code: 3300)

OPERATIONAL UPDATE FOR THE THREE MONTHS

ENDED 31 MARCH 2021

This is an announcement made by China Glass Holdings Limited (the "Company", together with its subsidiaries, the "Group") on a voluntary basis to provide an operational update on the business of the Group.

In the three months ended 31 March 2021 (the "First Quarter of 2021"), the Group recorded:

  • sales amount of approximately RMB793 million from sale of glass products, representing an increase of approximately 73% compared to the three months ended 31 March 2020 (the "First Quarter of 2020"); and
  • sales volume of approximately 7.42 million weight cases of glass products, representing an increase of approximately 40% compared to the First Quarter of 2020.

The increase in sales amount and sales volume of the Group from sale of glass products was mainly attributable to the combined effect of: (i) the strong performance of the glass industry in China continuing the trend from 2020, leading to historical levels in terms of product price and demand to supply ratio, despite the first quarter is typically a low season for the industry; (ii) a standardized and flexible pricing and sales model formulated on the Group's diversified and flexible sales strategy through close monitoring of both the domestic and overseas markets and focusing on and maximizing the synergy of the sales strategies of our various domestic and overseas production bases, thus maximizing the sales gain of the Group; and (iii) the timely adjustment of the Group's product mix and centralized production plans based on the market position and supply and demand dynamics of each production base.

1

The board of directors of the Company (the "Board") wishes to remind shareholders and potential investors of the Company that the above operating figures for the First Quarter of 2021 are based on the Group's internal records and unaudited management accounts which have not been reviewed or audited by auditors. Differences may arise between such figures and the information to be disclosed in subsequent audited or unaudited consolidated financial statements of the Company to be published on an annual or half- yearly basis. As such, such figures shall not be taken as an indication of the Group's current or future operating or financial performance.

Shareholders and potential investors of the Company are cautioned not to unduly rely on such figures and are advised to exercise caution when dealing in the securities of the Company.

By Order of the Board

China Glass Holdings Limited

Lyu Guo

Executive Director

Hong Kong, 19 April 2021

As at the date of this announcement, the directors of the Company are as follows:

Executive Director:

Mr. Lyu Guo

Non-executive Directors:

Mr. Peng Shou (Chairman) ; Mr. Zhao John Huan; Mr. Zhou Cheng (Honorary Chairman) ; and Mr. Zhang Jinshu

Independent Non-executive Directors:

Mr. Zhang Baiheng; and Mr. Chen Huachen

  • For identification purpose only

2

Disclaimer

China Glass Holdings Limited published this content on 19 April 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 19 April 2021 23:55:05 UTC.


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Sales 2021 5 594 M 719 M 719 M
Net income 2021 783 M 101 M 101 M
Net Debt 2021 3 714 M 478 M 478 M
P/E ratio 2021 7,59x
Yield 2021 -
Capitalization 5 937 M 764 M 763 M
EV / Sales 2021 1,73x
EV / Sales 2022 1,34x
Nbr of Employees 3 391
Free-Float 45,6%
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Mean consensus BUY
Number of Analysts 2
Last Close Price 3,28 HKD
Average target price 3,38 HKD
Spread / Average Target 3,05%
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Managers and Directors
Guo Lu Chief Executive Officer & Executive Director
Li Ming Han Chief Finance Officer
Shou Peng Chairman
Jian Xun Wang Chief Technology Officer
Bai Heng Zhang Independent Non-Executive Director
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