Hubei Feilihua Quartz Glass Co., Ltd. (Feilihua) (300395)

Individual Stock Analysis Report　|　Industry: Quartz Glass New Materials and Precision Products　|　Report Date: September 13, 2026　|　Closing Date: Friday, September 11, 2026

This report was automatically compiled by AI based on publicly available information and is for reference only. It does not constitute investment advice.

1. Executive Summary

Feilihua generated revenue of RMB 1.308 billion in 1H2026, up 44.06% year on year; net profit attributable to shareholders was RMB 295 million, up 32.95%; and non-recurring-adjusted attributable net profit was RMB 274 million, up 34.57%. Gross margin rose to 50.11%, while the debt-to-asset ratio was 20.96%. The company’s results continued the recovery and growth trend seen since 2025. However, revenue grew faster than profit, indicating that some margin pressure remains alongside scale expansion.

Growth mainly came from improving demand related to semiconductors, aerospace and electronic circuits. In 1H2026, revenue from quartz glass materials for semiconductors rose 35% year on year, while quartz electronic-fabric revenue reached RMB 153 million, a significant increase from RMB 13.12 million in 1H2025. Quartz glass materials and products together accounted for approximately 99% of principal revenue. Electronic fabric, however, remains at the stage of small-batch customer testing and end-customer certification; the pace of subsequent volume ramp-up will depend on customer certification and capacity-construction progress.

The company has a multi-tiered product portfolio covering quartz glass materials, precision products, quartz fibers and composite materials. In 2025, quartz glass materials generated revenue of RMB 1.258 billion, with a 56.63% gross margin, while quartz glass products generated revenue of RMB 752 million, with a 32.05% gross margin. Its high-end semiconductor materials and aerospace quartz-fiber businesses have certification and technological barriers, whereas photovoltaic and certain general-purpose products are more exposed to demand fluctuations, price competition and customer cost controls.

At the September 11, 2026 close, the share price was RMB 96.09, implying a total market capitalization of approximately RMB 50.517 billion, a TTM P/E of 97.86x, a historical P/E of 113.99x and a forward P/E of 85.69x. Based on institutional consensus estimates, 2026E–2028E P/E multiples were approximately 62x, 41x and 33x, respectively. The share price fell 4.38% that day, with turnover of RMB 3.194 billion, a turnover ratio of 6.47% and net selling by major funds of RMB 477 million. Short-term trading activity and valuation volatility were both significant.

2. Company Overview

2.1 Basic Information

2.2 Principal Businesses and Product Portfolio

• Quartz glass materials: Includes flame-fused quartz glass, synthetic quartz glass and electrically fused quartz glass, as well as quartz glass ingots, tubes, pipes, rods, plates and sheets. Revenue was RMB 1.258 billion in 2025, representing 62.41% of revenue, up 19.86% year on year, with a gross margin of 56.63%.
• Quartz glass products: Includes quartz glass components, quartz boats, quartz tubes, boat brackets, furnace doors, furnace core tubes, quartz rings and other supporting consumables for semiconductors, photovoltaics and optical communications. Revenue was RMB 752 million in 2025, representing 37.32% of revenue, up 14.62% year on year, with a gross margin of 32.05%.
• Quartz glass fibers and composite materials: Includes quartz glass fibers, three-dimensional woven quartz-glass-fiber preforms, and composite materials and structural components using quartz glass fiber as the base material, primarily serving aerospace and marine equipment.
• Optical and electronic materials: Includes synthetic quartz glass, precision-processed photomask substrates, ultrathin quartz electronic fabric, quartz electronic yarn, ultra-thin fabric and high-performance electronic-grade glass-fiber products.
• Major downstream applications cover semiconductors; aerospace and marine equipment; optics and photomask substrates; photovoltaics; optical communications; electronic circuits; and high-speed copper-clad laminates.
• Electronic-fabric revenue was RMB 98.3737 million in 2025. The business remained at the stage of small-batch customer testing and end-customer certification and had not yet entered mature volume production.

2.3 Position in the Industry Chain and Cost-Profit Structure

Feilihua occupies an upper-middle position in the quartz industry chain, with capabilities spanning high-purity quartz materials, precision quartz products, quartz fibers and composite materials. High-end semiconductor materials, aerospace quartz fibers and high-end optical materials are closer to technology- and certification-driven, high-value-added segments. Photovoltaic and certain general-purpose quartz products are closer to scale manufacturing and cost competition.

• Major raw and auxiliary materials include quartz sand, graphite, electronic components, hardware parts and packaging materials. Major energy sources include electricity, hydrogen and oxygen.
• In 2025, direct-material costs for quartz glass products were RMB 318 million, accounting for 62.21% of the product’s costs; direct-material costs for quartz glass materials were RMB 289 million, accounting for 52.91% of the product’s costs.
• Fuel and power accounted for 6.55% of quartz glass product costs and 15.78% of quartz glass material costs in 2025, indicating an overall material- and energy-intensive product structure.
• Quartz sand is a key mineral-based raw material. Quartz-sand procurement amounted to RMB 252 million in January–September 2025, RMB 289 million in 2024, RMB 282 million in 2023 and RMB 155 million in 2022.
• Supply of general-purpose hardware, electronic components and packaging materials is relatively ample, and the company’s bargaining power is average. For natural high-purity quartz sand, mine-source purity, supply quality and stability are critical, creating some raw-material constraints.
• Electricity, hydrogen and oxygen costs are affected by energy prices and regional supply; overall, the company is closer to a cost taker.
• The company is advancing deep purification of natural quartz sand and the industrialization of synthetic quartz sand. In 2025, it achieved stable mass production of high-purity synthetic quartz sand with impurity content of no more than 1 ppm and generated sales to certain customers. However, the extent to which synthetic sand can replace overall raw-material supply remains to be observed; this does not establish that the company has fully eliminated its dependence on external quartz-sand supply.
• Procurement from the top five suppliers was RMB 430 million in 2025, accounting for 26.64% of total annual procurement. The largest supplier accounted for 11.11%; none of the top five suppliers was a related party.
• Downstream markets include semiconductors; aerospace and marine equipment; photovoltaics; optical communications; optics and photomask substrates; electronic circuits; and high-speed copper-clad laminates. The company uses a build-to-order and direct-sales model.
• Domestic revenue was RMB 1.439 billion in 2025, representing 71.34%; overseas revenue was RMB 578 million, representing 28.66%.
• Sales to the top five customers were RMB 471 million in 2025, representing 23.35% of annual sales. The largest customer accounted for 7.55%, and none of the top five customers was a related party. These are figures from the official 2025 annual report, but customers are identified only as “Customer 1–Customer 5”; their actual names, industries and customer types cannot be independently verified externally. The latest annual report should prevail.
• Semiconductor customers generally require certification by equipment manufacturers or wafer fabs. Certification cycles are long and supplier-switching costs are high. Certain flame-fused quartz glass materials have passed certification by Tokyo Electron, Lam Research, Applied Materials and Hitachi High-Tech; certain quartz glass products have passed relevant certification by AMEC and NAURA. Certified products have a degree of customer stickiness and pricing power.
• Aerospace customers emphasize reliability, qualifications, confidentiality and long-term supply capability, making substitution difficult. The annual report describes the company as one of the few enterprises globally with mass-production capability for quartz glass fibers and as a leading domestic supplier of quartz glass fibers for aerospace. However, some related business is confidential, making its precise market share difficult to verify externally.
• Photovoltaic and certain general-purpose quartz products have relatively high standardization and competition and are vulnerable to industry cycles, product pricing and customer cost controls. In 2025, photovoltaic demand declined and competition intensified, causing year-on-year declines in the sales and output of certain photovoltaic quartz materials and products.
• Optical communications improved with demand from AI computing power and high-speed communications. In 2025, sales volume of Quartz Glass Products I was 1,442.11 tonnes, up 30.79% year on year.
• Electronic-circuit and high-speed copper-clad-laminate businesses remained at the small-batch customer-testing and end-customer-certification stage and had not yet entered mature volume production. Customer certification progress will affect future demand release.
• Publicly cited data on China’s semiconductor-equipment quartz-component market indicate that Feilihua Shichuang ranked first in 2024 with a 9.9% revenue share. However, this figure comes from another company’s offering-review materials citing Frost & Sullivan data, covers only China’s semiconductor-equipment quartz-component market and does not represent all Feilihua Group businesses or the entire quartz-glass industry. It is a single public data source and should not be viewed as the company’s officially confirmed overall market share.
• As of December 31, 2025, accounts receivable had a carrying balance of RMB 766 million, approximately 38.0% of revenue and approximately 17.3x 2025 attributable net profit. Inventories had a carrying value of RMB 916 million, while accounts payable amounted to RMB 343 million. The top five advance payments totaled RMB 95.1947 million, representing 88.04% of the year-end balance of advance payments. The relatively high levels of receivables and inventories indicate working-capital usage related to customer settlement, capacity deployment and raw-material reserves. Receivables increased from 2024, but the annual report alone cannot determine whether specific customers materially extended payment terms.
• The top five customers accounted for 23.35% of sales in 2025, with the largest customer accounting for 7.55%; the top five suppliers accounted for 26.64% of procurement, with the largest supplier accounting for 11.11%. Overall customer concentration is not high, but dependence on major customers exists. Customer names are aliases, so customer composition and customer types cannot be externally cross-checked solely from the annual report.

Feilihua is positioned in the upper-middle portion of the quartz industry chain. Its materials, precision products, quartz fibers and composite materials form a multi-tiered portfolio. High-end semiconductor materials, aerospace quartz fibers and high-end optical materials occupy higher-value-added segments, while photovoltaics and certain general-purpose products are more exposed to manufacturing and cost competition. Further margin improvement will depend mainly on volume growth in high-end semiconductor products, aerospace demand recovery, greater raw-material autonomy through synthetic quartz sand and purification of natural sand, and certification and mass production of new businesses such as electronic fabric and optical photomask substrates.

3. Financial Data and Valuation Analysis

3.1 Recent Operating Performance

The latest disclosure is the 2026 interim report, for the period ended June 30, 2026. 1H2026 non-recurring-adjusted attributable net profit was RMB 274 million, up 34.57%; gross margin was 50.11% and the debt-to-asset ratio was 20.96%. Quarterly attributable net profit: RMB 105 million in 1Q2025 (+35.72%), RMB 222 million in 1H2025 (+28.72%), RMB 334 million in 1Q–3Q2025 (+42.23%) and RMB 443 million for FY2025 (+41.04%). In 2024, gross margin was 42.17%, ROE was 7.61%, the debt-to-asset ratio was 18.78% and diluted EPS was approximately RMB 0.60; 2025 EPS was approximately RMB 0.843. Methodology note: one source reports 1Q2026 net profit of RMB 148 million, up 41.49%, versus the mainstream attributable figure of RMB 144 million, up 36.77%; this is likely a figure including minority interests. This report uses the attributable figure. 1H2026 operating structure: quartz glass materials revenue of RMB 738.4 million, or 56.46%, with a 51.22% gross margin; quartz glass products revenue of RMB 556.8 million, or 42.58%, with a 47.83% gross margin; domestic revenue of RMB 888.3 million, or 67.92%; overseas revenue of RMB 419.5 million, or 32.08%. Revenue from semiconductor quartz glass materials rose 35% year on year. Ultrathin quartz electronic fabric generated RMB 153 million in 1H2026, versus only RMB 13.12 million in 1H2025. The main reasons for 2024 weakness were a temporary aerospace-demand decline, photovoltaic supply-demand mismatch and optical-communications price competition.

Feilihua achieved rapid growth in 1H2026, with revenue up 44.06% and attributable net profit up 32.95%; revenue growth exceeded profit growth. Quarterly revenue growth was 53.04% in 1Q2026 and 36.79% in 2Q2026, while attributable net profit growth was 36.77% and 29.51%, respectively. Growth moderated from the first quarter but remained strong. In 2024, aerospace-demand weakness, photovoltaic supply-demand imbalance and optical-communications price competition drove revenue down 16.68% and attributable net profit down 41.56%. From 2025, aerospace-order recovery and semiconductor localization supported a 41.04% increase in full-year attributable net profit, establishing an earnings inflection point. Semiconductor quartz-glass-material revenue rose 35% year on year, while ultrathin quartz electronic fabric revenue reached RMB 153 million in 1H2026 versus RMB 13.12 million in 1H2025, representing a significant incremental source of growth. Gross margin remained above 50%, at 50.11% in 1H2026, and the debt-to-asset ratio was only 20.96%, indicating a sound financial structure.

3.2 Earnings Forecast

Forecast data come from two third-party aggregators, both based on excerpts from various research reports rather than a single broker. The number of institutions differs slightly: 14 institutions in the Tonghuashun data as of September 2, 2026, and approximately 15 in Eastmoney Choice as of around September 3, 2026. Eastmoney Choice also provides forecast net asset value per share of RMB 10.44/12.43/15.14 for 2026E/2027E/2028E and forecast ROE of 14.68%/18.75%/19.79%, respectively. The minutes did not provide 2027E or 2028E net-profit growth rates. Selected broker forecasts, showing the degree of divergence, include: Huayuan Securities (March 27, 2026, Buy): 2025–2027 attributable net profit of RMB 454 million/1.323 billion/2.590 billion and EPS of RMB 0.87/2.53/4.96, the most optimistic; Guolian Minsheng (May 5, 2026, Recommended): 2026–2028 revenue of RMB 3.247 billion/4.868 billion/7.097 billion and attributable net profit of RMB 876 million/1.451 billion/2.123 billion; BOC International (April 29, 2026, Buy): 2026 net profit of RMB 1.041 billion and EPS of RMB 1.99; Zheshang Securities (August 5, 2026, Buy): 2026 net profit of RMB 819 million, EPS of RMB 1.56 and target price of RMB 142.59; Soochow Securities (August 31, 2026, Buy): 2026–2028 attributable net profit of RMB 708 million/1.029 billion/1.355 billion, raised; Orient Securities (May 6, 2026, Buy): 2026/2027 EPS of RMB 1.78/2.45 and 2028 EPS of RMB 3.05, with a target price of RMB 126.38 based on a comparable-company 2026 P/E of 71x; China Galaxy (August 21, 2026, Recommended): 2026–2028 attributable net profit of RMB 583 million/809 million/1.061 billion and EPS of RMB 1.12/1.55/2.03, the most conservative; Guotai Haitong (August 29, 2026, Outperform): 2026 net profit of RMB 703 million, target price no higher than RMB 107.05, and 2026–2028 EPS reduced to RMB 1.34/1.79/2.32 from RMB 1.63/2.66/3.92; and Capital Securities (February 12, 2026): 2025–2027 net profit of RMB 420 million/830 million/1.240 billion, EPS of RMB 0.81/1.59/2.37 and target price of RMB 130. The report text rates it Buy while the rating table says Outperform, reflecting inconsistent methodology. Forecast divergence is extreme: the 2026E net-profit range is RMB 583 million–1.323 billion and the 2027E range is RMB 786 million–2.590 billion, with the high end more than three times the low end. Consensus averages may be distorted by outliers and should be identified as multi-institution averages rather than a single reliable forecast.

3.3 Valuation and Institutional Ratings

At the September 11, 2026 close, the share price was RMB 96.09, down 4.38%. Total market capitalization was RMB 50.517 billion and free-float market capitalization was RMB 49.225 billion. Turnover was RMB 3.194 billion and the turnover ratio was 6.47%. TTM P/E was 97.86x, historical P/E 113.99x, forward P/E 85.69x and P/B 9.65x. The figures are internally consistent: TTM attributable net profit was approximately RMB 516 million (505.17/5.16≈97.9); 2025 attributable net profit was RMB 443 million (505.17/4.43≈114); and net asset value per share was approximately RMB 9.96 (96.09/9.96≈9.65). Based on consensus forecasts and a September 11 total market capitalization of RMB 50.5 billion, forward P/E was approximately 62x in 2026E (505.17/8.13), 41x in 2027E (505.17/12.25) and 33x in 2028E (505.17/15.45). Using Eastmoney Choice forecasts gives approximately 63x, 41x and 31x, respectively. The two methodologies are broadly similar. Note that the forward P/E of 85.69x is annualized from the current quarter and will fluctuate with quarterly results; it is methodologically different from the TTM P/E of 97.86x and historical P/E of 113.99x. Data sources indicate that the three-year P/E and P/B are at relatively high historical levels and above industry averages; P/B is close to 10x, implying valuation-regression risk. Some portals, such as Ping An Securities, show total market capitalization of RMB 54.228 billion, TTM P/E of 112.55 and a prior close of RMB 107.25, which appear to be residual figures from an earlier trading date, around August, and are inconsistent with the September 11 close. This section uniformly uses the September 11 data from STCN/CLS.

4. Recent News and Announcements

4.1 Summary of Recent News and Announcements (as of September 10, 2026)

Target confirmation: stock code 300395, stock abbreviation “Feilihua,” full company name “Hubei Feilihua Quartz Glass Co., Ltd.,” listed on the ChiNext board of the Shenzhen Stock Exchange and registered in Jingzhou, Hubei. Principal businesses are quartz glass materials and products, including flame-fused, synthetic and electrically fused quartz glass, quartz fibers and composite materials. Downstream applications cover semiconductors, aerospace, optical communications, optics, electronic circuits (PCB/electronic fabric) and photovoltaics. Quartz glass materials and products together represented approximately 99% of principal revenue in 1H2026. Sources: Eastmoney F10 and HX168 F10.

4.2 2026 Interim-Report Results

The 2026 interim report was disclosed on the evening of August 20, 2026 and published on August 21. Revenue was RMB 1.308 billion (RMB 1,307,833,466.33), up 44.06% year on year; attributable net profit was RMB 295 million (RMB 294,779,713.29), up 32.95%; non-recurring-adjusted attributable net profit rose 34.57%; and basic EPS was RMB 0.5656. The company proposed a cash dividend of RMB 1.70 per 10 shares. Sources: Securities Daily, Eastmoney, Shanghai Securities News and Jiemian, with multiple sources in agreement. 2Q2026 revenue was RMB 686 million, up 36.79% year on year and 10.35% quarter on quarter, while attributable net profit was RMB 151 million, up 29.51%. These quarterly figures were split by China Industrial Securities and Changjiang Securities in their September 3, 2026 interim-report reviews. 1H2026 quartz electronic-fabric revenue was RMB 153 million according to Changjiang Securities, a single-broker figure requiring caution. For comparison, 3Q2025 revenue was RMB 1.382 billion and attributable net profit was RMB 334 million, up 42.23%; FY2025 revenue and net profit were approximately RMB 2.016 billion and RMB 443 million; and 1Q2026 revenue and attributable net profit were RMB 622 million (+53.04%) and RMB 144 million (+36.77%), respectively.

4.3 Refinancing Private Placement Completed

For the 2025 “issuance of shares to specific investors under a simplified procedure,” the CSRC issued its registration approval on April 30, 2026 (CSRC Permit [2026] No. 1042). The company received it on May 7 and announced it on May 8. It issued 3,459,409 shares at RMB 86.72 per share, raising RMB 299,999,948.48, or approximately RMB 300 million; net proceeds after expenses were RMB 293,694,798.82. The new shares were registered and listed on June 1, 2026, increasing total shares from 522,267,673 to 525,727,082. The fundraising project is Phase I of intelligent manufacturing of quartz electronic yarn, implemented by the wholly owned subsidiary Hubei Dingyi New Materials Co., Ltd. Total project investment is RMB 624 million, and annual quartz electronic-yarn capacity will increase by 1,000 tonnes after completion. The construction period is approximately one year. Sources: Eastmoney announcements, Sina announcement pages, Shanghai Securities Journal, Stockstar and CNINFO. On August 3, 2026, the board approved replacing RMB 123,413,587.23 of self-raised funds previously invested in the project and RMB 78,735.29 of issuance expenses, totaling RMB 123,492,322.52. At that time, RMB 44.3904 million of the proceeds had been used and RMB 249 million remained.

4.4 Registered-Capital Change

The fifth meeting of the seventh board of directors on September 7, 2026 approved the proposal to change the registered capital and amend the articles of association. Registered capital will increase from RMB 522,267,673 to RMB 525,727,082, subject to approval by the first extraordinary shareholders’ meeting of 2026. Source: Sina/Sohu Eagle Eye, September 7, 2026.

4.5 Registration of Reserved Grant under the 2025 Restricted-Share Incentive Plan

Registration of the reserved grant under the 2025 restricted-share incentive plan was completed. The listing date was September 9, 2026. A total of 261,050 shares, or 0.05% of total shares, were granted to 82 people at RMB 38.90 per share. The shares came from A shares repurchased in the secondary market. Announcement dated September 10, 2026, Stockstar, announcement No. 2026-62. At the time, 276,050 shares remained in the repurchase account.

4.6 2026 Restricted-Share Incentive Plan (Draft)

The company launched a draft 2026 restricted-share incentive plan, listed as agenda items 2–4 for the first extraordinary shareholders’ meeting of 2026. Media reports from Changjiang Times and Sina on September 10, 2026 said the plan would “tie 163 core employees to a four-year cumulative revenue target of more than RMB 12 billion.” This is a media interpretation; the final figure should be based on the formal draft announcement, whose original text could not be directly verified.

4.7 Notice of the First Extraordinary Shareholders’ Meeting of 2026

The meeting is scheduled for 13:30 on September 23, 2026, with a record date of September 16, 2026. Agenda items: (1) amendment of the remuneration-management system for directors and senior executives; (2) the draft 2026 restricted-share incentive plan and summary; (3) the incentive-plan implementation and assessment measures; (4) authorization for the board to implement the incentive plan; and (5) change of registered capital and amendment of the articles of association. Items 2–5 are special resolutions requiring approval by two-thirds. Sources: Stockstar, Sina and Eastmoney announcements, announcement No. 2026-59, dated September 8, 2026.

4.8 Chairman Shang Chunli’s Share-Reduction Plan Expired

Announcement No. 2026-58 dated September 4, 2026 stated that the original plan, pre-disclosed on May 13, 2026, permitted a reduction of no more than 800,000 shares. The actual reduction was 580,000 shares through centralized bidding between June 12 and September 3, at an average price of RMB 125.89 per share. Holdings declined from 3,346,474 shares, or 0.6411% excluding the repurchase account, to 2,766,474 shares, or 0.5265%. Sources: Eastmoney announcements and CNFIN. A daily breakdown compiled by Sina Finance on September 4 showed a reduction of 110,000 shares at RMB 92.48 on September 3, generating proceeds of approximately RMB 10.1728 million. Another figure reported cumulative sales of 3.0075 million shares and cumulative proceeds of approximately RMB 173 million. The large difference between the daily price of RMB 92.48 and the plan-wide average of RMB 125.89 reflects the plan’s coverage of the June–September price range, during which the share price was around RMB 130–140 in mid-June and near RMB 90 in early September.

4.9 Other Executive/Controlling-Shareholder Reductions and Pledges

Reductions by other executives and controlling shareholders were completed, as disclosed on May 6, 2026. They involved Wu Xuemin, Deng Jiagui, each with a planned reduction of no more than 2,609,958 shares, or 0.5% of total shares, as well as Cai Shaoxue, Lu Xiaohui, Liu Junlong and Wei Xuebing. The stated reason was personal funding needs. Source: Tonghuashun. As of September 3, 2026, Shang Chunli had no pledged shares. Source: Tonghuashun’s pledge-change table.

4.10 Fund Flows and Market Sentiment

Major funds recorded net purchases of RMB 139 million on September 10, 2026, according to Stockstar. The Sohu Securities page showed a reference price of RMB 95.31, down 5.15%, while another snapshot showed RMB 100.49, up 2.13%; the timestamps differed. Prices from different quotation sources are not synchronized, and some pages are JavaScript-based. Exchange closing prices should be used; the above figures are indicative and were not cross-verified to a single timestamp.

4.11 Industry/Theme News: Electronic Fabric and Electronic Yarn

The company said that its quartz electronic-fabric project remained at the stage of small-batch customer testing and end-customer certification. Since October 2025, the electronic-fabric industry has experienced tight supply and demand and multiple rounds of price increases, driven primarily by strong downstream PCB demand. Feilihua is one of the few enterprises with mass-production capability for quartz electronic fabric. Quartz electronic-fabric sales revenue was RMB 98.3737 million in 2025. Sources: Shanghai Securities Journal and Jiemian. The private placement was viewed by the market as “new progress in the electronic-fabric strategy,” and the theme attracted attention after approval on the evening of May 7, 2026. Source: Shanghai Securities Journal, May 8, 2026.

4.12 Uncertainties and Limitations

1) Share-price and fund-flow data: the September 10 major-fund net purchase of RMB 139 million and the RMB 95–100 price range come from third-party quotation and information sites. The timestamps are not fully aligned and are reference figures rather than exchange or company disclosure data. 2) The incentive target of “163 core employees and cumulative four-year revenue exceeding RMB 12 billion” comes from media reports and has not been verified against the original draft. 3) Certain financial splits, including 2Q2026 figures and RMB 153 million of electronic-fabric revenue, come from single-broker reports and were not directly disclosed by the company. 4) The difference between the average reduction price of RMB 125.89 and the September daily price of RMB 92.48 resulted from substantial price volatility during the plan period. Sina’s “RMB 173 million cumulative proceeds” is a long-term cumulative figure and does not cover the same statistical scope as the current plan’s 580,000 shares. 5) The first extraordinary shareholders’ meeting on September 23, 2026 had not yet been held and its resolutions were not available. 6) Data timeliness: all information in this update is current to around September 10, 2026. The next milestones are the September 23 extraordinary shareholders’ meeting and the subsequent third-quarter report, after which the information should be updated.

5. Share-Price Trend and Technical Analysis

5.1 Price Overview

5.2 Technical Indicators

At the September 11, 2026 close, Feilihua (300395.SZ) closed at RMB 96.09, down 4.38%, with a 5.12% amplitude, RMB 3.194 billion in turnover, a 6.47% turnover ratio and a 1.33 volume ratio, showing a high-volume decline. Major funds recorded net selling of RMB 477 million, compared with net buying of RMB 139 million on September 10, making the shift from inflow to significant outflow one of the main reasons for the weakness. Industry data are directionally contradictory: major funds reportedly recorded a net inflow of RMB 1.730 billion into the defense sector on September 9, while another record showed RMB 1.900 billion exiting the sector. Since the minutes did not explain the difference in methodology, no directional judgment is made on the sector signal. The research minutes did not include moving averages, Bollinger Bands, RSI, MACD, 52-week highs/lows or recent swing highs/lows. Accordingly, this section cannot provide precise technical levels. The levels and scenarios below are qualitative estimates based on available price and fund-flow data; the ranges are rough estimates based on the day’s price structure and round-number levels and contain substantial subjectivity.

5.3 Short-Term Outlook (Next Week; Scenario Analysis for Reference Only)

⚠️ Risk warning: The following is a qualitative scenario analysis based on the September 11, 2026 closing data and available fund-flow and volume information. The ranges and weights are subjective judgments, do not constitute investment advice or a guarantee of future performance, and should be assessed independently against the latest market information.

① Key Technical Levels

② Scenarios for the Coming Week (Subjective Weights, Not Statistical Probabilities)

• Range-bound consolidation (relatively higher weight, approximately 50%–60%, subjective): The share price remains in a broad RMB 94.0–100.0 range. Trigger conditions include slower major-fund outflows, no continued increase in daily turnover and stabilization of the overall sector. In this scenario, the RMB 94.00 intraday low and the RMB 100 round-number level form the lower and upper boundaries of the short-term range.
• Weak decline (medium weight, subjective): If major-fund outflows continue from September 11, when net selling was RMB 477 million, turnover remains above RMB 3 billion and no low-volume stabilization appears, the share price could break below RMB 94.00 and test the RMB 90.0 round-number area. The trigger would be a high-volume break below RMB 94.00 without fund-flow recovery.
• Rebound and strengthening (low weight, subjective): If major funds turn to net buying, similar to the RMB 139 million inflow on September 10, with supportive volume, the share price could stabilize above RMB 94.00 and challenge the RMB 99.0–100.5 resistance zone. Trigger conditions include holding above RMB 94.00, active turnover and a shift in major funds from net selling to net buying.

③ Fund-Flow and Liquidity Background

On September 11, 2026, the turnover ratio was 6.47%, turnover was RMB 3.194 billion, volume was 331,400 lots, the volume ratio was 1.33 and total market capitalization was RMB 50.517 billion. Trading was active and liquidity was relatively good, with manageable market-impact costs during normal trading hours. However, the minutes did not provide a continuous recent turnover range, so a normal turnover band cannot be determined. They also lacked ownership data for the top 10 shareholders and institutional holders such as public funds, social-security funds and QFII. Such data are missing, often disclosed with a delay, and may already have changed; therefore, no judgment can be made about shareholding concentration or institutional ownership.

The minutes did not provide a normal recent turnover range, preventing a precise volume-confirmation threshold. Based on the available data, a material increase in daily turnover from the RMB 3.194 billion recorded on September 11 accompanied by price stabilization, or a marked contraction in turnover below recent levels without a new price low, could serve as an indicator of changing fund sentiment. Specific thresholds should be recalibrated once recent volume data are available.

④ Key Points to Monitor (Observation Framework Only, Not Trading Instructions)

• Monitor support near RMB 94.00, the September 11 intraday low, and whether the RMB 99.0–100.5 resistance zone can be decisively broken.
• Monitor whether major-fund flows shift from the RMB 477 million net outflow on September 11 back to inflows, and whether the RMB 139 million net inflow on September 10 is repeated.
• Monitor daily turnover relative to RMB 3.194 billion as an indicator of whether selling pressure has been sufficiently released.
• Monitor overall fund flows in the defense sector, while noting that the minutes contain inconsistent sector-flow data and the directional signal remains unclear.

The above scenario analysis is based on the September 11, 2026 closing data and available fund-flow and volume information. Short-term prices will also be affected by news, capital flows, the broader market and other factors. Technical indicators are inherently lagging and limited, while the minutes lack key data including moving averages, Bollinger Bands, RSI, MACD, 52-week highs/lows and top-10 shareholder concentration. The key levels and scenario weights are therefore highly subjective and do not guarantee future performance or constitute buy or sell recommendations. Investors should make independent judgments based on the latest market information and bear their own investment risks.

6. Industry Structure and Competitor Analysis

6.1 Industry Overview

The quartz-glass industry chain can be divided into three layers: upstream quartz sand and quartz materials; midstream quartz-glass materials; and downstream quartz products and components. Core competitive factors include ore-source quality, purification technology, impurity control, melting processes, material consistency, precision-processing capability, yield, delivery capability and certification by semiconductor equipment manufacturers. Feilihua combines natural-sand processing, flame fusion, electric fusion, synthetic quartz and downstream products, while extending into quartz fibers, composite materials, optical materials and electronic fabric.

6.2 Competitive Landscape

• The upstream quartz-sand and quartz-material segments emphasize ore-source quality, purification technology, impurity control and material consistency. Quartz shares is representative in high-purity quartz sand, natural quartz materials and photovoltaic quartz materials, while Feilihua combines upstream materials with downstream products.
• The midstream quartz-glass-material segment includes flame-fused, electrically fused and synthetic quartz. Competition focuses on dimensions and specifications, purity, bubble and metallic-impurity control, and certification by semiconductor equipment manufacturers such as TEL, Lam and AMAT.
• The downstream quartz-product and component segment includes quartz rings, quartz boats, quartz tubes and quartz chamber consumables. Competition focuses on precision processing of complex components, yield, delivery capability and customer certification.
• Domestic companies remain in the localization phase for high-end semiconductor quartz products, while foreign companies retain substantial influence in high-end semiconductor quartz materials and products.
• Publicly cited 2024 data for China’s semiconductor-equipment quartz-component market show Feilihua Shichuang with a 9.9% revenue market share, Kaide Quartz with 4.2%, Zhenbao Technology with 3.6%, Zhejiang Hongxin with approximately 2.8% and Shanghai Qianghua with approximately 2.5%. The data cover a limited scope and come from another company’s offering-review materials citing Frost & Sullivan; they should not be extrapolated to the entire quartz-glass industry.

6.3 Major Competitors

Feilihua’s overlap with Quartz shares is mainly in quartz sand and quartz materials, while Feilihua extends into precision quartz products, quartz fibers, composite materials, optical materials and electronic fabric. Its overlap with Kaide Quartz, Qianghua Quartz and Dongke Quartz is mainly in semiconductor and photovoltaic quartz products. Compared with Heraeus, Momentive, Tosoh and other international companies, Feilihua focuses on localization, certified products, domestic delivery and material autonomy. Because product scopes differ, the companies cannot be ranked simply by total revenue.

7. Risk Factors

• Semiconductor growth and customer certification remain uncertain. Although some products have passed certification by Tokyo Electron, Lam Research, Applied Materials, Hitachi High-Tech, AMEC and NAURA, certification cycles are long. Delays in new-product certification could affect volume growth in quartz materials and products.
• Electronic-fabric and electronic-yarn businesses remain at the customer small-batch testing and end-customer certification stage. Electronic-fabric revenue rose to RMB 153 million in 1H2026, but the business has not yet entered mature volume production. Delays in customer certification, end-market adoption or the quartz electronic-yarn project could prevent new capacity from converting into revenue and profit.
• Raw-material and energy costs may compress profitability. Quartz sand is a key mineral-based raw material, with procurement of RMB 252 million in January–September 2025. Fuel and power represented 15.78% of quartz-material costs, and the company has limited control over the supply and pricing of natural high-purity quartz sand, electricity, hydrogen and oxygen.
• Photovoltaic and certain general-purpose quartz products face demand and pricing pressure. Photovoltaic demand declined and competition intensified in 2025, causing year-on-year declines in the sales and output of certain photovoltaic quartz materials and products. Continued photovoltaic weakness or persistent customer price pressure could weigh on the product mix and overall gross margin.
• Working-capital usage is relatively high. At the end of 2025, accounts receivable were RMB 766 million, inventories were RMB 916 million and receivables represented approximately 38.0% of 2025 revenue. Longer customer settlement cycles, slower inventory turnover or a mismatch between capacity deployment and demand could increase cash-flow and impairment pressure.
• Results are sensitive to volume growth in high-value-added businesses. The 2025 gross margin of quartz glass materials was 56.63%, materially above the 32.05% margin for quartz glass products. If revenue growth comes increasingly from lower-margin products or more competitive general-purpose products, revenue could grow faster than profit and overall profitability could fall short of expectations.
• Valuation is currently high. As of September 11, 2026, TTM P/E was 97.86x, historical P/E was 113.99x and P/B was 9.65x. If results fall below consensus or the market lowers its growth expectations for semiconductors and electronic fabric, valuation-regression pressure could emerge.
• Share-price and fund-flow volatility is high in the short term. On September 11, 2026, the share price fell 4.38%, turnover was RMB 3.194 billion, the turnover ratio was 6.47% and major funds recorded net selling of RMB 477 million, compared with net buying of RMB 139 million on the previous trading day. The company’s chairman and other executives have also previously undertaken share reductions, which may increase market attention to ownership and sentiment.

8. Conclusion and Outlook

Feilihua’s core growth drivers are the localization of semiconductor quartz materials and products, recovery in aerospace demand, improving optical-communications conditions, and certification and volume production of new businesses such as electronic fabric and optical materials. In 2025, revenue and attributable net profit rose 15.76% and 41.04%, respectively. Revenue and profit continued to grow rapidly in 1H2026, indicating that the recovery from the previous earnings trough remains ongoing. The company raised approximately RMB 300 million through the private placement to build an intelligent quartz electronic-yarn manufacturing project, planned to add 1,000 tonnes of annual quartz electronic-yarn capacity and provide a capacity base for expansion in electronic-circuit-related businesses.

Medium-term earnings improvement will depend on volume growth in high-margin semiconductor materials, stability of aerospace orders, certification progress for electronic fabric and electronic yarn, and the extent to which purification of natural quartz sand and synthetic quartz sand can substitute for external raw-material supply. Institutional forecasts for 2026 attributable net profit range from RMB 583 million to RMB 1.323 billion, a wide gap indicating significant market disagreement over the pace of new-business ramp-up, profitability and earnings delivery.

The company’s current valuation is high, placing substantial demands on the delivery of future growth expectations. In addition, major funds shifted from net buying on the previous trading day to substantial net selling on September 11, 2026, leaving the share price in an observation range around RMB 94.0–100.5. Investors should monitor quarterly results, gross margin, volume growth in electronic fabric and semiconductor businesses, fundraising-project progress and working-capital changes to assess growth quality and valuation absorption.

Data Sources

• Hubei Feilihua Quartz Glass Co., Ltd.
• https://pdf.dfcfw.com/pdf/H2_AN202604231821505747_1.pdf
• Stock abbreviation: Feilihua　　　　　　　　　　　　　　Stock code: 300395
• Feilihua (300395.SZ) - Earnings Summary
• Procurement. Long term, the market size of quartz components for semiconductor equipment in China is expected to grow steadily to RMB 11.92 billion in 2029
• 2. Which companies are peers? What is Feilihua’s technology level?
• Feilihua (300395.SZ) Deep F9-PC_HSF9 Information
• Feilihua (300395.SZ) Operating Analysis-PC_HSF10 Information
• Deep F9: Feilihua (300395)
• Feilihua listed-company information
• Feilihua (300395)_Overview_Stock Price_Real-Time Market Data_Charts_News_Reports_FinScope
• Feilihua: 95.31 -5.15% -5.18 300395 Sohu Securities
• Feilihua (300395) major funds recorded net selling of RMB 477 million on September 11
• Feilihua: 100.49 +2.13% +2.10 300395 Sohu Securities
• Feilihua: 87.94 +1.14% +0.99 300395 Sohu Securities
• Hubei Feilihua Quartz Glass Co. Ltd. Advanced Charts | 300395 | Barron’s - Hubei Feilihua Quartz Glass Co. Ltd.
• Feilihua (300395.SZ) 2024 net profit was RMB 314 million, down 41.56% year on year
• Hubei Feilihua Quartz Glass Co., Ltd. Reports Earnings Results for the Full Year Ended December 31, 2024
• 300395.SZ - Stock Price & Latest News
• 300395 | Hubei Feilihua Quartz Glass Co. Ltd. Annual Income Statement | MarketWatch
• Feilihua (300395) Financial Reports and Metrics | Investing.com
• Hubei Feilihua Quartz Glass Co Ltd (300395) Financial Summary - Investing.com
• Feilihua (300395.SZ): 3Q2024 net profit was RMB 235 million, down 42.82% year on year
• Feilihua (300395) Key Indicators and Financial Analysis | Stockstar
• Hubei Feilihua Quartz Glass Co Ltd (300395) Income Statement - Investing.com
• 300395 - Hubei Feilihua Quartz Glass Co., Ltd. Earnings History
• Guotai Haitong Securities gives Feilihua an “Outperform” rating
• Feilihua (300395) 2026 interim-report review: Rapid growth in 1H; expanding quartz products into new markets
• Soochow Securities gives Feilihua a “Buy” rating
• Feilihua (300395) 2025 earnings forecast review: Profit recovery expected; electronic fabric generates small-scale revenue
• Research-report indicator updates
• Guotai Haitong Securities gives Feilihua an “Outperform” rating
• Feilihua (300395): Profit substantially improved; earnings inflection point reached
• Huayuan Securities gives Feilihua a “Buy” rating
• Initial institutional coverage
• Feilihua (300395) Overview
• Strong demand for high-end electronic fabric; earnings expected to grow rapidly
• Strong demand for high-end electronic fabric; earnings expected to grow rapidly
• Feilihua (300395) Value Analysis
• 47 companies receive Recommended ratings—updating
• Feilihua rises 9.15%; Huayuan Securities issued a Buy rating one month earlier
• Feilihua institutional ratings
• Feilihua (300395.SZ) Earnings Forecast
• EPS forecasts
• Feilihua (sz300395)
• Feilihua 96.09 -4.40 (-4.38%) Latest Price and Market Data
• e Company, a leading listed-company information platform
• Feilihua (sz300395) market data
• Feilihua (300395) Overview
• Feilihua (sz300395) market data—September 9, 2026
• Feilihua 89.31 -3.17 (-3.43%) Latest Price and Market Data
• Feilihua (300395.SZ)
• Market Data
• Feilihua (300395.SZ) Quick Quote
• Feilihua major funds recorded net buying of RMB 139 million on September 10
• Feilihua equity incentive plan ties 163 core employees to a four-year cumulative revenue target exceeding RMB 12 billion
• Feilihua equity incentive plan ties 163 core employees to a four-year cumulative revenue target exceeding RMB 12 billion
• Sina Finance article
• Feilihua: first extraordinary shareholders’ meeting of 2026 to be held on September 23
• Feilihua company announcements
• Hubei Feilihua Quartz Glass Co., Ltd. expects to receive RMB 300 million in funding
• Feilihua (300395.SZ): 3Q2025 net profit was RMB 334 million
• Shenzhen Stock Exchange announcement
• Feilihua secretary-general Zheng Wei reduced holdings by 20,000 shares
• Hubei Feilihua Quartz Glass Co., Ltd. reported results for the year ended December 31, 2025
• Hubei Feilihua Quartz Glass Co., Ltd. reported results for the nine months ended September 30, 2025
• Completion of registration of the reserved grant under the 2025 restricted-share incentive plan
• Feilihua (300395.SZ) 1H2026 net profit was RMB 295 million, up 32.95%
• Feilihua: 1H2026 attributable net profit increased 32.95% year on year
• Feilihua (300395) 1H2026 review: Strong interim growth; semiconductor and electronic-circuit businesses progressing smoothly
• Feilihua (300395.SZ): 1H2026 net profit was RMB 295 million
• Feilihua (300395.SZ) released interim results: attributable net profit of RMB 295 million, up 32.95%
• Feilihua company review: Strong 2Q performance; rapid breakthroughs in downstream applications
• Feilihua generated RMB 295 million of 1H net profit, up 33%; proposed RMB 1.70 per 10 shares
• Feilihua (300395.SZ) 1H2026 net profit was RMB 295 million, up 32.95%
• Feilihua 1H revenue rose 44.06% to RMB 1.308 billion; attributable net profit rose 32.95% to RMB 295 million
• Feilihua (300395): 1H2026 electronic fabric generated RMB 153 million; semiconductor cycle improving
• Feilihua: announcement on expiration and implementation of the director’s share-reduction plan
• Feilihua: announcement on expiration and implementation of the director’s share-reduction plan
• Notice of the first extraordinary shareholders’ meeting of 2026
• China share-pledge change table—Feilihua—2026
• Feilihua shareholder Shang Chunli reduced holdings by 110,000 shares in one day
• Feilihua: notice of the first extraordinary shareholders’ meeting of 2026
• Feilihua: notice of the first extraordinary shareholders’ meeting of 2026
• China major-shareholder reduction plans—Feilihua—2026
• Feilihua: notice of the first extraordinary shareholders’ meeting of 2026
• Feilihua: notice of the first extraordinary shareholders’ meeting of 2026
• Approval of Feilihua’s refinancing registration
• Feilihua: approval of registration for 2025 issuance of shares to specific investors under a simplified procedure
• Feilihua: approval of registration for 2025 issuance of shares to specific investors under a simplified procedure
• Feilihua: use of proceeds to replace self-raised funds invested in the fundraising project and issuance expenses
• Feilihua: special report on the deposit, management and use of proceeds for 1H2026
• Hubei Feilihua Quartz Glass Co., Ltd. announcement on CSRC registration approval
• 300395: new progress in electronic-fabric strategy
• Feilihua: announcement on changing registered capital and amending the articles of association
• Feilihua: use of bank acceptance bills to pay fundraising-project expenses and replace them with proceeds
• Feilihua: registered capital to be changed after issuance to specific investors
• Feilihua 96.09 -4.40 (-4.38%) Latest Price and Market Data
• 300395 Stock Price | Hubei Feilihua Quartz Glass Co. Ltd.
• Feilihua (300395) market data
• Feilihua (300395.SZ)
• Feilihua (300395.SZ) Quick Quote
• Feilihua (300395.SZ)
• 300395 price today | Hubei Feilihua Quartz Glass Co Ltd
• 300395: Feilihua—MSN Finance
• Feilihua major funds recorded net buying of RMB 139 million on September 10
• Feilihua fell 2.01%; turnover RMB 318 million; major funds net outflow RMB 57.6113 million
• Feilihua fund flows
• Defense industry up 1.27%; major funds net inflow of RMB 1.730 billion
• Defense industry up 1.27%; major funds net inflow of RMB 1.730 billion
• RMB 1.900 billion of major funds exited the defense sector
• Feilihua rose 2.01%; turnover RMB 911 million; major funds net inflow RMB 10.8706 million
• Feilihua 98.39 +3.25%
• Feilihua (300395) investor commentary
• Feilihua technical analysis
• Download 300395 Data | MarketWatch
• Feilihua (300395) Overview
• SZ.300395 Feilihua quotation
• Feilihua (300395.SZ)
• Feilihua historical data
• Hubei Feilihua Quartz Glass (SZSE:300395) analysis
• Hubei Feilihua Quartz Glass Co Ltd Class A
• Hubei Feilihua Quartz Glass (SZSE:300395) analysis
• Historical data for Hubei Feilihua Quartz Glass

This report was automatically searched, compiled and generated by AI based on publicly available sources. The information is current to the Friday, September 11, 2026 close and may differ in timeliness. Specific data should be verified against the company’s formal announcements and authoritative data terminals. This report is for information compilation and research reference only, does not constitute investment advice, and investors should make independent judgments and bear their own investment risks.