Flat Glass Group (6865) H2 2025 earnings summary

Executive summary

• Operating revenue for FY2025 was RMB15,566.8 million, down 16.68% year-over-year due to declining PV glass prices and industry supply-demand imbalance.

• Net profit attributable to shareholders was RMB980.6 million, a 2.58% decrease from FY2024.

• Gross profit margin improved to 16.91% from 15.50% in FY2024, supported by the PV glass segment.

• The company maintained satisfactory liquidity and financial performance despite industry headwinds.

Financial highlights

• Revenue: RMB15,566.8 million (FY2025), down from RMB18,682.6 million (FY2024).

• Net profit: RMB992.6 million (FY2025), down from RMB1,016.1 million (FY2024).

• EBITDA: RMB3,562.4 million, EBITDA margin 22.88% (up from 19.40% in FY2024).

• Basic and diluted EPS: RMB0.42 (FY2025), compared to RMB0.43 (FY2024).

• Total assets: RMB42,384.4 million; net assets: RMB22,611.5 million as of 31 December 2025.

• Final dividend proposed: RMB0.15 per share (before tax), subject to approval.

Outlook and guidance

• The global PV industry is expected to maintain high installation levels, with long-term demand for PV glass remaining robust.

• The company aims to solidify its leading position through cost leadership, technological innovation, and global capacity expansion.