Flat Glass Group net profit plunges amidst PV glass price declines

Flat Glass Group Co. (HKEX: 6865) reported a net profit of RMB1,016.13 million for the year ended December 31, 2024, a 63.53% decrease compared to the RMB2,763.03 million reported in 2023. The decline is attributed to a significant fall in PV glass prices, the company's core product, and an industry-wide imbalance of supply and demand. Despite facing industry challenges, the Group's operating revenue reached RMB18,682.6 million. The EBITDA margin decreased to 19.40%. The basic and diluted earnings per share both stood at RMB0.43. As part of its efforts to reward investors, the company repurchased 13,308,421 A shares for a total consideration of RMB300.00 million. The company cancelled 8,285,000 H shares and made a charitable donation of RMB1,661,407.87. Looking ahead, the Group aims to strengthen self-discipline, consolidate advantages, and focus on reducing costs and improving efficiency to ensure sustainable development.