Flat Glass Group reports steep profit drop, blames market pressures

Flat Glass Group reported a comprehensive income of RMB7,737.03 million for the first half of 2025, a 27.66% decrease from RMB10,695.995.50 in the same period of 2024. Net profit attributable to owners of the parent company plummeted by 82.58% to RMB261.09 million, down from RMB1,498.620.327.99 in the first half of 2024. This downturn is attributed to excessive production capacity, intensified competition, and declining PV glass prices, though lower raw material costs and efficiency improvements offered some mitigation.

The group's gross profit also fell by 57.27% to RMB1,087.1 million, resulting in a gross profit margin of 14.05%, a 9.73 percentage point decrease from the prior year. Total assets increased slightly by 0.65% to RMB43,196.8 million as of June 30, 2025, with shareholders' equity rising 0.76% to RMB21,948.7 million. The company terminated its 2021 A Share Option Scheme and cancelled 3,147,284 unexercised stock options.

The company's strategic response includes reducing production capacity, having cold repaired three PV glass furnaces, resulting in an in-production capacity of 16,400 tons per day. No interim dividends were recommended for the six months ended June 30, 2025.