Flat Glass Group: profits and revenue fall as PV glass prices decline

Flat Glass Group Co., Ltd. reported a significant decrease in total profit for the nine months ended September 30, 2025, falling by 47.82% to RMB758,711,771.84 compared to the same period last year. Net profit attributable to equity owners of the company also declined by 50.79% to RMB637,556,355.05. Operating revenue for the nine-month period decreased by 14.66% to RMB12,463,595,656.10, primarily attributed to the decline in photovoltaic glass prices.

The company's balance sheet shows total assets decreased by 2.35% to RMB41,910,481,900.36 as of September 30, 2025, compared to December 31, 2024. Current liabilities saw a notable reduction, with short-term borrowings decreasing by 31.55% to RMB696,008,710.32, mainly due to repayments. However, cash flow from operating activities for the nine months decreased by 25.03% to RMB2,261,810,118.10.

Key changes in financial items include a 273.59% increase in advance payments due to higher prepayments to suppliers, and a 31.60% rise in construction in progress reflecting ongoing photovoltaic glass manufacturing projects. R&D expenses decreased by 32.84%, reflecting a reduction in R&D investment.