Flat Glass Group (6865) H1 2025 earnings summary

Executive summary

• Operating revenue for H1 2025 was RMB7,737.0 million, down 27.66% year-over-year due to overcapacity and price declines in the PV glass industry.

• Net profit attributable to shareholders was RMB261.1 million, an 82.58% decrease year-over-year, reflecting intense competition and falling prices.

• The company responded by reducing production capacity and implementing cost and efficiency measures.

Financial highlights

• Gross profit for H1 2025 was RMB1,087.1 million, down 57.27% year-over-year; gross margin fell to 14.05% from 23.78%.

• EBITDA was RMB1,451.6 million, with an EBITDA margin of 18.76%, down from 28.16% in H1 2024.

• Net profit for H1 2025 was RMB266.0 million, down from RMB1,500.3 million in H1 2024.

• Net assets/shareholders' equity as of 30 June 2025 were RMB21,948.7 million, up slightly from year-end 2024.

• Total assets reached RMB43,196.8 million, a 0.65% increase from 31 December 2024.

• Basic and diluted EPS for H1 2025 were RMB0.11, compared to RMB0.64 in H1 2024.

Outlook and guidance

• The company expects continued industry rationalization, with further phasing out of outdated capacity and a focus on quality and efficiency improvements.

• Future project implementation will depend on market conditions and construction progress.

• Strategic focus remains on quality, efficiency, and maintaining industry leadership amid challenging market conditions.