Flat Glass Group (6865) Q1 2025 earnings summary

Executive summary

• Revenue for Q1 2025 was RMB 4.08 billion, down 28.76% year-over-year due to a significant drop in photovoltaic glass prices.

• Net profit attributable to equity owners fell 86.03% to RMB 106.1 million compared to Q1 2024.

• Basic and diluted EPS both declined to RMB 0.05 from RMB 0.32 year-over-year.

Financial highlights

• Net cash inflow from operating activities decreased 72.22% to RMB 167.0 million.

• Total assets as of March 31, 2025, were RMB 43.09 billion, up 0.40% from December 31, 2024.

• Equity attributable to owners stood at RMB 21.73 billion, a 0.13% increase from year-end 2024.

• Non-recurring items contributed RMB 3.94 million to net profit.

Outlook and guidance

• Revenue and profit declines are attributed to lower selling prices in the photovoltaic glass segment, indicating ongoing margin pressure.