Flat Glass Group (6865) Q3 2025 earnings summary

Executive summary

• Revenue for Q3 2025 rose 20.95% year-over-year, but nine-month revenue declined 14.66% compared to the same period last year.

• Net profit attributable to equity owners dropped 50.79% for the nine months year-over-year, with a 284.87% decrease in Q3 net profit compared to Q3 2024.

• Basic and diluted EPS for the nine months were RMB 0.27, down over 50% year-over-year.

Financial highlights

• Nine-month revenue: RMB 12.46 billion, down 14.66% year-over-year.

• Nine-month net profit attributable to equity owners: RMB 637.56 million, down 50.79% year-over-year.

• Net cash flow from operating activities: RMB 2.26 billion, down 25.03% year-over-year.

• Total assets as of 30 September 2025: RMB 41.91 billion, down 2.35% from year-end 2024.

• Equity attributable to owners: RMB 22.20 billion, up 2.29% from year-end 2024.

Outlook and guidance

• Operating revenue and cost declines attributed to lower photovoltaic glass prices and cost-cutting initiatives.

• R&D expenses reduced by 32.84% due to decreased investment.