Flat Glass Group Co., Ltd. released its unaudited results for the six months ended 30 June 2026, revealing a swing to loss as weak photovoltaic (PV) demand weighed on pricing and profitability.

Revenue and Profitability • Operating revenue fell 13.81% year-on-year to RMB 6.67 billion. • Gross profit dropped 49.85% to RMB 545.17 million; gross margin contracted to 8.18% from 14.05%. • The company reported a net loss of RMB 362.77 million, compared with a net profit of RMB 265.96 million a year earlier. • EBITDA decreased 36.75% to RMB 918.20 million; EBITDA margin slipped to 13.77%.

Segment Performance • PV glass remained the core business, contributing 87.90% of revenue, but sales declined 15.60% to RMB 5.86 billion as unit prices fell. • Architectural, household and float glass collectively generated RMB 439.56 million, while power-generation income from self-owned solar projects added RMB 223.38 million. • Mainland China revenue dropped 20.60% to RMB 4.30 billion; overseas revenue inched up 1.98% to RMB 2.37 billion, lifting the offshore share to 35.6%.

Costs and Expenses • Operating costs eased 7.92% to RMB 6.12 billion, partly offsetting price pressure. • R&D spending rose 19.24% to RMB 256.02 million; administrative expenses increased 39.36% to RMB 201.83 million. • Finance costs climbed 24.22% to RMB 255.43 million, driven by exchange-rate volatility.

Balance Sheet and Cash Flow • Total assets stood at RMB 41.53 billion; net assets were RMB 21.76 billion. • Cash at bank and on hand amounted to RMB 3.79 billion; current ratio slipped to 1.31 (end-2025: 1.57). • Net operating cash inflow reached RMB 1.34 billion, but free cash outflows for investing and financing led to a RMB 216.15 million decrease in cash and equivalents. • Capital expenditure totaled RMB 682.73 million, focused on new PV glass capacity and distributed solar projects. • Net debt/total assets ratio edged up to 47.60% from 46.65%.

Shareholder Returns and Capital Actions • No interim dividend was declared. • Between 21 May and 30 June 2026 the company repurchased 12.12 million H-shares for HKD 90.16 million, now held as treasury shares. • Outstanding A-share convertible bonds stood at RMB 4.14 billion; only RMB 128,000 face value has been converted to equity since issuance.

Outlook Flat Glass expects industry overcapacity and subdued PV demand to persist in the short term, but believes ongoing capacity rationalisation, technology upgrades and cost control will support a medium-term recovery. Management plans to curb capital expenditure, enhance efficiency and focus on high-quality growth opportunities while maintaining a cautious stance on cash flow and leverage.