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One of the world's largest makers of solar photovoltaic glass, used to encapsulate solar panels.
One of the world's largest makers of solar photovoltaic glass, used to encapsulate solar panels.
Sells photovoltaic glass, the front and back sheets of solar panels, to module makers, so prices swing with panel demand and the amount of new furnace capacity in the industry. Its profit depends on the spread between glass prices and its soda ash and fuel costs.
Moat: narrow (scale, cost advantage). Large-scale kiln capacity gives cost leadership over smaller PV glass makers.
Headquarters: Jiaxing, China · Founded: 1998 · Employees: 7,366
Size Flat Glass (601865.SS) is a China Materials company (Industrial Specialties) with a market value of $3.03B, the 848th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥9.50 on 6 Nov 2026.
Performance Over six months the shares fell 29.7%, against -16.6% for the median peer and -16.4% for the China market (cap-weighted) — 5th lowest of 19 in its peer set.
Growth Revenue fell 23.3% over the last twelve months (peer median +10.6%); the operating margin is -2.0% (peer median 11.5%).
Valuation It trades at 1.04× book value against a peer median of 3.81× (3rd cheapest of 21).
Price implies The share price implies a return on equity of about 8.2%; Flat Glass delivers -2.3%, so the price asks more than the business earns today.
Next results Next results expected around 30 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥12.7B | CN¥15.5B | CN¥18.6B | CN¥21.5B | CN¥15.4B |
| Revenue growth | — | -17% | -13% | +39% | — |
| Gross profit | CN¥2.68B | CN¥2.46B | CN¥2.77B | CN¥4.59B | CN¥3.34B |
| EBITDA | n/a | CN¥3.64B | CN¥3.84B | CN¥5.30B | CN¥3.63B |
| Net income | -CN¥493M | CN¥981M | CN¥1.01B | CN¥2.76B | CN¥2.12B |
| Free cash flow | CN¥743M | CN¥48.4M | CN¥1.07B | -CN¥3.64B | -CN¥7.89B |
| Capital expenditure | CN¥1.70B | CN¥2.88B | CN¥4.89B | CN¥5.61B | CN¥8.07B |
| Total debt | CN¥14.9B | CN¥15.1B | CN¥16.4B | CN¥15.0B | CN¥12.8B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE |
|---|---|---|---|---|---|---|
| Flat Glass 601865.SS | $3.03B | -30% | -23% | -2% | 1.04× | 8.2% |
| Xinyi Solar 0968.HK | $2.48B | -32% | -25% | 0% | 0.57× | 6.9% |
| Shandong Jinjing Science & Technology 600586.SS | $806M | -35% | -23% | -17% | 1.15× | 10.1% |
| Changzhou Almaden Stock 002623.SZ | $558M | -11% | -22% | -7% | 1.47× | 15.8% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 601865.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +4.2% | -11.1% | 3rd highest of 20 |
| 6-month return | -29.7% | -16.6% | 5th lowest of 19 |
| Return on equity | -2.3% | 12.5% | 2nd lowest of 21 |
| Price / book | 1.04× | 3.81× | 3rd cheapest of 21 |
| ROE the price implies | 8.2% | 36.2% | 3rd least demanding of 21 |
| ROE delivered | -2.3% | 12.4% | 2nd lowest of 19 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| Flat Glass 601865.SS | China | $3.03B | -30% | -23% | -2% | 1.04× | 8.2% | -2.3% |
| Himadri Speciality Chemical HSCL.NS | India | $3.04B | -8% | +25% | 19% | 5.58× | 103.5% | 18.6% |
| Kinik 1560.TW | Taiwan | $3.04B | +17% | +19% | 22% | 11.04× | 92.4% | 21.8% |
| WD-40 WDFC | United States | $2.97B | +6% | +11% | 30% | 10.88× | 39.6% | 30.4% |
| SKSHU Paint 603737.SS | China | $3.14B | -33% | 0% | 13% | 6.51× | 86.4% | 12.5% |
| Kansai Paint 4613.T | Japan | $3.23B | +29% | +3% | 11% | 1.78× | 10.5% | 10.6% |
| Jiangsu Pacific Quartz 603688.SS | China | $2.78B | -38% | +15% | 3% | 3.12× | 39.8% | 2.6% |
| Crown New Materials Techn Co L 001381.SZ | China | $3.33B | n/a | +8% | 14% | 8.69× | 60.8% | n/a |
| China Hainan Rubber Industry 601118.SS | China | $3.36B | -27% | -37% | 0% | 2.39× | 19.7% | -0.4% |
| GCL Technology 3800.HK | Hong Kong | $2.71B | -30% | +25% | -9% | 0.50× | 5.5% | -8.7% |
| H.B. Fuller FUL | United States | $2.68B | -19% | +1% | 10% | 1.24× | 11.3% | 9.6% |
| DIC 4631.T | Japan | $2.68B | +25% | +6% | 12% | 0.83× | 7.7% | 12.5% |
| Shenzhen Leading Semiconductor Industry 603991.SS | China | $2.60B | +12% | +996% | 16% | 5.11× | 32.9% | 16.2% |
| Shanghai Sinyang Semiconductor Materials 300236.SZ | China | $3.58B | -20% | +33% | 8% | 4.26× | 47.7% | 7.6% |
| Xizang Gaozheng Civil Explosives 002827.SZ | China | $2.53B | +92% | -1% | 15% | 17.40× | 83.8% | 15.5% |
| Shaanxi Huaqin Technology Industry 688281.SS | China | $2.50B | -18% | +31% | 7% | 3.37× | 26.8% | 7.0% |
| Quanzhou Jiadeli Electronic Materials 603435.SS | China | $2.49B | n/a | +4% | 20% | 7.34× | 130.2% | n/a |
| Sichuan Yahua Industrial 002497.SZ | China | $2.48B | -56% | +69% | 15% | 1.21× | 15.7% | 15.3% |
| AZZ AZZ | United States | $3.76B | -15% | +10% | 12% | 2.66× | 23.5% | 12.3% |
| Pamica Technology 001359.SZ | China | $2.41B | -1% | +23% | 14% | 7.51× | 89.4% | 13.7% |
| Beijing Oriental Yuhong Waterproof Technology 002271.SZ | China | $3.92B | -27% | +10% | 0% | 1.27× | 13.1% | -0.2% |