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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.
The Hong Kong line of the same company listed in Shanghai. Sells photovoltaic glass by volume to solar module makers, with prices swinging as new furnace capacity is added across the industry. Its profit depends on the spread between glass prices and soda ash and fuel costs.
In one line: China's dominant solar-glass supplier.
Moat: narrow (scale, cost advantage). Large, low-cost solar-glass production capacity gives a leading share in a cyclical commodity market.
Headquarters: Zhejiang, China · Founded: 1998 · Employees: 7,366
Size Flat Glass (6865.HK) is a Hong Kong Materials company (Industrial Specialties) with a market value of $2.87B, the 346th largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$5.68 on 6 Nov 2026.
Performance Over six months the shares fell 39.8%, against -4.4% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — 2nd lowest of 19 in its peer set.
Growth Revenue fell 19.6% over the last twelve months (peer median +9.8%); the operating margin is -2.2% (peer median 11.5%).
Valuation It trades at 0.53× book value against a peer median of 4.69× (2nd cheapest of 21).
Price implies The share price implies a return on equity of about 6.3%; Flat Glass delivers -2.4%, 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 | HK$14.4B | HK$16.8B | HK$20.2B | HK$23.7B | HK$18.0B |
| Revenue growth | — | -17% | -15% | +32% | — |
| Gross profit | HK$2.99B | HK$2.67B | HK$3.01B | HK$5.07B | HK$3.88B |
| EBITDA | n/a | HK$3.94B | HK$4.16B | HK$5.86B | HK$4.22B |
| Net income | -HK$592M | HK$1.06B | HK$1.09B | HK$3.05B | HK$2.47B |
| Free cash flow | HK$861M | HK$52.5M | HK$1.16B | -HK$4.02B | -HK$9.17B |
| Capital expenditure | HK$1.94B | HK$3.12B | HK$5.30B | HK$6.20B | HK$9.39B |
| Total debt | HK$17.5B | HK$16.8B | HK$17.5B | HK$16.5B | HK$14.4B |
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 6865.HK | $2.87B | -40% | -20% | -2% | 0.53× | 6.3% |
| Xinyi Glass 0868.HK | $4.79B | -19% | -12% | 8% | 0.87× | 10.3% |
| CSG 000012.SZ | $1.17B | -13% | -12% | -5% | 0.83× | 6.4% |
| 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 | 6865.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +6.2% | -14.7% | 3rd highest of 20 |
| 6-month return | -39.8% | -4.4% | 2nd lowest of 19 |
| Return on equity | -2.4% | 13.1% | 2nd lowest of 21 |
| Price / book | 0.53× | 4.69× | 2nd cheapest of 21 |
| ROE the price implies | 6.3% | 39.7% | 2nd least demanding of 21 |
| ROE delivered | -2.4% | 12.5% | 2nd lowest of 19 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| Flat Glass 6865.HK | Hong Kong | $2.87B | -40% | -20% | -2% | 0.53× | 6.3% | -2.4% |
| WD-40 WDFC | United States | $2.97B | +6% | +11% | 30% | 10.88× | 39.6% | 30.4% |
| Jiangsu Pacific Quartz 603688.SS | China | $2.78B | -38% | +15% | 3% | 3.12× | 39.8% | 2.6% |
| 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% |
| 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% |
| SKSHU Paint 603737.SS | China | $3.14B | -33% | 0% | 13% | 6.51× | 86.4% | 12.5% |
| Shenzhen Leading Semiconductor Industry 603991.SS | China | $2.60B | +12% | +996% | 16% | 5.11× | 32.9% | 16.2% |
| Kansai Paint 4613.T | Japan | $3.23B | +29% | +3% | 11% | 1.78× | 10.5% | 10.6% |
| 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% |
| 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% |
| Pamica Technology 001359.SZ | China | $2.41B | -1% | +23% | 14% | 7.51× | 89.4% | 13.7% |
| UFP Technologies UFPT | United States | $2.35B | +32% | +9% | 17% | 5.52× | 43.3% | 17.2% |
| Zeon 4205.T | Japan | $2.34B | +6% | +4% | 10% | 0.91× | 7.6% | 10.5% |
| Shanghai Sinyang Semiconductor Materials 300236.SZ | China | $3.58B | -20% | +33% | 8% | 4.26× | 47.7% | 7.6% |