Net Profit of 9.3 Billion Yuan! Fuyao Glass "Second-Generation Founder" Delivers First Annual Report Card After Taking Over the Baton

On the evening of March 17, Fuyao Glass (600660.SH) released its 2025 annual report, stating that during the reporting period, the company achieved an operating revenue of 45.787 billion yuan, a year-on-year increase of 16.65%; net profit attributable to shareholders of the listed company was 9.312 billion yuan, a year-on-year increase of 24.20%.

Fuyao Glass stated that the increase in operating revenue for the year was mainly due to intensified marketing efforts and a higher proportion of high-value-added products. In 2025, the company’s gross profit margin was 37.27%, net profit was 2.035 billion yuan, and the weighted average return on net assets reached 25.56%, all hitting new highs in the past three years.

Fuyao Glass also announced plans to distribute a cash dividend of 1.20 yuan (tax included) per share to all shareholders (including A-share and H-share shareholders), totaling 3.132 billion yuan. In October and November 2025, the company implemented interim profit distributions for both A-shares and H-shares, paying a cash dividend of 0.90 yuan (tax included) per share, totaling 2.35 billion yuan. Based on these figures, Fuyao Glass’s total cash dividends for 2025 amounted to 5.48 billion yuan, accounting for 58.85% of the net profit attributable to the company’s parent company’s common shareholders in the consolidated financial statements for that year.

Notably, this is the first annual report after Cao Hui, the second-generation successor, took over. In October 2025, Fuyao Glass founder Cao Dewang stepped down as chairman, and his son Cao Hui officially succeeded him.

The annual report shows that Cao Hui is currently 55 years old, serving as Executive Director and Chairman of the company, with a pre-tax salary of 1.6195 million yuan. Cao Hui joined Fuyao Glass in November 1989, starting from grassroots positions; he served as General Manager from September 2006 to July 2015; Vice Chairman from August 2015 to October 2025, after which he became Chairman. Cao Dewang, now 79, still serves as Executive Director and Lifetime Honorary Chairman of Fuyao Glass, with a pre-tax salary of 7.7619 million yuan.

Cao Hui also delivered his first chairman’s speech in the annual report. He stated that in 2026, as Fuyao Glass celebrates its 50th anniversary, the company will initiate a “second entrepreneurship,” fully deepening digital and intelligent transformation, reshaping production and management models, and building a “Digital Fuyao”; establishing a dual-track talent system combining “business experts + AI application experts,” deeply integrating AI technology into core areas such as R&D design, production management, market analysis, and customer service, to promote intelligent business upgrades.

Fuyao Glass’s main business is providing safety glass and comprehensive solutions for various transportation tools, including automotive float glass, automotive glass, locomotive glass, luggage racks, and related design, production, sales, and services.

Over 90% of Fuyao Glass’s revenue comes from automotive glass design, supply, and services. It was disclosed that in 2025, the company’s cumulative automotive glass sales reached 169.18 million square meters, an 8.54% increase year-on-year. Based on an average of 4.2 square meters of glass per vehicle, this equates to the assembly of approximately 40.28 million vehicles.

For the company’s operations in 2026, Fuyao Glass has proposed a seven-point plan, including implementing a multi-market layout, a dual domestic and international drive strategy; accelerating the construction of new projects such as Shanghai aluminum parts, Chongqing aluminum parts, Anhui trim parts, and Anhui molds. To achieve the operational goals for 2026, Fuyao Glass estimates its total funding needs for the year to be 49.862 billion yuan, including 39 billion yuan in operating expenses and 7.73 billion yuan in capital expenditures.