Changhai Co.: By 2025, both revenue and net profit will increase, forming a "fiberglass + chemical" dual-driver growth pattern

Reprinted from China Securities Journal · China Securities Network

China Securities Journal China Securities Network News (Reporter Meng Peijia) Longhai Co., Ltd. disclosed its 2025 annual report on April 2, showing that the company’s operating revenue in 2025 was 3.14B yuan, a year-on-year increase of 17.92%; net profit attributable to the parent was 326 million yuan, an increase of 18.8% year-on-year.

The annual report indicates that Longhai Co., Ltd. mainly engages in the research and development, production, and sales of glass fibers and their products, as well as glass fiber composite materials. It is a high-tech enterprise focused on this field. The company has a complete industrial chain from “glass fiber yarn—glass fiber products—glass fiber composites,” enabling it to provide integrated high-performance composite material solutions for domestic and international customers.

Regarding the reasons for performance improvement in 2025, Longhai Co., Ltd. stated that it mainly benefits from industry prosperity, capacity release, product structure optimization, and business synergy. Industry-wise, the overall glass fiber industry maintained steady development in 2025, with phased demand release in downstream application fields such as automotive lightweighting and wind power, which drove the growth in sales of the company’s main products.

In terms of capacity release, as Longhai Co., Ltd.’s new construction and technological transformation projects are gradually put into operation, capacity bottlenecks have been effectively broken through. The scale production has significantly reduced costs, promoting the simultaneous growth of revenue scale and profitability. The company’s relevant person in charge previously stated in a survey: “We will prudently assess market supply and demand conditions and our own development level, adopt a scientific planning and steady promotion strategy for new production lines, and select opportunities to ensure that the additional capacity is highly aligned with market demand and the company’s development pace.”

Regarding product structure, the company adheres to the strategy of “productization and high-endization,” with high-value-added glass fiber products steadily increasing their proportion in revenue structure, enhancing overall profitability resilience.

In terms of business synergy, Longhai Co., Ltd.'s subsidiary Tianma Group has strong sales and profits in the fine chemicals field, such as unsaturated polyester resins, with rapid profit growth. This not only extends the value of the industrial chain but also hedges against raw material price fluctuations, forming a “glass fiber + chemical” dual-driven growth pattern.

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