Ninety percent of glass companies' revenue declined in the first half of the year, will there be a reversal in the second half of the year?

The mismatch between supply and demand led to a decline in glass products, and the overall performance of major companies declined in the first half of the year. Recently, the peak season of "Golden Nine and Silver Ten" has arrived, and the price trend of glass has been differentiated.

According to the data of the Glass Observation Network, in the past month, float glass in the Shahe area has shown a downward trend, from the average price of 1188 yuan/ton on August 5 to 1121.8 yuan/ton on September 5, a cumulative decrease of 66.2 yuan/ton, a decrease of about 5.6%.

Float glass is the mainstream process of glass, and its two most important downstream applications are in the construction and automotive industries. Shahe City, Hebei Province is China's largest glass distribution base, and the price of glass in this area directly reflects the trend of spot prices in China's core glass production areas.

Compared with float glass, in the second half of the year, the price of photovoltaic glass showed a trend of falling first and then rising. According to Longzhong Information data, taking mainstream 3.2mm coated products as an example, the price continued to remain at a low level of 18 yuan/square meter from July to August; the price of 2.0mm coated products hovers in the range of 10.5-11 yuan/square meter. In September, prices rebounded significantly, with 3.2mm coated products soaring to 21 yuan/square meter and 2.0mm coated products also rising to 13 yuan/square meter.

According to the process, glass products can be mainly divided into float glass and calendered glass. Among them, float glass is the mainstream process of glass, and its two most important downstream application fields are construction and automotive industry, corresponding end products are architectural glass and automotive glass, and the downstream customer groups are from the real estate and automotive industries; Calendered glass mainly corresponds to photovoltaic glass, and customers come from the photovoltaic industry.

Gao Ling, an analyst in the photovoltaic glass industry of Longzhong Information, told Jiemian News that in the second half of the yearThe photovoltaic glass market may reverse, from the current upward trend to a decline. Recently, there are rumors in the industry that the 9% export tax rebate for photovoltaic modules will be canceled from the fourth quarter of 2025, which has triggered a chain reaction in the industrial chain. As a key auxiliary material for photovoltaic modules, the supply and demand pattern of the photovoltaic glass market has changed suddenly, from oversupply in the first half of the year to a phased shortage of supply, and at the same time, the market has released price increase expectations, further intensifying the downstream stocking sentiment.

"However, the current shortage of photovoltaic glass may be a kind of 'false prosperity'," Gao Ling pointed out, "module factories ship in advance to catch up with the policy window, but the actual installed demand of terminal power stations has not been followed up synchronously, and a large number of photovoltaic glass is only transferred to overseas warehouses in the form of inventory modules, and is not actually installed." After the official implementation of the policy, the demand for photovoltaic glass may face greater pressure. ”

For the float glass market in the second half of the year, Sun Yiming, an analyst at Qisheng Futures Building Materials, also told Jiemian News that in the context of the industry where demand continues to be weak, the glass market may still be in an oversupply pattern in the second half of the year

It said that whether subsequent prices can stabilize or even rebound mainly depends on two major factors: first, whether the state or local government will introduce mandatory production restriction policies; second, whether terminal demand such as real estate can recover substantially. If there is no significant promotion at the policy level and demand continues to be sluggish, it is expected that glass prices may return to supply and demand pricing.

In the first half of this year, the glass industry was sluggish, and the revenue of enterprises declined significantly.

Jiemian News counted the interim results of nine leading glass companies in 2025, of which 90% of the company's operating income declined year-on-year, and more than 60% of the company's net profit attributable to the parent company declined, with a decline of more than 50%.

Whether it is operating income or net profit attributable to the parent company, Fuyao Glass (600660.SH/ 03606.HK) ranks first. The company is also the only company among these nine companies to achieve a year-on-year increase in revenue and net profit. Its revenue during the reporting period was 21.447 billion yuan, a year-on-year increase of 16.94%; net profit attributable to the parent company was 4.805 billion yuan, a year-on-year increase of 37.33%。

Fuyao Glass pointed out in its semi-annual report that the increase in operating income was mainly due to the company's increased marketing efforts, and the proportion of high value-added products increased.

The company said at the performance briefing on August 29 that its high value-added products accounted for 50.73% of revenue in the first half of the year, an increase of 4.81 percentage points year-on-year, and the unit price per square meter increased by 6.24% year-on-year, mainly including panoramic sunscreen glass, head-up display glass, flush tempered laminated side window glass, coated thermal insulation glass, ADAS glass with cameras, etc.

Fuyao Glass business covers automotive glass, float glass and automotive trim. According to the official website data, Fuyao Glass currently has a global market share of about 34% and a Chinese market share of about 68%.

In the first half of the year, the company's automotive glass revenue was 19.538 billion yuan, a year-on-year increase of 16.16%, accounting for more than 90% of operating income; The gross profit margin of automotive glass reached 30.9%, an increase of 0.58 percentage points year-on-year. float glass revenue was 3.096 billion yuan, with a gross profit margin of 39.4%, a year-on-year increase of 3.85 percentage points.

At present, Fuyao Glass's domestic and overseas business revenue accounts for half. In the first half of this year, the contribution of its U.S. subsidiary to profits further increased, with net profit reaching 433 million yuan, an increase of 11.8% year-on-year. Southwest Securities pointed out that in the future, with the gradual release of Fuyao America's new production capacity, the company's market share in the United States is expected to steadily increase.

In addition to Fuyao Glass, there are two other companies that have achieved net profit growth attributable to the parent company, namely Qibin Group (601636.SH) and Yaopi Glass ( 600819.SH)。

Qibin Group achieved operating income of 7.393 billion yuan in the first half of the year, down 6.55% year-on-year; net profit attributable to the parent company was 891 million yuan, a year-on-year increase of 9.77%; The net profit attributable to the parent company after deducting non-recurring gains and losses is386 million yuan, down 49.18% year-on-year.

Non-recurring gains and losses mainly came from the sale of some assets in Shaoxing by Qibin Group's subsidiaries due to urban planning adjustments and industrial layout optimization, and the transaction is expected to increase net profit by 442 million yuan in the first half of the year.

Qibin Group's business covers float glass, energy-saving architectural glass, photovoltaic glass, high-performance electronic glass and pharmaceutical glass.

The company said that the decline in operating income was mainly due to the decline in the prices of float glass and photovoltaic glass during the reporting period compared with the same period last year.

Among them, the revenue of high-quality float glass was 2.804 billion yuan, the revenue of energy-saving architectural glass was 1.099 billion yuan, and the revenue of ultra-white photovoltaic glass was 3.223 billion yuan, with year-on-year changes of -24.44%, -1.61% and 11.1% respectively.

Yaopi Glass achieved operating income of 2.618 billion yuan in the first half of the year, down 4.81% year-on-year; the net profit attributable to the parent company was 86.366 million yuan, a year-on-year increase of 37.92%.

The company said that in the first half of the year, it optimized its product structure, expanded the glass market for high value-added products, and superimposed favorable factors such as declining raw material prices, and the gross profit margin of its main business increased compared with the same period last year, and its profitability increased.

The main finished products of Yaopi Glass are float glass, architectural processing glass and automotive processing glass, with revenue of 858 million yuan, 922 million yuan and 1.014 billion yuan respectively, with year-on-year changes of -9.78%, -17.01% and 16.28% respectively.

Among the nine companies counted, two suffered losses, namely Jinjing Technology (600586.SH) and China Glass (03300.HK) 。

Among them, Jinjing Technology's operating income was 2.394 billion yuan, down 32% year-on-year56%； the net profit loss attributable to the parent company was 96269,500 yuan, a year-on-year decrease of 135.04%。

Jinjing Technology's main products include buildings, energy-saving glass, photovoltaic glass, etc. The company said the decline in operating income was due to lower sales prices of the company's products.

the main business revenue of China Glass was 2.153 billion yuan, down 19.75% year-on-year; the net profit loss attributable to the parent company was 258 million yuan, and the loss expanded, with a net loss of 119 million yuan in the same period last year.

China Glass pointed out that its segment revenue of colorless glass products, energy-saving and new energy glass used in the fields of construction and photovoltaic fields decreased by about 36% and 23% respectively compared with the same period last year, mainly due to the decline in sales volume and unit price of ordinary architectural glass and photovoltaic glass.

In the first half of this year, thanks to the continuous recovery of the automotive market, the automotive glass business performed well. According to statistics from the China Association of Automobile Manufacturers, from January to June 2025, automobile production and sales will be 15.621 million units and 15.653 million units, respectively, a year-on-year increase of 12.5% and 11.4%, respectively.

Affected by the downturn in the real estate industry, the demand for architectural glass has declined, dragging down the sales of upstream float glass.

According to Everbright Futures data, the apparent consumption of domestic float glass from January to May was 18.6463 million tons, down 11% year-on-year.

Yaopi Glass pointed out in its semi-annual report that the production capacity of the float glass industry continued to decline, with the average operating rate from January to May down 8.58% compared with the same period last year, and the output down 10% year-on-year. However, the inventory of enterprises did not decrease but increased, and as of late June, the inventory reached 69.887 million heavy boxes, an increase of 54.54% over the end of last year and an increase of 16.82% year-on-year.

A number of companies pointed out in their semi-annual reports that in the case of an imbalance between supply and demand, the price of float glass has declinedThe decline in the prices of raw materials such as fuel and soda ash has not alleviated the industry's losses.

The photovoltaic glass industry is also trapped in "oversupply".

In the first half of this year, although policies such as the "Administrative Measures for the Development and Construction of Distributed Photovoltaic Power Generation" and the "Notice on Deepening the Market-oriented Reform of New Energy Feed-in Tariffs" brought about a wave of photovoltaic installation, resulting in an increase in demand for photovoltaic glass and a phased rise in price, but after the end of the policy window in May, the industry demand plummeted.

Jinjing Technology pointed out in the semi-annual report that the production capacity of the photovoltaic glass industry continued to decline in the first half of the year, but the contradiction between supply and demand mismatch continued, and the price of mainstream products fell by 20% year-on-year.

In a research report previously released by Everbright Futures, it was pointed out that the current glass supply is already at a low level, and there is limited room for decline in the second half of the year. Although there is a traditional peak season expectation in the second half of the year, the seasonal law has weakened in the past two years, and the peak season is not prosperous frequently. The contradiction between supply and demand in the glass industry is difficult to alleviate before there is further large-scale capacity clearance or terminals fully enter positive year-on-year growth.