Flat Glass Group Co.,Ltd. (601865.SH, hereinafter referred to as "the Company") recently announced that multiple senior executives, including controlling shareholders and directors, intend to reduce their shareholdings due to personal funding requirements. Coinciding with this announcement, the company also released its first-half financial report, showing significant declines in both revenue and net profit.
The executives plan to reduce their holdings within three months starting from the 15th trading day after the reduction plan announcement. They will dispose of no more than 49.9806 million unrestricted circulating shares through centralized bidding and/or block trading, representing no more than 2.133% of the company's total share capital (rounded). The specific timeframe is set from September 19, 2025, to December 18, 2025, during which they will reduce holdings of no more than 49.9806 million unrestricted circulating shares, accounting for 2.1333% of the total share capital.
According to reports, more than 10 individuals are involved in the reduction plan, including controlling shareholders, actual controllers, directors, supervisors, and senior management personnel. Among them, Ruan Hongliang and Jiang Jinhua hold 18.7733% and 13.8371% of the company's total share capital respectively, serving as controlling shareholders and actual controllers. Other participants include company director and vice president Wei Yezhong, director Shen Qifu, supervisor Zheng Wenrong, supervisor Shen Fuquan, supervisor Zhu Quanming, senior management and vice president Wei Zhiming, senior management and vice president Zhao Changhai, specific shareholder Pan Rongguan, and specific shareholder Jiang Jinlan.
Flat Glass Group Co.,Ltd. currently has a total market value of 41.45 billion yuan, with a closing price of 17.69 yuan per share today. The stock has been declining from its peak of 59.2 yuan per share reached in September 2021. However, the current stock price has recovered somewhat from around 13.85 yuan per share in June 2025 and shows relatively stable movement.
Under multiple pressures including supply-demand imbalance and price declines, this solar glass manufacturer experienced a sharp drop in net profit in its 2025 interim report.
Specifically, the company recorded revenue of 7.74 billion yuan, down nearly 28% year-on-year, with attributable net profit of 261 million yuan, declining nearly 83% year-on-year. Non-recurring net profit was 227 million yuan, down nearly 85% year-on-year, while operating cash flow net amount was 1.4 billion yuan, declining by 20 percentage points year-on-year.
In the second quarter, the company achieved revenue of 3.66 billion yuan and attributable net profit of 155 million yuan, down 79% year-on-year.
From a sequential perspective, second-quarter revenue declined quarter-on-quarter, while attributable net profit increased sequentially. The company's second-quarter gross margin was 16.65 percentage points, with a net margin of 4.38 percentage points.
In the first half, the company's solar glass revenue was 6.945 billion yuan, accounting for nearly 90% of total revenue, with a gross margin of 12.31% and main business profit of 854.8 million yuan. In the same period of 2024, the company's solar glass gross margin was 24.7% with main business revenue of nearly 9.7 billion yuan. This demonstrates how changes in industry market conditions and rapid declines in battery component prices have led material suppliers into a downturn, creating a chain reaction.
The company also stated that shareholders' reduction prices will be determined based on market prices, and the implementation of this plan will not result in changes to Flat Glass Group Co.,Ltd.'s control structure.
Regarding the reduction plan, some investors questioned that as a family enterprise with the family serving as actual controllers, over 10 senior executives are simultaneously reducing their shareholdings amid sharply declining profits. While the company consistently claims to strive for value enhancement and investor returns, what does this reduction signify? However, company officials responded that they continue to focus on business operations, and the reduction is indeed due to personal funding needs.
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