福耀玻璃(03606) - 2025 Q3 - 季度业绩

Report Overview This section covers the unaudited third-quarter report's disclaimers, basic information, and the Board and management's assurance of its accuracy Disclaimer and Basic Information This unaudited third-quarter report for the nine months ended September 30, 2025, is prepared by Fuyao Glass under PRC accounting standards, with HKEX disclaiming responsibility for its accuracy - The report is issued by Fuyao Glass Industry Group Co., Ltd., covering financial information for the third quarter and nine months ended September 30, 2025[2][3] - The financial report is prepared in accordance with PRC Accounting Standards and is unaudited[3] - The Hong Kong Stock Exchange takes no responsibility for the content of this announcement and does not guarantee its accuracy or completeness[1] Board of Directors and Management Statement The Board of Directors, directors, and senior management guarantee the report's truthfulness, accuracy, and completeness, assuming legal responsibility for its content - The Board of Directors and senior management guarantee the truthfulness, accuracy, and completeness of the report's content and assume legal responsibility[4] - The third-quarter financial statements are unaudited[5] Key Financial Data This section presents the company's key financial data for the nine months ended September 30, 2025, including accounting metrics, non-recurring items, and analysis of changes Key Accounting Data and Financial Indicators For the nine months ended September 30, 2025, revenue reached 33.30 billion Yuan, up 17.62%, with net profit attributable to shareholders at 7.06 billion Yuan, up 28.93% Key Financial Data for Q1-Q3 2025 | Indicator | Current Period (3 months) (Yuan) | YoY Change (%) | Year-to-Date (9 months) (Yuan) | YoY Change (%) | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 11,854,516,214 | 18.86 | 33,301,907,930 | 17.62 | | Total Profit | 2,782,814,433 | 18.98 | 8,577,135,182 | 32.69 | | Net Profit Attributable to Shareholders | 2,259,142,444 | 14.09 | 7,063,854,155 | 28.93 | | Net Profit Attributable to Shareholders Excluding Non-recurring Items | 2,214,951,522 | 12.19 | 6,921,634,077 | 24.70 | | Net Cash Flow from Operating Activities | N/A | N/A | 9,884,629,654 | 57.29 | | Basic EPS (Yuan/share) | 0.87 | 14.47 | 2.71 | 29.05 | | Diluted EPS (Yuan/share) | 0.87 | 14.47 | 2.71 | 29.05 | | Weighted Average ROE (%) | 6.17 | 增加0.07 percentage points | 19.35 | 增加2.35 percentage points | Key Balance Sheet Data | Indicator | As of Sep 30, 2025 (Yuan) | As of Dec 31, 2024 (Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Total Assets | 70,641,939,363 | 63,254,182,536 | 11.68 | | Total Equity Attributable to Shareholders | 35,473,992,872 | 35,694,366,243 | -0.62 | Non-recurring Gains and Losses Items and Amounts For the nine months ended September 30, 2025, total non-recurring gains and losses amounted to 142 million Yuan, primarily from government subsidies of 133 million Yuan Non-recurring Gains and Losses Items for Q1-Q3 2025 | Non-recurring Item | Current Period Amount (Yuan) | Year-to-Date Amount (Yuan) | | :--- | :--- | :--- | | Gains/Losses on Disposal of Non-current Assets | -6,939,952 | -3,129,401 | | Government Subsidies Recognized in Current Profit/Loss | 38,058,112 | 133,130,375 | | Gains/Losses from Changes in Fair Value and Disposal of Financial Assets and Liabilities | 4,232,300 | 4,439,216 | | Reversal of Impairment Provisions for Receivables | 21,329 | 21,329 | | Other Non-operating Income and Expenses | 12,400,035 | 30,704,593 | | Less: Income Tax Impact | 3,549,091 | 22,497,208 | | Minority Interests Impact (After Tax) | 31,811 | 448,826 | | Total | 44,190,922 | 142,220,078 | Analysis of Changes in Key Accounting Data and Financial Indicators For the nine months ended September 30, 2025, total profit increased by 32.69% due to enhanced marketing, higher value-added products, efficiency gains, and exchange gains - Year-to-date total profit increased by 32.69%, primarily driven by intensified marketing efforts, a higher proportion of high value-added products, improved quality and efficiency, and increased exchange gains[12] - Year-to-date net cash flow from operating activities increased by 57.29%, mainly due to higher revenue and profit[12] Shareholder Information This section details the company's shareholder structure, including the total number of ordinary shareholders and the holdings of the top ten shareholders Total Number of Ordinary Shareholders and Top Ten Shareholders' Holdings As of September 30, 2025, the company had 85,733 ordinary shareholders, with HKSCC NOMINEES LIMITED, Hong Kong Securities Clearing Company Limited, and San Yi Development Co., Ltd. being among the top holders - As of September 30, 2025, the company's total number of ordinary shareholders was 85,733[14][15] Top 10 Ordinary Shareholders' Holdings (As of Sep 30, 2025) | Shareholder Name | Shareholder Type | Number of Shares Held (shares) | Shareholding (%) | | :--- | :--- | :--- | :--- | | HKSCC NOMINEES LIMITED | Unknown | 595,735,494 | 22.83 | | 香港中央結算有限公司 | Unknown | 397,836,786 | 15.24 | | 三益發展有限公司 | Overseas Legal Person | 390,578,816 | 14.97 | | 河仁慈善基金會 | Domestic Non-state Legal Person | 169,512,888 | 6.50 | | 白永麗 | Unknown | 39,499,815 | 1.51 | | 中國證券金融股份有限公司 | Unknown | 28,095,485 | 1.08 | | 中國工商銀行股份有限公司－華泰柏瑞滬深300交易型開放式指數證券投資基金 | Unknown | 27,247,572 | 1.04 | | 李海清 | Unknown | 26,644,587 | 1.02 | | 李福清 | Unknown | 24,291,709 | 0.93 | | 福建省耀華工業村開發有限公司 | Domestic Non-state Legal Person | 24,077,800 | 0.92 | - San Yi Development Co., Ltd. and Fujian Yaohua Industrial Village Development Co., Ltd. are controlled by the same entity[17][18] Quarterly Financial Statements This section provides the consolidated and parent company financial statements, including balance sheets, income statements, and cash flow statements Consolidated Financial Statements This section presents the consolidated financial statements of Fuyao Glass Industry Group Co., Ltd. and its subsidiaries, reflecting the group's overall financial performance - Consolidated financial statements include the consolidated balance sheet, consolidated income statement, and consolidated cash flow statement, reflecting the group's overall financial performance[19][25][34] Consolidated Balance Sheet As of September 30, 2025, total consolidated assets were 70.64 billion Yuan, up 11.68% from year-end 2024, with total liabilities increasing 27.59% to 35.17 billion Yuan Consolidated Balance Sheet Major Data (As of Sep 30, 2025) | Item | As of Sep 30, 2025 (Yuan) | As of Dec 31, 2024 (Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Total Assets | 70,641,939,363 | 63,254,182,536 | 11.68 | | Total Current Assets | 40,880,168,981 | 36,403,083,788 | 12.30 | | Total Non-current Assets | 29,761,770,382 | 26,851,098,748 | 10.84 | | Total Liabilities | 35,172,926,559 | 27,568,613,358 | 27.59 | | Total Current Liabilities | 27,552,743,110 | 17,988,933,782 | 53.16 | | Total Non-current Liabilities | 7,620,183,449 | 9,579,679,576 | -20.46 | | Total Equity Attributable to Parent Company Shareholders | 35,473,992,872 | 35,694,366,243 | -0.62 | - Short-term borrowings increased from 4.59 billion Yuan to 6.39 billion Yuan, notes payable from 3.01 billion Yuan to 4.49 billion Yuan, and non-current liabilities due within one year from 2.85 billion Yuan to 5.71 billion Yuan, indicating a significant increase in current liabilities[22][23] Consolidated Income Statement For Q1-Q3 2025, consolidated total operating revenue was 33.30 billion Yuan, up 17.62%, with net profit at 7.07 billion Yuan, up 28.90%, driven by improved financial expenses Consolidated Income Statement Major Data (Q1-Q3 2025) | Item | Q1-Q3 2025 (Yuan) | Q1-Q3 2024 (Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Total Operating Revenue | 33,301,907,930 | 28,313,511,824 | 17.62 | | Total Operating Costs | 24,958,010,152 | 21,874,454,960 | 14.10 | | Financial Expenses | -922,946,275 | -451,389,919 | -104.47 | | Total Profit | 8,577,135,182 | 6,464,179,868 | 32.69 | | Net Profit | 7,067,671,152 | 5,483,021,139 | 28.90 | | Net Profit Attributable to Parent Company Shareholders | 7,063,854,155 | 5,478,784,237 | 28.93 | | Basic EPS (Yuan/share) | 2.71 | 2.10 | 29.05 | - Financial expenses were -923 million Yuan, a further improvement from -451 million Yuan in the prior year period, mainly due to interest income and exchange gains[29] - Investment income was -2.77 million Yuan, a significant reduction in loss compared to -222 million Yuan in the prior year period[29] Consolidated Cash Flow Statement For Q1-Q3 2025, consolidated net cash flow from operating activities significantly increased by 57.29% to 9.88 billion Yuan, with cash and cash equivalents at period end reaching 21.83 billion Yuan Consolidated Cash Flow Statement Major Data (Q1-Q3 2025) | Item | Q1-Q3 2025 (Yuan) | Q1-Q3 2024 (Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 9,884,629,654 | 6,284,478,745 | 57.29 | | Net Cash Flow from Investing Activities | -4,451,657,212 | -5,611,464,664 | 20.67 (Decrease in outflow) | | Net Cash Flow from Financing Activities | -2,236,351,625 | -1,403,562,681 | -59.37 (Increase in outflow) | | Net Increase in Cash and Cash Equivalents | 3,097,648,628 | -890,908,688 | 447.66 | | Cash and Cash Equivalents at Period End | 21,831,423,004 | 12,460,340,950 | 75.21 | - Cash received from sales of goods and provision of services increased by 19.92% to 33.62 billion Yuan[35] - Cash paid for the acquisition of fixed assets, intangible assets, and other long-term assets increased by 22.36% to 4.54 billion Yuan, indicating continued capital investment by the company[38] Parent Company Financial Statements This section presents the financial statements of Fuyao Glass Industry Group Co., Ltd. (parent company only), reflecting its standalone financial position and performance - Parent company financial statements include the parent company balance sheet, parent company income statement, and parent company cash flow statement, reflecting the parent company's standalone financial performance[41][47][53] Parent Company Balance Sheet As of September 30, 2025, parent company total assets grew 11.59% to 57.96 billion Yuan, while total liabilities increased 26.43% to 33.52 billion Yuan Parent Company Balance Sheet Major Data (As of Sep 30, 2025) | Item | As of Sep 30, 2025 (Yuan) | As of Dec 31, 2024 (Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Total Assets | 57,964,685,334 | 51,947,545,405 | 11.59 | | Total Current Assets | 41,804,521,740 | 36,704,206,155 | 13.89 | | Total Non-current Assets | 16,160,163,594 | 15,243,339,250 | 6.01 | | Total Liabilities | 33,518,166,565 | 26,511,355,434 | 26.43 | | Total Current Liabilities | 30,406,261,655 | 20,193,889,852 | 50.57 | | Total Non-current Liabilities | 3,111,904,910 | 6,317,465,582 | -50.74 | | Total Equity | 24,446,518,769 | 25,436,189,971 | -3.90 | - Parent company other payables increased from 14.57 billion Yuan to 19.93 billion Yuan, and non-current liabilities due within one year increased from 2.41 billion Yuan to 5.24 billion Yuan, leading to a significant increase in current liabilities[45] - Long-term borrowings decreased from 6.03 billion Yuan to 2.67 billion Yuan, resulting in a significant decrease in non-current liabilities[45] Parent Company Income Statement For Q1-Q3 2025, parent company operating revenue was 5.42 billion Yuan, up 9.13%, with net profit increasing 34.91% to 6.06 billion Yuan, primarily driven by investment income Parent Company Income Statement Major Data (Q1-Q3 2025) | Item | Q1-Q3 2025 (Yuan) | Q1-Q3 2024 (Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 5,417,565,416 | 4,964,574,157 | 9.13 | | Operating Profit | 6,181,417,999 | 4,507,078,263 | 37.15 | | Total Profit | 6,184,544,004 | 4,509,007,775 | 37.16 | | Net Profit | 6,056,636,335 | 4,489,518,064 | 34.91 | | Investment Income | 6,348,841,017 | 4,482,254,475 | 41.64 | - Investment income significantly increased by 41.64% to 6.35 billion Yuan, serving as the primary driver for the parent company's net profit growth[48] - Financial expenses were -213 million Yuan, a slight narrowing from -307 million Yuan in the prior year period, mainly due to interest income[48] Parent Company Cash Flow Statement For Q1-Q3 2025, parent company net cash flow from operating activities significantly improved to -70 million Yuan, with net cash flow from investing activities substantially increasing by 79.07% to 5.94 billion Yuan Parent Company Cash Flow Statement Major Data (Q1-Q3 2025) | Item | Q1-Q3 2025 (Yuan) | Q1-Q3 2024 (Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -70,082,108 | -1,272,017,406 | 94.49 (Significant decrease in outflow) | | Net Cash Flow from Investing Activities | 5,941,906,111 | 3,318,329,106 | 79.07 | | Net Cash Flow from Financing Activities | -3,460,975,456 | -3,384,313,451 | -2.26 (Slight increase in outflow) | | Net Increase in Cash and Cash Equivalents | 2,280,223,113 | -1,424,741,140 | 260.09 | | Cash and Cash Equivalents at Period End | 19,838,333,312 | 11,327,821,506 | 75.14 | - Cash received from other investing activities was 1.08 billion Yuan, compared to 0 in the prior year period, significantly contributing to investing cash inflows[55] - Cash paid for other investing activities was 551 million Yuan, compared to 0 in the prior year period[55]