Chang Jiang Shang Bao·2025-04-21 00:17Core Insights - Fuyao Glass reported a record high in both revenue and net profit for Q1 2025, achieving nearly 10 billion yuan in revenue, a year-on-year increase of over 10%, and a net profit attributable to shareholders exceeding 2 billion yuan, up approximately 46% [1][4][5] Financial Performance - The company achieved a revenue of 99.10 billion yuan in the first quarter, representing a year-on-year growth of 12.16%, while the net profit attributable to shareholders was 20.30 billion yuan, marking a 46.25% increase [4][6] - The net profit excluding non-recurring gains and losses was 19.87 billion yuan, reflecting a year-on-year growth of 30.90% [4] - The financial expenses for the first quarter were -3.50 billion yuan, a significant increase of 407.25% compared to the same period last year [6] Research and Development - Fuyao Glass invested 4.23 billion yuan in R&D during Q1, a year-on-year increase of 12.50% [2][6] - The company’s R&D expenses have been consistently increasing, with a total of 16.78 billion yuan in 2024, representing a 19.58% year-on-year growth [8][10] Market Position and Strategy - Fuyao Glass holds a global market share of approximately 34% and a domestic market share of about 68% [2][9] - The company is adapting to the automotive industry's shift towards electrification and smart technology by developing high-value products such as HUD displays and smart dimming glass [9][10] - Fuyao Glass has established a global production and design network, with facilities in the US, Japan, South Korea, Germany, and other countries, enhancing its ability to meet international demand [12][13] Revenue Distribution - In 2024, the revenue distribution was approximately 53.90% from domestic markets and 44.72% from international markets, indicating balanced growth [14]