March 26, 2026 02:44 PM GMT Flat Glass Group Co Ltd | Asia Pacific 4Q25 earnings better than expected Reaction to earnings Unchanged Modest upside Modest revision higher Impact to our thesis Financial results versus consensus Direction of next 12-month consensus EPS Source: Company data, Morgan Stanley Research Full-year 2025 net profit declined 3% YoY, to Rmb981mn, better than we expected: 4Q25 net earnings were Rmb343mn vs. a loss in 4Q24, likely helped by declining production costs and higher sales volum ...