福耀玻璃-2025 年业绩回顾：大幅超预期，平均销售价格及利润率有望持续扩张；买入评级-Fuyao Glass Industry Group (.SS_3606.HK)_ 2Q25 Earnings Review_ Strong beat with continued ASP_margin expansion ahead; Buy

22 August 2025 | 9:04AM CST Fuyao Glass Industry Group (600660.SS/3606.HK) 2Q25 Earnings Review: Strong beat with continued ASP/margin expansion ahead; Buy Fuyao Glass delivered a clean beat in its 2Q25 results, with revenue/gross profit/EBIT +4%/+13%/+20% vs. GSe. Key areas of surprise: (1) revenue was +4% vs. GSe mainly from faster overseas revenue growth (+19%/+14% yoy in overseas/domestic market in 1H25, vs. +11%/+12% in 1Q25). We also see accelerated volume/ASP growth in 2Q25 at +11%/10% vs. +8%/+3% in ...