After taking over as Young Marshal, Fuyao Glass released its first annual report, with both revenue and net profit reaching new highs

(Source: Caiwen)

          From 2020 to 2025, the company's R&D expenses increased from 813 million yuan to 1.913 billion yuan, with a compound annual growth rate of 15.26%.            

On March 17, after the market closed, Fuyao Glass (600660.SH) presented its first annual report under the new leadership of Cao Hui.

In 2025, the company achieved operating revenue of 45.787 billion yuan, a year-on-year increase of 16.65%; net profit attributable to shareholders reached 9.312 billion yuan, up 24.20% year-on-year. Caiwen noted that this marks the fifth consecutive year of double-digit growth in both revenue and net profit, with both core indicators hitting record highs.

In the annual report, Cao Hui also stated, “Against the backdrop of a normalized low-growth global economy and weakened demand in the automotive industry, the company’s performance has once again reached a new level.”

Fuyao Glass’s business performance in 2025, source: company announcement

Looking at the business segments, automotive glass remains the absolute core of Fuyao Glass. In 2025, this segment generated total revenue of 41.889 billion yuan, an increase of 17.30% year-on-year, accounting for 91.49% of total revenue; the gross profit margin reached 31.32%, up 1.17 percentage points compared to 2024. The float glass business generated revenue of 6.480 billion yuan, an increase of 8.71% year-on-year; the gross profit margin reached 39.64%, an increase of 3.6 percentage points year-on-year.

According to the annual report disclosed by Fuyao Glass, in 2025, high value-added products such as smart panoramic sunroof glass, switchable glass, and heads-up display glass continued to increase in proportion, rising by 5.44 percentage points compared to the same period last year.

By region, in 2025, domestic revenue reached 24.241 billion yuan, a year-on-year increase of 14.58%; the gross profit margin was 40.39%, up 1.32 percentage points compared to 2024. International revenue was 20.857 billion yuan, a year-on-year increase of 18.81%; the gross profit margin reached 32.64%, an increase of 1.18 percentage points year-on-year.

Notably, during the reporting period, Fuyao Glass America, Inc. achieved revenue of 7.917 billion yuan, a year-on-year growth of 25.43%, with a net profit of 884 million yuan, up 40.91% year-on-year. Caiwen noted that the revenue from the U.S. subsidiary accounted for about 38% of the international revenue of 20.857 billion yuan.

According to Tonghuashun iFind data, from 2020 to 2025, the company’s R&D expenses increased from 813 million yuan to 1.913 billion yuan, with a compound annual growth rate of 15.26%. As of the end of 2025, the company had 6,338 R&D personnel, accounting for 14.90% of the total staff (42,541). In terms of educational background, there were 558 master’s and doctoral degree holders, an increase of 66.57% compared to the end of 2024; the number of bachelor’s degree holders reached 3,844, up 13.23% year-on-year.

At the same time, Fuyao’s numerous capacity layouts are also progressing concurrently. During the reporting period, key projects such as Hefei, Fuzhou Yangxia, Benxi float glass, and Hungary have successively commenced production. The Hefei project has a total investment of 5.75 billion yuan, and the Yangxia base has an annual production capacity of up to 3 million sets, which is still in the ramp-up stage.

Cao Dewang’s eldest son, Cao Hui, current chairman of Fuyao Glass, source: company website

In 2026, Fuyao Glass will celebrate its 50th anniversary milestone. In the face of global economic uncertainties, Cao Hui mentioned three major directions in his speech: dual-driven by digitalization and intelligence, initiating a “second entrepreneurship”; deep diving inward, seeking efficiency from management; and talent as the foundation, with AI as the hope. He explained that the plan is to deeply integrate AI technology into core areas such as R&D design, production management, market analysis, and customer service, establishing a talent system that integrates “business experts + AI application experts.” At the same time, the company will accelerate the construction of new projects such as aluminum components in Shanghai, Chongqing aluminum parts, Anhui decorative components, and Anhui molds, to comprehensively upgrade supply assurance capabilities.

Regarding the operational plan for 2026, Cao Hui stated, “The total funding requirement for the year is expected to be 49.862 billion yuan, of which operating expenses are 39 billion yuan, capital expenditures are 7.73 billion yuan, and cash dividends are 3.132 billion yuan. In the future, the company will address funding needs by speeding up the collection of accounts receivable, optimizing the use of idle funds, and borrowing from financial institutions or issuing bonds.”