Cao Hui's First Half-Year Report as Fuyao Glass Chairman Shows 17.37% Profit Drop

On the evening of August 18, Fuyao Glass Industry Group Co., Ltd. (SSE: 600660) released its unaudited financial results for the first half of 2026. According to the report, the company generated revenue of RMB 21.971 billion in the first half of the year, an increase of 2.44% year-over-year (YoY). Net profit attributable to shareholders of the listed company amounted to RMB 3.97 billion, down 17.37% YoY, with basic earnings per share at RMB 1.52. Total profit declined by 19.95% YoY. The company attributed the decline primarily to foreign exchange losses, which totaled RMB 8.03 billion in the reporting period, compared to a foreign exchange gain of RMB 6.02 billion in the same period last year. Excluding this factor, total profit would have increased by 4.78% YoY. On the same day, the company announced a proposed cash dividend of RMB 1.00 per share (pre-tax) for all shareholders, amounting to a total distribution of RMB 2.61 billion, representing 65.73% of net profit attributable to shareholders. During the reporting period, revenue from automotive glass operations reached RMB 20.27 billion, up 3.75% YoY, with a gross margin of 32.45%, an improvement of 1.55 percentage points YoY. Revenue from float glass operations was RMB 3.161 billion, up 2.11% YoY, and its gross margin stood at 41.58%, an increase of 2.18 percentage points YoY. The company’s overall gross margin from core operations was 38.30%, up 1.79 percentage points YoY. The proportion of high-value-added products rose by 8.03 percentage points compared to the same period last year. In October 2025, founder Cao Dewang stepped down as chairman, succeeded by his son Cao Hui. In November of the same year, Cao Hui was officially registered as the company’s legal representative and chairman.