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Flat Glass Group Co Ltd Class H (HK:6865)
:6865

Flat Glass Group Co (6865) AI Stock Analysis

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HK:6865

Flat Glass Group Co

(6865)

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Neutral 63 (OpenAI - 5.2)
Rating:63Neutral
Price Target:
HK$12.50
▲(8.23% Upside)
The score is driven primarily by mixed financial performance: revenue and free cash flow improved, but margins and ROE weakened. Technicals are supportive (price above major moving averages and positive MACD) but appear overbought (high RSI/Stoch). Valuation is a headwind due to a high P/E, only partly offset by the dividend yield.
Positive Factors
Balance sheet strength
A moderate debt-to-equity ratio (0.65) and a 52.94% equity ratio indicate a solid capital structure for a manufacturing business. This reduces refinancing and liquidity risk, supporting continued capex, working-capital needs and operational stability over the next several months.
Improving free cash flow
A 39.43% TTM increase in free cash flow shows stronger cash generation from operations, improving the firm's ability to fund maintenance capex, service debt and sustain shareholder payouts. Better cash convertibility supports resilience amid PV cycle variability.
Positive operating margins
Sustained positive EBIT and EBITDA margins imply underlying operational competitiveness and cost absorption capacity in PV glass manufacturing. These margins provide a buffer against cyclical price moves and support longer-term viability of core production economics.
Negative Factors
Gross margin erosion
A drop in gross margin from 15.07% to 10.91% signals rising input or pricing pressure in a commodity-linked business. Persistent margin compression would erode profitability, reduce reinvestment capacity and heighten sensitivity to energy, raw materials and logistics cost swings.
Very low return on equity
ROE at 1.60% reflects poor returns on invested capital and suggests the company is not converting equity capital into meaningful profits. Over months this limits shareholder value creation and may constrain strategic investments or dividend sustainability.
Sharp EPS deterioration
An ~84% decline in EPS growth highlights acute earnings volatility or one-off impacts that reduce recurring profitability. Such steep EPS deterioration raises execution risk, weakens financial flexibility and undermines confidence in the stability of future cash generation.

Flat Glass Group Co (6865) vs. iShares MSCI Hong Kong ETF (EWH)

Flat Glass Group Co Business Overview & Revenue Model

Company DescriptionFlat Glass Group Co., Ltd., together with its subsidiaries, engages in the manufacture and sale of glass products in the People's Republic of China, the rest of Asia, Europe, North America, and internationally. The company offers photovoltaic glass, float glass, architectural glass, and household glass products It is also involved in the mine of a quartzite ores; investment, construction, operation, and maintenance of energy power plants; development of natural gas utilization technology; and sale and installation of natural gas pipelines. In addition, it offers supply chain management services; transports goods; and exports glass products. The company serves PV module manufacturers, glass processing manufacturers, glass wholesalers, furniture manufacturers and processing companies, furniture retailers, architectural contractors, architectural glass processing companies, and construction companies. Flat Glass Group Co., Ltd. was founded in 1998 and is headquartered in Jiaxing, the People's Republic of China.
How the Company Makes MoneyFlat Glass Group Co generates revenue through multiple streams, primarily by manufacturing and selling flat glass products to various industries. The company has established key partnerships with construction firms, automotive manufacturers, and interior designers, which contribute significantly to its sales. Additionally, Flat Glass Group Co benefits from a growing demand for energy-efficient and environmentally friendly glass solutions, allowing it to command premium pricing on specialized products. The company also engages in exports, tapping into international markets, which further diversifies its revenue base and enhances its earnings potential.

Flat Glass Group Co Financial Statement Overview

Summary
Mixed fundamentals: revenue grew 7.99% TTM and free cash flow rose 39.43%, but profitability weakened with gross margin down to 10.91% and net margin down to 2.11%. Balance sheet is stable (debt-to-equity 0.65; equity ratio 52.94%), though ROE is low at 1.60%.
Income Statement
65
Positive
Flat Glass Group Co has shown a mixed performance in its income statement. The TTM (Trailing-Twelve-Months) data indicates a modest revenue growth rate of 7.99%, suggesting a recovery from the previous year's decline. However, the gross profit margin has decreased to 10.91% from 15.07% in the previous year, indicating pressure on cost management. The net profit margin also declined to 2.11% from 5.39%, reflecting reduced profitability. Despite these challenges, the company maintains a positive EBIT margin of 6.39% and an EBITDA margin of 15.09%, showcasing operational efficiency.
Balance Sheet
70
Positive
The balance sheet of Flat Glass Group Co reflects a stable financial position with a debt-to-equity ratio of 0.65, indicating a moderate level of leverage. The equity ratio stands at 52.94%, suggesting a strong equity base relative to total assets. However, the return on equity has decreased to 1.60% in the TTM, highlighting a decline in shareholder returns. Overall, the balance sheet remains robust with manageable debt levels.
Cash Flow
60
Neutral
The cash flow statement shows a significant improvement in free cash flow growth at 39.43% in the TTM, indicating better cash generation capabilities. The operating cash flow to net income ratio is 0.76, reflecting strong cash flow relative to earnings. However, the free cash flow to net income ratio is 0.41, suggesting that a substantial portion of earnings is not translating into free cash flow. While cash flow metrics have improved, there is room for enhancing cash conversion efficiency.
BreakdownTTMDec 2024Dec 2023Dec 2022Dec 2021Dec 2020
Income Statement
Total Revenue16.54B18.68B21.52B15.46B8.71B6.26B
Gross Profit1.80B2.82B4.69B3.41B3.09B2.66B
EBITDA2.50B3.77B5.48B3.80B2.89B2.36B
Net Income348.39M1.01B2.76B2.12B2.12B1.63B
Balance Sheet
Total Assets41.91B42.92B42.98B32.38B20.08B12.27B
Cash, Cash Equivalents and Short-Term Investments4.37B5.96B6.85B2.98B3.04B1.99B
Total Debt14.40B15.04B14.99B12.81B5.19B3.11B
Total Liabilities19.62B21.14B20.69B18.35B8.27B5.03B
Stockholders Equity22.20B21.70B22.22B14.03B11.81B7.23B
Cash Flow
Free Cash Flow2.14B1.03B-3.65B-7.89B-3.19B-248.96M
Operating Cash Flow5.18B5.91B1.97B176.90M579.73M1.70B
Investing Cash Flow-3.84B-5.55B-5.83B-7.87B-3.56B-2.37B
Financing Cash Flow-2.22B-1.35B7.00B7.85B3.95B1.37B

Flat Glass Group Co Technical Analysis

Technical Analysis Sentiment
Positive
Last Price11.55
Price Trends
50DMA
10.38
Positive
100DMA
11.08
Positive
200DMA
10.22
Positive
Market Momentum
MACD
0.33
Negative
RSI
66.91
Neutral
STOCH
68.76
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:6865, the sentiment is Positive. The current price of 11.55 is above the 20-day moving average (MA) of 10.48, above the 50-day MA of 10.38, and above the 200-day MA of 10.22, indicating a bullish trend. The MACD of 0.33 indicates Negative momentum. The RSI at 66.91 is Neutral, neither overbought nor oversold. The STOCH value of 68.76 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for HK:6865.

Flat Glass Group Co Peers Comparison

Overall Rating
UnderperformOutperform
Sector (61)
Financial Indicators
Name
Overall Rating
Market Cap
P/E Ratio
ROE
Dividend Yield
Revenue Growth
EPS Growth
63
Neutral
$42.22B71.441.54%5.67%-18.50%-83.76%
62
Neutral
HK$140.38M2.0711.61%5.34%43.91%
61
Neutral
$37.18B12.37-10.20%1.83%8.50%-7.62%
46
Neutral
HK$5.79B-2.50-24.93%-35.74%-1755.61%
* Technology Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
HK:6865
Flat Glass Group Co
11.55
0.07
0.61%
HK:1108
Triumph New Energy Company
4.02
0.27
7.20%
HK:8646
China Hongguang Holdings Limited
0.20
-0.10
-34.00%

Flat Glass Group Co Corporate Events

Flat Glass Group Co. Approves Key Resolutions at 2025 EGM
Dec 9, 2025

Flat Glass Group Co., Ltd. announced that all proposed resolutions at their 2025 First Extraordinary General Meeting were approved. These resolutions included changes to registered capital, the cancellation of the Supervisory Committee, and amendments to various management systems. The approval of these resolutions is expected to streamline the company’s governance structure and enhance operational efficiency, potentially impacting its market positioning positively.

The most recent analyst rating on (HK:6865) stock is a Hold with a HK$11.00 price target. To see the full list of analyst forecasts on Flat Glass Group Co stock, see the HK:6865 Stock Forecast page.

Flat Glass Group Restructures Board and Cancels Supervisory Committee
Dec 9, 2025

Flat Glass Group Co., Ltd. announced the cancellation of its Supervisory Committee following shareholder approval of proposed amendments to its Articles of Association. The responsibilities of the Supervisory Committee will now be managed by the Board’s audit committee. Additionally, the company has elected Ms. Niu Liping as an employee director to the seventh session of the Board, increasing the Board’s size from eight to nine directors. This move aims to enhance employee participation in decision-making and safeguard their interests.

The most recent analyst rating on (HK:6865) stock is a Hold with a HK$11.00 price target. To see the full list of analyst forecasts on Flat Glass Group Co stock, see the HK:6865 Stock Forecast page.

Flat Glass Group Announces Board Composition and Roles
Dec 9, 2025

Flat Glass Group Co., Ltd. has announced the composition of its board of directors and the roles of each member within the board’s committees. This announcement highlights the leadership structure and governance framework of the company, which could influence its strategic direction and operational decisions.

The most recent analyst rating on (HK:6865) stock is a Hold with a HK$11.00 price target. To see the full list of analyst forecasts on Flat Glass Group Co stock, see the HK:6865 Stock Forecast page.

Flat Glass Group Schedules 2025 Extraordinary General Meeting for Key Resolutions
Nov 20, 2025

Flat Glass Group Co., Ltd. has announced the convening of its 2025 First Extraordinary General Meeting to discuss and approve several significant resolutions. These include changes to the registered capital, the cancellation of the Supervisory Committee, and various amendments to the company’s management systems. The proposed changes are aimed at enhancing the company’s governance structure and operational efficiency, potentially impacting its strategic positioning and stakeholder relations.

The most recent analyst rating on (HK:6865) stock is a Hold with a HK$12.00 price target. To see the full list of analyst forecasts on Flat Glass Group Co stock, see the HK:6865 Stock Forecast page.

Flat Glass Group Co., Ltd. Enhances Corporate Governance with New Audit Committee
Oct 27, 2025

Flat Glass Group Co., Ltd. has established an Audit Committee to strengthen its board of directors’ decision-making and oversight capabilities. The committee, composed of non-executive directors, is tasked with reviewing financial disclosures, overseeing audit processes, and ensuring effective internal controls. This move is aimed at improving corporate governance and aligning with regulatory standards, potentially enhancing the company’s transparency and accountability to stakeholders.

The most recent analyst rating on (HK:6865) stock is a Hold with a HK$11.50 price target. To see the full list of analyst forecasts on Flat Glass Group Co stock, see the HK:6865 Stock Forecast page.

Flat Glass Group Co., Ltd Enhances Governance with New Remuneration Committee
Oct 27, 2025

Flat Glass Group Co., Ltd has established a Remuneration Committee within its Board of Directors to enhance its governance structure by setting up a comprehensive remuneration and evaluation management system for its directors and senior management. This committee is tasked with formulating and reviewing remuneration policies and assessment standards, ensuring that the company’s leadership is incentivized and evaluated effectively, which could impact the company’s operational efficiency and stakeholder confidence.

The most recent analyst rating on (HK:6865) stock is a Hold with a HK$11.50 price target. To see the full list of analyst forecasts on Flat Glass Group Co stock, see the HK:6865 Stock Forecast page.

Flat Glass Group Co. Forms Strategic Development Committee to Boost Governance and Investment Decisions
Oct 27, 2025

Flat Glass Group Co., Ltd. has established a Strategic Development Committee to strengthen its strategic planning and investment decision-making processes. This move aims to enhance the company’s governance structure and improve the quality of its significant investment decisions, thereby reinforcing its market position and operational efficiency.

The most recent analyst rating on (HK:6865) stock is a Hold with a HK$11.50 price target. To see the full list of analyst forecasts on Flat Glass Group Co stock, see the HK:6865 Stock Forecast page.

Flat Glass Group Co., Ltd. Forms Risk Control Committee to Strengthen Governance
Oct 27, 2025

Flat Glass Group Co., Ltd. has established a Risk Control Committee within its Board of Directors to enhance its risk management capabilities. This committee is tasked with overseeing the company’s risk management and internal control systems, ensuring compliance with legal and regulatory requirements, and managing risks related to sanctions and anti-money laundering. The committee’s responsibilities include making recommendations to the Board, supervising legal risks, appointing professional firms for compliance reviews, and monitoring related transactions and competition.

The most recent analyst rating on (HK:6865) stock is a Hold with a HK$11.50 price target. To see the full list of analyst forecasts on Flat Glass Group Co stock, see the HK:6865 Stock Forecast page.

Flat Glass Group Co. Reports Strong Q3 2025 Financial Performance
Oct 27, 2025

Flat Glass Group Co., Ltd. reported a significant increase in its financial performance for the third quarter of 2025, with a 20.95% rise in revenue compared to the same period last year. The company’s net profit attributable to equity owners surged by 284.87%, reflecting strong operational performance and market demand, positioning the company favorably within the industry.

The most recent analyst rating on (HK:6865) stock is a Hold with a HK$11.50 price target. To see the full list of analyst forecasts on Flat Glass Group Co stock, see the HK:6865 Stock Forecast page.

Flat Glass Group Co. Announces Governance and Article Amendments
Oct 27, 2025

Flat Glass Group Co., Ltd. has announced proposed amendments to its Articles of Association and certain corporate governance rules. Key changes include the repurchase and cancellation of 40,000 restricted shares due to a participant’s employment termination, and the cancellation of the Supervisory Committee, with its functions being transferred to the Board’s audit committee. These amendments aim to align the company’s governance with legal and regulatory standards, enhance operational mechanisms, and safeguard shareholder interests without adversely impacting business operations.

The most recent analyst rating on (HK:6865) stock is a Hold with a HK$11.50 price target. To see the full list of analyst forecasts on Flat Glass Group Co stock, see the HK:6865 Stock Forecast page.

Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.Date of analysis: Jan 24, 2026