On the evening of March 17, Fuyao Glass Industry Group Co.,Ltd. (600660.SH) released its 2025 annual report, marking the first set of financial results presented by Cao Hui, the eldest son of founder Cao Dewang, since he assumed the role of Chairman. According to the annual report data, the company achieved operating revenue of 45.787 billion yuan in 2025, a year-on-year increase of 16.65%. Net profit attributable to shareholders reached 9.312 billion yuan, up 24.20% compared to the previous year, with both core indicators reaching new record highs. Net cash flow from operating activities amounted to 12.055 billion yuan, an increase of 40.79% year-on-year, indicating an improvement in the quality of earnings. The company also announced a dividend distribution plan, proposing a cash dividend of 1.20 yuan per share (including tax) for all shareholders, involving a total distribution of 3.132 billion yuan.
In the annual report, Cao Hui delivered his first address as Chairman, stating that 2026 will mark the significant milestone of Fuyao's 50th anniversary. He emphasized that the company will remain committed to its original aspiration of "making a piece of glass well" and continue to provide reliable support for the automotive industry. In October 2025, Fuyao Glass completed its management transition. The 79-year-old founder, Cao Dewang, stepped down as Chairman and was appointed Lifetime Honorary Chairman, while Cao Hui officially took over leadership, ushering in a new era of corporate governance.
Cao Hui has been deeply involved with Fuyao Glass for many years. He joined the company in 1989, starting from grassroots positions and building a solid foundation through hands-on experience. Having worked in various roles, including overseas operations, he has maintained the company's steady operational approach since taking leadership, stabilizing core customer and supply chain systems. This annual report serves as a direct reflection of his management effectiveness during this transition period.
However, at the corporate governance level, the challenge of balancing continuity with innovation remains significant. The company also acknowledged in the report that complex external factors pose challenges such as weakened demand and rising costs for global supply chains and the automotive industry. In the information age, customers are demanding faster response times, while the trend towards automotive intelligence, driven by product consumption upgrades and technological advancements, is placing new demands on automotive glass.
Based on Cao Hui's address, the company's future strategy will focus on three main directions. First, it will deepen digital and intelligent transformation to reshape production and management models. Second, it will promote lean and intelligent upgrades across the entire value chain to unlock potential and strictly control losses. Third, it will focus on building a dual-track talent system integrating "business experts and AI application experts" to drive intelligent business upgrades.