Credit Brief — FUYAO GLASS INDUSTRY GROUP CO.,LTD. (福耀玻璃)
600660.SH · Shanghai Main Board · Data window: 2022–2026 H1 · Sources: official periodic reports filed via cninfo (巨潮资讯网)
All figures are extracted mechanically from official filings and are traceable to source page (see §9). Narrative sections are analyst commentary; mechanical sections are produced without any LLM. Not investment advice. Not a credit rating.
1. Identity & legitimacy
- Legal representative: 曹晖
- Registered address: 福建省福清市融侨经济技术开发区福耀工业村
- Office address: 福建省福清市福耀工业村 II 区
- Controlling shareholder: 三益发展有限公司
- Actual controller: 曹德旺
- Employees: 42,541
Source: identity fields above are mechanically extracted from the issuer's own filed annual reports. - Registration data via corporate registry is not included in this build
2. Compliance & legal
Compliance screens (dishonest debtor / enforcement / penalties / business exceptions) require a registry data source not included in this build
3. Business profile
Top customer/supplier tables not generated for this issuer.
4. Financial dashboard (CNY mn)
Assets
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Cash and bank balances | 17,019.7 | 18,518.2 | 18,784.6 | 19,273.7 | 22,158.3 |
| Trading financial assets | 7.4 | 5.7 | 7.7 | 10.9 | 307.5 |
| Accounts receivable | 5,257.5 | 7,128.0 | 8,157.1 | 8,477.8 | 7,730.3 |
| Other receivables | 138.1 | 143.8 | 126.1 | 169.8 | 190.2 |
| Inventories | 5,403.4 | 5,143.6 | 5,970.6 | 6,799.0 | 7,039.9 |
| Long-term equity investments | 250.0 | 181.5 | 441.5 | 412.9 | 397.2 |
| Fixed assets | 14,445.9 | 14,955.2 | 16,449.5 | 18,131.7 | 18,651.8 |
| Construction in progress | 3,133.5 | 4,766.1 | 6,509.7 | 8,296.8 | 8,589.0 |
| Intangible assets | 1,245.4 | 1,315.9 | 1,600.8 | 1,799.6 | 1,843.2 |
| Total assets | 50,767.5 | 56,630.4 | 63,254.2 | 70,062.4 | 73,951.1 |
Liabilities
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Short-term borrowings | 6,076.5 | 5,413.6 | 4,588.6 | 7,609.7 | 9,663.4 |
| Notes payable | 2,128.4 | 2,825.4 | 3,007.5 | 4,199.9 | 2,918.8 |
| Accounts payable | 2,025.3 | 2,697.6 | 2,795.6 | 3,058.7 | 2,809.3 |
| Contract liabilities | 931.6 | 979.1 | 807.3 | 718.2 | 712.7 |
| Other payables | 1,681.9 | 1,622.3 | 2,226.1 | 2,078.5 | 2,435.0 |
| Current portion of non-current liabilities | 2,145.2 | 202.1 | 2,850.1 | 5,232.5 | 3,626.2 |
| Long-term borrowings | 3,007.0 | 8,513.1 | 7,212.9 | 3,669.0 | 6,964.3 |
| Bonds payable | 0.0 | 0.0 | 0.0 | 0.0 | 799.9 |
| Total liabilities | 21,779.2 | 25,219.1 | 27,568.6 | 32,510.2 | 35,779.3 |
Equity
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Paid-in capital | 2,609.7 | 2,609.7 | 2,609.7 | 2,609.7 | 2,609.7 |
| Capital reserve | 9,700.8 | 9,700.8 | 9,700.8 | 9,700.8 | 9,703.4 |
| Retained earnings | 12,989.8 | 15,007.2 | 18,626.0 | 20,289.5 | 21,128.1 |
| Minority interests | -14.7 | -14.9 | -8.8 | -4.3 | -2.6 |
| Total equity | 28,988.3 | 31,411.3 | 35,685.6 | 37,552.2 | 38,171.8 |
Income statement
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Revenue | 28,098.8 | 33,161.0 | 39,251.7 | 45,787.4 | 21,971.1 |
| Cost of sales | 18,535.4 | 21,424.3 | 25,030.9 | 28,722.5 | 13,436.5 |
| Selling expenses | 1,350.7 | 1,538.8 | 1,180.3 | 1,327.8 | 649.3 |
| Administrative expenses | 2,142.9 | 2,486.0 | 2,888.3 | 3,403.1 | 1,648.9 |
| Finance costs | -1,011.3 | -687.4 | -654.7 | -830.9 | 501.6 |
| Investment income | -8.2 | -5.5 | -72.0 | -38.2 | -1.6 |
| Operating profit | 5,661.4 | 6,791.3 | 9,075.1 | 11,185.4 | 4,723.6 |
| Profit before tax | 5,579.1 | 6,716.0 | 8,990.8 | 11,161.7 | 4,638.3 |
| Net profit | 4,752.8 | 5,629.1 | 7,504.0 | 9,316.8 | 3,972.0 |
5. Ratios
| Ratio | 2022 | 2023 | 2024 | 2025 | 2026 H1 |
|---|---|---|---|---|---|
| Current ratio | 1.71x | 2.22x | 2.02x | 1.54x | 1.72x |
| Quick ratio | 1.40x | 1.88x | 1.69x | 1.27x | 1.44x |
| Debt-to-asset ratio | 42.9% | 44.5% | 43.6% | 46.4% | 48.4% |
| Total debt / EBITDA | 1.42x | 1.55x | 1.24x | 1.16x | 3.02x |
| EBITDA interest coverage | 7.84x | 13.28x | 18.11x | 17.11x | 13.90x |
| Gross margin | 34.0% | 35.4% | 36.2% | 37.3% | 38.8% |
| Net margin | 16.9% | 17.0% | 19.1% | 20.3% | 18.1% |
| Return on equity (ROE) | 16.4% | 17.9% | 21.0% | 24.8% | 10.4% |
| Revenue growth | — | 18.0% | 18.4% | 16.7% | -52.0% |
| Net profit growth | — | 18.4% | 33.3% | 24.2% | -57.4% |
| Receivable days | 68 | 78 | 76 | 68 | 128 |
| Cash received / revenue | 103.7% | 94.9% | 96.2% | 99.0% | 98.5% |
| Operating CF / net profit | 1.24x | 1.35x | 1.14x | 1.29x | 1.15x |
| Free cash flow | 8,781.3 | 10,335.3 | 12,020.9 | 17,781.1 | 10,616.1 |
Mechanical risk flags
- ⚠ Debt-to-asset ratio: 0.46 (level: high, reference threshold: <0.65)
6. Cross-check flags (mechanical reconciliation)
- 2024 · Same item across different source documents: 0.0 vs 0.0 CNY mn (deviation 50.0%, severity high)
Sources:2025年年度报告.pdfvs2024年年度报告.pdf. Two source documents differ by 0.0 CNY mn — typical causes are restatement or differing scopes; flagged for analyst review. - 2023 · Cash-flow statement net increase vs balance-sheet cash movement: 1,113.4 vs 1,498.5 CNY mn (deviation 25.7%, severity mid)
Sources: 2023年年度报告.pdf p.92 「五、现金及现金等价物净增加额」 vs 2023年年度报告.pdf p.84 「货币资金」. CF-statement figure below the balance-sheet movement by 385.1 CNY mn — typical causes are restricted-cash release or cash-equivalent scope changes; flagged for analyst review. - 2024 · Cash-flow statement net increase vs balance-sheet cash movement: 5,382.5 vs 266.4 CNY mn (deviation 95.05%, severity mid)
Sources: 2024年年度报告.pdf p.97 「五、现金及现金等价物净增加额」 vs 2024年年度报告.pdf p.89 「货币资金」. CF-statement figure above the balance-sheet movement by 5,116.1 CNY mn — typical causes are restricted-cash release or cash-equivalent scope changes; flagged for analyst review. - 2025 · Cash-flow statement net increase vs balance-sheet cash movement: 507.0 vs 489.2 CNY mn (deviation 3.52%, severity mid)
Sources: 2025年年度报告.pdf p.88 「五、现金及现金等价物净增加额」 vs 2025年年度报告.pdf p.80 「货币资金」. CF-statement figure above the balance-sheet movement by 17.8 CNY mn — typical causes are restricted-cash release or cash-equivalent scope changes; flagged for analyst review. - 2026Q2 · Cash-flow statement net increase vs balance-sheet cash movement: 2,886.4 vs 2,884.6 CNY mn (deviation 0.06%, severity low)
Sources: 2026年半年度报告.pdf p.46 「五、现金及现金等价物净增加额」 vs 2026年半年度报告.pdf p.38 「货币资金」. CF-statement figure above the balance-sheet movement by 1.8 CNY mn — typical causes are restricted-cash release or cash-equivalent scope changes; flagged for analyst review.
4 check(s) not run for missing inputs: 前五大应收 vs BS 应收账款; 前五大其他应收 vs BS 其他应收款; 前五大预付 vs BS 预付款项; 授信表内总合计 vs Σ机构行.
Premium tier. The analyst red-flag review and the industry-context commentary (sections 7–8 of the full brief) are not included in this free build. Join the waitlist for early access.
9. Method & provenance
All financial figures above were extracted mechanically from the company's official periodic reports (unit-normalized to CNY). Each key figure carries cell-level provenance — source file, page and original line item. Samples (latest annual period):
| Item | Period | Value (CNY mn) | Source file | Page | Raw line item | Raw value (as filed) |
|---|---|---|---|---|---|---|
| Cash and bank balances | 2025 | 19,273.7 | 2025年年度报告.pdf | 80 | 货币资金 | 19273739706.0 (元) |
| Total assets | 2025 | 70,062.4 | 2025年年度报告.pdf | 81 | 资产总计 | 70062354686.0 (元) |
| Accounts receivable | 2025 | 8,477.8 | 2025年年度报告.pdf | 80 | 应收账款 | 8477842251.0 (元) |
| Fixed assets | 2025 | 18,131.7 | 2025年年度报告.pdf | 80 | 固定资产 | 18131699338.0 (元) |
| Short-term borrowings | 2025 | 7,609.7 | 2025年年度报告.pdf | 81 | 短期借款 | 7609694417.0 (元) |
This brief is built solely on officially filed public disclosures. It is not investment advice, not a credit rating, and not an offer of any service. Figures may contain extraction or caliber effects; verify against the original filings before relying on them.