Fuyao Glass Makes 9.3 Billion Yuan in Profits and Plans a "Second Venture"; Cao Dewang's Annual Salary Reaches 7.76 Million Yuan; Company Executives Receive Raises for Four Consecutive Years

Yangtze River Business News ● Yangtze River Business Reporter Shen Yourong

“Glass King” Cao Dewang’s first year of handover, Fuyao Glass (600660.SH) results are out.

On the evening of March 17, Fuyao Glass released its annual report. In 2025, the company achieved operating revenue of approximately 45.8 billion yuan, a year-on-year increase of about 17%; net profit attributable to shareholders exceeded 9.3 billion yuan, up over 24%.

This is the first annual report after “second-generation” Cao Hui took over. In October 2025, Fuyao Glass founder Cao Dewang resigned as chairman, and his son Cao Hui officially succeeded him.

Throughout 2025, Fuyao Glass paid out a total cash dividend of 5.48 billion yuan, accounting for 58.85% of the net profit attributable to shareholders that year.

In 2025, Fuyao Glass’s R&D investment was 1.913 billion yuan, continuing to grow. The company’s gross profit margin and net profit margin also increased year-on-year.

Yangtze River Business News found that in 2025, executive compensation at Fuyao Glass generally increased, marking four consecutive years of salary hikes since 2022. Cao Dewang, serving as lifelong honorary chairman, had the highest salary in 2025, reaching 7.7619 million yuan.

Cao Hui stated that 2026 marks the 50th anniversary of Fuyao Glass, an important milestone, and in the face of changing times, the company will embark on a “second entrepreneurial journey.”

Performance hits new highs with double growth

Fuyao Glass’s succession was smooth, and the company’s operating performance continued its rapid growth trend.

According to the latest annual report, in 2025, Fuyao Glass achieved operating revenue of 45.787 billion yuan, a year-on-year increase of 16.65%; net profit attributable to shareholders and net profit after non-recurring gains and losses were 9.312 billion yuan and 9.165 billion yuan, respectively, up 24.20% and 23.08%.

Since 2021, Fuyao Glass’s performance has maintained double growth. From 2021 to 2024, the company’s operating revenue was 23.603 billion yuan, 28.099 billion yuan, 33.161 billion yuan, and 39.252 billion yuan, with year-on-year increases of 18.57%, 19.05%, 18.02%, and 18.37%; net profits were 3.146 billion yuan, 4.756 billion yuan, 5.629 billion yuan, and 7.498 billion yuan, with increases of 20.97%, 51.16%, 18.37%, and 33.20%.

Comparing these figures, in 2025, both revenue and net profit continued to grow at double-digit rates.

In 2025, Fuyao Glass’s net profit attributable to shareholders grew significantly faster than revenue, mainly due to rising gross and net profit margins, which increased by 1.04 and 1.23 percentage points respectively from the previous year. The company’s overall gross profit margin and net profit margin in 2025 were 37.27% and 20.35%, respectively.

Since 2023, Fuyao Glass’s gross and net profit margins have been rising simultaneously, reaching their highest levels in nearly three years in 2025.

Fuyao Glass is a leading enterprise in the design, development, manufacturing, supply, and service of automotive glass and automotive-grade float glass worldwide.

In the annual report, Fuyao Glass stated that the global economy is struggling amid multiple uncertainties, with growth momentum significantly slowing. Uncertainty in trade policies and ongoing geopolitical conflicts have brought severe pressure to global supply chains. Against this macro background, the global automotive industry generally faces sluggish growth, with challenges such as weakening demand and rising costs. China’s automotive industry, driven by policy coordination, shows an active trend of accelerating the iteration of old and new driving forces, but still faces issues like insufficient effective demand and increasing industry competition. In 2025, China’s automobile production and sales were 34.531 million and 34.4 million units, respectively, with year-on-year increases of 10.4% and 9.4%.

Fuyao Glass, closely linked to the global automotive market, has inevitably been affected.

Fuyao Glass has always been deeply engaged in the global market. In 2025, revenue from domestic and international markets accounted for 52.94% and 45.55%, respectively, with overseas markets contributing over 20 billion yuan, a significant proportion.

In this context, Fuyao Glass faced challenges in 2025 but still achieved new milestones.

Celebrating 50 Years and Launching a “Second Entrepreneurship”

With the normalization of low global economic growth, Fuyao Glass still achieved steady growth. So, what’s next in 2026?

In October 2025, Cao Hui, 55, took over as chairman from his father Cao Dewang, beginning a new era of “second-generation” leadership at Fuyao Glass.

Cao Hui joined Fuyao Glass in November 1989, starting from grassroots positions and gradually growing.

Fuyao Glass described that during his management, Cao Hui has innovated corporate governance, actively explored development paths, focused on technological R&D, extended the industrial chain, promoted industry upgrades, accelerated green transformation, and improved global layout, significantly enhancing the company’s core competitiveness and global influence.

Market analysts believe that after taking sole leadership, Cao Hui has initiated some new actions.

In the 2025 annual report, Cao Hui delivered a speech as chairman. He stated that in 2026, on the 50th anniversary of Fuyao Glass, the company will start a “second entrepreneurial journey,” fully deepening digital and intelligent transformation, reshaping production and management models, and building a “Digital Fuyao.” The company will also establish a dual-track talent system combining “industry experts” and “AI application experts,” deeply integrating AI technology into R&D, production management, market analysis, and customer service to promote intelligent business upgrades.

For 2026 operations, Fuyao Glass proposed seven key plans, including implementing multi-market strategies, accelerating the construction of new projects such as Shanghai aluminum parts, Chongqing aluminum parts, Anhui trim parts, and Anhui molds; tackling new automotive glass products and technology R&D, speeding up product iteration.

To achieve its 2026 business goals, Fuyao Glass estimates a total capital requirement of 49.862 billion yuan, including 39 billion yuan for operating expenses, 7.73 billion yuan for capital expenditures, and 3.132 billion yuan for cash dividends (excluding potential mid-year dividends in 2026). The company plans to accelerate receivables collection, inventory turnover, optimize working capital, and seek financing through loans or bonds.

In 2025, Fuyao Glass’s capital expenditure was 6.164 billion yuan, total dividends paid were 5.48 billion yuan, and R&D investment was 1.913 billion yuan. The company’s operating cash flow was 12.055 billion yuan, up 40.79% year-on-year.

Yangtze River Business News found that in 2025, executive compensation at Fuyao Glass generally increased, with nearly all senior executives receiving salary raises for four consecutive years since 2022 (some individual adjustments occurred). Cao Dewang’s salary in 2025 was 7.7619 million yuan, an increase of 249,400 yuan from the previous year.

Editor: ZB