On August 26, 2026, Fulaite Glass Group Co., Ltd., a leading photovoltaic glass company in mainland China, announced that its net profit attributable to shareholders in the first half of 2026 was a loss of 363 million yuan, a decrease of 239.04% compared to the same period last year when it was profitable. This marks the worst half-year report the company has submitted since its listing.
According to the “2026 Interim Report” released by Fulaite on the 26th, the company’s operating income during the reporting period was 6,668,210,124.99 yuan, a year-on-year decrease of 13.81%; the total profit was -427,726,884.82 yuan, a decrease of 255.35%; the net profit attributable to shareholders of the listed company was -363,017,628.12 yuan, a decrease of 239.04%; and the net profit attributable to shareholders of the listed company after deducting non-recurring gains and losses was -376,486,320.01 yuan, a decrease of 265.52%.
Compared to the profit of 261 million yuan for the same period last year, Fulaite has shifted from profit to loss this year.
An employee of Fulaite revealed to “Huaxia Times” that in the first half of the year, the photovoltaic industry faced pressure, downstream demand declined, there was overcapacity in the photovoltaic glass industry, and various factors contributed to operational pressure.
“Huaxia Times” reported on August 27 that compared to the first quarter, Fulaite’s profit of 38 million yuan, the business sharply declined in the second quarter, with losses concentrated in the latter.
In the first half of 2026, China’s photovoltaic industry was undergoing a significant adjustment. From the demand side, China’s newly installed photovoltaic capacity was about 72.07GW in the first half of the year, a decrease of about 66% compared to the same period in 2025. At the same time, in the first half of 2026, the supply of photovoltaic glass remained high. At the beginning of 2026, daily production volume reached 86,210 tons, top companies fired up furnaces, while some secondary and tertiary glass production lines from the early stages increased production capacity, leading to a continuous increase in domestic supply.
Supply and demand imbalances, coupled with the cancellation of export tax rebates by the authorities, led to a significant contraction in glass procurement, with sporadic demand becoming the norm and price pressure purchase becoming the industry standard.
Data from Shanghai Metals Market (SMM), which compiles and releases metal price indices and market data, shows that in the first half of 2026, the price of photovoltaic glass followed a trend of “slow decline in the first quarter, accelerated bottoming out in the second quarter, and trading sideways at a low point in June,” with all product specifications falling to near five-year historical lows.
Public information shows that Fulaite Glass Group Co., Ltd. was founded in June 1998, headquartered in Jiaxing, Zhejiang Province. It is a comprehensive enterprise engaged in glass research, production, and sales, primarily manufacturing solar photovoltaic glass, float glass, engineering glass, and household glass. The company went public on the Hong Kong Stock Exchange and the Shanghai Stock Exchange in 2015 and 2019 respectively, with both H-shares and A-shares listed.
Photovoltaic glass is the company’s primary product, with revenue contributions of 91.42%, 90.01%, and 89.85% in 2023, 2024, and 2025 respectively. In the first half of 2026, revenue contribution from photovoltaic glass was 87.90%. Market analysts suggest that the company’s revenue still heavily relies on a single product category, bringing significant operational risks. According to Oriental Fortune data, Fulaite’s gross profit margin decreased from 16.91% in 2025 to 8.18% in the first half of 2026, with a net profit margin of -5.44%.
In addition to Fulaite, other leading photovoltaic glass companies such as Nangbo A and Qibin Group were profitable in 2025 but fell into comprehensive losses in the first half of 2026. For example, Jinjing Technology had a net loss of 313 million yuan, a decrease of 225.6%, and Ancai Gaoci incurred a loss of 328 million yuan.
Furthermore, Fulaite’s “2026 Interim Report” reveals that the company’s short-term borrowings increased by 87.42% to 1.56 billion yuan from the end of the previous year, and long-term borrowings reached 5.102 billion yuan, with non-current liabilities due within one year amounting to 2.847 billion yuan, and 4.137 billion yuan in bonds payable, totaling nearly 10 billion yuan of interest-bearing debt. However, the company’s monetary funds on the books were 3.787 billion yuan, insufficient to repay the loans, significantly weakening the company’s ability to generate profits and worsening its operating cash flow.
“Huaxia Times” noted that downstream component companies of Fulaite are under great operational pressure, with potential risks of bad debts due to deteriorating cash flow from customers.