HK Stock Market Move | FLAT GLASS (06865) rose more than 3% after issuing a profit warning. It is expected to achieve a 61%-66% decrease in net profit attributable to shareholders in 2024 compared to the previous year.

After issuing a profit warning, FLAT GLASS (06865) rose by more than 3%, reaching 3.45% at the time of publication, closing at 12 Hong Kong dollars, with a turnover of 21.9912 million Hong Kong dollars. In terms of news, FLAT GLASS released an announcement, forecasting a net profit attributable to shareholders of the listed company of RMB 938 million to 1.076 billion in 2024, a year-on-year decrease of 61.00% to 66.00%; a non-GAAP net profit of RMB 916 million to 1.051 billion, a year-on-year decrease of 61.00% to 66.00%. The announcement stated that the expected decrease in profit was mainly due to the combined impact of the following factors: Since the second half of 2024, the shipment volume of photovoltaic modules has been continuously low, while the supply of photovoltaic glass production capacity is sufficient, leading to an oversupply of photovoltaic glass. As a result, the sales price of photovoltaic glass has significantly decreased compared to the same period last year, leading to a substantial decrease in the company's net profit; the company has made provision for impairment of assets for certain glass kilns undergoing cold repair and some photovoltaic glass inventories; various cost reduction and efficiency enhancement measures implemented by the company have partially offset the impact of the decrease in net profit.