HK Stock Market Move | After the results, FLAT GLASS (06865) fell by more than 7%, the selling prices of photovoltaic glass decreased significantly, and net profit declined by over 60% year-on-year.

FLAT GLASS (06865) fell by more than 7% after the performance announcement, dropping by 4.02% to 9.31 Hong Kong dollars at press time, with a trading volume of 220.373 million Hong Kong dollars. On the news front, FLAT GLASS released its first quarter results for 2026, with revenue of 3.674 billion yuan, a year-on-year decrease of 9.95%; net profit was 38.1465 million yuan, a year-on-year decrease of 64.06%. The core reason for the decline in profitability was the significant drop in the selling price of photovoltaic glass compared to the same period last year, directly leading to a 57.28% year-on-year decline in operating profit, becoming the main driver of weakening profitability. Dongzheng Futures pointed out that as of April, the contraction in demand for photovoltaic glass has significantly expanded. Recently, the photovoltaic glass market has continued to operate weakly, with weak order performance. Several companies have reported that their production and sales rates are at a low level, with a significant lack of new orders. The bank pointed out that current market prices continue to decline under the imbalance between supply and demand and inventory pressure, significantly penetrating the industry's average cash cost line, with most companies experiencing deep losses. Currently, the industry's gross profit margin is approximately -35.36%.