On March 17, Fuyao Glass, the largest auto glass manufacturer in China, released its results.The company’s revenue in 2021 will be 23.6 billion yuan, with a net profit of 3.1 billion yuan.
Compared with the performance of Xinyi Glass, a “compatriot” from Fujian, Fuyao Glass was surpassed for the first time.
In the past two years, due to the impact of the epidemic, the auto market has continued to slump, and Fuyao Glass also experienced a year-on-year decline in revenue for the first time in 2020.
Auto glass contributes about 90% of Fuyao Glass’ revenue. Although the auto market recovers in 2021 and the domestic epidemic is basically under control,This enabled Fuyao Glass to achieve growth in performance last year, but its status as the leader in the glass industry is no longer guaranteed.
According to the performance disclosed by Xinyi Glass, its revenue in 2021 will reach 30.4 billion Hong Kong dollars (about 24.6 billion yuan), and its net profit will reach 11.5 billion Hong Kong dollars (about 9.3 billion yuan). This is the performance of Xinyi Glass since its listing in 2005. It surpassed Fuyao Glass for the first time.
Therefore, many people say that Xinyi Glass founder Li Xianyi replaced Cao Dewang as China‘s new “glass king”. At the same time, according to the latest statistics of Hurun Global Rich List,Cao Dewang ranked 900th with a worth of 24.5 billion, and Li Xianyi ranked 356th with a worth of 51 billion, twice that of Cao Dewang.
Regarding the company’s performance, Xinyi Glass said that the company’s performance increased significantly last year, mainly due to the increase in sales and sales of float glass, architectural glass and automotive glass.
About 60% of Xinyi Glass’ revenue comes from float glass. Float glass refers to glass produced by the float process.
As of the close on March 17, the market value of Fuyao Glass’ Hong Kong shares was 82.7 billion Hong Kong dollars (about 67.1 billion yuan).The market value of Xinyi Glass is 79.9 billion Hong Kong dollars (about 64.8 billion yuan).
Hashtags: GlassFuyao GlassCao Dewang