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Flat Glass Group (601865) Fair Value & Analysis

Technology · CN · Market cap 25.4B CNY

FG Flat Glass Group 601865 · SHG
Price¥10.84
Fair Value¥10.91
Upside+0.6%
Quality34/100
Evidence: High Range ¥8.18 – ¥13.63

Fair value as of: Jun 24, 2026

From 24 valuation models · updated 7 days ago

Share price −15.1% over the past month.

Price vs Fair Value (12 months)

¥21.03 ¥10.84 Fair Value ¥10.91 Jun 2025 Jun 2026

12‑month range ¥10.84 – ¥21.03 · fair‑value band ¥8.18 – ¥13.63 · the ¥10.84 price screens below the ¥10.91 fair value. As of Jun 24, 2026.

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Analysis

Flat Glass Group (601865) currently trades at ¥10.84, while our model-based Fair Value estimate is ¥10.91 — implying the stock looks roughly 0.6% undervalued today. We read business quality at 34/100 (below-average quality), in the Technology sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: high) — always confirm before acting.

Over the trailing twelve months, Flat Glass Group generated revenue of 15.2B CNY at a net margin of 6.1%. Revenue declined 9.9% year over year. It earns a return on equity of 4.2%. Net debt stands at 11.1B CNY. Fundamentals as of Jun 24, 2026

Key figures & financial health

Revenue (TTM) 15.2B CNY
Revenue growth (YoY) -9.9%
Net margin 6.1%
Return on equity 4.2%
Free cash flow 48.4M CNY FY2025
P/E ratio 24.9
More key figures
Operating margin 7.0%
EPS (TTM) ¥0.4400
EPS growth (YoY) -60.0%
Net debt 11.1B CNY FY2025

Figures from reported company fundamentals (EODHD) · as of Jun 24, 2026. TTM = trailing twelve months.

About the company

Flat Glass Group Co., Ltd., together with its subsidiaries, engages in the manufacture and sale of glass products in the People's Republic of China, the rest of Asia, Europe, North America, and internationally. It operates through PV Glass, Household Glass, Architectural Glass, Float Glass, Mining Products, Electricity Generation Revenue, and Other Business segments. The company is also involved in the mining operations and sale of quartzite ores; investment, construction, operation, and maintenance of energy power plants; and sale and installation of natural gas pipelines. In addition, it offers supply chain management services; operates ports; and exports glass products. Further, the company engages in the development and sale of energy technologies and equipment; energy management; cargo handling and transportation; manufacturing and sale of equipment and non-metallic mineral products; research and development for new materials and technologies; manufacture and sale of …

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Flat Glass Group reported revenue of ¥15.5B in FY2025 versus ¥8.7B in FY2021, a compound +15.5%/yr. Reported net income was ¥981M in FY2025, compounding −17.5%/yr from FY2021.

Revenue +15.5%/yr
FY21 ¥8.7B
FY22 ¥15.5B
FY23 ¥21.5B
FY24 ¥18.7B
FY25 ¥15.5B
Net income −17.5%/yr
FY21 ¥2.1B
FY22 ¥2.1B
FY23 ¥2.8B
FY24 ¥1.0B
FY25 ¥981M

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Frequently asked questions

Is Flat Glass Group (601865) undervalued?
As of Jun 24, 2026, our model estimates a fair value of ¥10.91 versus a price of ¥10.84 — about +1% (undervalued). Model-based estimate, not financial advice.
What is the fair value of 601865?
Our model-based fair value for Flat Glass Group is ¥10.91 (as of Jun 24, 2026), built from audited fundamentals. The current price is ¥10.84.
What is the quality score of 601865?
Flat Glass Group has a Quality Score of 34/100, measuring profitability, growth and balance-sheet strength from non-valuation factors.
What is the revenue of Flat Glass Group (601865)?
Flat Glass Group reported trailing-twelve-month revenue of about 15.2B CNY (latest available figure, as of Jun 24, 2026).
What is the net profit margin of 601865?
The net profit margin of Flat Glass Group is about 6.1%, meaning it keeps roughly 6.1% of revenue as net income. Based on the latest reported figures.

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data — nothing guessed.

Educational research only · not financial advice · no buy/sell recommendation. Model-based estimates are not certainties; their reliability depends on data quality and assumptions.