Fuyao Glass Rakes in 9.3 Billion Yuan Against the Trend in Leadership Transition Year, New CEO Cao Hui Launches "Second Venture" Campaign

Ask AI · How Will Cao Hui’s Second Entrepreneurship Blueprint Reshape the Industry?

Everyday Economic News Reporter: Zhao Linan Edited by: Huang Sheng

On March 17, Fuyao Glass (SH600660, stock price 59.13 yuan, market value 151.889 billion yuan) released its 2025 annual report.

In 2025, facing the complex environment of “low-normal growth” globally and insufficient demand and intensified competition in the domestic and international automotive industries, Fuyao Glass achieved countercyclical growth — with total revenue of 45.787 billion yuan, a year-on-year increase of 16.65%; net profit attributable to shareholders of the listed company reached 9.312 billion yuan, up 24.20% year-on-year.

The Daily Economic News noted that 2025 is a highly significant “handover year” for Fuyao Glass.

Cao Dewang, founder of Fuyao Group and a legendary figure in China’s and the world’s glass industry, officially resigned as chairman to promote strategic optimization of corporate governance and sustainable development, and was appointed “Lifetime Honorary Chairman.”

The new chairman, Cao Hui, who took over the baton, proposed a grand blueprint for “second entrepreneurship” at a critical point as Fuyao approaches its 50th anniversary.

“93 Billion Profit in the Face of Headwinds”

Fuyao Glass stated that in 2025, the global economy struggled to move forward amid multiple uncertainties, with growth momentum significantly slowing.

“Uncertainty in trade policies, ongoing geopolitical conflicts have brought severe pressure to global supply chains. Against this macro background, the global automotive industry generally faces sluggish growth, demand weakening, and rising costs,” Fuyao said.

However, under such macro “headwinds,” Fuyao Glass delivered a contrarian impressive performance. Financial reports show that in 2025, Fuyao Glass achieved a consolidated revenue of 45.787 billion yuan, a 16.65% increase from the previous year; net profit attributable to shareholders was 9.312 billion yuan, up 24.20%.

Fuyao’s “countercyclical” profit secret lies primarily in its global market layout and the strong drive of high-value-added products. The financial report pointed out that as the trends of “electrification, connectivity, intelligence, and sharing” in automobiles become prominent, cars are no longer just transportation tools but are transforming into mobile intelligent terminals.

“High-value products such as intelligent panoramic skylight glass, adjustable light glass, head-up display glass, ultra-isolation glass, lightweight ultra-thin glass, coated heated glass, and flush tempered laminated glass continue to increase in proportion, rising by 5.44 percentage points compared to the same period last year, reflecting their value,” Fuyao said.

Meanwhile, continuous investment in technological innovation and capacity layout has also fortified its competitive moat. In 2025, Fuyao’s R&D expenses reached 1.913 billion yuan, a 14.03% increase from 1.678 billion yuan the previous year. The company has a R&D team of up to 6,338 members, accounting for 14.90% of the total workforce.

Regarding capacity layout, Fuyao stated: “In 2025, the company seized the momentum and expanded its layout. Key projects in Hefei Anhui, Fuqing Yangxia, Benxi Float Glass, and Hungary have been put into production, achieving leapfrog growth in capacity and further strengthening the global supply chain assurance and overall competitiveness.”

Notably, while earning substantial profits, Fuyao maintained a very high cash dividend ratio. The company plans to distribute a cash dividend of 1.20 yuan per share (tax included) to all shareholders. Combined with the interim profit distribution of 0.90 yuan per share in 2025, the total cash dividend for 2025 will reach 5.48 billion yuan, accounting for 58.85% of the net profit attributable to the parent company’s common shareholders for that year.

New Leader Launches “Second Entrepreneurship”

In 2025, Cao Dewang, founder of Fuyao Group, voluntarily resigned as chairman to promote strategic optimization of corporate governance and sustainable development.

This legendary entrepreneur, who has led Fuyao since 1987, guiding the company from Fuqing to the world and transforming Fuyao into a global leader in automotive glass, was officially appointed “Lifetime Honorary Chairman.”

Taking over the responsibilities is Cao Hui, who has extensive experience in domestic and international markets and operations, having worked at Fuyao for many years. In October 2025, at the 11th Board of Directors’ 10th meeting, Cao Hui was elected as the new chairman of Fuyao Glass, marking the official beginning of Fuyao’s “new leadership” era.

Currently, the company’s legal representative and chairman have been changed to Cao Hui, with Ye Shu continuing as general manager, ensuring a smooth transition of core management.

In 2026, Fuyao will celebrate its 50th anniversary. Standing at this historic crossroads, Cao Hui clearly outlined in his “Chairman’s Speech” a call for “second entrepreneurship” to all Fuyao employees.

Cao Hui said that in the face of changing times, as a leading industry enterprise, only by taking responsibility proactively and breaking through actively can we lead the way. Despite ongoing global economic uncertainties, Fuyao always adheres to a cautious and ambitious spirit, with steady management as its foundation.

The core of Cao Hui’s “second entrepreneurship” blueprint is “dual-driven by digital and intelligence.” Fuyao will deepen its digital and intelligent transformation comprehensively, reshaping production and management models to build a truly “Digital Fuyao.”

Specifically, the company will promote automation and digital control of production lines, improve efficiency through intelligent upgrades; connect data across business modules, build an interconnected data system, empower production efficiency, quality control, and R&D innovation, and continuously optimize service and product experience to support operational decisions and business growth.

At the same time, “second entrepreneurship” also means extending and breaking through industry boundaries.

Fuyao is committed to expanding the boundaries of “a piece of glass,” focusing on smart glass and extending the industry chain. The company is accelerating the construction of new projects in Shanghai aluminum parts, Chongqing aluminum parts, Anhui trim parts, and Anhui molds, strengthening supporting products such as precision aluminum parts and smart trim parts.

Fuyao Glass stated that to achieve its 2026 operational plans and goals, it expects a total funding requirement of 49.862 billion yuan in 2026, including 39 billion yuan in operating expenses and 7.73 billion yuan in capital expenditures.

Daily Economic News