Yao Pi Glass's overseas revenue increased by 2.43%, but gross profit margin declined. The third-largest shareholder, focusing on core business, has reduced holdings over four rounds, potentially cashing out 500 million yuan.

Yangtze Business Daily News ●Yangtze Business Daily reporter Huang Cong

In recent years, the scale growth of Yaopi Glass (600819.SH) has been sluggish.

A few days ago, Yaopi Glass released its annual report, which shows that in 2025 the company achieved operating revenue of RMB 5.64B, up 0.10% year over year; net profit attributable to shareholders of RMB 136 million, up 16.74% year over year.

It should be noted that among Yaopi Glass’s three major business segments, only the automotive processing glass segment saw its operating revenue grow.

In its global expansion, Yaopi Glass continues to open up overseas sales markets. However, in 2025, the company’s overseas operating revenue reached RMB 736 million. Although up 2.43% year over year, its gross margin was 28.41%, down 6.85 percentage points from the same period last year.

Against this backdrop, recently, Yaopi Glass announced that its shareholder, China Composites Group Co., Ltd. (hereinafter referred to as “China Composites”), based on its own strategic planning and business development, focusing on the needs of its core business of composites, planned to reduce its holdings by 29.3027 million shares.

As of the close of trading on the date of this announcement, Yaopi Glass’s share price was RMB 7.09 per share. Based on this, China Composites could cash out more than RMB 200 million from this reduction.

Yangtze Business Daily’s reporter found that this is the fourth round of reductions by China Composites. In the prior three rounds, it had already cashed out more than RMB 300 million. Adding the latest planned reduction, the total cash-out amount for the company could reach RMB 500 million.

China Composites cashed out more than RMB 300 million across the first three rounds of reductions

Yaopi Glass’s main businesses are R&D, production, and sales of float glass, architectural processing glass, and automotive processing glass.

Recently, Yaopi Glass announced that, based on its own strategic planning and business development, its shareholder China Composites will, in accordance with the needs of focusing on its core composite materials business, plan to reduce its holdings by no more than 3.00% of the company’s total share capital, i.e., 29.3027 million shares, within three months after 15 trading days from the date of publication of this announcement, by means of centralized bidding and block trading. Among them, it plans to reduce by no more than 1.00% of the company’s total share capital, i.e., 9.7676 million shares, via centralized bidding; and via block trading, reduce by no more than 2.00% of the company’s total share capital, i.e., no more than 19.5351 million shares. The planned reduction period is from April 27, 2026 to July 26, 2026. The reduction price will be determined based on market prices.

As of the close of trading on the date of this announcement, Yaopi Glass’s share price was RMB 7.09 per share. Based on this, China Composites could cash out more than RMB 200 million from this reduction.

According to information disclosed as of the date of this announcement, China Composites held 70.26M shares of Yaopi Glass of unrestricted tradable shares, accounting for 7.19% of the company’s total share capital, making it the company’s third-largest shareholder.

The data shows that China Composites originally held 119 million shares of Yaopi Glass, accounting for 12.74% of the listed company’s total share capital. Over the past year, China Composites has reduced its holdings in Yaopi Glass shares multiple times.

In February 2025, Yaopi Glass released an announcement stating that China Composites planned to reduce its holdings. Starting from its first reduction on April 15, China Composites cashed out RMB 86.7944 million in this round.

In November 2025 and January 2026, Yaopi Glass released two more announcements regarding China Composites’s planned reductions. In these two rounds, China Composites cashed out RMB 51.3924 million and RMB 164 million, respectively.

After three rounds of reductions, China Composites had cumulatively cashed out more than RMB 300 million. Adding the latest planned reduction, the total cash-out amount for the company could reach RMB 500 million.

In the secondary market, after China Composites released the reduction news, Yaopi Glass’s share price fell by 5.64%, reaching a low point in the last seven months. Moreover, since mid-November 2025, the listed company’s share price has continued to decline in a volatile trend, with a drop of more than 30%.

In recent years, Yaopi Glass’s performance has been stuck in a standstill.

In 2023, Yaopi Glass achieved operating revenue of RMB 5.59B, up 17.49%, for the first time surpassing the RMB 5 billion mark. However, in the same period, net profit attributable to shareholders recorded a loss of RMB 125 million, while it was a profit of RMB 15.1862 million in the same period last year.

In response, Yaopi Glass said that in 2023, the float glass segment faced unfavorable factors such as persistently high raw material and fuel costs in the first half, and a slow pace of inventory reduction, which caused the company to incur a larger loss in the first half. At the same time, the company actively sought technological leadership and breakthroughs, improved the development and production of new products, and increased R&D and commissioning costs.

In 2024, Yaopi Glass achieved operating revenue of RMB 5.64B, up 0.86%; net profit attributable to shareholders of RMB 116 million, up 192.76%.

It is not hard to see that Yaopi Glass’s profitability has recovered, but its revenue scale has seen almost no growth.

The same situation also occurred in 2025: in 2025 Yaopi Glass achieved operating revenue of RMB 5.64B, up 0.10%; net profit attributable to shareholders of RMB 136 million, up 16.74%.

Architectural processing glass segment revenue fell 12.37%

In 2025, Yaopi Glass’s revenue saw a slight increase, mainly driven by the company’s automotive processing glass segment.

In 2025, Yaopi Glass’s automotive processing glass segment generated operating revenue of RMB 2.28B, up 23.99% from the same period last year, and the gross margin increased by 0.16 percentage points.

Yaopi Glass said that in the current period, the automotive glass segment tightly seized the era opportunity of the rapid development of the new energy vehicle industry, using new energy vehicle business as the core for growth, while actively expanding the overseas sales market. Operating revenue achieved significant growth. The company continued to optimize and adjust its product structure; revenues from high-value-added products such as laminated windshields, laminated sunroofs, and laminated car doors increased. Meanwhile, the company promoted domestic sourcing of materials and applied scientific cost reduction to offset unfavorable factors arising from the industry’s conventional annual price reductions for products, resulting in a slight improvement in gross margin.

But in the same period, Yaopi Glass’s float glass segment generated operating revenue of RMB 1.79B, down 8.45% from the same period last year, while the gross margin increased by 3.79 percentage points from the prior period.

In its annual report, Yaopi Glass stated that in the float glass industry, the pressure from supply-demand imbalances continues. Downstream market demand has been insufficient, competition in the industry has intensified, and selling prices of some products have declined. In addition, affected by the reduction in product output from Dalian Yaopi’s cold repair, operating revenue decreased compared with the same period last year. The company continuously optimized and adjusted its product sales structure. Among high value-added products, revenue from privacy glass and online LOW-E automotive glass grew. This, together with lower procurement prices of key raw materials such as soda ash and ethylene tar, improved gross margin.

In 2025, Yaopi Glass’s architectural processing glass segment achieved operating revenue of RMB 1.97B, down 12.37% from the same period last year, while the gross margin increased by 0.10 percentage points.

Yaopi Glass explained that in the current period, downstream real estate end-market demand was weak, and competition in the architectural processing glass industry was fierce, leading to declines in both product volume and selling prices, and thus operating revenue decreased compared with the same period last year. The company firmly implemented a differentiated competition strategy, increasing the share of revenue from differentiated products such as Sanjin Glass, ultra-large-size annealed/tempered and laminated glass, bent steel glass, and BIPV. In addition, the procurement prices of major raw materials decreased, and gross margin improved slightly.

In 2025, Yaopi Glass’s domestic operating revenue reached RMB 4.79B. Although down 0.09% year over year, domestic gross margin was 15.66%, up 2.24 percentage points from the same period last year.

The annual report shows that Yaopi Glass supplied glass to new model mass production for new energy vehicle customers such as Geely, BAIC, BYD, Leapmotor, Avatr, NIO, and XPeng. Revenues from domestic orders for new energy vehicle products increased significantly year over year. The company successfully secured key projects such as Geely Galaxy and BYD’s Tianmu, and achieved cooperation with high-end foreign automakers such as Avatr.

In its global expansion, Yaopi Glass relies on NSG’s global resource advantages to continue opening up overseas sales markets. It deepened cooperation on overseas after-sales glass, successfully developed new overseas customers in Southern Europe, Canada, and Northern Ireland, among others. It also entered into strategic cooperation with well-known sunroof manufacturers; the related cooperation projects have moved into the development stage, laying the groundwork for momentum in the development of future new products.

However, in 2025, Yaopi Glass’s overseas operating revenue reached RMB 736 million. Although up 2.43% year over year, its gross margin was 28.41%, down 6.85 percentage points from the same period last year.

Visual China photo

Editors: ZB

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