Earnings release
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Hong Kong Exchange and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. ʮ̡ Flat Glass Group Co., Ltd. (a joint stock company incorporated in the People’s Republic of China with limited liability) (Stock code: 6865) THIRD QUARTERLY REPORT FOR THE NINE MONTHS ENDED 30 SEPTEMBER 2025 This announcement is made by Flat Glass Group Co., Ltd. (the “Company”, together with its subsidiaries, collectively referred to as the “Group”) pursuant to Rule 13.09 and Rule 13.10B of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited and the Inside Information Provisions under Part XIVA of the Securities and Futures Ordinance (Chapter 571, Laws of Hong Kong). Pursuant to the regulations of the China Securities Regulatory Commission (the “CSRC”), the Company is required to publish a quarterly report for each of the first and third quarters. This quarterly report was prepared in accordance with the relevant requirements in relation to information disclosure of quarterly reports of listed companies issued by the CSRC. All financial information set out in this quarterly report is unaudited and prepared in accordance with the revised Chinese Accounting Standards for Business Enterprises. The audit committee of the Company has reviewed the unaudited results of the Group for the third quarter ended 30 September 2025. The contents of this quarterly report are consistent with the announcement published on the Shanghai Stock Exchange. The quarterly report is originally prepared in Chinese. In case of any inconsistency between the Chinese version and the English version, the Chinese version shall prevail. 1
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1. IMPORTANT NOTICE 1.1 The board of directors, the supervisory committee, directors, supervisors and senior management of the Company warrant that the information contained in the quarterly report are true, accurate and complete, and there are no false statements, misleading representations or material omissions, and are jointly and severally responsible for the liabilities of the Company. 1.2 Ruan Hongliang (legal representative of the Company), Jiang Weijie (person-in-charge of accounting affairs) and Jin Huiping (person-in-charge of the accounting department) warrant the truthfulness, accuracy and completeness of the content of this quarterly report. 1.3 The third quarterly report of the Company is unaudited. 2. KEY FINANCIALS 2.1 Major financial statements items and financial indicators Unit: RMB Items For the three months from 1 July 2025 to 30 September 2025 Increase/ decrease compared to the same period of last year (%) For the nine months ended 30 September 2025 Increase/ decrease compared to the same period of last year (%) Revenue 4,726,567,520.04 20.95 12,463,595,656.10 –14.66 Total profit 483,373,429.19 –287.33 758,711,771.84 –47.82 Net profit attributable to equity owners of the Company 376,461,748.33 –284.87 637,556,355.05 –50.79 Net profit attributable to equity owners of the Company excluding non-recurring items 398,564,365.83 –269.34 626,016,829.26 –49.72 Net cash flow from operating activities N/A N/A 2,261,810,118.10 –25.03 Basic earnings per share (RMB) 0.16 –287.85 0.27 –50.55 Diluted earnings per share (RMB) 0.16 –288.54 0.27 –50.59 Weighted average return on equity (%) 1.71 increase 2.48 percentage point 2.91 decrease 2.89 percentage point 2
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As at 30 September 2025 As at 31 December 2024 Increase/decrease compared to the end of last year (%) Total assets 41,910,481,900.36 42,919,798,033.81 –2.35 Equity attributable to owners’ of the Company 22,195,461,047.67 21,698,797,844.34 2.29 Note: The “reporting period” means the three months from 1 July 2025 to 30 September 2025. The same applies to the below. 2.2 Non-recurring items and amounts Unit: RMB Non-recurring items For the three months from 1 July 2025 to 30 September 2025 For the nine months ended 30 September 2025 Gains (losses) on disposal of non-current assets, including the portion offset from the provision for impairment of assets –55,636,957.02 –25,966,000.34 Government grants recognized in gain and loss of current period, excluding those closely related to the Company’s normal operation granted under the State’s policies, enjoyed in accordance with determined standards and have a continuously impact on the Company’s gains and losses) 23,869,897.53 30,565,404.28 Investment gains (losses) arising from changes in fair value of the financial assets and financial liabilities held by non-financial enterprises, and gains (losses) on disposal of financial assets and financial liabilities, excluding those arising from the effective hedging business related to the Company’s normal operation 3,517,111.04 5,793,537.22 Other non-operating income/(expenses) other than above 1,733,919.11 2,788,031.26 Less: Effects of income tax –4,407,006.54 1,651,461.95 Minority interest impact (after tax) –6,405.30 –10,015.32 Total –22,102,617.50 11,539,525.79 3
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2.3 Changes in major financial statements item and financial indicators and reason thereof Items Increase/ decrease (%) Main reasons Advance payment 273.59 Due to increase of amount of raw materials paid in prepayments to suppliers. Other receivables –40.24 Mainly due to the recovery of deposits and guarantees. Inventories –30.36 Mainly due to the decrease of raw materials and finished products. Construction in progress 31.60 Due to continuous progress of photovoltaic glass manufacturing projects in Anhui and Nantong production base, and cold repair of float glass production line in Group. Short-term borrowings –31.55 Mainly due to repayment of borrowings. Notes payable –68.56 Mainly due to the decrease in the amount of notes payable that had not yet matured at the end of the period. Taxes payable 51.25 Mainly attributable to the increase in value- added tax and corporate income tax payable at the end of the period. Non-current liabilities due within one year –45.43 Mainly due to the company’s repayment of borrowings. Deferred revenue 44.96 Mainly due to government grants related to assets obtained. Treasury stock 31.53 Mainly due to repurchase of A shares. Operating revenue –14.66 Due to the decline of price of photovoltaic glass. Operating cost –10.50 Mainly due to the decrease of price of raw materials and the company’s cost-cutting initiatives launched to improve quality and efficiency. R&D expenses –32.84 Mainly due to the reduction in R&D investment. 4
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3. SHAREHOLDERS’ INFORMATION 3.1 Total number of ordinary shareholders and preferred shareholders with voting rights resumed and shareholding of the top ten shareholders Unit: share Total number of ordinary shareholders at end of the reporting period 68,339 Total number of preferred shareholders with voting rights resumed at end of the reporting period (if any) Nil Shareholding of top ten shareholders (excluding the shares lent through refinancing) Name of shareholders Nature of shareholders Shareholding as at the period end Percentage (%) Restricted shareholding Pledge, mark or locked-up Status Number HKSCC NOMINEES LIMITED Other 441,636,860 18.85 – Unknown 0 Ruan Hongliang Domestic natural person 439,358,400 18.75 – Nil 0 Ruan Zeyun Domestic natural person 350,532,000 14.96 – Nil 0 Jiang Jinhua Domestic natural person 310,081,600 13.23 – Nil 0 Zheng Wenrong Domestic natural person 42,121,700 1.80 – Nil 0 Hong Kong Securities Clearing Company Limited Other 33,426,951 1.43 – Nil 0 Zhu Quanming Domestic natural person 28,081,100 1.20 – Nil 0 Shen Fuquan Domestic natural person 28,081,100 1.20 – Nil 0 Shanghai Pudong Development Bank Co., Ltd. – GF High-end Manufacturing Stock-type Initiating Securities Investment Fund Domestic non-state- owned legal person 19,417,557 0.83 – Nil 0 National Social Security Fund Portfolio 118 Other 16,341,492 0.70 – Nil 0 5
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Shareholdings of top ten unrestricted shareholders (excluding the shares lent through refinancing) Name of shareholders Number of Unrestricted tradable shares held Class of shares and number Class Number HKSCC NOMINEES LIMITED 441,636,860 Overseas listed foreign shares 441,636,860 Ruan Hongliang 439,358,400 RMB ordinary shares 439,358,400 Ruan Zeyun 350,532,000 RMB ordinary shares 350,532,000 Jiang Jinhua 310,081,600 RMB ordinary shares 310,081,600 Zheng Wenrong 42,121,700 RMB ordinary shares 42,121,700 Hong Kong Securities Clearing Company Limited 33,426,951 RMB ordinary shares 33,426,951 Zhu Quanming 28,081,100 RMB ordinary shares 28,081,100 Shen Fuquan 28,081,100 RMB ordinary shares 28,081,100 Shanghai Pudong Development Bank Co., Ltd. – GF High-end Manufacturing Stock-type Initiating Securities Investment Fund 19,417,557 RMB ordinary shares 19,417,557 National Social Security Fund Portfolio 118 16,341,492 RMB ordinary shares 16,341,492 Details relating to the related relationship of the above shareholders or the parties acting in concert Mr. Ruan Hongliang, Ms. Jiang Jinhua, Ms. Ruan Zeyun and Mr. Zhao Xiaofei are parties acting in concert. Mr. Zhao Xiaofei held 4,800,000 A shares. 485,000 H Shares held by Mr. Ruan Hongliang, 2,203,000 H Shares held by Ms. Ruan Zeyun and 111,000 H Shares held by Jiang Jinhua have been calculated within HKSCC NOMINEES LIMITED. Explanations on top ten shareholders and top ten shareholders not subject to restrictions on sale participating in margin financing and securities lending and refinancing businesses (if any) Nil Note 1: HKSCC NOMINEES LIMITED is the nominee holder on behalf of the non-registered shareholders of the H shares of the Company. Note 2: The shares under Hong Kong Securities Clearing Company Limited are held by the non-registered shareholders of the Shanghai Stock Connect. Note 3: The shareholding listed here was extracted from the register of members of the Company as at 30 September 2025. Note 4: As the Shares could be used as underlying securities for margin financing and securities lending, the shareholdings of the Shareholders are the aggregate of all the Shares and interests held in ordinary securities accounts and credit securities accounts. 6
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4. OTHER REMINDERS Given that 1 participant no longer satisfied the incentive conditions under the 2020 Restricted A Share Incentive Scheme (“the Incentive Scheme”) due to termination of employment for violations of laws and the rules of discipline. On 27 August 2025, the Company convened the eighth meeting of the seventh session of Board and the sixth meeting of the seventh session of the Supervisory Committee to consider and approve the Resolution in Relation to Repurchase and Cancellation of Part of Shares Under the First Grant of 2020 Restricted A Share Incentive Scheme (Ϋᒅൗቖʱ2020 ϋA ). It was agreed to repurchase and cancel 40,000 restricted shares granted to 1 participant but not yet unlocked under the First Grant of the 2020 Restricted A Share Incentive Scheme. The repurchase and cancellation matter has already been authorized by the Company’s 2019 Annual General Meeting, the 2020 First A Share Class Meeting and the 2020 First H Share Class Meeting, and therefore does not need to be submitted to the General Meeting for deliberation again. Meanwhile, the Company has published the Notice to Creditors of Flat Glass Group Co., Ltd. on the Repurchase and Cancellation of Certain Shares Granted under the 2020 A Share Restricted Share Incentive Plan (Ϋᒅൗቖ ʱ2020ϋ Aʮѓ)on the website of the Shanghai Stock Exchange. The repurchase and cancellation procedure has completed on 24 October 2025. 7
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5. QUARTERLY FINANCIAL STATEMENTS 5.1 Financial Statements Consolidated Balance Sheet As at 30 September 2025 Prepared by Flat Glass Group Co., Ltd. Unit: RMB Type of audit: unaudited Items As at 30 September 2025 As at 31 December 2024 Current assets: Cash at bank and on hand 3,822,026,986.72 5,294,894,127.46 Trading financial assets 542,796,276.57 520,018,576.54 Derivative financial assets 615,133.43 698,070.40 Notes receivables 1,249,072,028.84 1,106,217,189.54 Receivables 3,376,915,180.27 2,595,254,216.48 Financing receivables 1,127,587,112.64 1,566,522,584.04 Advance payment 199,232,323.84 53,328,847.76 Other receivables 77,730,542.04 130,072,141.34 Inventories 1,206,780,929.07 1,732,831,478.80 Non-current assets due within one year 142,110,000.00 – Other current assets 773,622,353.10 877,208,803.75 Total current assets 12,518,488,866.52 13,877,046,036.11 Non-current assets: Debt investment – 143,768,000.00 Other debt investment 288,825,155.72 223,712,827.25 Long-term equity investment 131,714,961.81 112,469,977.19 Investment properties 467,546,411.79 486,742,160.12 Fixed asset 15,936,382,683.28 16,395,460,289.88 Construction in progress 3,871,012,672.85 2,941,458,882.80 Right-of-use asset 949,113,587.05 964,173,015.24 Intangible assets 6,226,180,415.10 6,325,843,840.85 Long-term prepaid expenses 212,031,129.01 243,549,841.55 Deferred tax assets 327,874,384.14 326,497,420.36 Other non-current assets 981,311,633.09 879,075,742.46 Total non-current assets 29,391,993,033.84 29,042,751,997.70 Total assets 41,910,481,900.36 42,919,798,033.81 8
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Items As at 30 September 2025 As at 31 December 2024 Current liabilities: Short-term borrowings 696,008,710.32 1,016,886,467.84 Derivative financial liabilities 686,575.02 767,714.98 Notes payables 274,902,869.94 874,305,689.59 Payables 3,939,115,860.54 4,023,960,176.25 Contract liabilities 55,449,297.76 33,293,546.48 Payroll payables 86,925,777.00 105,478,367.64 Tax payables 286,204,635.93 189,088,810.12 Other payables 188,369,729.43 155,082,120.17 Including: Interests payable 30,265,896.00 36,197,048.99 Dividends payable 1,252,100.00 1,299,820.00 Non-current liabilities due within one year 1,251,916,683.39 2,294,095,101.37 Other current assets 3,216,965.03 2,569,993.90 Total current liabilities 6,782,797,104.36 8,695,527,988.34 Non-current liabilities: Long-term borrowings 7,384,597,617.18 7,092,181,287.22 Bonds payables 4,029,499,966.33 3,916,928,685.43 Lease liability 766,179,831.79 764,315,904.02 Long-term payables – 47,989,504.57 Estimated liabilities 4,061,760.92 4,549,602.98 Deferred income 300,417,046.94 207,242,484.26 Deferred income tax liability 350,460,606.40 406,901,700.96 Total non-current liabilities 12,835,216,829.56 12,440,109,169.44 Total liabilities 19,618,013,933.92 21,135,637,157.78 Owner’s equity (Shareholders’ equity): Share capital 585,720,040.50 585,729,891.25 Other equity instrument 491,721,623.01 491,724,696.36 Capital surplus 10,705,009,086.95 10,700,692,654.16 Less: Treasury stock 301,856,607.47 229,499,392.17 Other comprehensive income –110,806,641.28 –26,317,651.97 Special reserve 79,891,424.34 68,241,880.14 Surplus reserve 293,915,529.38 293,915,529.38 Undistributed profit 10,451,866,592.24 9,814,310,237.19 Total owner’s equity (shareholders’ equity) attributable to owners of the parent company 22,195,461,047.67 21,698,797,844.34 Minority interests 97,006,918.77 85,363,031.69 Total owner’s equity (shareholders’ equity) 22,292,467,966.44 21,784,160,876.03 Total liabilities and owners’ equity (shareholders’ equity) 41,910,481,900.36 42,919,798,033.81 Legal representative: Ruan Hongliang Person in charge of accounting function: Jiang Weijie Person in charge of accounting department: Jin Huiping 9
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Consolidated Income Statement For the nine months ended 30 September 2025 Prepared by Flat Glass Group Co., Ltd. Unit: RMB Type of audit: unaudited Items For the nine months ended 30 September 2025 For the nine months ended 30 September 2024 I. Total operating income 12,463,595,656.10 14,603,886,927.79 Including: Operating revenue 12,463,595,656.10 14,603,886,927.79 II. Total operating costs 11,626,230,623.62 13,092,855,274.09 Including: Operating costs 10,584,569,259.25 11,826,559,614.14 Taxes and surcharges 118,410,039.22 156,640,836.39 Selling expense 47,449,234.54 49,888,059.83 General and administrative expenses 231,041,418.68 237,827,378.78 Research and development expenses 322,219,660.30 479,770,552.29 Financial expenses 322,541,011.63 342,168,832.66 Including: Interest expenses 398,956,601.72 417,437,323.05 Interest income 62,280,693.87 85,073,506.41 Add: Other income 89,794,694.78 100,203,738.26 Investment income (loss stated with “- ”) 27,312,490.76 56,206,628.06 Including: Gains on investment in associates and joint ventures 20,782,735.87 13,045,729.54 Profit arising from changes in fair value (loss stated with “- ”) –670,765.01 –43,918.61 Loss on credit impairment (loss stated with “- ”) 149,447.59 6,672,461.26 Loss on assets impairment (loss stated with “- ”) –172,061,375.69 –206,203,928.58 Gains on disposal of assets (loss stated with “- ”) –25,966,000.34 –13,778,689.70 III. Operating profit (loss stated with “-”) 755,923,524.57 1,454,087,944.39 Add: Non-operating income 4,216,254.19 4,350,505.41 Less: Non-operating expenses 1,428,006.92 4,443,626.99 IV. Total profit (total loss stated with “-”) 758,711,771.84 1,453,994,822.81 Less: Income tax expense 109,025,071.62 152,511,363.80 10
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Items For the nine months ended 30 September 2025 For the nine months ended 30 September 2024 V. Net profit (net loss stated with “-”) 649,686,700.22 1,301,483,459.01 (I) Classified on a going concern basis 1. Net profit from continuing operation (net loss stated with “-”) 649,686,700.22 1,301,483,459.01 (II) Classified by attribution of the ownership 1. Net profit attributed to shareholders of parent company (net loss stated with “- ”) 637,556,355.05 1,295,646,909.93 2. Profit or loss attributable to minority interests (net loss stated with “- ”) 12,130,345.17 5,836,549.08 VI. Other comprehensive income, net of tax –84,488,989.31 –30,895,323.27 (I) Net amount of other comprehensive income after tax attributable to the shareholders of parent company –84,488,989.31 –30,895,323.27 1. Other comprehensive income to be reclassified to profit or loss –84,488,989.31 –30,895,323.27 (1) Changes in fair value of financing receivables – 7,583,151.29 (2) Conversion difference of foreign currency statement –84,488,989.31 –38,478,474.56 VII. Total comprehensive income 565,197,710.91 1,270,588,135.74 (I) Total comprehensive income attribute to parent company 553,067,365.74 1,264,751,586.66 (II) Total comprehensive income attributable to the minority interests 12,130,345.17 5,836,549.08 VIII. Earnings per share (I) Basic earnings per share 0.27 0.55 (II) Diluted earnings per share 0.27 0.55 For the business combination under common control effected in the current period, the net profit recognized by the merged party before the combination was RMB0, and the net profit recognized by the merged party in the previous period was RMB0. Legal representative: Ruan Hongliang Person in charge of accounting function: Jiang Weijie Person in charge of accounting department: Jin Huiping 11
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Consolidated Statement of Cash Flow For the nine months ended 30 September 2025 Prepared by Flat Glass Group Co., Ltd. Unit: RMB Type of audit: unaudited Items For the nine months ended 30 September 2025 For the nine months ended 30 September 2024 I. Cash flow from operating activities: Cash received from sale of goods or rendering of services 8,280,138,229.17 9,489,508,855.91 Cash received from refunds of taxes 116,715,034.59 193,583,768.67 Cash received relating to other operating activities 225,679,634.19 193,750,200.87 Subtotal of cash inflows from operating activities 8,622,532,897.95 9,876,842,825.45 Cash paid for goods and services 4,990,928,078.54 5,052,737,062.12 Cash paid to and on behalf of employee 673,125,023.70 736,421,277.25 Cash paid for payments of taxes and surcharges 364,866,907.52 578,138,801.62 Cash paid relating to other operating activities 331,802,770.09 492,560,129.72 Subtotal of cash outflows from operating activities 6,360,722,779.85 6,859,857,270.71 Net cash flow from operating activities 2,261,810,118.10 3,016,985,554.74 II. Cash flow from investing activities Cash receipts from disposal of investments 3,920,000,000.00 1,375,000,000.00 Cash received from disposal of investments 7,397,506.14 51,055,027.85 Net cash received from disposal of fixed assets, intangible assets and other long-term equity investment 60,951,988.04 4,799,991.94 Cash received relating to investing activities 760,369,068.18 25,994,116.57 Subtotal of cash inflows from investing activities 4,748,718,562.36 1,456,849,136.36 Cash paid to purchase fixed assets, intangible assets and other long-term assets payment 2,270,615,148.29 4,134,470,859.86 Cash paid to investment 3,905,045,640.00 1,477,550,000.00 Net cash paid for acquisition of subsidiaries and other operating 79,480,618.83 3,200,000.00 Cash paid relating to other investing activities 1,007,555,047.11 84,488,448.30 Subtotal of cash outflows from investing activities 7,262,696,454.23 5,699,709,308.16 Net cash flow from investing activities –2,513,977,891.87 –4,242,860,171.80 12
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Items For the nine months ended 30 September 2025 For the nine months ended 30 September 2024 III. Cash flow from financing activities: Cash received from borrowings 4,055,561,049.13 7,262,695,731.55 Cash received relating to other financing activities 1,014,949,980.50 1,673,969,408.16 Subtotal of cash inflows from financing activities 5,070,511,029.63 8,936,665,139.71 Cash paid for payment of borrowings 5,219,440,004.95 5,906,038,631.40 Cash paid for distribution of dividends, and profits or payment of interest 268,746,042.95 1,177,324,913.56 Cash paid relating to other financing activities 586,824,282.41 1,988,606,508.75 Subtotal of cash outflows from financing activities 6,075,010,330.31 9,071,970,053.71 Net cash flow from financing activities –1,004,499,300.68 –135,304,914.00 IV. Effect of foreign exchange rate changes on cash and cash equivalents 11,673,386.81 –15,599,489.82 V. Net increase in cash and cash equivalents –1,244,993,687.64 –1,376,779,020.88 Add: cash and cash equivalents at beginning of period 4,511,627,060.96 5,479,316,299.60 VI. Cash and cash equivalents at end of period 3,266,633,373.32 4,102,537,278.72 Legal representative: Ruan Hongliang Person in charge of accounting function: Jiang Weijie Person in charge of accounting department: Jin Huiping Jiaxing, Zhejiang Province, People’s Republic of China 27 October 2025 As at the date of this announcement, the executive directors of the Company are Mr. Ruan Hongliang, Ms. Jiang Jinhua, Ms. Ruan Zeyun, Mr. Wei Yezhong and Mr. Shen Qifu, and the independent non-executive directors of the Company are Ms. Xu Pan, Ms. Du Jian and Ms. Ng Yau Kuen Carmen. 13