TacticScaleWhat Flat Glass (福莱特) Does & How It Makes Money (601865.SS)
Updated October 2026 · reflects Flat Glass's latest reported financials
Chinese maker of solar panel glass and other flat glass products. It earns most of its money selling PV glass to solar module manufacturers, plus household, architectural and float glass to processors, furniture makers and builders.
How Flat Glass makes money
It earns most of its money selling PV glass to solar module manufacturers, plus household, architectural and float glass to processors, furniture makers and builders. Smaller revenue streams come from selling quartzite ore, selling electricity from its solar power stations, and services such as port operations, logistics and natural gas pipeline installation.
What Flat Glass does
Flat Glass Group, founded in 1998 and headquartered in Jiaxing, China, makes glass products and sells them in China, the rest of Asia, Europe and North America. Its main business is photovoltaic glass, the cover glass used in solar modules, which it sells to PV module manufacturers. It also makes household, architectural and float glass for glass processors, wholesalers, furniture makers and retailers, and construction companies. The group has integrated upstream by mining and selling quartzite ore, a key raw material for glass. It has also moved downstream by building and running solar power stations that sell electricity. Other smaller businesses include port operations, cargo handling and transport, supply chain management, energy technology and equipment, and natural gas pipeline installation.
Products & services
- Photovoltaic (PV) solar glass
- Float glass
- Architectural glass
- Household and furniture glass
- Quartzite ore
- Solar power generation
福莱特是做什么的？
福莱特玻璃集团成立于1998年，总部位于浙江嘉兴，产品销往中国、亚洲其他地区、欧洲和北美。公司核心业务是光伏玻璃，即太阳能组件的盖板玻璃，主要客户为光伏组件制造商。公司同时生产家居玻璃、建筑玻璃和浮法玻璃，客户包括玻璃深加工企业、玻璃批发商、家具制造商和零售商以及建筑企业。 在产业链上，公司向上游开采和销售玻璃原料石英岩矿，向下游建设和运营光伏电站并售电。此外，公司还经营港口、货物装卸运输、供应链管理、能源技术设备及天然气管道安装等业务。
What is Flat Glass worth?
On an owner-earnings DCF, Flat Glass's most-likely value is about ¥7 versus a recent price near ¥9 (26% above fair value). But TacticScale only calls a stock undervalued when the price sits below its conservative no-growth floor (~¥5) with a margin of safety — so the honest verdict here is “Fairly priced — no edge.” Fair value earns its keep only at the extremes, not in the wide middle.
Price sits in the normal range — fair value isn't actionable here; it earns its keep only when price drops below the no-growth floor, or runs to roughly double the optimistic case.
⚠ High leverage — net debt is 8.5× annual cash flow. Net debt is subtracted from this fair value, but refinancing at higher rates, principal timing, and share dilution aren’t modeled — the equity can be worth far less if cash flow weakens.
Analysis, not advice. Fair value is a margin-of-safety estimate from a deterministic owner-earnings DCF, not a price target or recommendation. See the full breakdown →
One company, two listings
Flat Glass trades in mainland China and in Hong Kong. Same business, same profits — but the two markets can price it at different multiples, because they have different investors, money and reference points.
| Market | Ticker | Price | P/E |
|---|---|---|---|
| Shanghai (A shares) | 601865.SS | ¥9.31 | 54.8× |
| Hong Kong (H shares) | 6865.HK | HK$5.34 | 28.5× |
As of 12 October 2026. Prices in each listing's own currency. Why one profit can carry two prices: Valuation Is Not a Property of the Company.
Related companies
CSG Holding (000012.SZ) · Jiangsu Pacific Quartz (603688.SS)