# Fuyao Glass Industry Group (600660.SHG)

Canonical: https://gigainvestors.com/s/600660.SHG

Analysis as of: 2026-10-16T07:34:41.752Z. Financial observations: FY1996–FY2025.

Listing currency: CNY. Reporting currency: CNY.

## Verdict

A wonderful business at a fair price

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: yes.

Share price: CNY 54.52 per share; close as of 2026-10-15.

Estimated value: low CNY 48.61 per share, central CNY 65.91 per share, high CNY 75.98 per share. Buy at or below the central value CNY 65.91 per share. Valuation as of 2026-10-16T07:34:41.752Z; scenarios are not confidence intervals.

Expected annual return: 11.6% at the stated quote. About 11.6% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; CN 10-year bond 1.7% + 4 points).

## Checklist

### understandable: pass

- 1 revenue decline in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 0

- Operating margin variation: 0.15×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.23×

- FY2017: 0.20×

- FY2018: 0.25×

- FY2019: 0.16×

- FY2020: 0.16×

- FY2021: 0.16×

- FY2022: 0.20×

- FY2023: 0.20×

- FY2024: 0.23×

- FY2025: 0.23×

### moat: pass

- ROIC, median of available years: 17.2%

- ROIC, second-lowest year: 12.6%

- Typical minus recent gross margin: 0.3 pp

- Typical gross margin (annual median): 36.2%

- Recent gross margin (lower of latest and 3-year median): 35.9%

- Years with nonpositive capital: 0

- Capital spending / revenue: 13.5%

- ROIC including acquisitions, ten-year median: 14.1%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 16.5%

- FY2017: 15.0%

- FY2018: 17.8%

- FY2019: 12.7%

- FY2020: 11.4%

- FY2021: 12.6%

- FY2022: 17.9%

- FY2023: 18.9%

- FY2024: 21.7%

- FY2025: 29.1%

### economics: pass

- Owner earnings / net income, 5-yr: 0.99×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: CNY 30B

- Net income, five-year total: CNY 30B

- Return on incremental invested capital: 24.0%

- Working capital / revenue, annual change: -0.5 pp

- Working capital / revenue, change between three-year averages: -3.3 pp

- Working capital / revenue, final three-year average: 32.8%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 0.97×

- FY2022: 0.98×

- FY2023: 0.99×

- FY2024: 0.99×

- FY2025: 0.99×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 16.5% vs 21.7%

- Per-share earnings: 1.25 to 2.87 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.3%

- Ordinary dilution, 5-year annual growth: 1.3%

- Market cap gain: CNY 123B

- Cumulative retained earnings: CNY 13B

- Diluted shares, 10-year annual growth: 0.3%

- Diluted shares, 5-year annual growth: 1.3%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 11.0%

- Per-share value change: CNY 1.62

- Per-share value, starting three-year median: CNY 1.25

- Per-share value, ending three-year median: CNY 2.87

- Buyback history: 0 years

- Debt-funded buybacks: No

- Acquisition spending: CNY 799M

- Cumulative net income, 10 years: CNY 46B

- ROIC, first three-year median: 16.5%

- ROIC, last three-year median: 21.7%

Chart: Earnings per share; fiscal year observations.

- FY2016: CNY 1.27

- FY2017: CNY 1.25

- FY2018: CNY 1.66

- FY2019: CNY 1.17

- FY2020: CNY 1.06

- FY2021: CNY 1.25

- FY2022: CNY 1.82

- FY2023: CNY 2.16

- FY2024: CNY 2.87

- FY2025: CNY 3.57

### accounting: pass

- Sloan accruals: -3.9%

- Receivables to sales index (DSRI): 0.91×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.29×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.05×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -1.6%

- FY2017: -5.6%

- FY2018: -4.9%

- FY2019: -5.7%

- FY2020: -7.0%

- FY2021: -5.7%

- FY2022: -2.2%

- FY2023: -3.5%

- FY2024: -1.7%

- FY2025: -3.9%

## Holders

## Price story

Down 26% since Sep 2025 · sales +16.7%

Story as of 2026-10-16T10:00:01.968Z; price observation 2026-10-15.

Price needs cash profits to grow 3.7% a year for ten years

### Sales · FY2024–2025

sales +16.7%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: CNY 17B 

- FY2017: CNY 19B 

- FY2018: CNY 20B 

- FY2019: CNY 21B 

- FY2020: CNY 20B 

- FY2021: CNY 24B 

- FY2022: CNY 28B 

- FY2023: CNY 33B 

- FY2024: CNY 39B 

- FY2025: CNY 46B 

### Gross margin · FY2025

gross margin 37.3%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 41.7% 

- FY2017: 41.4% 

- FY2018: 41.3% 

- FY2019: 36.4% 

- FY2020: 36.1% 

- FY2021: 35.6% 

- FY2022: 33.8% 

- FY2023: 35.2% 

- FY2024: 35.9% 

- FY2025: 37.3% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in auto parts; annual sales are CNY 45.8 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:41.752Z); FY2025: revenue 45787436000; grossProfit 17064983000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 600660.SHG: Fuyao Glass Industry Group Co., Ltd., together with its subsidiaries, provides safety glass solutions and automotive accessories for various transportation vehicles in China and internationally. It designs, manufactures, sells, and services automotive float glass, automotive glass, locomotive glass, motorcycle glass, luggage racks, and window accessories. The company's glass products include smart and panoramic skylight glass, dimmable glass, head-up display glass, coated heatable glass, and flush mounted tempered laminated glass. It is also involved in property leasing; manufacture of machinery; exploitation and sale of minerals; production and sale of mold, automotive parts, fiber products, plastic products, automotive decoration, and refined aluminums; installation of automotive glass accessories; and technology transfer, technical services, and technology promotion. In addition, it offers warehousing and automotive glass logistics services. The company was formerly known as Fujian Yaohua Glass Industry Group Co., Ltd. and changed its name to Fuyao Glass Industry Group Co., Ltd. in June 1992. Fuyao Glass Industry Group Co., Ltd. was founded in 1987 and is headquartered in Fuqing, China.

### Why customers stay

Margins ranged from 35.2% to 37.3% during 2023–25; it earns 17.2% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:41.752Z); FY2023: grossProfit / revenue = 35.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:41.752Z); FY2024: grossProfit / revenue = 35.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:41.752Z); FY2025: grossProfit / revenue = 37.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:41.752Z); 10-year return on capital observations [[2016,0.16473439862261016],[2017,0.1498311184572388],[2018,0.17840422120297786],[2019,0.1266200752968994],[2020,0.11424226975745211],[2021,0.12573330870454208],[2022,0.1789975121096646],[2023,0.18916635529421083],[2024,0.21718696122084546],[2025,0.291206213263419]]; median 0.171569309912794. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 34% gross margin through 2022 cost inflation.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:41.752Z); Gross margin observations: [[2021,0.35636976438185164],[2022,0.3377228755410293],[2023,0.3518065515340205]]; range within 2 percentage points.

### Where the cash goes

Spends 37.3% of cash earnings on expansion; earns 24% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:41.752Z); FY2016: growth capex 2153550006.4369664; upkeep 1414010993.5630336; owner earnings 2837199345.4369664. Growth capex / owner earnings = 0.7590407807969133.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:41.752Z); FY2017: growth capex 1519122076.1871324; upkeep 2070872999.8128676; owner earnings 2292774043.1871324. Growth capex / owner earnings = 0.6625694671924303.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:41.752Z); FY2018: growth capex 1160578769.0741978; upkeep 2431162472.925802; owner earnings 3136665094.074198. Growth capex / owner earnings = 0.3700040438702776.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:41.752Z); FY2019: growth capex 708646558.2691381; upkeep 2070855703.730862; owner earnings 2561769569.2691383. Growth capex / owner earnings = 0.2766238489089836.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:41.752Z); FY2020: growth capex 0; upkeep 1772543000; owner earnings 2697204459. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:41.752Z); FY2021: growth capex 441854000; upkeep 1886658000; owner earnings 3044630416.8. Growth capex / owner earnings = 0.14512566042889438.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:41.752Z); FY2022: growth capex 1167180000; upkeep 1963073000; owner earnings 4660199131.2. Growth capex / owner earnings = 0.25045710862133297.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:41.752Z); FY2023: growth capex 2392812000; upkeep 2081899000; owner earnings 5547829604.4. Growth capex / owner earnings = 0.43130596478706806.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:41.752Z); FY2024: growth capex 3296430000; upkeep 2184442000; owner earnings 7429228146.4. Growth capex / owner earnings = 0.44371096634007123.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:41.752Z); FY2025: growth capex 3440692000; upkeep 2723390000; owner earnings 9236591719.6. Growth capex / owner earnings = 0.37250666744302113.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:41.752Z); Incremental return on capital 0.24024175651483143, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:41.752Z); Dividend observations: [[2016,2035111000],[2017,2110837864],[2018,3303070399],[2019,2310071663],[2020,2219214000],[2021,2277802000],[2022,2907622000],[2023,3596608000],[2024,3713616000],[2025,7046308000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 33.7% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 600660.SHG SharesStats.PercentInsiders = 33.672999999999995 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 3.7% yearly over ten years; actual growth was 29%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:41.752Z); Ten-year compound average after fade. Initial solved rate 0.04029416414457297. Price 54.52; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.2770167801612178 → FY2025 3.540973996670103. Closing-price date 2026-10-15.

## Monthly share-price history (CNY per share)

- 2016-10: CNY 17.74 per share

- 2016-11: CNY 18.89 per share

- 2016-12: CNY 18.63 per share

- 2017-01: CNY 18.80 per share

- 2017-02: CNY 19.54 per share

- 2017-03: CNY 22.61 per share

- 2017-04: CNY 22.50 per share

- 2017-05: CNY 23.92 per share

- 2017-06: CNY 26.04 per share

- 2017-07: CNY 23.25 per share

- 2017-08: CNY 22.97 per share

- 2017-09: CNY 25.49 per share

- 2017-10: CNY 27.12 per share

- 2017-11: CNY 26.33 per share

- 2017-12: CNY 29.00 per share

- 2018-01: CNY 27.09 per share

- 2018-02: CNY 26.18 per share

- 2018-03: CNY 24.77 per share

- 2018-04: CNY 22.47 per share

- 2018-05: CNY 24.92 per share

- 2018-06: CNY 25.71 per share

- 2018-07: CNY 25.21 per share

- 2018-08: CNY 25.42 per share

- 2018-09: CNY 25.45 per share

- 2018-10: CNY 21.67 per share

- 2018-11: CNY 21.82 per share

- 2018-12: CNY 22.78 per share

- 2019-01: CNY 23.26 per share

- 2019-02: CNY 24.25 per share

- 2019-03: CNY 24.33 per share

- 2019-04: CNY 25.34 per share

- 2019-05: CNY 21.83 per share

- 2019-06: CNY 22.73 per share

- 2019-07: CNY 22.53 per share

- 2019-08: CNY 21.93 per share

- 2019-09: CNY 21.48 per share

- 2019-10: CNY 21.25 per share

- 2019-11: CNY 22.23 per share

- 2019-12: CNY 23.99 per share

- 2020-01: CNY 24.59 per share

- 2020-02: CNY 23.17 per share

- 2020-03: CNY 19.18 per share

- 2020-04: CNY 19.79 per share

- 2020-05: CNY 19.64 per share

- 2020-06: CNY 20.87 per share

- 2020-07: CNY 24.40 per share

- 2020-08: CNY 28.98 per share

- 2020-09: CNY 32.39 per share

- 2020-10: CNY 37.48 per share

- 2020-11: CNY 40.10 per share

- 2020-12: CNY 48.05 per share

- 2021-01: CNY 59.00 per share

- 2021-02: CNY 47.35 per share

- 2021-03: CNY 46.08 per share

- 2021-04: CNY 51.33 per share

- 2021-05: CNY 52.29 per share

- 2021-06: CNY 55.85 per share

- 2021-07: CNY 48.30 per share

- 2021-08: CNY 47.90 per share

- 2021-09: CNY 42.25 per share

- 2021-10: CNY 49.40 per share

- 2021-11: CNY 45.99 per share

- 2021-12: CNY 47.14 per share

- 2022-01: CNY 47.58 per share

- 2022-02: CNY 44.00 per share

- 2022-03: CNY 35.58 per share

- 2022-04: CNY 35.55 per share

- 2022-05: CNY 40.14 per share

- 2022-06: CNY 41.81 per share

- 2022-07: CNY 41.02 per share

- 2022-08: CNY 39.06 per share

- 2022-09: CNY 35.81 per share

- 2022-10: CNY 33.43 per share

- 2022-11: CNY 37.13 per share

- 2022-12: CNY 35.07 per share

- 2023-01: CNY 39.04 per share

- 2023-02: CNY 37.07 per share

- 2023-03: CNY 34.76 per share

- 2023-04: CNY 33.95 per share

- 2023-05: CNY 32.44 per share

- 2023-06: CNY 35.85 per share

- 2023-07: CNY 37.88 per share

- 2023-08: CNY 38.00 per share

- 2023-09: CNY 36.92 per share

- 2023-10: CNY 37.20 per share

- 2023-11: CNY 37.66 per share

- 2023-12: CNY 37.39 per share

- 2024-01: CNY 38.11 per share

- 2024-02: CNY 43.29 per share

- 2024-03: CNY 43.26 per share

- 2024-04: CNY 49.83 per share

- 2024-05: CNY 46.24 per share

- 2024-06: CNY 47.90 per share

- 2024-07: CNY 45.01 per share

- 2024-08: CNY 47.89 per share

- 2024-09: CNY 58.20 per share

- 2024-10: CNY 57.01 per share

- 2024-11: CNY 56.00 per share

- 2024-12: CNY 62.40 per share

- 2025-01: CNY 59.59 per share

- 2025-02: CNY 56.26 per share

- 2025-03: CNY 58.57 per share

- 2025-04: CNY 58.12 per share

- 2025-05: CNY 57.97 per share

- 2025-06: CNY 57.01 per share

- 2025-07: CNY 54.66 per share

- 2025-08: CNY 65.66 per share

- 2025-09: CNY 73.41 per share

- 2025-10: CNY 67.50 per share

- 2025-11: CNY 65.88 per share

- 2025-12: CNY 64.77 per share

- 2026-01: CNY 61.74 per share

- 2026-02: CNY 60.40 per share

- 2026-03: CNY 57.00 per share

- 2026-04: CNY 58.87 per share

- 2026-05: CNY 52.66 per share

- 2026-06: CNY 50.44 per share

- 2026-07: CNY 59.70 per share

- 2026-08: CNY 56.59 per share

- 2026-09: CNY 53.58 per share

- 2026-10: CNY 54.14 per share

## Annual estimated value (CNY per share)

- FY2016: low CNY 13.06 per share, central CNY 17.46 per share, high CNY 20.03 per share

- FY2017: low CNY 14.63 per share, central CNY 19.42 per share, high CNY 22.34 per share

- FY2018: low CNY 16.09 per share, central CNY 21.89 per share, high CNY 25.27 per share

- FY2019: low CNY 16.69 per share, central CNY 20.84 per share, high CNY 23.78 per share

- FY2020: low CNY 16.34 per share, central CNY 19.04 per share, high CNY 21.60 per share

- FY2021: low CNY 20.69 per share, central CNY 25.45 per share, high CNY 28.84 per share

- FY2022: low CNY 25.87 per share, central CNY 33.87 per share, high CNY 38.66 per share

- FY2023: low CNY 30.24 per share, central CNY 40.24 per share, high CNY 46.07 per share

- FY2024: low CNY 40.79 per share, central CNY 55.31 per share, high CNY 63.77 per share

- FY2025: low CNY 46.97 per share, central CNY 64.07 per share, high CNY 74.04 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:40:26.640Z where newer inputs omit a numeric field or fiscal period.

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.