Bethel Automotive Safety Systems (603596) Q1 2025 earnings summary

Executive summary

• Revenue for Q1 2025 reached RMB 2.64 billion, up 41.83% year-over-year, driven by business scale expansion.

• Net profit attributable to shareholders was RMB 270.36 million, a 28.79% increase compared to Q1 2024.

• Main business income grew 42.78% year-over-year, with strong sales in intelligent electronic control and brake products.

• Company expanded domestic and international markets, with R&D and new project launches focused on new energy vehicles.

Financial highlights

• Operating cash flow turned positive at RMB 42.30 million, compared to negative RMB 31.72 million in Q1 2024.

• Basic and diluted EPS were both RMB 0.45, up 28.57% year-over-year.

• Gross margin improved as revenue growth outpaced cost increases; operating costs rose 45.89% year-over-year.

• Total assets at quarter-end were RMB 12.74 billion, slightly down 0.37% from year-end 2024.

• Shareholders' equity increased 4.07% to RMB 6.82 billion from year-end 2024.

Segment performance

• Intelligent electronic control product sales rose 58.43% year-over-year to 1,461,909 units.

• Disc brake sales increased 36.14% to 932,716 units; lightweight brake components up 23.45% to 3,437,977 units.

• R&D pipeline robust: 498 ongoing projects (+6.41%), 57 new mass production projects (+11.76%), 120 new awarded projects (+13.21%).