Fibocom Wireless Inc (300638) Q1 2025 earnings summary

Executive summary

• Q1 revenue was ¥1.856bn, down 12.59% YoY; net profit attributable to shareholders was ¥117.8m, down 37.30%.

• Net profit excluding non-recurring items was ¥115.1m, down 33.85% YoY; operating cash flow turned negative as payments for goods increased.

Financial highlights

• Operating income was ¥124.1m; total net profit was ¥120.6m, versus ¥190.3m in Q1 2024.

• Sales expenses fell 34.65% YoY to ¥35.1m; R&D expenses were ¥132.8m versus ¥185.1m; financial expenses declined 93.57% to ¥0.7m, mainly on lower FX losses.

• Other income was ¥17.0m, down 39.96% YoY as government subsidies decreased; investment income was ¥0.5m, down 74.32% as returns from wealth-management products fell.

Outlook and guidance

• Plans to issue H shares and list on the Hong Kong Stock Exchange Main Board; the application was filed Apr. 25 and remains subject to regulatory approvals and filings.