Hangzhou First Applied Material (603806) Q1 2025 earnings summary

Executive summary

• Revenue for Q1 2025 was RMB 3.62 billion, down 31.89% year-over-year due to lower photovoltaic film prices.

• Net profit attributable to shareholders was RMB 401 million, a 23.08% decrease year-over-year.

• Cash flow from operating activities was negative RMB 436 million, a significant decline from the previous year.

Financial highlights

• Operating income: RMB 3.62 billion, down from RMB 5.32 billion year-over-year.

• Net profit: RMB 401 million, down from RMB 521 million year-over-year.

• Basic EPS: RMB 0.154, down 23% year-over-year.

• Total assets at quarter-end: RMB 21.54 billion, up 1.56% from year-end 2024.

• Shareholders’ equity: RMB 16.81 billion, up 2.43% from year-end 2024.

Outlook and guidance

• Revenue and profit declines attributed to falling photovoltaic film prices, with price drops outpacing raw material cost reductions.