Hotai Motor (2207) Q1 2025 earnings summary

Executive summary

• Consolidated revenue for Q1 2025 was NT$73.1 billion, up 3.8% year-over-year, with net income at NT$5.1 billion, down 26.9% from Q1 2024.

• Earnings per share for Q1 2025 were NT$7.73, compared to NT$10.56 in Q1 2024.

• The group operates across vehicle distribution, installment trading, leasing, property insurance, and overseas sales, with the largest segment being vehicle distribution.

Financial highlights

• Total assets as of March 31, 2025, were NT$510.6 billion, up from NT$496.1 billion a year earlier.

• Total liabilities were NT$405.2 billion, with equity at NT$105.4 billion.

• Gross margin for Q1 2025 was 30.1%, down from 30.4% in Q1 2024.

• Operating income for Q1 2025 was NT$6.3 billion, down 26.2% year-over-year.

• Cash and cash equivalents increased to NT$23.2 billion at quarter-end.

Outlook and guidance

• The group expects continued growth in vehicle sales and leasing, with stable insurance operations.

• Implementation of IFRS 17 for insurance contracts is scheduled for January 2026, with ongoing transition work and uncertain financial impact.