Keda Industrial Group (600499) Q1 2025 earnings summary

Executive summary

• Achieved operating revenue of RMB 3.77 billion in Q1 2025, up 47.05% year-over-year, with net profit attributable to shareholders rising 11.38% to RMB 347 million.

• Adjusted net profit excluding foreign exchange effects reached RMB 412 million, reflecting improved profitability.

• Building materials segment drove growth, especially from glass and ceramic products, while ceramic machinery faced cyclical headwinds.

• Global expansion advanced with new subsidiaries in Brazil and Vietnam and progress on projects in Africa and South America.

Financial highlights

• Operating revenue increased 47.05% year-over-year to RMB 3.77 billion.

• Net profit attributable to shareholders rose 11.38% to RMB 347 million; adjusted net profit (excluding FX) was RMB 412 million.

• Basic and diluted EPS both at RMB 0.187, up 13.33% year-over-year.

• Net cash flows from operating activities decreased 12.03% year-over-year to RMB 91.4 million.

• Total assets grew 4.62% from year-end 2024 to RMB 28.2 billion.

Outlook and guidance

• Côte d'Ivoire ceramic plant expected to start operations in 2025; Peru glass project on track for 2026.

• Honduras ceramic project delayed due to macroeconomic and market factors.

• Continued focus on global expansion and strengthening of building materials and machinery businesses.