Ningbo Tuopu Group (601689) Q1 2025 earnings summary

Executive summary

• Q1 2025 revenue reached RMB 5.77 billion, up 1.40% year-over-year; net profit attributable to shareholders was RMB 565 million, down 12.39% year-over-year.

• Net profit excluding non-recurring items was RMB 487 million, a decrease of 18.36% year-over-year.

• Operating cash flow surged 93.64% to RMB 888 million compared to the same period last year.

Financial highlights

• Basic and diluted EPS were both RMB 0.33, down 13.16% year-over-year.

• Gross margin declined as cost of sales increased faster than revenue.

• Total assets at quarter-end were RMB 37.93 billion, up 1.02% from year-end 2024.

• Shareholders' equity rose 16.04% to RMB 22.69 billion from year-end 2024.

• Weighted average ROE was 2.85%, down 0.82 percentage points year-over-year.

Key financial ratios and metrics

• Net margin declined due to lower net profit despite higher revenue.

• Operating profit for Q1 2025 was RMB 666 million, compared to RMB 784 million in Q1 2024.

• Cash and cash equivalents at quarter-end were RMB 3.69 billion.