Rigol Technologies (688337) Q1 2025 earnings summary

Executive summary

• Q1 revenue rose 11.14% YoY to RMB 167.8m, while net income attributable to shareholders fell 40.03% to RMB 3.8m; adjusted for non-recurring items, net loss was RMB 9.0m.

• Product mix improved across self-developed technology-platform products, high-resolution oscilloscopes, high-end products and solutions; gross margin increased 1.34 percentage points YoY to 56.15%.

Financial highlights

• Revenue was RMB 167.8m, up 11.14% YoY; net income attributable to shareholders was RMB 3.8m versus RMB 6.3m a year earlier.

• Adjusted net loss, excluding non-recurring items, widened to RMB 9.0m from RMB 6.7m; basic and diluted EPS were RMB 0.02 versus RMB 0.03.

• Operating cash flow was RMB 3.5m, compared with an outflow of RMB 26.4m in Q1 2024, mainly reflecting higher cash collected from product sales.

• Total assets were RMB 3.83bn, down 0.52% from year-end; attributable equity was RMB 3.17bn, up 0.19%.

Segment performance

• Self-developed technology-platform product revenue increased 39.21% YoY and reached 46.69% of sales, up 7.47 percentage points; platform-based digital oscilloscopes were 87.55% of oscilloscope sales.

• DHO 12-bit high-resolution oscilloscope revenue grew 33.33% YoY; high-end product revenue rose 58.81%, including 52.07% growth for oscilloscopes with bandwidth of at least 2GHz.

• Solutions revenue was RMB 27.9m, up 47.89% YoY, supporting overall performance.