Shanghai Fudan Microelectronics Group Company (1385) Q1 2025 earnings summary

Executive summary

• Revenue for Q1 2025 was RMB 888 million, down 0.54% year-over-year, with net profit attributable to shareholders at RMB 136 million, a 15.55% decrease year-over-year.

• Net profit after deducting non-recurring items was RMB 133 million, down 14.21% year-over-year but up 67.28% sequentially from Q4 2024.

• Gross profit margin improved to 58.14% from 56.65% year-over-year, driven by product mix adjustments and FPGA sales growth.

Financial highlights

• Basic and diluted EPS were both RMB 0.17, down 15% year-over-year.

• Weighted average return on net assets was 2.28%, down 0.71 percentage points year-over-year.

• Net cash flows from operating activities were negative RMB 26.6 million, compared to positive RMB 10.6 million in Q1 2024, mainly due to increased purchases and VAT payments.

• Total assets at quarter-end were RMB 9.22 billion, up 1.96% from year-end 2024.

• Total equity attributable to shareholders was RMB 6.04 billion, up 2.41% from year-end 2024.

Outlook and guidance

• Sequential improvement in net profit after non-recurring items signals recovery from Q4 2024.