Shenzhen YHLO Biotech (688575) Q1 2025 earnings summary

Executive summary

• Q1 2025 revenue was RMB 417.81 million, down 3.13% year-over-year; net profit attributable to shareholders was RMB 10.15 million, down 84.63% year-over-year, mainly due to fair value losses on trading financial assets.

• Excluding non-recurring items, net profit attributable to shareholders was RMB 36.91 million, down 35.44% year-over-year.

• Overseas business revenue grew 46.53% year-over-year, with overseas chemiluminescence business up 56.31%.

• Domestic chemiluminescence instrument installations reached 269 units, overseas installations 283 units (up 92.52% year-over-year).

Financial highlights

• Operating cash flow was RMB 6.01 million, down 91.41% year-over-year.

• R&D investment was RMB 67.17 million, down 20.56% year-over-year, accounting for 16.08% of revenue.

• Total assets at quarter-end were RMB 4.33 billion, down 1.95% from year-end 2024.

• Shareholders' equity attributable to listed company shareholders was RMB 2.77 billion, up 0.54% from year-end 2024.

Outlook and guidance

• Product coverage in top-tier hospitals remains strong, with 74 of China's top 100 hospitals and 17 of the top 20 A++++ hospitals using company products.

• The company continues to expand its chemiluminescence product line, with 184 projects certified domestically and internationally.