TBEA (600089) Q1 2025 earnings summary

Executive summary

• Q1 2025 revenue reached RMB 23.36 billion, down 0.79% year-over-year; net profit attributable to shareholders was RMB 1.60 billion, down 19.74% year-over-year.

• Cash flow from operating activities decreased 57.8% year-over-year to RMB 1.05 billion.

• The company consolidated a new subsidiary, impacting comparative figures due to a business combination under common control.

Financial highlights

• Operating income: RMB 23.36 billion, down from RMB 23.54 billion in Q1 2024.

• Net profit attributable to shareholders: RMB 1.60 billion, down from RMB 1.99 billion year-over-year.

• Basic and diluted EPS: RMB 0.3187, down 19.76% year-over-year.

• Total assets at quarter-end: RMB 213.61 billion, up 2.74% from year-end 2024.

• Shareholders’ equity: RMB 69.44 billion, up 2.92% from year-end 2024.

Key financial ratios and metrics

• Gross margin remained stable; operating costs were RMB 18.55 billion, slightly up from RMB 18.04 billion year-over-year.

• Weighted average ROE: 2.48%, down 0.76 percentage points year-over-year.

• Net cash from operating activities: RMB 1.05 billion, down from RMB 2.50 billion year-over-year.