Xiamen C&D (600153) Q1 2025 earnings summary

Executive summary

• Revenue rose 9.47% year-over-year to RMB 143.77 billion in Q1 2025, while net profit attributable to shareholders declined 3.29% to RMB 584 million.

• Excluding perpetual bond interest, net profit attributable to shareholders was RMB 454 million.

• Non-recurring gains, mainly from government subsidies and fair value changes, significantly boosted reported profit.

Financial highlights

• Operating income: RMB 143.77 billion, up 9.47% year-over-year.

• Net profit attributable to shareholders: RMB 584 million, down 3.29% year-over-year.

• Net profit excluding non-recurring items: RMB 97.66 million, down 65.33% year-over-year.

• Total assets: RMB 856.61 billion, up 11.56% from year-end 2024.

• Operating cash flow: -RMB 5.73 billion, a significant improvement from -RMB 46.52 billion in Q1 2024.

Outlook and guidance

• Supply chain operations expected to remain robust, with continued focus on risk management and commodity price hedging.

• Real estate segment faces headwinds due to lack of one-off investment gains seen last year.