Yutong Bus (600066) Q1 2025 earnings summary

Executive summary

• Net profit attributable to shareholders rose 14.91% year-over-year to ¥755 million, with adjusted net profit up 12.49% to ¥642 million.

• Revenue declined 3.00% year-over-year to ¥6.42 billion, mainly due to changes in sales structure.

• Operating cash flow dropped 57.15% year-over-year to ¥1.42 billion, impacted by higher cash outflows for goods and services.

Financial highlights

• Gross margin improved as net profit increased despite a revenue decline.

• Basic and diluted EPS both increased 14.91% year-over-year to ¥0.34.

• Weighted average ROE rose by 0.86 percentage points to 5.47%.

• Total assets decreased 4.15% from year-end to ¥30.82 billion.

• Shareholders’ equity increased 5.55% from year-end to ¥14.17 billion.

Outlook and guidance

• Management attributes profit growth to reversal of impairment losses on receivables.

• Revenue pressure expected to persist due to ongoing sales structure adjustments.