Shandong Weigao Group (1066.HK) Q1 2025 Earnings Report

Shandong Weigao Group Medical Polymer reported QQ1 2025 revenue of 3,322,024,000 CNY, up 2.99% quarter-on-quarter and up 0.13% year-on-year. The company preserved a robust gross margin of 49.72% (Gross Profit 1,651,754,000 CNY) and delivered an EBITDA margin of approximately 24.66% (EBITDA 819,198,000 CNY), underscoring a solid cost structure and favorable product mix in a competitive Chinese market. Operating income stood at 587,872,500 CNY, yielding an operating margin of 17.70%, while net income reached 504,158,500 CNY with an implied net margin near 15.18% and basic EPS of 0.11 CNY for the quarter. These results reflect sustained profitability even as top-line growth remains modest on a year-over-year basis. A notable feature of QQ1 2025 is the discipline around R&D and SG&A expenditures: R&D was 157,766,000 CNY (about 4.75% of revenue) and Selling, General & Administrative expenses totaled 906,115,500 CNY, implying continued investment in product development and market reach while maintaining profit integrity.

Two important caveats frame the interpretation: first, the input data shows a minor discrepancy in reported year-over-year net income (the accompanying YoY narrative suggests a decline of ~8.96% while the quarterly figures imply a softer-to-stronger YoY trajectory depending on the period compared). Readers should align with the company’s official filings for a reconciled YoY view. Second, liquidity and balance-sheet metrics are not provided in the excerpt, so cash-flow health, leverage, and working capital dynamics require a dedicated data pull from the balance sheet and cash-flow statement. Still, QQ1 2025 demonstrates margin resilience and a stable earnings base in a domestic healthcare environment.