CD International (1908.HK) Q1 2025 Earnings Report

CD International Investment Group Limited reported QQ1 2025 results with a revenue of 17.08 billion CNY, up 4.31% year over year but down 69.01% quarter over quarter, underscoring pronounced seasonality typical in property development cycles. Gross profit reached 2.20 billion CNY, producing a gross margin of approximately 12.89%. Operating income was 1.01 billion CNY and EBITDA stood at 1.02 billion CNY, with net income of 457 million CNY and earnings per share of 0.24 CNY (diluted 0.23 CNY). The mix of higher year-ago revenue alongside a steep sequential decline suggests robust project activity in prior periods but a near-term lull as deliveries and progress payments align with a seasonally weaker first quarter.

From a profitability perspective, the company generated positive EBITDA and operating income, but net margins remained modest at roughly 2.7%, reflecting a sizable cost base relative to revenue and the likely front-loaded cost profile of development activity. The quarterly data indicate a resilient business model in a cyclical sector, yet they also highlight substantial visibility gaps in sales momentum beyond Q1 2025 without an accompanying guidance framework. Given the limited balance sheet detail in the provided data, investors should monitor liquidity, working capital dynamics, and project execution risk as key drivers of cadence and downside risk in upcoming quarters.