ManpowerGroup Greater (2180.HK) Q1 2025 Earnings Report

ManpowerGroup Greater China Limited reported QQ1 2025 revenue of 1,709,142,500 CNY, up 15.93% year over year and 2.90% quarter over quarter, marking a continuation of improving topline momentum in China’s staffing and employment services market. Despite top-line growth, gross margin narrowed to 8.36% from the prior year’s higher levels, with gross profit of 142.92 million CNY. Operating and net margins remained modest, reflecting a lean cost structure and competitive pricing dynamics in the sector. EBITDA of 45.89 million CNY produced an EBITDA margin of 2.68%, and net income reached 31.17 million CNY, yielding a net margin of 1.82% for QQ1 2025. EPS stood at 0.15 CNY, broadly in line with prior periods. While the quarterly performance indicates discipline on expense control and ongoing demand for staffing solutions in Greater China, the shift in gross margin underscores ongoing pricing and mix challenges amid macro uncertainty and competitive intensity. Management commentary (where available) emphasizes revenue growth and efficiency as core levers, with no explicit forward guidance published in the provided data. The sequential improvement in revenue contrasts with episodic margin compression, suggesting a focus on higher-margin engagements and productivity initiatives going forward.