Yida China Holdings (3639.HK) Q1 2023 Earnings Report

Yida China Holdings Limited posted a subdued QQ1 2023 performance with revenue of 898.70 million CNY (-40.85% YoY) and a net loss of 20.41 million CNY. Despite a positive operating margin (12.16%) and EBITDA of 116.93 million CNY, the company recorded a net loss after taxes due to a substantial negative swing in non-operating items, notably total other income/expenses net of -112.78 million CNY. The quarter demonstrated a marginal QoQ improvement in revenue (+24.77%), but profitability remained pressured, driven largely by a challenging macro backdrop for Chinese property developers and a high debt burden. Operating cash flow remained positive at 215.47 million CNY, contributing to a free cash flow of 214.92 million CNY, yet balance sheet metrics reveal strained liquidity and leverage concerns, with short-term debt of 13.05 billion CNY and total debt of 13.33 billion CNY against a total equity of 11.26 billion CNY. The company’s liquidity ratios (current 0.65, quick 0.028, cash 0.0045) signal meaningful near-term liquidity risk, underscoring the need for continued debt reduction, working capital optimization, and a disciplined capex plan. Absent explicit forward guidance in the provided data, investors should monitor deleveraging progress, cash generation, and project delivery cadence as key near-term catalysts.