Revenue and Profitability
- Revenue: 1,222,228,000 CNY in QQ1 2025; YoY change -28.76%; QoQ change +39.05% (Q4 2024 revenue of 878,955,000 CNY). The YoY decline suggests a tougher year-ago base or mix shift, while the QoQ surge reflects seasonal/concentration effects or one-time dynamics within the quarter.
- Gross Profit: 1,222,228,000 CNY (gross margin effectively 100.0% as reported; likely due to data rounding or a non-operating interpretation in the source table).
- Operating Income: 1,222,228,000 CNY; margin effectively 100.0% for QQ1 2025 data.
- Total Other Income/Expenses Net: -840,222,000 CNY; indicates substantial non-operating or one-off charges/offsets that materially influence pretax profitability.
- Income Before Tax: 382,006,000 CNY; margin ~31.25%.
- Income Tax Expense: 1,828,000 CNY; effective tax rate ~0.48% for the quarter.
- Net Income: 391,015,000 CNY; net margin ~32.0%.
- EPS (basic/diluted): 0.14 CNY; YoY change -48.15%; QoQ change +116.87%.
Balance Sheet and Returns
- Return on Assets (ROA): 0.0758%; Return on Equity (ROE): 0.94%; Return on Capital Employed (ROCE): 0.24% (based on provided ratios).
- Debt Ratio: 9.62%; Debt/Equity: 1.194; Long-Term Debt to Capitalization: 54.4% (note: data inconsistencies exist across debt-related metrics; see caveat below).
- Equity Multiplier: 12.41; Asset Turnover: 0.00237; Revenue/Asset linkage appears unusual, warranting cautious interpretation of leverage dynamics.
- Cash per Share: 9.41; Price to Book Value: 0.30; Price to Earnings: 7.98; Price to Sales: 10.21; Price to Revenue/Operating Cash Flow indicators imply a valuation discount relative to book and earnings metrics.
- Dividend Payout: 0%; Dividend Yield: 0% (no distributions observed in the QQ1 2025 period).
Notes on Data Quality and Comparability
- Several ratio fields appear incongruent (e.g., cash ratio/quick ratio are listed as 0; equity multiplier is very high while debt ratio remains low). This suggests possible data reconciliation issues in the source dataset. The interpretation should be qualified with corroborating notes from the company’s supplementary disclosures and the corresponding HKEX filing.