Executive Summary
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.
Key Performance Indicators
QoQ: 24.77% | YoY:-40.85%
QoQ: -0.45% | YoY:-66.84%
QoQ: 167.87% | YoY:-69.13%
QoQ: 95.22% | YoY:-118.14%
QoQ: 95.35% | YoY:-118.59%
Key Insights
Revenue: 898,700,743 CNY (YoY -40.85%, QoQ +24.77%)
Gross Profit: 176,645,246 CNY (YoY -66.84%, QoQ -0.45%)
Operating Income: 109,257,735 CNY (YoY -69.13%, QoQ +167.87%)
Net Income: -20,414,742 CNY (YoY -118.14%, QoQ +95.22%)
EPS: -0.0079 CNY (YoY -118.59%, QoQ +95.35%)
EBITDA: 116,928,000 CNY (EBITDA Margin: 13.01%)
EBITDARatio: 0.1301
Net Debt: 13,220,444,000 CNY
Short-Term Debt: 13,047,481,000 CNY
Total Liabilities: 27,912,552,000 CNY
Total Assets: 39,275,991,000 CNY
Cash & Equivalents: 1...
Financial Highlights
Revenue: 898,700,743 CNY (YoY -40.85%, QoQ +24.77%)
Gross Profit: 176,645,246 CNY (YoY -66.84%, QoQ -0.45%)
Operating Income: 109,257,735 CNY (YoY -69.13%, QoQ +167.87%)
Net Income: -20,414,742 CNY (YoY -118.14%, QoQ +95.22%)
EPS: -0.0079 CNY (YoY -118.59%, QoQ +95.35%)
EBITDA: 116,928,000 CNY (EBITDA Margin: 13.01%)
EBITDARatio: 0.1301
Net Debt: 13,220,444,000 CNY
Short-Term Debt: 13,047,481,000 CNY
Total Liabilities: 27,912,552,000 CNY
Total Assets: 39,275,991,000 CNY
Cash & Equivalents: 112,683,000 CNY
Current Ratio: 0.65
Debt to Equity: 1.184
Debt to Capitalization: 0.542
P/BV: 0.0622
P/S: 0.780
P/E: negative (loss in period)
Free Cash Flow: 214,915,459 CNY
Income Statement
| Metric |
Value |
YoY Change |
QoQ Change |
| Revenue |
898.70M |
-40.85% |
24.77% |
| Gross Profit |
176.65M |
-66.84% |
-0.45% |
| Operating Income |
109.26M |
-69.13% |
167.87% |
| Net Income |
-20.41M |
-118.14% |
95.22% |
| EPS |
-0.01 |
-118.59% |
95.35% |
Key Financial Ratios
operatingProfitMargin
12.2%
operatingCashFlowPerShare
$0.08
freeCashFlowPerShare
$0.08
Management Commentary
Earnings call transcript data not provided in the supplied input. Consequently, no management quotes or call-themes are available to summarize within this section. If a transcript is provided, themes would typically cover strategy execution, project delivery cadence, cost controls, liquidity/deleveraging plans, and market outlook.
Forward Guidance
No explicit forward guidance was included in the provided data. Given the quarter’s leverage intensity and liquidity constraints, a prudent forward view would assume a cautious outlook for near-term sales velocity in a subdued property market. Potential guidance considerations include deleveraging targets, steady free cash flow generation to support debt reduction, cadence of completion and monetization of inventory, and capital allocation prioritizing liquidity preservation. Investors should monitor: (1) contracted sales/pipeline progress and receivables days; (2) progress on debt refinancing and maturities; (3) capitalization strategy and capex discipline; (4) any government policy changes affecting demand and credit conditions in China’s real estate sector.