Executive Summary
Qing Song Health CoLtd delivered QQ1 2025 revenue of 258.05 million TWD, up 12.0% year over year and 1.35% sequentially, supported by ongoing demand for long-term care services in Taiwan. Gross profit was 27.93 million TWD, yielding a gross margin of 10.83%, but gross profit fell 18.66% year over year and 16.90% quarter over quarter, signaling shifting cost dynamics or mix changes. Operating income registered 5.13 million TWD with a slim margin of 1.99%, reflecting continued operating leverage challenges even as the EBITDA contribution remained positive at 22.18 million TWD (EBITDA margin of 8.60%). Net income fell to a loss of 3.59 million TWD, with a net margin of -1.39% and an EPS of -0.0549, largely due to higher interest expense (5.90 million TWD) and other financing-related items (-5.36 million TWD) which overwhelmed pre-tax profitability (income before tax of -0.23 million TWD).
The quarter demonstrates top-line resilience amid modest volume growth but profitability remains pressured by financing costs and non-operating items. The positive EBITDA indicates operating cash generation potential before debt service is considered. Without access to cash flow, balance sheet composition, or occupancy metrics, the sustainability of earnings will hinge on deleveraging, cost control, and any pricing or mix improvements. Management commentary (where available) and sector dynamics in Taiwan’s aging population context will be critical to assessing the longer-term trajectory and capital allocation plan.
Overall, Qing Song Health sits at an inflection point where revenue momentum needs to translate into stronger cash generation and reduced financing headwinds to convert EBITDA strength into sustainable net income improvements.
Key Performance Indicators
QoQ: -16.90% | YoY:-18.66%
QoQ: -59.45% | YoY:-80.84%
QoQ: -146.90% | YoY:-121.91%
QoQ: -142.23% | YoY:-120.33%
Key Insights
Revenue: 258,048,000 TWD; YoY +12.00%, QoQ +1.35%. Gross Profit: 27,934,000 TWD; Gross Margin 10.83%; YoY -18.66%, QoQ -16.90%. Operating Income: 5,126,000 TWD; Operating Margin 1.99%; YoY -80.84%, QoQ -59.45%. Net Income: -3,589,000 TWD; Net Margin -1.39%; YoY -121.91%, QoQ -146.90%. EBITDA: 22,184,000 TWD; EBITDA Margin 8.60%. EPS (diluted): -0.0549 TWD; YoY -120.33%, QoQ -142.23%. Weighted average shares (diluted): 65,338,000. Benchmarking note: Peer data is not available in the provided data...
Financial Highlights
Revenue: 258,048,000 TWD; YoY +12.00%, QoQ +1.35%. Gross Profit: 27,934,000 TWD; Gross Margin 10.83%; YoY -18.66%, QoQ -16.90%. Operating Income: 5,126,000 TWD; Operating Margin 1.99%; YoY -80.84%, QoQ -59.45%. Net Income: -3,589,000 TWD; Net Margin -1.39%; YoY -121.91%, QoQ -146.90%. EBITDA: 22,184,000 TWD; EBITDA Margin 8.60%. EPS (diluted): -0.0549 TWD; YoY -120.33%, QoQ -142.23%. Weighted average shares (diluted): 65,338,000. Benchmarking note: Peer data is not available in the provided dataset for 6931.TWO, complicating direct external benchmarking.
Income Statement
| Metric |
Value |
YoY Change |
QoQ Change |
| Revenue |
258.05M |
12.00% |
1.35% |
| Gross Profit |
27.93M |
-18.66% |
-16.90% |
| Operating Income |
5.13M |
-80.84% |
-59.45% |
| Net Income |
-3.59M |
-121.91% |
-146.90% |
| EPS |
-0.05 |
-120.33% |
-142.23% |
Management Commentary
No earnings call transcript was provided in the input data. As a result, thematic highlights and management quotes could not be extracted. If the transcript becomes available, themes such as occupancy dynamics, pricing strategy, cost containment, regulatory considerations, and capital allocation should be organized by strategy, operations, and market conditions with direct quotes and context.
Forward Guidance
No formal forward guidance was disclosed in the provided materials. In absence of explicit targets, investors should monitor: (1) occupancy trends and patient mix in Taiwan’s long-term care facilities, (2) pricing and reimbursement developments that could impact revenue quality and margins, (3) interest burden and debt maturities given the observed financing costs, and (4) cost-control initiatives (SG&A, procurement, and labor costs). If management provides targets, assess achievability against the quarterly cadence of occupancy, regulatory changes, and macro health-care demand in Taiwan. In scenario terms, a favorable occupancy and stable reimbursement could drive margin expansion, while rising financing costs or payer pressure could compress earnings further.