BOC International (601696) Q1 2025 earnings summary

Executive summary

• Revenue for Q1 2025 reached RMB 751.61 million, up 22.12% year-over-year, with net profit attributable to shareholders at RMB 280.40 million, a 38.60% increase compared to Q1 2024.

• Growth driven by higher investment banking and brokerage fee income; basic and diluted EPS both rose to RMB 0.10 from RMB 0.07 year-over-year.

Financial highlights

• Operating income: RMB 751.61 million, up 22.12% year-over-year; net profit: RMB 280.40 million, up 38.60%.

• Net cash flow from operating activities was negative RMB 2.57 billion, compared to a positive RMB 1.94 billion in Q1 2024, mainly due to changes in trading financial assets.

• Total assets at quarter-end: RMB 71.04 billion, down 5.17% from year-end 2024; shareholders' equity: RMB 18.26 billion.

• Non-recurring profit items contributed RMB 3.38 million, mainly from government subsidies and other non-operating income.

Key financial ratios and metrics

• Weighted average ROE: 1.55%, up 0.38 percentage points year-over-year.

• Net capital/Net assets: 88.84%; net capital/liabilities: 83.62%.

• Net capital to risk reserve ratio: 367.12%, up from 284.53% at year-end 2024.