China Merchants Shekou Industrial Zone (001979) Q1 2025 earnings summary

Executive summary

• Q1 2025 revenue was RMB 20.45 billion, down 13.90% year-over-year; net profit attributable to shareholders rose 34.02% to RMB 445 million, mainly due to higher equity share in property project deliveries.

• Operating cash flow improved but remained negative at RMB -8.79 billion, a 17.13% year-over-year improvement.

Financial highlights

• Revenue: RMB 20.45 billion, down 13.90% year-over-year.

• Net profit attributable to shareholders: RMB 445 million, up 34.02% year-over-year.

• EPS: RMB 0.04, up from RMB 0.01 year-over-year.

• Operating cash flow: RMB -8.79 billion, improved from RMB -10.61 billion year-over-year.

• Gross margin and EBITDA not explicitly disclosed.

Outlook and guidance

• No explicit forward-looking guidance provided; management notes improved equity share in project deliveries as a key driver for profit growth.