China XD Electric Co (601179) Q1 2025 earnings summary

Executive summary

• Revenue for Q1 2025 reached RMB 5.24 billion, up 11.27% year-over-year, driven by strong sales in transformer and switchgear segments.

• Net profit attributable to shareholders rose 42.10% year-over-year to RMB 294.89 million, with high-margin products contributing to profit growth.

• Excluding non-recurring items, net profit increased 54.14% year-over-year, reflecting improved core profitability.

Financial highlights

• Operating cash flow was negative RMB 707.94 million, a significant decline from positive RMB 245.15 million in Q1 2024, mainly due to increased procurement outflows.

• Basic and diluted EPS were RMB 0.0575, up 41.98% year-over-year.

• Total assets at quarter-end were RMB 45.87 billion, down 0.56% from year-end 2024.

• Shareholders' equity increased 1.49% to RMB 22.35 billion compared to year-end 2024.

Segment performance

• Transformer segment saw strong growth in power and converter transformers.

• Switchgear segment benefited from increased sales of UHV switchgear and combined electrical equipment.

• Distribution segment reported higher sales of converter valves and other high-margin products.