Daqin Railway (601006) Q1 2025 earnings summary

Executive summary

• Q1 2025 revenue was RMB 17.80 billion, down 2.56% year-over-year; net profit attributable to shareholders was RMB 2.57 billion, down 15.61% year-over-year.

• Basic EPS was RMB 0.13, a 27.78% decrease compared to Q1 2024.

• Operating cash flow was negative RMB 1.69 billion, a significant decline from positive RMB 1.55 billion in Q1 2024.

Financial highlights

• Total assets at March 31, 2025 were RMB 207.97 billion, up 0.46% from year-end 2024.

• Shareholders' equity increased 6.73% to RMB 165.31 billion.

• Non-recurring profit and loss contributed RMB 8.22 million, mainly from government subsidies and asset disposals.

• Cash and cash equivalents at quarter-end were RMB 59.06 billion.

Outlook and guidance

• No explicit forward-looking guidance provided; management notes significant changes in cash flow and profit drivers.