Jiangsu Zhongtian Technology (600522) Q1 2025 earnings summary

Executive summary

• Revenue for Q1 2025 reached RMB 9.76 billion, up 18.37% year-over-year.

• Net profit attributable to shareholders was RMB 627.61 million, down 1.33% year-over-year.

• Operating cash flow was negative RMB 1.14 billion, an improvement from negative RMB 1.56 billion in Q1 2024.

• Basic EPS was RMB 0.185, slightly lower than RMB 0.187 in Q1 2024.

• Gross margin and profitability remained stable despite higher revenue.

Financial highlights

• Total assets at quarter-end were RMB 58.11 billion, down 0.37% from year-end 2024.

• Shareholders' equity increased 1.89% to RMB 35.65 billion.

• Non-recurring gains totaled RMB 30.68 million, mainly from government subsidies and fair value changes.

• Cash and cash equivalents at quarter-end were RMB 14.70 billion.

• Comprehensive income attributable to shareholders was RMB 834.21 million, up from RMB 525.37 million in Q1 2024.

Outlook and guidance

• Change in depreciation policy for deep-sea construction vessels from 10 to 20 years is expected to increase 2025 net profit by RMB 37.15 million after tax and minority interest.

• Third employee stock ownership plan approved, with up to 15.33 million shares to be allocated.