King Yuan Electronics Company (2449) Q1 2025 earnings summary

Executive summary

• Q1'25 net revenue (excluding China subsidiary) reached NT$7,315.5M, up 22.4% year-over-year and flat sequentially.

• Net income attributable to owners was NT$4,290,228 thousand, a substantial increase from NT$1,368,465 thousand in Q1 2024, driven by a major gain from the disposal of a subsidiary.

• Profit attributable to the company surged 213.5% year-over-year to NT$4,290.2M, with EPS at NT$3.48 (diluted).

• The company completed the sale of its 92.16% stake in King Long Technology (Suzhou) Ltd., resulting in a gain of NT$4,431,196 thousand.

• Gross margin was 33.5%, up 0.5 percentage points year-over-year but down 1.3 points sequentially.

Financial highlights

• EBITDA for Q1'25 was NT$3,762.2M, with an EBITDA margin of 45.3%.

• Operating profit margin stood at 20.8%, slightly down from 21.8% a year ago.

• Free cash flow was negative NT$2,158.9M, compared to positive NT$1,273.8M in Q1'24.

• Cash and equivalents at period end were NT$20,001.0M, up from NT$14,241.2M a year ago.

• Basic EPS from continuing and discontinued operations was NT$3.51, compared to NT$1.12 in Q1 2024.

Segment performance

• Final test contributed 45.7% of revenue, wafer probe 37.2%, assembly 6.8%, burn-in 6.7%.

• By application: consumer 39.6%, data processing 28.1%, communication 17.5%, automotive 11.3%, industrial 3.1%.

• Consumer and data processing segments grew 23.1% and 23.4% sequentially, while automotive and industrial declined.