Ningbo Deye Technology Group Co (605117) Q1 2025 earnings summary

Executive summary

• Revenue for Q1 2025 reached RMB 2.57 billion, up 36.24% year-over-year, driven by strong inverter and energy storage battery sales and effective cost control.

• Net profit attributable to shareholders was RMB 705.54 million, a 62.98% increase compared to the same quarter last year.

• Operating cash flow surged 265.33% year-over-year to RMB 476.60 million.

Financial highlights

• Gross margin improved as cost controls and scale effects offset input cost pressures.

• Basic and diluted EPS both rose to RMB 1.09, up 51.39% year-over-year.

• Total assets at quarter-end were RMB 17.05 billion, up 12.79% from year-end 2024.

• Net assets attributable to shareholders increased to RMB 10.27 billion.

• Cash and cash equivalents at quarter-end stood at RMB 2.44 billion.

Outlook and guidance

• Management expects continued growth in inverter and energy storage battery sales, with ongoing cost control and risk hedging strategies.