Ningbo Orient Wires & Cables (603606) Q1 2025 earnings summary

Executive summary

• Q1 2025 revenue reached RMB 2.15 billion, up 63.83% year-over-year, with net profit attributable to shareholders at RMB 280.91 million, up 6.66%.

• Adjusted net profit (excluding non-recurring items) was RMB 274.46 million, up 28.19% year-over-year.

• Main business income was RMB 2.145 billion, with strong growth in power engineering, submarine, and high-voltage cables.

• Order backlog as of April 21, 2025, was approximately RMB 18.9 billion, with significant contributions from submarine and high-voltage cables.

Financial highlights

• Operating income: RMB 2.15 billion, up 63.83% year-over-year.

• Net profit attributable to shareholders: RMB 280.91 million, up 6.66% year-over-year.

• Basic and diluted EPS: RMB 0.41, up 7.89% year-over-year.

• Operating cash flow: -RMB 431.72 million, compared to RMB 3.07 million in Q1 2024.

• Total assets at quarter-end: RMB 12.33 billion, up 1.25% from year-end 2024.

Outlook and guidance

• Company will focus on smart grid, new energy, and deep-sea technology, aligning with national energy transition and industry upgrade policies.

• Product classification adjusted from 2025 to better align with strategic focus and improve operational efficiency.

• Continued investment in R&D and market expansion in power construction, rail transit, and offshore wind power.