Yunnan Baiyao Group (000538) Q1 2025 earnings summary

Executive summary

• Q1 2025 revenue reached RMB 10.84 billion, up 0.62% year-over-year; net profit attributable to shareholders was RMB 1.93 billion, up 13.67% year-over-year.

• Industrial segment revenue grew 7.63% year-over-year to RMB 4.47 billion, with gross margin rising 1.76 percentage points to 68.34%.

• Operating cash flow increased 35.39% year-over-year to RMB 714 million.

Financial highlights

• Revenue: RMB 10.84 billion (+0.62% YoY); Net profit: RMB 1.93 billion (+13.67% YoY); EPS: RMB 1.08 (+13.68% YoY).

• Net profit excluding non-recurring items: RMB 1.89 billion (+11.65% YoY).

• Total assets at quarter-end: RMB 54.25 billion (+2.53% from year-end); Shareholders' equity: RMB 40.77 billion (+4.99%).

• Industrial segment gross margin: 68.34% (+1.76 ppt YoY).

• Operating cash flow: RMB 714 million (+35.39% YoY); Investment cash flow: -RMB 67 million; Financing cash flow: -RMB 471 million.

Outlook and guidance

• Management highlighted improved industrial segment performance and cash flow, with continued focus on efficiency and investment returns.