Yunnan Yuntianhua (600096) Q1 2025 earnings summary

Executive summary

• Q1 2025 revenue was RMB 13.00 billion, down 6.16% year-over-year; net profit attributable to shareholders was RMB 1.29 billion, down 11.65% year-over-year.

• Operating cash flow increased 14.34% year-over-year to RMB 2.85 billion.

• Total assets at quarter-end were RMB 51.72 billion, up 0.46% from year-end 2024.

Financial highlights

• Gross margin improved as operating costs fell faster than revenue; operating costs were RMB 10.76 billion, down from RMB 11.21 billion year-over-year.

• Basic and diluted EPS were both RMB 0.7029, down 11.65% year-over-year.

• Net profit excluding non-recurring items was RMB 1.27 billion, down 11.50% year-over-year.

• Non-recurring gains totaled RMB 19.33 million, mainly from government grants and asset disposals.

Outlook and guidance

• No explicit forward-looking guidance provided; management emphasized operational stability and cash flow improvement.