Financial Highlights
Overview of key QQ1 2025 metrics and implications (with YoY and QoQ context):
- Revenue: CNY 2,745,797,000; YoY -6.86%, QoQ -23.45% (pressure on net interest income and non-interest income);
- Gross Profit: CNY 2,745,797,000; YoY -6.86%, QoQ -23.45%; reflecting a flat cost structure relative to revenue in the reported period;
- Operating Income: CNY 774,543,000; YoY -9.74%, QoQ +18.59% (operating leverage improved QoQ despite weaker top line);
- Net Income: CNY 1,016,783,000; YoY -0.78%, QoQ +45.63% (strong QoQ delivery, offset by marginal YoY decline);
- EPS: CNY 0.0258; YoY -1.15%, QoQ +111.48% (significant QoQ uplift driven by operating performance and tax/other items);
- Operating Margin: 28.21%; Net Margin: 37.03%; indicating a high proportion of operating earnings relative to revenue in QQ1 2025;
- Cash Flow: Operating cash flow of -CNY 19.52B; Free cash flow of -CNY 19.80B (negative CFO and FCF due to working capital movements and non-cash adjustments);
- Balance Sheet: Total assets CNY 1,407,926,500,000; Total equity CNY 96,878,930,000; Cash and cash equivalents CNY 41,644,189,000;
- Liquidity & Leverage: Net debt position negative at -CNY 26,958,439,000 (net cash); Long-term debt CNY 14,685,750,000; Goodwill and intangibles together ~CNY 3.85B; Non-current assets largely comprise other non-current assets (CNY 1.395T), which warrants ongoing impairment and remeasurement monitoring;
- Key ratios (approximate): ROE ~1.05%, Asset Turnover ~0.00195, P/B ~0.121, P/E ~2.89, Dividend Yield ~0.62%; Dividend Payout ~7.12%.
Income Statement
| Metric |
Value |
YoY Change |
QoQ Change |
| Revenue |
2.75B |
-6.86% |
-23.45% |
| Gross Profit |
2.75B |
-6.86% |
-23.45% |
| Operating Income |
774.54M |
-9.74% |
18.59% |
| Net Income |
1.02B |
-0.78% |
45.63% |
| EPS |
0.03 |
-1.15% |
111.48% |