Executive Summary
ManpowerGroup Greater China Limited delivered a pronounced top-line rebound in QQ2 2025, recording revenue of 3,418,285,000 CNY and a year-over-year growth of 105.8%. The quarter generated positive operational profitability, with EBITDA of 91,770,000 CNY and operating income of 85,646,000 CNY, translating to EBITDA and operating margins of 2.68% and 2.51%, respectively. Net income stood at 62,332,000 CNY, equating to a net margin of approximately 1.82% and an EPS of 0.30 CNY (diluted). While profitability improved versus prior periods, free cash flow remained negative (FCF per share: -0.270 CNY; operating cash flow per share: -0.267 CNY), reflecting working capital dynamics and capital expenditure needs typical of a services provider undergoing growth and modernization in the Greater China region.
Key Performance Indicators
Key Insights
Key quarterly metrics and trend highlights (QQ2 2025 vs QQ2 2024 and QQ1 2025 where data available): Revenue at 3,418,285,000 CNY, up 105.8% YoY and flat QoQ; Gross Profit 285,840,000 CNY with a margin of 8.36%; EBITDA 91,770,000 CNY (EBITDA margin 2.68%); Operating Income 85,646,000 CNY (operating margin 2.51%); Net Income 62,332,000 CNY (net margin 1.82%); EPS 0.30 CNY (diluted 0.30 CNY). YoY metrics show meaningful improvement: Gross Profit YoY +72.04%, Operating Income YoY +65.63%, Net Incom...
Financial Highlights
Key quarterly metrics and trend highlights (QQ2 2025 vs QQ2 2024 and QQ1 2025 where data available): Revenue at 3,418,285,000 CNY, up 105.8% YoY and flat QoQ; Gross Profit 285,840,000 CNY with a margin of 8.36%; EBITDA 91,770,000 CNY (EBITDA margin 2.68%); Operating Income 85,646,000 CNY (operating margin 2.51%); Net Income 62,332,000 CNY (net margin 1.82%); EPS 0.30 CNY (diluted 0.30 CNY). YoY metrics show meaningful improvement: Gross Profit YoY +72.04%, Operating Income YoY +65.63%, Net Income YoY +65.21%, and EPS YoY +57.89%. Balance sheet and cash flow indicators reflect a conservatively levered profile with solid liquidity yet near-term cash generation challenges.
Income Statement
| Metric |
Value |
YoY Change |
QoQ Change |
| Revenue |
3.42B |
105.79% |
0.00% |
| Gross Profit |
285.84M |
72.04% |
0.00% |
| Operating Income |
85.65M |
65.63% |
0.00% |
| Net Income |
62.33M |
65.21% |
0.00% |
| EPS |
0.30 |
57.89% |
0.00% |
Key Financial Ratios
operatingProfitMargin
2.51%
operatingCashFlowPerShare
$-0.27
freeCashFlowPerShare
$-0.27
Management Commentary
Note: The earnings transcript was not provided in the available data. Consequently, management quotes and qualitative commentary from the QQ2 2025 call could not be extracted. If the transcript is supplied, we will synthesize themes on strategy execution, operational efficiency, market conditions, and near-term guidance.
Forward Guidance
No explicit forward guidance is included in the provided data for QQ2 2025. Given the strong YoY revenue recovery and improving profitability, management may seek to sustain double-digit revenue growth in Greater China while gradually expanding margins through operating leverage and cost discipline. Investors should monitor utilization rates, wage inflation, client mix, cross-selling of HR services, digitization initiatives, and macro headwinds in the Chinese economy. Key risk factors include a potential macro slowdown, intense competition in staffing and HR services, regulatory changes, and variable demand linked to manufacturing and services cycles.