Fangda Special Steel's Q1 profit surges despite revenue decline

Fangda Special Steel Technology (SSE:600507) reported a sharp increase in net profit attributable to shareholders for the first quarter of 2025, despite a decline in overall revenue. Net profit soared by 167.99% year-over-year to CNY 250.34 million, while revenue decreased by 26.03% to CNY 4.35 billion. The primary drivers of this profit surge were stronger cost controls in the steel business, as well as gains from its entrusted wealth management product. Total operating costs decreased by 28% year-over-year to CNY 4.09 billion. Additionally, non-recurring profit was CNY 41.77 million, primarily driven by an increase in the value of H shares held by its trust. In other news, the company's steel sales increased 7.66% year-over-year to 102,860 tons. While basic EPS rose to CNY 0.108, and the company will hold its AGM on May 23, 2025 to approve other transactions.