JIANGSU PHOENIX PUBLISHING & MEDIA (601928) investor relations material

Executive summary

• Q3 revenue was RMB 2.120bn, up 3.65% YoY; attributable net income was RMB 175.6m, up 52.13%, while 9M revenue and net income declined 10.24% and 25.47%, respectively.

• 9M operating cash flow rose 56.57% YoY to RMB 1.307bn, supported by cash collection; 9M attributable net income excluding non-recurring items fell 31.54%.

Financial highlights

• Q3 profit before tax was RMB 186.3m, up 52.06% YoY; 9M profit before tax was RMB 1.296bn, down 25.45%.

• 9M revenue was RMB 8.221bn versus RMB 9.159bn a year earlier; attributable net income was RMB 1.268bn versus RMB 1.701bn.

• 9M non-recurring gains totaled RMB 194.5m, including RMB 92.1m from entrusted asset management and RMB 66.2m in other qualifying gains; Q3 non-recurring gains totaled RMB 112.2m.

• 9M investment income increased to RMB 191.3m from RMB 123.5m; asset impairment was a net gain of RMB 136.0m versus an impairment loss of RMB 101.0m a year earlier.

Key financial ratios and metrics

• 9M basic EPS was RMB 0.4982, down 25.47% YoY; Q3 basic EPS was RMB 0.0690, up 51.98%.

• 9M weighted average ROE was 6.08%, down 2.20 percentage points YoY; Q3 ROE was 0.78%, up 0.22 percentage points.

• Period-end total assets were RMB 31.261bn, up 2.30% from year-end; equity attributable to shareholders was RMB 20.171bn, up 1.16%.