Changchun High-Tech Industry (Group) (000661) Q3 2024 earnings summary

Executive summary

• Q3 2024 revenue was ¥3.75 billion, down 16.94% year-over-year; YTD revenue reached ¥10.39 billion, down 2.75% year-over-year.

• Net profit attributable to shareholders for Q3 was ¥1.07 billion, down 26.37% year-over-year; YTD net profit was ¥2.79 billion, down 22.8%.

• Major subsidiaries showed mixed performance: Jinsai Pharma's revenue grew 0.55% but net profit fell 19.45%; Baike Biotech's revenue and net profit dropped 17.47% and 26.19% respectively.

• Cash flow from operations for the first nine months was ¥3.10 billion, down 14.57% year-over-year.

Financial highlights

• Basic EPS for Q3 was ¥2.66, down 25.91% year-over-year; YTD basic EPS was ¥6.93, down 22.83%.

• Total assets at quarter-end were ¥31.07 billion, up 1.07% from year-end 2023; equity attributable to shareholders was ¥22.98 billion, up 4.09%.

• Non-recurring losses for the first nine months totaled ¥51.68 million, mainly due to increased donations and reduced government subsidies.

Segment performance

• Jinsai Pharma: YTD revenue ¥8.16 billion (+0.55%), net profit ¥2.84 billion (-19.45%).

• Baike Biotech: YTD revenue ¥1.03 billion (-17.47%), net profit ¥244 million (-26.19%).

• Huakang Pharma: YTD revenue ¥572 million (+11.01%), net profit ¥35 million (+26.16%).

• Gaoxin Real Estate: YTD revenue ¥591 million (-23.70%), net profit ¥38 million (-49.80%).