China Jinmao Holdings Group (817) H2 2024 earnings summary

Executive summary

• Revenue declined 18% year-over-year to RMB59.1 billion, mainly due to lower property sales and market headwinds.

• Profit attributable to owners rebounded to RMB1.06 billion from a loss of RMB6.90 billion last year, driven by cost controls and reduced impairments.

• Gross profit margin improved to 15% from 12% year-over-year, reflecting better project mix and efficiency.

• Contracted sales reached RMB98.3 billion, ranking 12th in the industry, despite a challenging real estate market.

• The company maintained strong liquidity, with cash and cash equivalents at RMB30.8 billion.

Financial highlights

• Revenue: RMB59.1 billion, down 18% year-over-year.

• Gross profit: RMB8.60 billion, down 5% year-over-year.

• Net profit attributable to owners: RMB1.06 billion, up 115% from a loss last year.

• Basic EPS: RMB5.19 cents, up from a loss of RMB-51.62 cents.

• Net debt-to-adjusted capital ratio improved to 67% from 73% year-over-year.

• Interim dividend of HK3.0 cents per share; no final dividend declared.

Outlook and guidance

• Management expects continued market volatility in the short term, with gradual recovery as policies take effect.

• Focus remains on revitalizing existing projects, optimizing new investments, and enhancing operational efficiency.

• The company aims to accelerate the development of its property services and light asset management businesses.

• Strategic emphasis on green, smart, and high-quality real estate to build resilience against industry cycles.