China Northern Rare Earth High-Tech (600111) H2 2024 earnings summary

Executive summary

• Revenue for 2024 was RMB 32.97 billion, down 1.58% year-over-year; net profit attributable to shareholders fell 57.64% to RMB 1.00 billion.

• Operating profit decreased 40.91% and total profit dropped 41.34% compared to the previous year.

• Despite lower profits, main product output and sales reached new highs, and the company maintained a leading position in the rare earth industry.

Financial highlights

• Operating income: RMB 32.97 billion, down 1.58% year-over-year.

• Net profit attributable to shareholders: RMB 1.00 billion, down 57.64% year-over-year.

• Basic EPS: RMB 0.2778, down 57.64% year-over-year.

• Total assets at year-end: RMB 45.38 billion, up 12.06% from the start of the year.

• Net assets per share: RMB 6.21, up 3.76% year-over-year.

Outlook and guidance

• Focus on high-quality development, digital and green transformation, and strengthening ESG management.

• Continued investment in R&D and performance management to support long-term growth.