China Ruyi Holdings (136) H1 2024 earnings summary

Executive summary

• Revenue for H1 2024 rose 129% year-over-year to RMB1,840 million, driven by content production, online streaming, and gaming businesses.

• Net loss attributable to equity holders narrowed to RMB122.7 million, with basic and diluted losses per share at RMB0.0098, compared to RMB263.7 million and RMB0.0262 in H1 2023.

• Adjusted net profit reached RMB863.4 million, a turnaround from an adjusted net loss of RMB315.2 million in H1 2023.

• Adjusted EBITDA increased to RMB1,379 million with a margin of 75.0%, up from RMB516 million and 64.2% margin in H1 2023.

Financial highlights

• Revenue: RMB1,839.6 million (H1 2024) vs. RMB804.1 million (H1 2023).

• Gross profit: RMB1,264.1 million (H1 2024) vs. gross loss of RMB345.3 million (H1 2023).

• Cash and bank balance: RMB2,764.9 million as of 30 June 2024, up from RMB569.9 million at 31 December 2023.

• Borrowings: RMB1,876.1 million as of 30 June 2024, with 9.4% at fixed rates, due within 9 months.

• Adjusted EBITDA: RMB1,378.9 million (vs. RMB515.9 million year-over-year); margin 75.0%.

Outlook and guidance

• Plans to expand film, television, and gaming pipelines, with new productions, game launches, and IP acquisitions scheduled.

• Ongoing investment in AI and technology to enhance content creation and operational efficiency.

• Anticipates full utilization of remaining capital from share subscriptions by end of 2024.