Deewin Tianxia (2418) H2 2024 earnings summary

Executive summary

• FY2024 revenue fell 15.8% to RMB2,627.8m as logistics and supply chain revenue weakened; net profit attributable to shareholders rose 2.7% to RMB153.2m, supported by lower impairment losses and expense controls.

• Strategic priorities for 2025 include new energy and intelligent services, integrated transport-capacity solutions, digital product development, external-market expansion and sales-finance collaboration.

Financial highlights

• Revenue was RMB2,627.8m, down 15.8% YoY; gross profit was RMB430.6m, down 16.5%; profit before tax was RMB199.2m, down 4.7%.

• Profit for the year increased 3.6% to RMB156.7m; attributable profit was RMB153.2m versus RMB149.3m, while basic EPS remained RMB0.07.

• Operating profit was RMB202.9m versus RMB217.9m; net impairment losses declined 54.6% to RMB52.9m, and net profit margin improved to 6.0% from 4.9%.

• Net cash used in operating activities was RMB76.6m versus RMB267.4m generated in 2023, largely reflecting increased finance-lease investment; cash and cash equivalents ended at RMB893.5m.

Outlook and guidance

• 2025 plans target logistics platform and third-party expansion, higher-value aftermarket products, wider financial-product offerings and tighter sales-finance integration.

• Priorities include battery-management and energy-replenishment tools, autonomous-driving applications, new-energy transport capacity, used-vehicle business development and gradual overseas expansion in Southeast Asia and Africa.

• The proposed 2024 final dividend is RMB0.3513 per 10 shares, tax inclusive, subject to shareholder approval; expected payment is by 22 August 2025.