FAW Jiefang Group (000800) H1 2024 earnings summary

Executive summary

• Revenue for H1 2024 reached ¥35.60 billion, up 7.84% year-over-year; net profit attributable to shareholders was ¥478 million, up 19.16% year-over-year.

• Sales volume grew 13.4% to 149,100 vehicles, with strong growth in light trucks (+43%) and new energy vehicles (+139.8%).

• Overseas exports hit a record 35,500 units, up 37.2% year-over-year.

• Company maintained industry leadership in brand value and ESG recognition.

Financial highlights

• Operating income: ¥35.60 billion (+7.84% year-over-year); net profit: ¥478 million (+19.16% year-over-year).

• Net profit excluding non-recurring items: ¥284 million (+86.8% year-over-year).

• Operating cash flow: ¥4.24 billion, down 36.84% year-over-year due to increased cash outflows for goods and services.

• Total assets: ¥80.03 billion (+21.49% from year-end 2023); net assets attributable to shareholders: ¥24.27 billion (-0.89%).

• Basic and diluted EPS: ¥0.1034 (+18.58% year-over-year); ROE: 1.93% (+0.25pp).

Outlook and guidance

• Company will continue to focus on high-quality development, innovation, and market expansion, aiming to achieve annual targets and support the 14th Five-Year Plan.

• No interim dividend, bonus shares, or capital reserve transfer planned for H1 2024.