Greatview Aseptic Packaging (468) H1 2024 earnings summary

Executive summary

• Revenue for the first half of 2024 declined 13.9% year-over-year to RMB1,627.3 million, mainly due to lower sales volume amid intensified competition and a pressured dairy market in China and internationally.

• Net profit increased 17.7% year-over-year to RMB117.5 million, driven by improved gross margin and cost control.

• Gross margin rose to 20.3% from 15.7% in the prior year period, reflecting better product mix and efficiency.

• The company sold approximately 9.0 billion packs, a 14.5% decrease from the same period last year, due to intensified market competition.

• No interim dividend was declared for the period.

Financial highlights

• Revenue: RMB1,627.3 million (down 13.9% year-over-year).

• Gross profit: RMB330.1 million (up 11.1% year-over-year).

• Net profit: RMB117.5 million (up 17.7% year-over-year).

• Basic and diluted EPS: RMB0.084 (up from RMB0.075 year-over-year).

• Cash and cash equivalents: RMB780.3 million as of 30 June 2024.

Outlook and guidance

• Plans to deepen cooperation with existing customers, expand market share in China, and pursue international growth through localized operations and new product development.

• Focus on technological innovation, sustainability, and digital transformation to enhance competitiveness.

• Continued emphasis on operational excellence, cost control, and quality.