Guangzhou Guangri (600894) Q3 2024 earnings summary

Executive summary

• Net profit attributable to shareholders for Q3 rose 52.07% year-over-year, driven by increased fair value gains.

• Revenue for Q3 declined 16.66% year-over-year, and for the first nine months fell 7.82% compared to the same period last year.

Financial highlights

• Q3 revenue: ¥1.73 billion, down 16.66% year-over-year; nine-month revenue: ¥4.94 billion, down 7.82%.

• Q3 net profit attributable to shareholders: ¥310.95 million, up 52.07% year-over-year; nine-month net profit: ¥545.23 million, up 8.96%.

• Basic EPS for Q3: ¥0.3616, up 52.06% year-over-year; nine-month EPS: ¥0.6340, up 8.95%.

• Operating cash flow for the first nine months: -¥111.94 million, a significant decrease from the prior year due to lower sales collections.

• Total assets at quarter-end: ¥14.86 billion, up 1.08% from year-end; equity attributable to shareholders: ¥8.66 billion, down 6.5%.

Outlook and guidance

• Management attributes profit growth to fair value gains and expects continued focus on core business and risk management.