Heilongjiang Agriculture Company (600598) H1 2024 earnings summary

Executive summary

• Achieved revenue of RMB 3.10 billion for H1 2024, up 5.69% year-over-year, with net profit of RMB 980 million, up 2.93% year-over-year.

• Growth driven by increased land contracting and agricultural product sales, despite adverse weather.

• Basic EPS reached RMB 0.553, up 2.41% year-over-year.

• Maintained strong cash flow from operations, with net cash inflow of RMB 3.70 billion, up 5.94% year-over-year.

Financial highlights

• Revenue: RMB 3.10 billion, up 5.69% year-over-year; net profit: RMB 980 million, up 2.93%.

• Gross margin stable; basic and diluted EPS at RMB 0.553, up 2.41% year-over-year.

• Net assets attributable to shareholders: RMB 7.70 billion, up 2.62% from year-end.

• Total assets: RMB 11.55 billion, up 32.78% from year-end.

• Operating cash flow: RMB 3.70 billion, up 5.94% year-over-year.

Outlook and guidance

• Company expects continued growth in land contracting and agricultural product sales, leveraging resource, technology, and organizational advantages.

• Focus remains on optimizing crop structure, expanding green and organic product output, and enhancing risk management.