Jiangsu Eastern Shenghong (000301) Q4 2024 earnings summary

Executive summary

• Operating revenue for 2024 was RMB 137.67 billion, down 1.97% year-over-year; net profit attributable to shareholders was a loss of RMB 2.30 billion, compared to a profit of RMB 717 million in 2023, mainly due to narrowed price differentials in refining & petrochemical business and weak downstream demand.

• Net cash flows from operating activities increased 25.33% year-over-year to RMB 10.47 billion, reflecting improved cash generation despite profitability challenges.

• The company maintained industry leadership in acrylonitrile, EVA, and recycled polyester fiber production, and continued to expand its new energy and advanced materials portfolio.

Financial highlights

• Operating revenue: RMB 137.67 billion, down 1.97% year-over-year.

• Net profit attributable to shareholders: -RMB 2.30 billion, down 420.33% year-over-year.

• Net profit after non-recurring items: -RMB 2.65 billion.

• Basic and diluted EPS: -0.35 RMB/share.

• Net cash flows from operating activities: RMB 10.47 billion, up 25.33% year-over-year.

• Total assets: RMB 204.31 billion, up 7.41% year-over-year.

• Net assets attributable to shareholders: RMB 34.03 billion, down 4.00% year-over-year.

Outlook and guidance

• The company will focus on deepening AI integration, accelerating innovation, and maintaining high-end product positioning in 2025.

• Plans include further digital transformation, green development, and operational efficiency improvements.

• No cash dividend, bonus share, or capital reserve conversion planned for 2024 due to losses and capital needs.