JIANGSU PHOENIX PUBLISHING & MEDIA (601928) Q2 2024 earnings summary

Executive summary

• Revenue for H1 2024 was RMB 7.24 billion, up 0.8% year-over-year; net profit attributable to shareholders was RMB 1.22 billion, down 21.5% year-over-year.

• Gross margin remained stable, but net margin declined due to higher expenses and lower non-operating income.

• The company maintained its leading position in publishing, education, and distribution, with continued digital transformation and expansion in new media, data, and education technology.

• No interim dividend or capital increase from reserves was proposed for the period.

Financial highlights

• Operating income: RMB 7.24 billion (+0.8% YoY); net profit attributable to shareholders: RMB 1.22 billion (-21.5% YoY).

• Operating cash flow: RMB 324 million, down 79.5% year-over-year due to increased receivables.

• Basic EPS: RMB 0.4810 (-21.5% YoY); ROE: 6.11% (-2.63pp YoY).

• Non-recurring profit: RMB 14.77 million, mainly from government subsidies and asset disposals.

Outlook and guidance

• The company continues to focus on digital transformation, smart education, and new media integration.

• Management expects stable performance in core education publishing and further growth in digital and data-driven businesses.