Luzhou Laojiao (000568) Q3 2024 earnings summary

Executive summary

• Q3 2024 operating revenue reached CNY 7.40 billion, up 0.67% year-over-year; Q1–Q3 revenue totaled CNY 24.30 billion, up 10.76% year-over-year.

• Net profit attributable to shareholders for Q3 was CNY 3.57 billion, up 2.58% year-over-year; Q1–Q3 net profit was CNY 11.59 billion, up 9.72% year-over-year.

• Basic and diluted EPS for Q1–Q3 were CNY 7.89, up 9.74% year-over-year.

Financial highlights

• Gross margin improved as total operating costs grew slower than revenue; Q1–Q3 operating profit was CNY 15.69 billion.

• Net cash flows from operating activities for Q1–Q3 increased 37.69% year-over-year to CNY 12.46 billion.

• Total assets as of September 30, 2024, were CNY 66.50 billion, up 5.06% from year-end 2023.

• Net assets attributable to shareholders rose 9.75% to CNY 45.43 billion.

Outlook and guidance

• Intelligent brewing technical upgrade (Phase I) is underway, with a total investment of approximately CNY 4.78 billion.