Plus Group Holdings (2486) H2 2024 earnings summary

Executive summary

• FY2024 revenue rose 44.1% to RMB1,046.4m; gross profit increased 31.1% to RMB124.4m and profit for the year rose 19.8% to RMB13.8m.

• Growth was led by tasks and marketers matching services and customised marketing, supported by AI deployment and expansion into online-to-offline real-time retailing.

• Audited results received a qualified opinion related to insufficient evidence on private offshore fund balances, underlying assets and valuation; possible effects on 2024 performance and cash flows could not be determined.

Financial highlights

• Revenue RMB1,046.4m vs RMB725.9m, +44.1%; gross profit RMB124.4m vs RMB94.9m, +31.1%.

• Profit for the year RMB13.8m vs RMB11.5m, +19.8%; profit attributable to owners RMB13.0m vs RMB11.5m, +13.1%.

• Operating profit was RMB21.9m vs RMB17.4m; profit before tax was RMB21.8m vs RMB19.0m.

• Basic and diluted EPS was RMB0.11 vs RMB0.10; no dilutive potential ordinary shares were outstanding in either year.

Outlook and guidance

• 2025 priorities include expanding localized AI models and self-developed applications, including an AI + Digital Sales Joint Laboratory with a university’s School of Economics and Management.

• Plans include entering pharmaceuticals, tea beverage chains and centralized distribution, deepening top-retailer cooperation, and expanding local-life online-to-offline services and matching applications.

• Management aims to pursue high-quality strategic cooperation, investment or acquisitions to broaden business presence; no quantified financial guidance was stated.