Shanghai M&G Stationery (603899) H2 2024 earnings summary

Executive summary

• Revenue reached RMB24,228 million in 2024, up 3.76% year-over-year, while net profit attributable to shareholders declined 8.58% to RMB1,396 million. Excluding share-based payments, net profit was RMB1,446 million, down 2.81%.

• The company advanced its five-year strategy, focusing on product innovation, omni-channel development, digital transformation, and international expansion.

• New businesses, including direct office supplies and large retail stores, continued to grow, supporting long-term sustainability.

Financial highlights

• Revenue: RMB24,228 million (+3.76% YoY); Net profit: RMB1,396 million (-8.58% YoY).

• Net profit after non-recurring items: RMB1,234 million (-11.75% YoY).

• Basic EPS: RMB1.5162 (-8.54% YoY); Weighted average ROE: 16.64% (down 4.33pp YoY).

• Net assets: RMB8,910 million (+13.75% YoY); Total assets: RMB16,587 million (+8.31% YoY).

• Operating cash flow: RMB2,289 million (-12.51% YoY).

Outlook and guidance

• 2025 revenue target set at RMB27.5 billion (+13.5%), with focus on product innovation, digitalization, and global expansion.

• Continued investment in R&D, digital transformation, and talent development to drive high-quality growth.