Shiyue Daotian Group (9676) H2 2024 earnings summary

Executive summary

• FY2024 revenue rose 18.0% YoY to RMB5,745.3m; gross profit increased 64.8% to RMB1,019.4m, and net profit turned positive at RMB204.4m.

• Adjusted net profit, a non-IFRS measure, rose 115.5% to RMB349.5m; the Board recommended a final dividend of RMB0.164 per share, totaling RMB175.2m.

Financial highlights

• Operating profit reached RMB393.4m versus RMB144.1m in 2023; profit before tax was RMB224.4m versus a loss of RMB58.8m.

• Basic and diluted EPS was RMB0.19, compared with a loss per share of RMB0.08 in 2023.

• Selling and distribution expenses rose 58.5% to RMB513.8m, driven by social e-commerce commissions and higher brand promotion; administrative expenses fell to RMB148.2m from RMB154.5m.

• FVPL financial asset fair-value losses were RMB155.6m in 2024; finance costs fell 38.2% to RMB13.4m.

Outlook and guidance

• Priorities include broadening omni-channel coverage, strengthening channel management and brand exposure, developing healthy flagship products, and building procurement, production, inspection and storage capabilities in key origins.

• Plans include adapting product assortment and business layout to industry trends and consumer needs, while expanding new channels and businesses.