Suxin Joyful Life Services (2152) H1 2024 earnings summary

Executive summary

• H1 revenue rose 28.3% YoY to RMB447.5m and gross profit increased 18.5% to RMB88.1m; profit fell 6.3% to RMB32.4m, mainly due to investment-property fair-value losses.

• Contracted GFA reached 18.0m sq.m. across 146 projects, up 14.6% YoY; 139 projects with 16.5m sq.m. were under management.

Financial highlights

• Revenue was RMB447.5m versus RMB348.8m restated in H1 2023; gross profit was RMB88.1m versus RMB74.3m.

• Profit before tax was RMB45.3m versus RMB47.3m; profit for the period was RMB32.4m versus RMB34.5m, and owners’ profit was RMB31.2m versus RMB32.6m.

• Other expenses increased to RMB13.0m from RMB0.6m, mainly due to investment-property fair-value losses; other income and gains fell 41.5% to RMB6.7m, primarily on lower net FX gains.

• Finance costs declined 13.5% to RMB6.8m following lower bank-loan interest rates and partial repayment; income tax expense was RMB13.0m versus RMB12.8m.

Outlook and guidance

• Priorities include profitable project-scale growth, disciplined acquisition due diligence, monitoring project completion, and stronger tendering through cooperation and market research.

• Plans include broader Jiangsu coverage, services tailored to local demand, staff training and customer feedback, and digital and smart-property upgrades.