Uni-President China (220) H2 2024 earnings summary

Executive summary

• Revenue grew 6.1% year-over-year to RMB 30,332 million, with net profit up 10.9% to RMB 1,849 million and gross margin improving by 2.0 percentage points to 32.5%.

• EBITDA rose 5.7% to RMB 3,620.2 million, and operating profit increased 12.4% to RMB 2,244 million.

• Dividend per share increased slightly to RMB 42.81 cents, with a proposed final dividend totaling RMB 1,849.1 million and a stable payout ratio.

• Record revenue and profit were driven by product innovation, brand building, and operational optimization.

Financial highlights

• Gross profit increased 13.3% to RMB 9,869.7 million, with gross margin at 32.5%.

• EPS increased 10.9% to RMB 42.81 cents; ROE improved to 13.8% from 12.6% year-over-year.

• Cash and cash equivalents reached RMB 10,254 million, with net cash position of RMB 8,287.2 million.

• Net cash from operating activities was RMB 4,373 million; capital expenditure was RMB 728.7 million.

• Gearing ratio improved to -61.85% due to strong net cash position.

Outlook and guidance

• The company expects stable economic growth in China for 2025, with government policies supporting consumption recovery.

• Plans to consolidate infrastructure, enhance organizational capability, and focus on product innovation and quality.

• Will continue to expand market penetration, digital transformation, and brand value creation.

• Management notes forward-looking statements are subject to risks and uncertainties, with no assurance of future performance.