Xiamen C&D (600153) H2 2024 earnings summary

Executive summary

• Achieved revenue of ¥701.30 billion, down 8.17% year-over-year; net profit attributable to shareholders was ¥2.95 billion, down 77.52% year-over-year, mainly due to the absence of last year's one-off reorganization gain from the acquisition of Red Star Macalline; adjusted for this, comparable net profit fell 17.75% year-over-year.

• Cash dividend payout ratio reached 70.03% of net profit, with a total cash dividend of ¥2.06 billion for 2024.

• Total assets at year-end were ¥767.87 billion, with net assets of ¥228.16 billion and net assets attributable to shareholders of ¥71.99 billion.

Financial highlights

• Revenue: ¥701.30 billion, down 8.17% year-over-year.

• Net profit attributable to shareholders: ¥2.95 billion, down 77.52% year-over-year; adjusted for one-off items, down 17.75%.

• Operating cash flow: ¥11.21 billion, down 61.85% year-over-year.

• Basic EPS: ¥0.82, down 80.89% year-over-year.

• Gross margin for supply chain operations: 2.21%; real estate: 13.81%; home furnishing: 57.53%.

Outlook and guidance

• 2025 revenue target set at ¥650 billion, with cost and expense budget of ¥637.5 billion.

• Focus on innovation, internationalization, digital transformation, and risk management across all business segments.

• Real estate business to accelerate inventory turnover and focus on high-quality land acquisition in core cities.