Xiamen C&D (600153) Q3 2024 earnings summary

Executive summary

• Net profit attributable to shareholders for Q3 2024 was RMB 859 million, down 91.81% year-over-year due to last year's one-off gain from the Red Star Macalline acquisition.

• Excluding the 2023 restructuring gain, net profit for Jan–Sep 2024 fell 29.76% year-over-year; Q3 net profit fell 14.64% year-over-year but the decline narrowed from Q2.

• Sequentially, Q3 net profit rose 44.44% from Q2, showing operational improvement.

Financial highlights

• Q3 2024 revenue was RMB 183.1 billion, down 14.94% year-over-year; Jan–Sep revenue was RMB 502.1 billion, down 16.13%.

• Net profit attributable to shareholders for Jan–Sep 2024 was RMB 2.06 billion, down 83.43% year-over-year; basic EPS was RMB 0.57, down 85.82%.

• Net cash flow from operating activities for Jan–Sep was negative RMB 14.1 billion, a 157.9% decrease year-over-year, mainly due to lower real estate sales collections.

• Total assets at Sep 30, 2024 were RMB 876.0 billion, up 6.72% from year-end 2023.

Outlook and guidance

• Q3 profit decline narrowed compared to Q2, indicating stabilization.

• The company is advancing a rights issue to raise up to RMB 4.98 billion for working capital and debt repayment, pending regulatory approval.