Xizang Mineral Development (000762) Q2 2024 earnings summary

Executive summary

• Revenue for H1 2024 reached ¥392.22 million, up 38.40% year-over-year, driven by increased sales of lithium and chrome products.

• Net profit attributable to shareholders was ¥111.05 million, a 338.99% increase year-over-year.

• Operating cash flow rose 61.00% year-over-year to ¥268.30 million.

• The company maintained leading positions in lithium and chrome mining, leveraging unique resource, policy, and technical advantages.

Financial highlights

• Revenue: ¥392.22 million (+38.40% YoY); Net profit: ¥111.05 million (+338.99% YoY).

• Gross margin for lithium products: 53.48%; chrome products: 67.05%.

• Basic and diluted EPS: ¥0.213 (+334.69% YoY).

• Total assets at period end: ¥7.32 billion (-10.10% from year-end 2023).

• Net assets attributable to shareholders: ¥2.95 billion (+2.18% from year-end 2023).

• Non-recurring profit items contributed ¥14.74 million.

Outlook and guidance

• The company is advancing the Zabuye Salt Lake lithium carbonate project, which entered trial production in June 2024.

• Focus remains on green, high-quality development and strengthening core competitiveness through R&D and cost control.

• No interim dividend, bonus shares, or capital increase from reserves planned for H1 2024.