YOUNGY (002192) Q2 2024 earnings summary

Executive summary

• Revenue for H1 2024 was RMB 250.64 million, down 60.54% year-over-year due to lower lithium product prices and reduced sales across all business segments.

• Net profit attributable to shareholders was RMB 165.97 million, a 45.09% decrease year-over-year.

• Operating cash flow increased 140.33% year-over-year to RMB 280.64 million, reflecting improved cash management despite profit decline.

• Second quarter performance rebounded sequentially, with revenue up 104.04% and net profit up 390.73% from Q1.

Financial highlights

• Gross margin for mining segment dropped 26.75 percentage points year-over-year to 63.20%.

• Basic and diluted EPS were RMB 0.6392, down 45.09% year-over-year.

• Total assets at period end were RMB 4.33 billion, down 1.52% from year-end 2023.

• Net assets attributable to shareholders increased 2.74% to RMB 3.31 billion.

• Non-recurring profit items contributed RMB 23.81 million, mainly from investment gains and government subsidies.

Outlook and guidance

• Lithium product prices are expected to remain volatile, with industry demand supported by new energy vehicles and storage sectors.

• The company will continue to focus on cost control, risk management, and efficiency improvements while awaiting market recovery.

• Ongoing investment in lithium mine expansion and cathode material projects to enhance future capacity.