Yunnan Tin Company (000960) H1 2024 earnings summary

Executive summary

• Achieved net profit attributable to shareholders of ¥799.85 million, up 16.35% year-over-year, despite a 17.77% decline in revenue to ¥18.78 billion due to lower supply chain business and deconsolidation of deep processing segment.

• Maintained global leadership in tin and indium, with tin output up 6.6% and indium up 42.42% year-over-year; copper and zinc output also increased.

• Total assets rose 3.99% to ¥38.54 billion, and net assets attributable to shareholders increased 13.36% to ¥20.17 billion compared to year-end 2023.

• Strengthened risk management, supply chain flexibility, and technological innovation, with significant progress in ESG and digital transformation.

Financial highlights

• Net profit attributable to shareholders: ¥799.85 million, up 16.35% year-over-year.

• Revenue: ¥18.78 billion, down 17.77% year-over-year.

• Operating cash flow: ¥1.55 billion, up 13.31% year-over-year.

• Basic and diluted EPS: ¥0.4806, up 15.06% year-over-year.

• Gross margin for main business: 11.81%; tin ingot margin 12.79%, copper 1.69%, zinc 37.60%.

Outlook and guidance

• Expects stable growth in the nonferrous metals market in H2 2024, supported by domestic demand policies and global green development trends.

• Will focus on value creation, digital transformation, and leveraging industry leadership to drive high-quality growth.