Yunnan Tin Company (000960) H2 2024 earnings summary

Executive summary

• Achieved total operating revenue of ¥41.97 billion in 2024, down 0.91% year-over-year; net profit attributable to shareholders rose 2.55% to ¥1.44 billion.

• Operating cash flow increased 55.25% to ¥3.40 billion; total assets at year-end were ¥36.64 billion, down 1.13%.

• Maintained global leadership in tin production, with domestic market share at 47.98% and global share at 25.03%.

• Board proposes a cash dividend of ¥1.9 per 10 shares, totaling ¥312.7 million, with a payout ratio of 21.65%.

Financial highlights

• Revenue: ¥41.97 billion (–0.91% YoY); net profit: ¥1.44 billion (+2.55% YoY); operating cash flow: ¥3.40 billion (+55.25% YoY).

• Gross margin for tin ingots at 11.83%, zinc products at 37.49%, copper products at 0.16%.

• Basic EPS: ¥0.8526; ROE: 7.69% (down 0.6pp YoY); net assets attributable to shareholders: ¥20.85 billion (+17.19%).

• Total assets: ¥36.64 billion; total liabilities: ¥14.73 billion; asset-liability ratio: 40.19%.

Outlook and guidance

• 2025 revenue target set at ¥46.5 billion; planned output: tin 90,000t, copper 125,000t, zinc 131,600t, indium 102.3t.

• Focus on resource expansion, digital transformation, cost control, and green, low-carbon development.

• Identifies risks from global economic uncertainty, commodity price volatility, and supply chain disruptions, with mitigation via hedging and diversified sourcing.