Zhejiang China Commodities City Group (600415) Q3 2024 earnings summary

Executive summary

• Revenue for Q3 2024 reached RMB 3.85 billion, up 40.17% year-over-year; YTD revenue was RMB 10.61 billion, up 34.25% year-over-year.

• Net profit attributable to shareholders for Q3 was RMB 880.89 million, up 176.73% year-over-year; YTD net profit was RMB 2.33 billion, up 0.53% year-over-year.

• Main business profit for Q3 was approximately RMB 994 million, up over 108% year-over-year.

• chinagoods platform GMV exceeded RMB 60.8 billion in Q3, up over 16% year-over-year; Yiwu Pay cross-border payment business grew over 770% YTD.

Financial highlights

• Basic and diluted EPS for Q3 were RMB 0.16, up 166.67% year-over-year; YTD EPS was RMB 0.43.

• Gross margin and operating profit improved significantly due to expanded sales scale and increased market operating profit.

• Cash flow from operating activities for the first nine months was RMB 452.65 million, up 21.53% year-over-year.

• Total assets at Q3-end were RMB 35.90 billion; shareholders' equity was RMB 19.76 billion.

Outlook and guidance

• Continued growth in main business and digital platform operations is expected, with strong momentum in cross-border payment and e-commerce.