Zhejiang Juhua (600160) H1 2024 earnings summary

Executive summary

• Revenue for H1 2024 reached RMB 12.08 billion, up 19.65% year-over-year; net profit attributable to shareholders was RMB 834 million, up 70.31% year-over-year.

• Operating cash flow increased 10.04% year-over-year to RMB 605 million.

• Major growth drivers included higher sales volumes, price recovery in refrigerants, and the consolidation of Feiyuan Chemical.

• The company maintained its leading position in fluorochemical and specialty chlor-alkali materials, with global leadership in refrigerant quotas.

• No interim dividend or capital increase from reserves was proposed for the period.

Financial highlights

• Revenue: RMB 12.08 billion, up 19.65% year-over-year; net profit: RMB 834 million, up 70.31%.

• Operating profit: RMB 1.05 billion, up 88.26% year-over-year.

• Basic and diluted EPS: RMB 0.309, up 70.72% year-over-year.

• Net assets attributable to shareholders: RMB 16.65 billion, up 3.58% from year-end 2023.

• Total assets: RMB 27.07 billion, up 15.76% from year-end 2023.

Outlook and guidance

• The company expects continued market volatility, with weak demand and differentiated profitability across product lines.

• National policies supporting consumer upgrades and refrigerant quota controls are expected to support demand and pricing for HFCs.

• The company will focus on innovation, high-end product development, and cost control to enhance competitiveness.