Zhejiang Weixing New Building Materials (002372) Q3 2024 earnings summary

Executive summary

• Q3 2024 revenue was ¥1.43 billion, down 5.24% year-over-year; net income attributable to shareholders was ¥284 million, down 25.27% year-over-year.

• Year-to-date revenue reached ¥3.77 billion, a 0.71% increase year-over-year; net income for the period was ¥624 million, down 28.64% year-over-year.

• Basic and diluted EPS for Q3 were ¥0.18, down 25% year-over-year; year-to-date EPS was ¥0.40, down 27.27%.

Financial highlights

• Gross margin and operating profit declined, with operating profit for the nine months at ¥749 million, down from ¥1.05 billion year-over-year.

• Net cash from operating activities for the period was ¥812 million, up from ¥385 million year-over-year.

• Total assets at quarter-end were ¥6.46 billion, down 11.37% from the previous year-end; equity attributable to shareholders was ¥4.76 billion, down 14.82%.

• Non-recurring gains for the period totaled ¥12.26 million, mainly from government grants and asset disposals.

Outlook and guidance

• Implemented a "Quality and Return Enhancement" action plan to boost company quality and investment value, in line with national policy to stabilize markets and investor confidence.