Zhongmiao Holdings Qingdao (1471) H1 2024 earnings summary

Executive summary

• H1 2024 revenue rose 8.5% YoY to RMB88.456m; profit attributable to equity shareholders increased to RMB21.588m from RMB20.495m.

• Adjusted operating profit, a non-IFRS measure, rose 23.1% to RMB22.407m, supported by core business growth and lower administrative and selling expenses.

Financial highlights

• Gross profit was RMB37.208m vs RMB36.035m; operating profit was RMB26.251m vs RMB24.439m, and profit before tax was RMB26.102m vs RMB24.311m.

• Profit for the period was RMB21.258m vs RMB19.747m; basic and diluted EPS remained RMB0.20.

• Other income fell to RMB4.389m from RMB6.765m, mainly reflecting lower time-deposit interest income and government grants.

Outlook and guidance

• Expansion plans include 30–36 branch offices across locations including Hebei, Henan, Anhui, Hubei, Chongqing, Shanghai and Beijing, alongside agent recruitment, training and broader insurance-client coverage.

• Priorities include upgrading digital platforms and core systems, adding AI tools across insurance workflows and developing IT service products.

• Plans include online brand campaigns and selective insurance intermediary or fintech investments; no binding commitment or acquisition target had been identified.

• Liquidity was considered sufficient for current-year working capital needs and potential strategic investments.