Angel Yeast (600298) Q3 2024 earnings summary

Executive summary

• Revenue for Q3 2024 reached RMB 3.74 billion, up 27.14% year-over-year; net profit attributable to shareholders was RMB 262 million, up 7.02% year-over-year.

• For the first nine months, revenue totaled RMB 10.91 billion, up 13.04% year-over-year; net profit attributable to shareholders was RMB 953 million, up 4.23% year-over-year.

• Basic and diluted EPS for Q3 were RMB 0.30, up 7.14% year-over-year; for the nine-month period, EPS was RMB 1.12, up 5.66%.

Financial highlights

• Operating cash flow for the first nine months was RMB 1.12 billion, down 2.69% year-over-year.

• Total assets at quarter-end were RMB 20.91 billion, up 8.32% from year-end 2023.

• Owner's equity attributable to shareholders was RMB 10.43 billion, up 3.38% from year-end 2023.

• Non-recurring profit and loss for the first nine months was RMB 114 million.

Outlook and guidance

• Increased cash and investments reflect higher sales collections and new investments in subsidiaries.

• Short-term and long-term borrowings increased to support production and operations.