Beijing Oriental Yuhong Waterproof Technology (002271) Q3 2024 earnings summary

Executive summary

• Revenue for Q3 2024 was ¥6.48 billion, down 23.84% year-over-year; YTD revenue was ¥21.70 billion, down 14.44% year-over-year.

• Net profit attributable to shareholders for Q3 was ¥334 million, down 67.23% year-over-year; YTD net profit was ¥1.28 billion, down 45.73% year-over-year.

• Cash flow from operating activities for Q3 was -¥492 million, an 89.66% improvement year-over-year.

Financial highlights

• Gross margin and net margin declined due to lower revenue and higher expense ratios.

• Basic and diluted EPS for Q3 were ¥0.14, down 65.85% year-over-year; YTD EPS was ¥0.52, down 44.09%.

• Total assets at Q3-end were ¥47.43 billion, down 7.31% from year-end 2023.

• Owner's equity attributable to shareholders was ¥26.18 billion, down 7.75% from year-end 2023.

Outlook and guidance

• Revenue and profit declines attributed to weaker-than-expected downstream demand, higher sales and management expense ratios, and reduced government subsidies.