China Great Wall Securities (002939) H1 2024 earnings summary

Executive summary

• Operating revenue for H1 2024 was ¥1.98 billion, down 9.91% year-over-year; net profit attributable to shareholders was ¥721 million, down 18.88% year-over-year.

• Total assets at June 30, 2024 reached ¥117.37 billion, up 1.49% from year-end 2023; net assets attributable to shareholders rose 1.99% to ¥29.16 billion.

• The company maintained a stable business foundation despite a challenging market, achieving its H1 operating targets.

• The board authorized a mid-year profit distribution plan, with details to be announced separately.

Financial highlights

• Operating revenue fell 9.91% year-over-year; net profit attributable to shareholders dropped 18.88% year-over-year.

• Basic and diluted EPS were ¥0.18, down 18.18% year-over-year; ROE was 2.48%, down 0.70 percentage points.

• Net cash flow from operating activities was ¥3.72 billion, a significant turnaround from a ¥3.03 billion outflow in H1 2023.

• Total liabilities increased 1.33% to ¥87.72 billion; asset-liability ratio was 68.31%.

• Other comprehensive income was ¥313 million, a notable improvement from a loss in the prior year.

Outlook and guidance

• The company will continue to focus on digital transformation, risk control, and expanding core business lines in H2 2024.

• Plans to further develop wealth management, investment banking, and asset management, with emphasis on digital platforms and customer acquisition.

• Intends to maintain prudent risk management and stable operations amid ongoing market volatility.