Jiangsu Yangnong Chemical (600486) H1 2024 earnings summary

Executive summary

• Revenue for H1 2024 was ¥5.70 billion, down 19.36% year-over-year due to lower product prices.

• Net profit attributable to shareholders was ¥763 million, a 32.10% decrease year-over-year.

• Cash flow from operating activities remained stable at ¥2.63 billion, up 2.01% year-over-year.

• The company maintained its position as a leading domestic agrochemical supplier, with strong R&D and production capabilities.

Financial highlights

• Operating income: ¥5.70 billion, down 19.36% year-over-year.

• Net profit: ¥763 million, down 32.10% year-over-year.

• Gross margin: 24.2%, down from 26.8% year-over-year.

• Basic and diluted EPS: ¥1.878, down 32.10% year-over-year.

• Net assets attributable to shareholders: ¥10.11 billion, up 4.48% from year-end 2023.

Outlook and guidance

• The company expects continued market pressure from global overcapacity and price competition in agrochemicals.

• Inventory destocking in global channels and potential agricultural product price increases may support demand recovery in H2.

• Focus remains on cost control, R&D, and high-quality project execution to maintain industry leadership.