Jiangxi Special Electric Motor (002176) Q3 2024 earnings summary

Executive summary

• Revenue for the first nine months was ¥1,249.47 million, down 50.43% year-over-year, mainly due to a sharp decline in lithium salt product prices.

• Net loss attributable to shareholders was ¥82.23 million, a 13.97% improvement year-over-year.

• Operating cash flow was negative ¥540.07 million, a 190.87% decrease year-over-year, primarily due to increased prepayments for materials.

Financial highlights

• Q3 revenue was ¥531.64 million, down 26.38% compared to the same quarter last year.

• Q3 net loss attributable to shareholders was ¥18.17 million, a 57.48% improvement year-over-year.

• Basic and diluted EPS for the first nine months were both -0.05, improving 16.67% year-over-year.

• Total assets at period end were ¥6,518.88 million, up 2.82% from the previous year-end.

• Shareholders’ equity was ¥3,732.44 million, down 2.16% from the previous year-end.

Outlook and guidance

• Revenue and profit declines are expected to persist if lithium salt prices remain low.