Tingyi Cayman Islands (322) H1 2024 earnings summary

Executive summary

• Revenue for the first half of 2024 increased 0.7% year-over-year to RMB41.20 billion, with gross margin improving by 2.1 percentage points to 32.6%.

• Profit attributable to shareholders rose 15.1% year-over-year to RMB1.89 billion, and EBITDA grew 12.2% to RMB4.82 billion.

• Basic earnings per share increased by RMB4.39 cents to RMB33.46 cents.

• Cash at bank and on hand (including long-term time deposits) reached RMB17.93 billion, up RMB3.19 billion from December 2023.

Financial highlights

• Gross profit rose 7.8% year-over-year to RMB13.44 billion.

• Operating cash inflow was RMB3.51 billion, with a net cash inflow from financing activities of RMB587 million.

• Total assets increased to RMB56.02 billion, and total liabilities to RMB40.25 billion as of June 30, 2024.

• Profit for the period was RMB2.24 billion, up 16.2% year-over-year.

Outlook and guidance

• Domestic demand is expected to remain the key driver of economic growth in the second half of 2024.

• The company plans to expand product offerings, invest in brand building, and accelerate digital transformation.

• Focus remains on sustainable development, food safety, and long-term value creation for stakeholders.