Tingyi Cayman Islands (322) H2 2024 earnings summary

Executive summary

• Revenue grew 0.3% year-over-year to RMB80.651 billion, with gross profit margin up 2.7 ppt to 33.1%.

• EBITDA increased 17.3% to RMB9.628 billion; profit attributable to shareholders rose 19.8% to RMB3.734 billion.

• Instant noodles revenue declined 1.3%, while beverages revenue grew 1.3% year-over-year.

• Cash at bank and on hand reached RMB16.003 billion, up RMB1.264 billion from prior year-end.

• Proposed final and special dividends of RMB33.14 cents per share each, subject to AGM approval.

Financial highlights

• Gross profit increased 9.1% year-over-year to RMB26.696 billion.

• Basic EPS rose to RMB66.28 cents from RMB55.33 cents year-over-year.

• Gearing ratio improved to -19.3% from -7.3% at prior year-end.

• Net cash inflow from operating activities was RMB8.264 billion; net cash outflow from investing activities was RMB2.856 billion.

• Debt ratio decreased to 66.9% from 67.6% year-over-year.

Outlook and guidance

• 2025 expected to see complex global environment; domestic demand remains China's growth driver.

• Focus on product innovation, branding, channel expansion, and digitalization to capture market trends.

• Instant noodles to leverage scale, invest in branding, and lead industry development; beverages to accelerate category deployment and meet diverse consumer needs.

• Continued commitment to sustainable development and social responsibility.