Universal Scientific Industrial (Shanghai) (601231) Q2 2024 earnings summary

Executive summary

• Revenue for January–June 2024 reached RMB 27.39 billion, up 1.94% year-over-year.

• Net profit attributable to shareholders was RMB 784.40 million, a 2.23% increase year-over-year.

• EBITDA increased 1.20% year-over-year to RMB 1.55 billion.

• Net profit after deducting non-recurring gains and losses fell 13.26% year-over-year to RMB 601.82 million.

• No interim dividend was proposed for the reporting period.

Financial highlights

• Total assets as of June 30, 2024 were RMB 37.95 billion, down 3.44% from December 31, 2023.

• Net assets attributable to shareholders stood at RMB 16.99 billion, nearly unchanged from year-end 2023.

• Net cash flows from operating activities dropped 60.38% year-over-year to RMB 1.50 billion.

• Basic and diluted EPS both rose to RMB 0.36, up 2.86% year-over-year.

• Total liabilities decreased to RMB 20.84 billion from RMB 22.22 billion at year-end 2023.

Outlook and guidance

• Q3 2024 revenue growth rate is expected to exceed the year-ago period's sequential growth.

• Q3 operating profit margin is projected to be close to the average level of H2 2023.

• No explicit forward-looking statements or guidance provided in the interim summary.