Xinyi Glass (0868) H2 2024 earnings summary

Executive summary

• Revenue declined 8.1% year-over-year to RMB22,323.6 million, mainly due to lower float glass prices and weak PRC property market conditions.

• Net profit attributable to equity holders dropped 31.0% to RMB3,369.2 million, with basic EPS down 32.6% to RMB0.7923.

• Final dividend proposed at 10.0 HK cents per share, a 73.0% decrease from the prior year.

• The company maintained a solid financial position, with a current ratio of 1.06 and net debt gearing ratio of 16.3%.

Financial highlights

• Gross profit decreased 7.5% to RMB7,231.8 million, with gross margin slightly up to 32.4%.

• EBITDA fell 21.4% to RMB5,832.4 million.

• Finance costs dropped 60.3% to RMB181.0 million due to refinancing into lower-rate RMB loans.

• Net cash inflow from operations rose to RMB5,589.7 million.

• Cash and bank balances at year-end were RMB1,709.3 million, down from RMB3,123.4 million.

Outlook and guidance

• Management is cautiously optimistic for 2025, expecting stable raw material and energy costs and support from PRC government property policies.

• Expansion continues in Indonesia and Southeast Asia to mitigate tariff risks and access new markets.

• Focus remains on R&D, automation, energy efficiency, and carbon neutrality initiatives.