Tingyi Cayman Islands (322) H2 2024 earnings summary

Executive summary

• Revenue grew 0.3% year-over-year to RMB 80,651 million, with gross profit up 9.1% and net profit up 22.9%.

• Gross margin improved by 2.7ppt to 33.1%, and net margin increased by 0.7ppt to 4.6%.

• EBITDA increased 17.3% to RMB 9,628 million; profit attributable to shareholders rose 19.8% to RMB 3,734 million.

• EPS rose to 66.28 cents, and both final and special dividends proposed at 33.14 cents each.

• Cash at bank and on hand reached RMB 16,003 million, up RMB 1,264 million from prior year-end.

Financial highlights

• Gross profit increased 9.1% year-over-year to RMB 26,696 million.

• Net cash from operating activities reached RMB 8,264 million, up from RMB 4,475 million.

• CapEx remained stable at RMB 3,239 million.

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

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

Outlook and guidance

• Forward-looking statements caution on risks and uncertainties affecting future performance.

• 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.