2024 Interim Results
Summary of Income Statement and Balance Sheet
Six Months Ended 30 June | |||
(RMB million) | 2024 | 2023 | Better/(Worse) |
---|---|---|---|
Revenue | 14,345 | 14,019 | 2.3% |
Gross Profit | 7,236 | 6,839 | 5.8% |
Selling and distribution expenses | -4,327 | -3,948 | (9.6%) |
Administrative expenses | -680 | -591 | (15.1%) |
Other income and other gains-net | 184 | 165 | 11.5% |
Operating Profit | 2,402 | 2,475 | (3.0%) |
EBITDA | 3,444 | 3,425 | 0.5% |
Profit Attributable to Equity Holders | 1,952 | 2,121 | (8.0%) |
Basic Earnings per share (RMB cents) | 75.8 | 80.6 | (6.0%) |
Cash and Cash Equivalents | 6,147 | 5,444 | 12.9% |
Borrowings | 0 | 0 | N/A |
Net Cash* | 17,581 | 17,976 | (2.2%) |
Current Liabilities | 7,383 | 7,268 | (1.6%) |
Current Ratio (times) | 2.36 | 1.88 | 0.48 |
Total Liabilities to Total Asset Ratio | 27.1% | 28.7% | 1.6p.p. |
- *Net cash = cash and cash equivalents + restricted bank deposits + long & short-term bank deposits – borrowings
Profit Margins and Key Operating Indicators
Six Months Ended 30 June | |||
2024 | 2023 | Better/(Worse) | |
Gross Profit Margin | 50.4% | 48.8% | 1.6p.p. |
Operating Profit Margin | 16.7% | 17.7% | (1.0p.p) |
EBITDA Margin | 24.0% | 24.4% | (0.4p.p) |
Margin of Profit Attributable to Equity Holders | 13.6% | 15.1% | (1.5p.p) |
R&D Expenses (as % of revenue) | 2.2% | 2.1% | (0.1p.p) |
A&P Expenses (as % of revenue) | 8.7% | 7.4% | (1.3p.p) |
Staff Costs (as % of revenue) | 8.5% | 8.3% | (0.2p.p) |
Inventory Turnover (Days) | 62 | 57 | (5) |
Trade Receivables Turnover (Days) | 15 | 14 | (1) |
Trade Payables Turnover (Days) | 46 | 41 | 5 |
Cash Conversion Cycle (Days) | 31 | 30 | (1) |
Return on Equity (ROE) | 7.8% | 8.5% | (0.7p.p) |
Return on Asset (ROA) | 5.6% | 6.2% | (0.6p.p) |
CAPEX (RMB million) | 2,442 | 669 | (265%) |
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