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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