Jinyu Group (02009) announced interim results with a net loss of 807 million yuan to mother

According to the Zhitong Finance App, Jinyu Group (02009) announced results for the six months ended June 30, 2024, with operating income of 45.562 billion yuan (RMB, same below), a year-on-year decrease of 7.3%; net loss attributable to shareholders of the parent company was 807 million yuan, and profit for the same period last year was 410 million yuan.

In the first half of 2024, the company anchored its mission goals and made every effort to explore internal potential to improve quality and efficiency; strengthen collaborative development, expand new kinetic energy engines; and strengthen scientific and technological innovation to promote development quality and upgrading.

New green building materials sector: The cement business strengthened lean operation. In the first half of 2024, the cost of tons of cement decreased by RMB 35 year-on-year, and the fuel replacement rate was 10.7%, turning a loss into a profit in June 2024. The new materials business deepened industrial chain collaboration and acquired Zhejiang Hangjiazetong Construction Energy Saving New Materials Co., Ltd., and “Northern Canada” and “Southern California” became one, and the aerated concrete business achieved a national layout integrating North and South; the company's C-side strategy was beginning to show results. While the home improvement business maintained a high growth momentum, it also achieved collaborative sales of other products.

Real estate development and operation sector: The real estate development business fully guarantees delivery and inventory removal, and key projects have become important profit supports. The real estate operation business actively responded to market changes, the occupancy rate of major office buildings recovered to over 90%, and the quality of park and hotel vacation operations continued to improve.

In addition, the company accelerated chain extension, chain repair, and strengthened the chain, adding 106 million tons of mine resource reserves, 5.25 million cubic meters of concrete production capacity, 32 “satellite factories” for mortar, and 47,700 square meters of land reserves in the first half of 2024. The company accelerates the transformation of scientific and technological achievements and realizes the industrial application of new material products with high performance, high technology content, and high added value. Revenue from new materials with high added value, such as special cement and high-precision difficult concrete, exceeds RMB 2 billion.