Maiyue Technology Ltd (2501.HK) Q4 2024 Earnings Report

Revenue performance:
- QQ4 2024 revenue: 126,341,000 CNY, YoY +5.53%, QoQ +0.00% (consistent with Q3 2024 revenue of 126,341,000 CNY).
Gross profit and margin:
- Gross profit: 30,371,500 CNY; gross margin 24.04% (0.2404).
- YoY gross profit change: -25.88% (from 40,977,500 CNY in QQ4 2023).
Operating profitability:
- EBITDA: 11,850,000 CNY; EBITDA margin ~9.38% (0.0938).
- Operating income: 11,811,000 CNY; operating margin ~9.35% (0.0935).
- Net income: 7,662,500 CNY; net margin ~6.07% (0.0606); YoY net income change: -53.92%.
Earnings per share:
- EPS: 0.0153 CNY; YoY EPS change: -60.36%.
Cash flow and liquidity:
- Net cash from operating activities: 10,481,500 CNY.
- Capital expenditure: -12,367,000 CNY.
- Free cash flow: -1,885,500 CNY.
- Cash and short-term investments: 114,534,000 CNY total (cash 40,497,000; short-term investments 74,037,000).
- Net debt: -182,843,000 CNY (total debt 223,340,000 CNY; cash balance ~114.5m across cash and short-term investments).
Liquidity and solvency:
- Current ratio: 1.579x; quick ratio: 1.568x; cash ratio: 0.109x.
Balance sheet strength:
- Total assets: 691,033,000 CNY; total liabilities: 371,672,000 CNY; total stockholders’ equity: 318,195,000 CNY.
- Short-term debt: 222,805,000 CNY; long-term debt: 535,000 CNY.
- Receivables: 539,343,000 CNY; days sales outstanding (DSO): 384.21 days.
- Inventory: 4,002,000 CNY; payables outstanding not disclosed.
Efficiency:
- Inventory turnover: 23.98x (high efficiency on inventory management when inventory is modest).
- Fixed asset turnover: 12.72x; asset turnover: 0.183x.
Valuation metrics:
- Price-to-book: 1.284x; price-to-sales: 3.23x; price-earnings: 13.33x; enterprise value multiple: 49.91x; price-to-cash flows and other cash-flow related multiples are not provided.
Notes: YoY and QoQ data are drawn from the IFRS-like segment/quarterly disclosures included in the QQ4 2024 dataset. Management commentary from the earnings call was not provided in the supplied data.

No QQ4 2024 earnings call transcript was provided. Consequently, there are no management commentary highlights available in this dataset to summarize themes such as strategy, operations, or market conditions. Investors should rely on the disclosed financials and any subsequent management releases for guidance.

Near-term investment thesis remains cautious due to margin compression and working-capital strains, despite modest top-line growth. The stock trades at a P/E ~13.3x and P/B ~1.28x with an EV/EBITDA near implied high multiple, reflecting a potentially bifurcated risk-reward. If Maiyue Technology can execute on a plan to stabilize revenue growth, restore gross margins, and optimize working capital (reducing DSO and improving cash conversion), the stock could re-rate alongside improving profitability and stronger free-cash-flow generation. Investors should monitor: (1) receivables collection efficiency and DSO trends; (2) SG&A as a percentage of revenue; (3) capex discipline and resulting free cash flow; (4) debt maturity management and liquidity buffers; and (5) any management guidance on target margins and revenue trajectory.