Executive Summary
Yida China Holdings Limited reported Q2 2023 revenue of 849.1 million CNY, with gross profit of 166.9 million CNY and a gross margin of 19.66%. EBITDA stood at 299.3 million CNY and operating income was 103.2 million CNY, yielding an operating margin of 12.16%. However net income was negative at -19.29 million CNY, with a negative net margin of -2.27%. The year-over-year declines are pronounced across revenue (-55.5%), gross profit (-61.8%), and operating income (-69.95%), while the quarterly net income compared with the prior quarter improved modestly by about 5.5%. The quarter was characterized by a heavy financing burden, with interest expense of 533.35 million CNY, contributing to the net loss frame despite positive operating profitability.
Key Performance Indicators
QoQ: -5.52% | YoY:-55.52%
QoQ: -5.52% | YoY:-61.84%
QoQ: -5.52% | YoY:-69.95%
QoQ: 5.52% | YoY:-279.36%
QoQ: -97.47% | YoY:-471.43%
Key Insights
Revenue: 849,119,602 CNY; YoY: -55.52%, QoQ: -5.52% | Gross Profit: 166,899,763 CNY; Gross Margin: 19.66%; YoY: -61.84%, QoQ: -5.52% | Operating Income: 103,230,008 CNY; Margin: 12.16%; YoY: -69.95%, QoQ: -5.52% | EBITDA: 299,262,463 CNY; EBITDA Margin: 35.24% | Net Income: -19,288,465 CNY; Net Margin: -2.27%; YoY: -279.36%, QoQ: +5.52% | EPS: -0.0156 CNY; YoY: -471.43%, QoQ: -97.47%...
Financial Highlights
Revenue: 849,119,602 CNY; YoY: -55.52%, QoQ: -5.52% | Gross Profit: 166,899,763 CNY; Gross Margin: 19.66%; YoY: -61.84%, QoQ: -5.52% | Operating Income: 103,230,008 CNY; Margin: 12.16%; YoY: -69.95%, QoQ: -5.52% | EBITDA: 299,262,463 CNY; EBITDA Margin: 35.24% | Net Income: -19,288,465 CNY; Net Margin: -2.27%; YoY: -279.36%, QoQ: +5.52% | EPS: -0.0156 CNY; YoY: -471.43%, QoQ: -97.47%
Income Statement
| Metric |
Value |
YoY Change |
QoQ Change |
| Revenue |
849.12M |
-55.52% |
-5.52% |
| Gross Profit |
166.90M |
-61.84% |
-5.52% |
| Operating Income |
103.23M |
-69.95% |
-5.52% |
| Net Income |
-19.29M |
-279.36% |
5.52% |
| EPS |
-0.02 |
-471.43% |
-97.47% |
Key Financial Ratios
operatingProfitMargin
12.2%
operatingCashFlowPerShare
$0.08
freeCashFlowPerShare
$0.08
Management Commentary
No earnings call transcript data provided in the supplied materials. Consequently, there are no management quotes or transcript-based themes to extract for this report.
Forward Guidance
China’s property sector remains challenging with liquidity and deleveraging headwinds. The absence of explicit management guidance in the supplied materials necessitates reliance on industry trends and the company’s liquidity indicators. Factors investors should monitor: (1) debt maturity profile and any potential refinancing arrangements given the significant short-term debt burden (short-term debt of 11.87b CNY against total debt of 12.15b CNY); (2) inventory realization and the pace of property sales to improve gross and net margins; (3) potential monetization of non-core assets or optimization of the business park operations to generate recurring cash flow; (4) any shifts in government policy or credit conditions that could ease financing constraints. Likely scenario ranges: base case assumes gradual stabilization of the Chinese property market and some improvement in cash generation through faster project completion and sales; bears case involves continued regulatory and financing headwinds that pressure liquidity; bull case would require meaningful debt restructuring and faster monetization of inventory/assets. Key factors to monitor include debt refinancing risk, land bank utilization, working capital efficiency, and potential changes in land sale pricing and project mix.