Tianjin Jinran Public (1265.HK) Q3 2024 Earnings Report

Tianjin Jinran Public Utilities reported QQ3 2024 results characterized by a revenue decline and a negative gross profit, producing a Q3 operating loss and net loss. Revenue came in at 360.94 million CNY, down 16.71% year-over-year and 17.35% quarter-over-quarter. Cost of revenue matched the revenue at 364.66 million CNY, resulting in a gross loss of 3.73 million CNY (-1.03% gross margin). Operating income was negative 9.93 million CNY, and net income posted a loss of 12.10 million CNY for the quarter. Despite weak profitability, the company generated positive operating cash flow of 176.06 million CNY and delivered free cash flow of 173.64 million CNY, supported by working capital inflows (change in working capital of 113.80 million CNY and accounts receivable movements totaling approximately 113.99 million CNY). Cash and cash equivalents stood at 694.92 million CNY, and reported net debt was negative 693.15 million CNY, underscoring strong liquidity relative to modest near-term liabilities. The balance sheet shows solid liquidity metrics (current ratio 1.76, quick ratio 1.76, cash ratio 1.279) with total assets of about 2.03 billion CNY and total liabilities of 647.11 million CNY. Management commentary from the QQ3 2024 cycle is not available in the provided transcript data, limiting the inclusion of direct quotes. The company remains in a regulated gas utility framework, with ongoing exposure to tariff and regulatory mechanics that can meaningfully influence margins and investment cadence going forward. The stock trades with a negative earnings multiple and a conservative multiple profile, but displays a low price-to-book ratio around 0.24, signaling potential value support if profitability and regulatory tailwinds improve over time.