Weihai Bank reported QQ3 2024 revenue of CNY 1,178,789,000, up 13.05% year over year (YoY) and down 1.21% quarter over quarter (QoQ). The company generated an operating income of CNY 578,493,500, translating to an operating margin of approximately 49.1% on revenue, while net income reached CNY 458,616,500 and basic earnings per share (EPS) of CNY 0.0587. The net income YoY growth of 36.6% reflects an improving bottom line despite a softer QoQ rhythm in the third quarter. However, ROE remains modest at about 1.59%, signaling underutilization of capital relative to broader Chinese banking peers.
From a balance sheet perspective, Weihai Bank continues to exhibit strong liquidity with cash and cash equivalents of CNY 13.33B and a current ratio of 1.37, supported by total assets of CNY 441.46B against liabilities of CNY 410.67B and equity of CNY 28.90B. The long-term debt load stands at CNY 14.70B, with net debt of roughly CNY 1.36B, indicating a conservative capital structure. Cash flow was negative from operations (approx. CNY -0.54B) as working capital and other non-cash items influenced near-term cash generation, while financing activities provided constructive funding (approx. CNY 6.20B) to offset significant investing outlays (approx. CNY -6.39B). The quarterly free cash flow was negative by about CNY -0.201B, consistent with the investment trajectory evident in non-current assets and strategic capability build.
Overall, the QQ3 2024 result set suggests a bank transitioning toward growth through broadened fee-based and wealth management opportunities, while maintaining prudent liquidity and capital discipline. Investors should monitor profitability normalization (ROE uplift), balance sheet quality, and the cadence of investment-led cash outflows versus financing-driven liquidity support.