SY Holdings Group Limited (6069.HK) Q4 2024 Earnings Report

SY Holdings Group Limited delivered a resilient QQ4 2024 performance anchored by a remarkably high gross margin and robust cash generation. Revenue for Q4 reached 241.66 million CNY, with gross profit of 237.33 million CNY and a gross margin of 98.21%. Operating income stood at 170.92 million CNY and net income at 112.43 million CNY, translating to a net margin of 46.52% and an EPS of 0.12 CNY. Year-over-year, revenue grew 3.12% while net income surged 140.8% YoY, underscoring operational leverage and cost discipline amid a stabilizing demand environment for supply chain financing and digital financing solutions in the Asia-Pacific region. The company generated substantial liquidity, with operating cash flow of 2.19 billion CNY and free cash flow of 2.14 billion CNY in the quarter, supporting a strong balance sheet and flexible capital deployment. Total assets were 10.60 billion CNY, with cash and short-term investments of approximately 5.74 billion CNY and modest ongoing capital expenditure. While reported short-term debt remains elevated in the consolidated balance sheet, the firm also maintains a sizable cash cushion, implying a healthy, albeit refinancing-sensitive, liquidity profile. The business mix—Platform-Based Services, Digital Financing Solutions, and Supply Chain Technology Services—continues to position SY Holdings to monetize its proprietary SY Cloud platform and data analytics capabilities, potentially supporting higher mix of fee-based and technology-enabled revenue over time. Looking ahead, there was no explicit quarterly guidance provided in the public disclosures. The qualitative takeaway is a continued emphasis on scalable technology-enabled financing, prudent credit management, and geographic expansion within APAC. Investors should monitor credit quality dynamics, regulatory developments affecting fintech and asset-backed financing, and the pace of platform monetization as catalysts or potential headwinds for the next 6-12 months.