Valuation Update With 7 Day Price Move • Jun 29
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to CN¥34.00, the stock trades at a trailing P/E ratio of 64.9x. Average trailing P/E is 34x in the Metals and Mining industry in China. Total returns to shareholders of 490% over the past three years. Valuation Update With 7 Day Price Move • Jun 12
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to CN¥34.64, the stock trades at a trailing P/E ratio of 66.1x. Average trailing P/E is 34x in the Metals and Mining industry in China. Total returns to shareholders of 517% over the past three years. Valuation Update With 7 Day Price Move • May 20
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to CN¥28.26, the stock trades at a trailing P/E ratio of 54x. Average trailing P/E is 39x in the Metals and Mining industry in China. Total returns to shareholders of 407% over the past three years. New Risk • May 12
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. The company is paying a dividend despite having no free cash flows. Dividend yield: 0.4% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (6.3% operating cash flow to total debt). Share price has been highly volatile over the past 3 months (11% average weekly change). Minor Risk Paying a dividend despite having no free cash flows. Valuation Update With 7 Day Price Move • May 04
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to CN¥33.86, the stock trades at a trailing P/E ratio of 64.7x. Average trailing P/E is 41x in the Metals and Mining industry in China. Total returns to shareholders of 505% over the past three years. Announcement • Apr 28
Chongyi Zhangyuan Tungsten Co., Ltd., Annual General Meeting, Jun 05, 2026 Chongyi Zhangyuan Tungsten Co., Ltd., Annual General Meeting, Jun 05, 2026, at 14:30 China Standard Time. Location: The Company's Meeting Room, Ganzhou, Jiangxi China Reported Earnings • Apr 21
Full year 2025 earnings released: EPS: CN¥0.24 (vs CN¥0.14 in FY 2024) Full year 2025 results: EPS: CN¥0.24 (up from CN¥0.14 in FY 2024). Revenue: CN¥5.20b (up 42% from FY 2024). Net income: CN¥290.4m (up 69% from FY 2024). Profit margin: 5.6% (up from 4.7% in FY 2024). Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has increased by 79% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Mar 31
Chongyi Zhangyuan Tungsten Co., Ltd. to Report Q1, 2026 Results on Apr 28, 2026 Chongyi Zhangyuan Tungsten Co., Ltd. announced that they will report Q1, 2026 results on Apr 28, 2026 Reported Earnings • Mar 15
Full year 2025 earnings released: EPS: CN¥0.24 (vs CN¥0.14 in FY 2024) Full year 2025 results: EPS: CN¥0.24 (up from CN¥0.14 in FY 2024). Revenue: CN¥5.20b (up 42% from FY 2024). Net income: CN¥290.3m (up 69% from FY 2024). Profit margin: 5.6% (up from 4.7% in FY 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has increased by 76% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Feb 26
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Chinese stocks, typically moving 9.9% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (9.9% average weekly change). Minor Risk High level of debt (58% net debt to equity). Announcement • Dec 31
Chongyi Zhangyuan Tungsten Co., Ltd. to Report Fiscal Year 2025 Results on Apr 21, 2026 Chongyi Zhangyuan Tungsten Co., Ltd. announced that they will report fiscal year 2025 results on Apr 21, 2026 Buy Or Sell Opportunity • Nov 29
Now 20% overvalued Over the last 90 days, the stock has fallen 15% to CN¥12.59. The fair value is estimated to be CN¥10.46, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years, while earnings per share has been flat. Revenue is forecast to grow by 19% in 2 years. Earnings are forecast to grow by 42% in the next 2 years. New Risk • Nov 19
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Chinese stocks, typically moving 9.4% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (9.4% average weekly change). Minor Risks High level of debt (58% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Buy Or Sell Opportunity • Nov 13
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 31% to CN¥12.72. The fair value is estimated to be CN¥10.53, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years, while earnings per share has been flat. Revenue is forecast to grow by 19% in 2 years. Earnings are forecast to grow by 42% in the next 2 years. Buy Or Sell Opportunity • Oct 29
Now 25% overvalued after recent price rise Over the last 90 days, the stock has risen 54% to CN¥14.11. The fair value is estimated to be CN¥11.27, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years, while earnings per share has been flat. Revenue is forecast to grow by 19% in 2 years. Earnings are forecast to grow by 42% in the next 2 years. Reported Earnings • Oct 28
Third quarter 2025 earnings released: EPS: CN¥0.059 (vs CN¥0.029 in 3Q 2024) Third quarter 2025 results: EPS: CN¥0.059 (up from CN¥0.029 in 3Q 2024). Revenue: CN¥1.48b (up 47% from 3Q 2024). Net income: CN¥75.0m (up 119% from 3Q 2024). Profit margin: 5.1% (up from 3.4% in 3Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 9.4% growth forecast for the Metals and Mining industry in China. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has increased by 37% per year, which means it is well ahead of earnings. Announcement • Sep 30
Chongyi Zhangyuan Tungsten Co., Ltd. to Report Q3, 2025 Results on Oct 28, 2025 Chongyi Zhangyuan Tungsten Co., Ltd. announced that they will report Q3, 2025 results on Oct 28, 2025 New Risk • Sep 03
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Chinese stocks, typically moving 7.0% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks High level of debt (72% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (7.0% average weekly change). Valuation Update With 7 Day Price Move • Aug 21
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to CN¥11.05, the stock trades at a forward P/E ratio of 54x. Average forward P/E is 18x in the Metals and Mining industry in China. Total returns to shareholders of 77% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CN¥8.00 per share. Buy Or Sell Opportunity • Aug 13
Now 23% overvalued after recent price rise Over the last 90 days, the stock has risen 21% to CN¥9.65. The fair value is estimated to be CN¥7.85, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 9.9% over the last 3 years. Earnings per share has declined by 11%. Revenue is forecast to grow by 23% in 2 years. Earnings are forecast to grow by 55% in the next 2 years. Valuation Update With 7 Day Price Move • Jul 24
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to CN¥9.61, the stock trades at a forward P/E ratio of 47x. Average forward P/E is 18x in the Metals and Mining industry in China. Total returns to shareholders of 54% over the past three years. Announcement • Jul 02
Chongyi Zhangyuan Tungsten Co., Ltd. to Report First Half, 2025 Results on Aug 26, 2025 Chongyi Zhangyuan Tungsten Co., Ltd. announced that they will report first half, 2025 results on Aug 26, 2025 Declared Dividend • May 31
Dividend increased to CN¥0.072 Dividend of CN¥0.072 is 20% higher than last year. Ex-date: 6th June 2025 Payment date: 6th June 2025 Dividend yield will be 0.9%, which is lower than the industry average of 2.8%. Sustainability & Growth Dividend is well covered by both earnings (44% earnings payout ratio) and cash flows (27% cash payout ratio). The dividend has increased by an average of 26% per year over the past 8 years. However, payments have been volatile during that time. EPS is expected to grow by 50% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • May 22
Chongyi Zhangyuan Tungsten Co., Ltd. Approves Cash Dividend for 2024 Chongyi Zhangyuan Tungsten Co., Ltd. held its Annual General Meeting of 2024 on 16 May 2025, during which the following proposal(s) was/were approved: 2024 profit distribution plan of Cash dividend/10 shares (tax included): CNY 0.72000000. Valuation Update With 7 Day Price Move • May 09
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to CN¥7.90, the stock trades at a forward P/E ratio of 33x. Average forward P/E is 16x in the Metals and Mining industry in China. Total returns to shareholders of 48% over the past three years. Announcement • Apr 23
Chongyi Zhangyuan Tungsten Co., Ltd. Announces Final Cash Dividend Proposal for 2024 Chongyi Zhangyuan Tungsten Co., Ltd. announced on 22 April 2025 the profit distribution proposal for 2024 as final cash dividend of CNY 0.72000000 per 10 shares (tax included). Reported Earnings • Apr 22
Full year 2024 earnings: EPS and revenues miss analyst expectations Full year 2024 results: EPS: CN¥0.14 (up from CN¥0.12 in FY 2023). Revenue: CN¥3.67b (up 8.0% from FY 2023). Net income: CN¥172.0m (up 20% from FY 2023). Profit margin: 4.7% (up from 4.2% in FY 2023). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 3.3%. Earnings per share (EPS) also missed analyst estimates by 18%. Revenue is forecast to grow 11% p.a. on average during the next 2 years, compared to a 11% growth forecast for the Metals and Mining industry in China. Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has increased by 12% per year, which means it is well ahead of earnings. Announcement • Apr 22
Chongyi Zhangyuan Tungsten Co., Ltd., Annual General Meeting, May 16, 2025 Chongyi Zhangyuan Tungsten Co., Ltd., Annual General Meeting, May 16, 2025, at 14:30 China Standard Time. Location: The Company's Meeting Room, Ganzhou, Jiangxi China Buy Or Sell Opportunity • Apr 14
Now 21% overvalued Over the last 90 days, the stock has fallen 4.6% to CN¥6.46. The fair value is estimated to be CN¥5.32, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 8.6% over the last 3 years. Earnings per share has declined by 13%. Revenue is forecast to grow by 26% in 2 years. Earnings are forecast to grow by 94% in the next 2 years. Announcement • Mar 31
Chongyi Zhangyuan Tungsten Co., Ltd. to Report Q1, 2025 Results on Apr 29, 2025 Chongyi Zhangyuan Tungsten Co., Ltd. announced that they will report Q1, 2025 results on Apr 29, 2025 Reported Earnings • Mar 04
Full year 2024 earnings released: EPS: CN¥0.15 (vs CN¥0.12 in FY 2023) Full year 2024 results: EPS: CN¥0.15 (up from CN¥0.12 in FY 2023). Revenue: CN¥3.67b (up 8.0% from FY 2023). Net income: CN¥177.4m (up 23% from FY 2023). Profit margin: 4.8% (up from 4.2% in FY 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 11% p.a. on average during the next 2 years, compared to a 10% growth forecast for the Metals and Mining industry in China. Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Announcement • Dec 31
Chongyi Zhangyuan Tungsten Co., Ltd. to Report Fiscal Year 2024 Results on Apr 22, 2025 Chongyi Zhangyuan Tungsten Co., Ltd. announced that they will report fiscal year 2024 results on Apr 22, 2025 Reported Earnings • Oct 29
Third quarter 2024 earnings released: EPS: CN¥0.029 (vs CN¥0.02 in 3Q 2023) Third quarter 2024 results: EPS: CN¥0.029 (up from CN¥0.02 in 3Q 2023). Revenue: CN¥1.01b (up 27% from 3Q 2023). Net income: CN¥34.3m (up 44% from 3Q 2023). Profit margin: 3.4% (up from 3.0% in 3Q 2023). Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 9.5% growth forecast for the Metals and Mining industry in China. Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Announcement • Sep 30
Chongyi Zhangyuan Tungsten Co., Ltd. to Report Q3, 2024 Results on Oct 29, 2024 Chongyi Zhangyuan Tungsten Co., Ltd. announced that they will report Q3, 2024 results on Oct 29, 2024 Valuation Update With 7 Day Price Move • Sep 30
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to CN¥6.88, the stock trades at a forward P/E ratio of 33x. Average forward P/E is 14x in the Metals and Mining industry in China. Total returns to shareholders of 4.5% over the past three years. New Risk • Sep 09
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 40% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.9x net interest cover). Minor Risks Paying a dividend despite having no free cash flows. Large one-off items impacting financial results. Reported Earnings • Aug 27
Second quarter 2024 earnings released: EPS: CN¥0.075 (vs CN¥0.043 in 2Q 2023) Second quarter 2024 results: EPS: CN¥0.075 (up from CN¥0.043 in 2Q 2023). Revenue: CN¥939.9m (up 4.3% from 2Q 2023). Net income: CN¥85.1m (up 66% from 2Q 2023). Profit margin: 9.0% (up from 5.7% in 2Q 2023). Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 9.4% growth forecast for the Metals and Mining industry in China. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has fallen by 17% per year, which means it is performing significantly worse than earnings. Announcement • Jun 29
Chongyi Zhangyuan Tungsten Co., Ltd. to Report First Half, 2024 Results on Aug 27, 2024 Chongyi Zhangyuan Tungsten Co., Ltd. announced that they will report first half, 2024 results on Aug 27, 2024 New Risk • May 29
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Chinese stocks, typically moving 8.4% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.9x net interest cover). Minor Risks Dividend is not well covered by cash flows (dividend per share is over 206x cash flows per share). Share price has been volatile over the past 3 months (8.4% average weekly change). Large one-off items impacting financial results. Declared Dividend • May 23
Dividend of CN¥0.06 announced Shareholders will receive a dividend of CN¥0.06. Ex-date: 28th May 2024 Payment date: 28th May 2024 Dividend yield will be 0.9%, which is lower than the industry average of 2.8%. Sustainability & Growth Dividend is covered by earnings (55% earnings payout ratio) but not covered by cash flows (dividend approximately 206x free cash flows). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. EPS is expected to grow by 134% over the next 3 years, which should provide support to the dividend and adequate earnings cover. New Risk • May 02
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 38% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.9x net interest cover). Minor Risks Dividend is not well covered by cash flows (dividend per share is over 206x cash flows per share). Large one-off items impacting financial results. Reported Earnings • Apr 24
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: EPS: CN¥0.12 (down from CN¥0.17 in FY 2022). Revenue: CN¥3.40b (up 6.2% from FY 2022). Net income: CN¥144.0m (down 29% from FY 2022). Profit margin: 4.2% (down from 6.3% in FY 2022). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 6.9%. Earnings per share (EPS) also missed analyst estimates by 40%. Revenue is forecast to grow 8.3% p.a. on average during the next 3 years, compared to a 9.6% growth forecast for the Metals and Mining industry in China. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Announcement • Apr 23
Chongyi Zhangyuan Tungsten Co., Ltd., Annual General Meeting, May 14, 2024 Chongyi Zhangyuan Tungsten Co., Ltd., Annual General Meeting, May 14, 2024, at 14:30 China Standard Time. Location: The Company's Meeting Room, Ganzhou, Jiangxi China Valuation Update With 7 Day Price Move • Apr 03
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to CN¥6.80, the stock trades at a forward P/E ratio of 30x. Average forward P/E is 15x in the Metals and Mining industry in China. Total returns to shareholders of 3.8% over the past three years. Announcement • Mar 30
Chongyi Zhangyuan Tungsten Co., Ltd. to Report Q1, 2024 Results on Apr 30, 2024 Chongyi Zhangyuan Tungsten Co., Ltd. announced that they will report Q1, 2024 results on Apr 30, 2024 Reported Earnings • Feb 27
Full year 2023 earnings released: EPS: CN¥0.12 (vs CN¥0.17 in FY 2022) Full year 2023 results: EPS: CN¥0.12 (down from CN¥0.17 in FY 2022). Revenue: CN¥3.42b (up 6.9% from FY 2022). Net income: CN¥147.1m (down 28% from FY 2022). Profit margin: 4.3% (down from 6.3% in FY 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 18% p.a. on average during the next 2 years, compared to a 11% growth forecast for the Metals and Mining industry in China. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Feb 02
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to CN¥4.25, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 12x in the Metals and Mining industry in China. Total returns to shareholders of 21% over the past three years. Announcement • Dec 30
Chongyi Zhangyuan Tungsten Co., Ltd. to Report Fiscal Year 2023 Results on Apr 23, 2024 Chongyi Zhangyuan Tungsten Co., Ltd. announced that they will report fiscal year 2023 results on Apr 23, 2024 Reported Earnings • Nov 01
Third quarter 2023 earnings released: EPS: CN¥0.019 (vs CN¥0.03 in 3Q 2022) Third quarter 2023 results: EPS: CN¥0.019 (down from CN¥0.03 in 3Q 2022). Revenue: CN¥794.7m (down 4.3% from 3Q 2022). Net income: CN¥23.8m (down 34% from 3Q 2022). Profit margin: 3.0% (down from 4.4% in 3Q 2022). Revenue is forecast to grow 18% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Metals and Mining industry in China. Over the last 3 years on average, earnings per share has increased by 44% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth. Announcement • Sep 30
Chongyi Zhangyuan Tungsten Co., Ltd. to Report Q3, 2023 Results on Oct 31, 2023 Chongyi Zhangyuan Tungsten Co., Ltd. announced that they will report Q3, 2023 results on Oct 31, 2023 Major Estimate Revision • Aug 28
Consensus EPS estimates fall by 11% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate fell from CN¥0.208 to CN¥0.185 per share. Revenue forecast steady at CN¥3.64b. Net income forecast to grow 86% next year vs 41% growth forecast for Metals and Mining industry in China. Consensus price target of CN¥7.40 unchanged from last update. Share price fell 2.4% to CN¥5.61 over the past week. New Risk • Aug 26
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 62% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.5x net interest cover). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (4.6% net profit margin). Reported Earnings • Aug 22
Second quarter 2023 earnings released: EPS: CN¥0.043 (vs CN¥0.061 in 2Q 2022) Second quarter 2023 results: EPS: CN¥0.043 (down from CN¥0.061 in 2Q 2022). Revenue: CN¥901.0m (up 12% from 2Q 2022). Net income: CN¥51.4m (down 32% from 2Q 2022). Profit margin: 5.7% (down from 9.5% in 2Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Metals and Mining industry in China. Over the last 3 years on average, earnings per share has increased by 75% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth. Announcement • Jul 01
Chongyi Zhangyuan Tungsten Co., Ltd. to Report First Half, 2023 Results on Aug 22, 2023 Chongyi Zhangyuan Tungsten Co., Ltd. announced that they will report first half, 2023 results on Aug 22, 2023 Announcement • May 30
Chongyi Zhangyuan Tungsten Co., Ltd. Announces Final Profit Distribution Plan to Be Implemented on A Shares for the Year 2022, Payable on 05 June 2023 Chongyi Zhangyuan Tungsten Co., Ltd. announced final profit distribution plan to be implemented on A shares as cash dividend per ten shares (tax included) of CNY 1.20000000 for the year 2022, payable on 05 June 2023. Record date is 02 June 2023. Ex-date is 05 June 2023. Reported Earnings • Apr 18
Full year 2022 earnings released: EPS: CN¥0.22 (vs CN¥0.18 in FY 2021) Full year 2022 results: EPS: CN¥0.22 (up from CN¥0.18 in FY 2021). Revenue: CN¥3.20b (up 20% from FY 2021). Net income: CN¥203.3m (up 23% from FY 2021). Profit margin: 6.3% (up from 6.2% in FY 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 106% per year but the company’s share price has only increased by 29% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Feb 01
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to CN¥8.75, the stock trades at a trailing P/E ratio of 32.1x. Average trailing P/E is 33x in the Metals and Mining industry in China. Total returns to shareholders of 106% over the past three years. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 6 non-independent directors. Independent Director Wenguang Wu was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Oct 25
Third quarter 2022 earnings released: EPS: CN¥0.039 (vs CN¥0.062 in 3Q 2021) Third quarter 2022 results: EPS: CN¥0.039 (down from CN¥0.062 in 3Q 2021). Revenue: CN¥830.6m (up 6.2% from 3Q 2021). Net income: CN¥36.2m (down 36% from 3Q 2021). Profit margin: 4.4% (down from 7.2% in 3Q 2021). Over the last 3 years on average, earnings per share has increased by 105% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Sep 08
Investor sentiment improved over the past week After last week's 16% share price gain to CN¥8.83, the stock trades at a trailing P/E ratio of 30x. Average trailing P/E is 30x in the Metals and Mining industry in China. Total returns to shareholders of 41% over the past three years. Reported Earnings • Aug 31
Second quarter 2022 earnings released: EPS: CN¥0.079 (vs CN¥0.032 in 2Q 2021) Second quarter 2022 results: EPS: CN¥0.079 (up from CN¥0.032 in 2Q 2021). Revenue: CN¥802.7m (up 18% from 2Q 2021). Net income: CN¥76.0m (up 149% from 2Q 2021). Profit margin: 9.5% (up from 4.5% in 2Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 95% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Board Change • Jul 28
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 6 non-independent directors. Independent Director Wenguang Wu was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • May 19
Chongyi Zhangyuan Tungsten Co., Ltd. Announces Implementation of Final Cash Dividend for 2021, Payable on 24 May 2022 Chongyi Zhangyuan Tungsten Co., Ltd. announced implementation of final cash dividend of CNY 1.00000000 per 10 A shares for 2021. Record date is 23 May 2022. Ex-date is 24 May 2022. Payment date is 24 May 2022. 10% withholding tax on cash dividend will be deducted in CNY within the cash dividend receivable. Net cash dividend/10 shares after tax: CNY 0.90000000 (CNY 1.00000000- CNY 0.10000000). Announcement • May 18
Chongyi Zhangyuan Tungsten Co., Ltd. Approves Dividend for the Year 2021 Chongyi Zhangyuan Tungsten Co., Ltd. announced at annual general meeting held on May 13, 2022, the shareholders approved cash dividend of CNY 1.00000000 per ten shares (tax included) for the year 2021. Reported Earnings • Apr 27
First quarter 2022 earnings: EPS in line with analyst expectations despite revenue beat First quarter 2022 results: EPS: CN¥0.071 (up from CN¥0.007 in 1Q 2021). Revenue: CN¥872.9m (up 52% from 1Q 2021). Net income: CN¥65.7m (up CN¥59.0m from 1Q 2021). Profit margin: 7.5% (up from 1.2% in 1Q 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 6.5%. Earnings per share (EPS) also surpassed analyst estimates. Over the last 3 years on average, earnings per share has increased by 73% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Announcement • Apr 20
Chongyi Zhangyuan Tungsten Co., Ltd. Proposes Final Dividend for 2021 Chongyi Zhangyuan Tungsten Co., Ltd. announced on 19 April 2022 the profit distribution proposal for 2021 with cash dividend (tax included) of CNY 1.00000000 per 10 shares. Reported Earnings • Mar 14
Full year 2021 earnings: EPS in line with analyst expectations despite revenue beat Full year 2021 results: EPS: CN¥0.18 (up from CN¥0.04 in FY 2020). Revenue: CN¥2.66b (up 38% from FY 2020). Net income: CN¥164.3m (up 342% from FY 2020). Profit margin: 6.2% (up from 1.9% in FY 2020). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 6.5%. Earnings per share (EPS) also surpassed analyst estimates. Over the last 3 years on average, earnings per share has increased by 46% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Feb 11
Investor sentiment improved over the past week After last week's 16% share price gain to CN¥8.75, the stock trades at a trailing P/E ratio of 60x. Average trailing P/E is 29x in the Metals and Mining industry in China. Total returns to shareholders of 68% over the past three years. Valuation Update With 7 Day Price Move • Nov 24
Investor sentiment improved over the past week After last week's 15% share price gain to CN¥9.44, the stock trades at a trailing P/E ratio of 64.7x. Average trailing P/E is 32x in the Metals and Mining industry in China. Total returns to shareholders of 83% over the past three years. Reported Earnings • Oct 27
Third quarter 2021 earnings released: EPS CN¥0.062 (vs CN¥0.063 in 3Q 2020) The company reported a mediocre third quarter result with weaker earnings and profit margins, although revenues improved. Third quarter 2021 results: Revenue: CN¥782.2m (up 44% from 3Q 2020). Net income: CN¥56.1m (down 4.3% from 3Q 2020). Profit margin: 7.2% (down from 11% in 3Q 2020). Over the last 3 years on average, earnings per share has increased by 17% per year whereas the company’s share price has increased by 20% per year. Valuation Update With 7 Day Price Move • Sep 20
Investor sentiment deteriorated over the past week After last week's 17% share price decline to CN¥10.31, the stock trades at a trailing P/E ratio of 69.4x. Average trailing P/E is 33x in the Metals and Mining industry in China. Total returns to shareholders of 67% over the past three years. Reported Earnings • Aug 31
Second quarter 2021 earnings released: EPS CN¥0.032 (vs CN¥0.016 loss in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: CN¥678.8m (up 47% from 2Q 2020). Net income: CN¥30.5m (up CN¥43.2m from 2Q 2020). Profit margin: 4.5% (up from net loss in 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has increased by 26% per year, which means it is well ahead of earnings. Reported Earnings • Apr 27
Full year 2020 earnings released: EPS CN¥0.04 (vs CN¥0.31 loss in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: CN¥1.93b (up 5.7% from FY 2019). Net income: CN¥37.2m (up CN¥325.6m from FY 2019). Profit margin: 1.9% (up from net loss in FY 2019). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 93 percentage points per year, which is a significant difference in performance. Reported Earnings • Apr 11
Full year 2020 earnings released: EPS CN¥0.04 (vs CN¥0.31 loss in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: CN¥1.93b (up 5.7% from FY 2019). Net income: CN¥37.2m (up CN¥325.6m from FY 2019). Profit margin: 1.9% (up from net loss in FY 2019). The move to profitability was primarily driven by lower expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 89 percentage points per year, which is a significant difference in performance. Is New 90 Day High Low • Feb 05
New 90-day low: CN¥4.68 The company is down 9.0% from its price of CN¥5.14 on 06 November 2020. The Chinese market is up 5.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Metals and Mining industry, which is up 10.0% over the same period. Is New 90 Day High Low • Nov 02
New 90-day low: CN¥4.62 The company is down 15% from its price of CN¥5.45 on 04 August 2020. The Chinese market is down 6.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Metals and Mining industry, which is down 12% over the same period. Reported Earnings • Oct 29
Third quarter earnings released Over the last 12 months the company has reported total losses of CN¥177.3m, with losses widening by 82% from the prior year. Total revenue was CN¥1.80b over the last 12 months, down 3.7% from the prior year. Announcement • Aug 02
Chongyi Zhangyuan Tungsten Co., Ltd. to Report First Half, 2020 Results on Aug 25, 2020 Chongyi Zhangyuan Tungsten Co., Ltd. announced that they will report first half, 2020 results on Aug 25, 2020 