Announcement • Jun 30
Shenzhen VMAX New Energy Co., Ltd. to Report First Half, 2026 Results on Aug 11, 2026 Shenzhen VMAX New Energy Co., Ltd. announced that they will report first half, 2026 results on Aug 11, 2026 New Risk • Jun 15
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 8.6% 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 High level of non-cash earnings (42% accrual ratio). Minor Risks Dividend is not well covered by cash flows (254% cash payout ratio). Share price has been volatile over the past 3 months (8.6% average weekly change). Valuation Update With 7 Day Price Move • Jun 11
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to CN¥31.67, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 20x in the Auto Components industry in China. Total returns to shareholders of 23% over the past year. Valuation Update With 7 Day Price Move • May 25
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to CN¥36.14, the stock trades at a forward P/E ratio of 21x. Average forward P/E is 22x in the Auto Components industry in China. Total returns to shareholders of 46% over the past year. New Risk • Apr 21
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 42% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (42% accrual ratio). Minor Risk Dividend is not well covered by cash flows (254% cash payout ratio). Announcement • Apr 16
Shenzhen VMAX New Energy Co., Ltd., Annual General Meeting, May 08, 2026 Shenzhen VMAX New Energy Co., Ltd., Annual General Meeting, May 08, 2026, at 15:00 China Standard Time. Location: The Company's Meeting Room, Shenzhen, Guangdong China Reported Earnings • Apr 16
Full year 2025 earnings: EPS and revenues miss analyst expectations Full year 2025 results: EPS: CN¥1.33 (up from CN¥0.95 in FY 2024). Revenue: CN¥6.34b (up 4.6% from FY 2024). Net income: CN¥521.5m (up 30% from FY 2024). Profit margin: 8.2% (up from 6.6% in FY 2024). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 5.8%. Earnings per share (EPS) also missed analyst estimates by 24%. Revenue is forecast to grow 18% p.a. on average during the next 2 years, compared to a 17% growth forecast for the Auto Components industry in China. Announcement • Mar 30
Shenzhen VMAX New Energy Co., Ltd. to Report Q1, 2026 Results on Apr 21, 2026 Shenzhen VMAX New Energy Co., Ltd. announced that they will report Q1, 2026 results on Apr 21, 2026 Reported Earnings • Feb 10
Full year 2025 earnings: EPS and revenues miss analyst expectations Full year 2025 results: EPS: CN¥1.33 (up from CN¥0.95 in FY 2024). Revenue: CN¥6.34b (up 4.6% from FY 2024). Net income: CN¥557.1m (up 39% from FY 2024). Profit margin: 8.8% (up from 6.6% in FY 2024). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 5.8%. Earnings per share (EPS) also missed analyst estimates by 24%. Revenue is forecast to grow 23% p.a. on average during the next 2 years, compared to a 18% growth forecast for the Auto Components industry in China. Announcement • Dec 26
Shenzhen VMAX New Energy Co., Ltd. to Report Fiscal Year 2025 Results on Apr 25, 2026 Shenzhen VMAX New Energy Co., Ltd. announced that they will report fiscal year 2025 results on Apr 25, 2026 Reported Earnings • Oct 29
Third quarter 2025 earnings released: EPS: CN¥0.39 (vs CN¥0.19 in 3Q 2024) Third quarter 2025 results: EPS: CN¥0.39 (up from CN¥0.19 in 3Q 2024). Revenue: CN¥3.27b (up 106% from 3Q 2024). Net income: CN¥387.0m (up 381% from 3Q 2024). Profit margin: 12% (up from 5.1% in 3Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 17% growth forecast for the Auto Components industry in China. Announcement • Sep 30
Shenzhen VMAX New Energy Co., Ltd. to Report Q3, 2025 Results on Oct 28, 2025 Shenzhen VMAX New Energy Co., Ltd. announced that they will report Q3, 2025 results on Oct 28, 2025 Valuation Update With 7 Day Price Move • Aug 28
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to CN¥39.81, the stock trades at a forward P/E ratio of 21x. Average forward P/E is 23x in the Auto Components industry in China. Total returns to shareholders of 121% over the past year. Major Estimate Revision • Aug 27
Consensus revenue estimates decrease by 13%, EPS upgraded The consensus outlook for fiscal year 2025 has been updated. 2025 revenue forecast fell from CN¥8.57b to CN¥7.44b. EPS estimate increased from CN¥1.59 to CN¥1.76 per share. Net income forecast to grow 91% next year vs 38% growth forecast for Auto Components industry in China. Consensus price target up from CN¥28.58 to CN¥34.49. Share price rose 12% to CN¥38.51 over the past week. New Risk • Aug 22
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 1.7% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining the dividend. 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: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (6.4% net profit margin). Valuation Update With 7 Day Price Move • Jul 16
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to CN¥32.44, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 20x in the Auto Components industry in China. Total returns to shareholders of 33% over the past year. Announcement • Jun 30
Shenzhen VMAX New Energy Co., Ltd. to Report First Half, 2025 Results on Aug 26, 2025 Shenzhen VMAX New Energy Co., Ltd. announced that they will report first half, 2025 results on Aug 26, 2025 Reported Earnings • Apr 28
First quarter 2025 earnings released: EPS: CN¥0.24 (vs CN¥0.27 in 1Q 2024) First quarter 2025 results: EPS: CN¥0.24 (down from CN¥0.27 in 1Q 2024). Revenue: CN¥1.35b (down 1.0% from 1Q 2024). Net income: CN¥100.8m (down 12% from 1Q 2024). Profit margin: 7.5% (down from 8.4% in 1Q 2024). Revenue is forecast to grow 21% p.a. on average during the next 3 years, compared to a 17% growth forecast for the Auto Components industry in China. Announcement • Apr 26
Shenzhen VMAX New Energy Co., Ltd., Annual General Meeting, May 19, 2025 Shenzhen VMAX New Energy Co., Ltd., Annual General Meeting, May 19, 2025, at 15:00 China Standard Time. Location: The Company's Meeting Room, Shenzhen, Guangdong China Valuation Update With 7 Day Price Move • Apr 07
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to CN¥22.04, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 21x in the Auto Components industry in China. Total loss to shareholders of 34% over the past year. Announcement • Mar 28
Shenzhen VMAX New Energy Co., Ltd. to Report Q1, 2025 Results on Apr 26, 2025 Shenzhen VMAX New Energy Co., Ltd. announced that they will report Q1, 2025 results on Apr 26, 2025 New Risk • Mar 13
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 8.2% 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 Dividend is not well covered by cash flows (135% cash payout ratio). Share price has been volatile over the past 3 months (8.2% average weekly change). Profit margins are more than 30% lower than last year (6.3% net profit margin). Reported Earnings • Mar 02
Full year 2024 earnings: EPS and revenues miss analyst expectations Full year 2024 results: EPS: CN¥0.96 (down from CN¥1.27 in FY 2023). Revenue: CN¥6.38b (up 16% from FY 2023). Net income: CN¥403.8m (down 20% from FY 2023). Profit margin: 6.3% (down from 9.1% in FY 2023). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 6.4%. Earnings per share (EPS) also missed analyst estimates by 24%. Revenue is forecast to grow 23% p.a. on average during the next 2 years, compared to a 18% growth forecast for the Auto Components industry in China. Valuation Update With 7 Day Price Move • Feb 24
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to CN¥29.90, the stock trades at a forward P/E ratio of 20x. Average forward P/E is 23x in the Auto Components industry in China. Total loss to shareholders of 7.9% over the past year. Valuation Update With 7 Day Price Move • Jan 09
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to CN¥26.40, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 18x in the Auto Components industry in China. Total loss to shareholders of 28% over the past year. Announcement • Dec 27
Shenzhen VMAX New Energy Co., Ltd. to Report Fiscal Year 2024 Results on Apr 26, 2025 Shenzhen VMAX New Energy Co., Ltd. announced that they will report fiscal year 2024 results on Apr 26, 2025 Major Estimate Revision • Nov 02
Consensus EPS estimates fall by 14%, revenue upgraded The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast increased from CN¥6.77b to CN¥6.84b. EPS estimate fell from CN¥1.49 to CN¥1.28 per share. Net income forecast to grow 36% next year vs 36% growth forecast for Auto Components industry in China. Consensus price target up from CN¥25.84 to CN¥29.83. Share price fell 7.3% to CN¥24.09 over the past week. Reported Earnings • Oct 26
Third quarter 2024 earnings released: EPS: CN¥0.19 (vs CN¥0.18 in 3Q 2023) Third quarter 2024 results: EPS: CN¥0.19 (up from CN¥0.18 in 3Q 2023). Revenue: CN¥1.59b (up 19% from 3Q 2023). Net income: CN¥80.4m (up 5.5% from 3Q 2023). Profit margin: 5.1% (down from 5.7% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 21% p.a. on average during the next 3 years, compared to a 18% growth forecast for the Auto Components industry in China. Announcement • Oct 22
Shenzhen VMAX New Energy Co., Ltd. (SHSE:688612) announces an Equity Buyback for CNY 100 million worth of its shares. Shenzhen VMAX New Energy Co., Ltd. (SHSE:688612) announces a share repurchase program. Under the program, the company will repurchase up to CNY 100 million worth of its shares. The shares will be repurchased at a price not more than CNY 35 per share. The company intends to use its own funds to repurchase shares. The repurchased shares will be used in equity incentive plans. The share repurchase program will be valid for 12 months from the date of review and approval by the company's general meeting of shareholders. New Risk • Sep 30
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 7.2% 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 High level of non-cash earnings (43% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (7.2% average weekly change). Announcement • Sep 30
Shenzhen VMAX New Energy Co., Ltd. to Report Q3, 2024 Results on Oct 26, 2024 Shenzhen VMAX New Energy Co., Ltd. announced that they will report Q3, 2024 results on Oct 26, 2024 Valuation Update With 7 Day Price Move • Sep 27
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to CN¥21.83, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 14x in the Auto Components industry in China. Total loss to shareholders of 48% over the past year. Announcement • Jun 28
Shenzhen VMAX New Energy Co., Ltd. to Report First Half, 2024 Results on Aug 24, 2024 Shenzhen VMAX New Energy Co., Ltd. announced that they will report first half, 2024 results on Aug 24, 2024 Reported Earnings • Apr 27
First quarter 2024 earnings released: EPS: CN¥0.27 (vs CN¥0.23 in 1Q 2023) First quarter 2024 results: EPS: CN¥0.27 (up from CN¥0.23 in 1Q 2023). Revenue: CN¥1.37b (up 31% from 1Q 2023). Net income: CN¥114.2m (up 30% from 1Q 2023). Profit margin: 8.4% (in line with 1Q 2023). Revenue is forecast to grow 26% p.a. on average during the next 2 years, compared to a 18% growth forecast for the Auto Components industry in China. Announcement • Apr 27
Shenzhen VMAX New Energy Co., Ltd., Annual General Meeting, May 16, 2024 Shenzhen VMAX New Energy Co., Ltd., Annual General Meeting, May 16, 2024, at 15:00 China Standard Time. Location: No. 501-1, Fengyun Technology Building, the 5th Industrial Zone, North Ring Road, Nanshan District, Shenzhen, Guangdong China Announcement • Mar 29
Shenzhen VMAX New Energy Co., Ltd. to Report Q1, 2024 Results on Apr 26, 2024 Shenzhen VMAX New Energy Co., Ltd. announced that they will report Q1, 2024 results on Apr 26, 2024 Reported Earnings • Feb 23
Full year 2023 earnings: EPS and revenues exceed analyst expectations Full year 2023 results: EPS: CN¥1.26 (up from CN¥0.78 in FY 2022). Revenue: CN¥5.52b (up 44% from FY 2022). Net income: CN¥500.6m (up 70% from FY 2022). Profit margin: 9.1% (up from 7.7% in FY 2022). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 5.3%. Earnings per share (EPS) also surpassed analyst estimates by 13%. Revenue is forecast to grow 26% p.a. on average during the next 2 years, compared to a 20% growth forecast for the Auto Components industry in China. Valuation Update With 7 Day Price Move • Feb 12
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to CN¥30.22, the stock trades at a forward P/E ratio of 20x. Average forward P/E is 17x in the Auto Components industry in China. Simply Wall St's valuation model estimates the intrinsic value at CN¥23.67 per share. Buy Or Sell Opportunity • Feb 06
Now 26% overvalued Over the last 90 days, the stock has fallen 31% to CN¥27.17. The fair value is estimated to be CN¥21.58, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 49% over the last 3 years. Earnings per share has grown by 61%. Revenue is forecast to grow by 78% in 2 years. Earnings are forecast to grow by 123% in the next 2 years. Valuation Update With 7 Day Price Move • Jan 26
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to CN¥32.68, the stock trades at a forward P/E ratio of 22x. Average forward P/E is 17x in the Auto Components industry in China. Simply Wall St's valuation model estimates the intrinsic value at CN¥21.61 per share. Reported Earnings • Nov 01
Third quarter 2023 earnings released Third quarter 2023 results: EPS: CN¥0.18. Net income: CN¥76.2m (up CN¥76.2m from 3Q 2022). Revenue is forecast to grow 36% p.a. on average during the next 3 years, compared to a 22% growth forecast for the Auto Components industry in China. New Risk • Aug 06
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 62% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks Shares are highly illiquid. High level of non-cash earnings (62% accrual ratio). 
