Board Change • Jun 25
High number of new directors Independent Director Xuejun Jiao was the last director to join the board, commencing their role in 2026. Announcement • Jun 25
Shanghai Nenghui Technology Co.,Ltd. Announces Independent Director Appointments Shanghai Nenghui Technology Co.,Ltd. held its 1st Extraordinary General Meeting of 2026 on June 22, 2026, during which the following proposals were approved: By-election of independent directors, cumulative voting system applicable. Jiao Xuejun, independent director. Mei Xiaojun, independent director. New Risk • Jun 08
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 8.5% 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 Earnings have declined by 27% per year over the past 5 years. Minor Risks Paying a dividend despite being loss-making. Share price has been volatile over the past 3 months (8.5% average weekly change). Declared Dividend • Jun 04
Dividend increased to CN¥0.40 Dividend of CN¥0.40 is 33% higher than last year. Ex-date: 8th June 2026 Payment date: 8th June 2026 Dividend yield will be 1.5%, which is lower than the industry average of 3.4%. Sustainability & Growth Dividend is being paid despite the company being loss-making over the last 12 months. However, the dividend is covered by cash flows (53% cash payout ratio). The dividend has remained flat since 4 years ago. However, payments have been volatile during that time. New Risk • May 18
New major risk - Revenue and earnings growth Earnings have declined by 27% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 27% per year over the past 5 years. Minor Risk Dividend is not well covered by earnings (188% payout ratio). Reported Earnings • Apr 28
Full year 2025 earnings: EPS and revenues miss analyst expectations Full year 2025 results: EPS: CN¥0.04 (down from CN¥0.35 in FY 2024). Revenue: CN¥1.18b (up 7.7% from FY 2024). Net income: CN¥6.98m (down 87% from FY 2024). Profit margin: 0.6% (down from 4.8% in FY 2024). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 25%. Earnings per share (EPS) also missed analyst estimates by 92%. Revenue is forecast to grow 32% p.a. on average during the next 2 years, compared to a 7.1% growth forecast for the Construction industry in China. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Announcement • Apr 28
Shanghai Nenghui Technology Co.,Ltd., Annual General Meeting, May 25, 2026 Shanghai Nenghui Technology Co.,Ltd., Annual General Meeting, May 25, 2026, at 14:30 China Standard Time. Location: Room 305, Building 2, Lane 288, Tongxie Road, Changning District, Shanghai China Announcement • Mar 31
Shanghai Nenghui Technology Co.,Ltd. to Report Q1, 2026 Results on Apr 25, 2026 Shanghai Nenghui Technology Co.,Ltd. announced that they will report Q1, 2026 results on Apr 25, 2026 Announcement • Dec 31
Shanghai Nenghui Technology Co.,Ltd. to Report Fiscal Year 2025 Results on Apr 25, 2026 Shanghai Nenghui Technology Co.,Ltd. announced that they will report fiscal year 2025 results on Apr 25, 2026 New Risk • Nov 17
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 7.4% 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: Minor Risks Dividend is not well covered by earnings (188% payout ratio). Share price has been volatile over the past 3 months (7.4% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (2.0% net profit margin). Reported Earnings • Oct 30
Third quarter 2025 earnings released: CN¥0.033 loss per share (vs CN¥0.13 profit in 3Q 2024) Third quarter 2025 results: CN¥0.033 loss per share (down from CN¥0.13 profit in 3Q 2024). Revenue: CN¥119.3m (down 56% from 3Q 2024). Net loss: CN¥5.43m (down 128% from profit in 3Q 2024). Revenue is forecast to grow 27% p.a. on average during the next 3 years, compared to a 7.7% growth forecast for the Construction industry in China. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Announcement • Sep 30
Shanghai Nenghui Technology Co.,Ltd. to Report Q3, 2025 Results on Oct 30, 2025 Shanghai Nenghui Technology Co.,Ltd. announced that they will report Q3, 2025 results on Oct 30, 2025 Valuation Update With 7 Day Price Move • Sep 05
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to CN¥25.81, the stock trades at a forward P/E ratio of 43x. Average forward P/E is 13x in the Construction industry in China. Total loss to shareholders of 21% over the past three years. Announcement • Jul 02
Shanghai Nenghui Technology Co.,Ltd. to Report First Half, 2025 Results on Aug 27, 2025 Shanghai Nenghui Technology Co.,Ltd. announced that they will report first half, 2025 results on Aug 27, 2025 Declared Dividend • Jun 16
Dividend increased to CN¥0.30 Dividend of CN¥0.30 is 0.0003% higher than last year. Ex-date: 19th June 2025 Payment date: 19th June 2025 Dividend yield will be 1.5%, which is lower than the industry average of 3.4%. Sustainability & Growth Dividend is not adequately covered by earnings (92% earnings payout ratio) nor is it covered by cash flows (193% cash payout ratio). The dividend has decreased over the past 36 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to grow by 1.9% to bring the payout ratio under control. EPS is expected to grow by 108% over the next 3 years, which is sufficient to bring the dividend into a sustainable range. New Risk • May 02
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 92% Cash payout ratio: 193% Dividend yield: 1.6% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain 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: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 92% Cash payout ratio: 193% Minor Risk Profit margins are more than 30% lower than last year (4.2% net profit margin). New Risk • Apr 28
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 32% 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 (32% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (4.8% net profit margin). Announcement • Apr 25
Shanghai Nenghui Technology Co.,Ltd Proposes Final Cash Dividend for the Year 2024 Shanghai Nenghui Technology Co.,Ltd. announced on 24 April 2025 the profit distribution proposal for 2024 as follows: final Cash dividend/10 shares (tax included) CNY 3.00000. Reported Earnings • Apr 24
First quarter 2025 earnings released: EPS: CN¥0.038 (vs CN¥0.063 in 1Q 2024) First quarter 2025 results: EPS: CN¥0.038 (down from CN¥0.063 in 1Q 2024). Revenue: CN¥310.4m (up 27% from 1Q 2024). Net income: CN¥5.74m (down 42% from 1Q 2024). Profit margin: 1.8% (down from 4.1% in 1Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. Announcement • Apr 24
Shanghai Nenghui Technology Co.,Ltd., Annual General Meeting, May 15, 2025 Shanghai Nenghui Technology Co.,Ltd., Annual General Meeting, May 15, 2025, at 14:30 China Standard Time. Location: Room 305, Building 2, Lane 288, Tongxie Road, Changning District, Shanghai China New Risk • Apr 09
New major risk - Revenue and earnings growth Earnings have declined by 15% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 15% per year over the past 5 years. High level of non-cash earnings (43% accrual ratio). Minor Risk Paying a dividend despite having no free cash flows. Valuation Update With 7 Day Price Move • Apr 07
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to CN¥16.52, the stock trades at a forward P/E ratio of 21x. Average forward P/E is 12x in the Construction industry in China. Total loss to shareholders of 51% over the past three years. Announcement • Apr 01
Shanghai Nenghui Technology Co.,Ltd. to Report Q1, 2025 Results on Apr 24, 2025 Shanghai Nenghui Technology Co.,Ltd. announced that they will report Q1, 2025 results on Apr 24, 2025 Announcement • Dec 31
Shanghai Nenghui Technology Co.,Ltd. to Report Fiscal Year 2024 Results on Apr 21, 2025 Shanghai Nenghui Technology Co.,Ltd. announced that they will report fiscal year 2024 results on Apr 21, 2025 Reported Earnings • Oct 28
Third quarter 2024 earnings released: EPS: CN¥0.13 (vs CN¥0.14 in 3Q 2023) Third quarter 2024 results: EPS: CN¥0.13 (down from CN¥0.14 in 3Q 2023). Revenue: CN¥272.2m (up 14% from 3Q 2023). Net income: CN¥19.5m (down 27% from 3Q 2023). Profit margin: 7.2% (down from 11% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 31% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Construction industry in China. Over the last 3 years on average, earnings per share has fallen by 28% per year whereas the company’s share price has fallen by 27% per year. Valuation Update With 7 Day Price Move • Oct 02
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to CN¥22.00, the stock trades at a forward P/E ratio of 24x. Average forward P/E is 13x in the Construction industry in China. Total loss to shareholders of 60% over the past three years. Announcement • Sep 30
Shanghai Nenghui Technology Co.,Ltd. to Report Q3, 2024 Results on Oct 28, 2024 Shanghai Nenghui Technology Co.,Ltd. announced that they will report Q3, 2024 results on Oct 28, 2024 New Risk • Sep 17
New major risk - Financial data availability The company has not reported any financial data. This is considered a major risk. With no or incomplete audited reported financial data, it is virtually impossible to assess the company's investment potential. Currently, the following risks have been identified for the company: Major Risk No financial data reported. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • Aug 28
Second quarter 2024 earnings released: EPS: CN¥0.15 (vs CN¥0.011 in 2Q 2023) Second quarter 2024 results: EPS: CN¥0.15 (up from CN¥0.011 in 2Q 2023). Revenue: CN¥375.7m (up 229% from 2Q 2023). Net income: CN¥21.8m (up CN¥20.2m from 2Q 2023). Profit margin: 5.8% (up from 1.4% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 28% p.a. on average during the next 3 years, compared to a 9.7% growth forecast for the Construction industry in China. Over the last 3 years on average, earnings per share has fallen by 44% per year but the company’s share price has only fallen by 36% per year, which means it has not declined as severely as earnings. Announcement • Jun 29
Shanghai Nenghui Technology Co.,Ltd. to Report First Half, 2024 Results on Aug 28, 2024 Shanghai Nenghui Technology Co.,Ltd. announced that they will report first half, 2024 results on Aug 28, 2024 New Risk • Jun 05
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: Major Risk High level of non-cash earnings (68% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (8.2% average weekly change). Valuation Update With 7 Day Price Move • May 10
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to CN¥23.21, the stock trades at a forward P/E ratio of 31x. Average forward P/E is 13x in the Construction industry in China. Total loss to shareholders of 25% over the past year. Announcement • Apr 27
Shanghai Nenghui Technology Co.,Ltd. Proposes Final Dividend for the Year 2023 Shanghai Nenghui Technology Co.,Ltd. announced on 25 April 2024 the profit distribution proposal for 2023 as follows: Cash dividend/10 shares (tax included): CNY 3.00. Reported Earnings • Apr 26
First quarter 2024 earnings released: EPS: CN¥0.063 (vs CN¥0.03 in 1Q 2023) First quarter 2024 results: EPS: CN¥0.063 (up from CN¥0.03 in 1Q 2023). Revenue: CN¥245.2m (up 247% from 1Q 2023). Net income: CN¥9.96m (up 135% from 1Q 2023). Profit margin: 4.1% (down from 6.0% in 1Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 34% p.a. on average during the next 3 years, compared to a 9.9% growth forecast for the Construction industry in China. Announcement • Apr 26
Shanghai Nenghui Technology Co.,Ltd., Annual General Meeting, May 15, 2024 Shanghai Nenghui Technology Co.,Ltd., Annual General Meeting, May 15, 2024, at 14:30 China Standard Time. Location: Room 305, Building 2, Lane 288, Tongxie Road, Changning District, Shanghai China Valuation Update With 7 Day Price Move • Apr 16
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to CN¥18.21, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 11x in the Construction industry in China. Total loss to shareholders of 44% over the past year. Announcement • Mar 30
Shanghai Nenghui Technology Co.,Ltd. to Report Q1, 2024 Results on Apr 25, 2024 Shanghai Nenghui Technology Co.,Ltd. announced that they will report Q1, 2024 results on Apr 25, 2024 Valuation Update With 7 Day Price Move • Feb 06
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to CN¥19.15, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 9x in the Construction industry in China. Total loss to shareholders of 52% over the past year. New Risk • Jan 25
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 7.7% 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 (52% accrual ratio). Minor Risk Share price has been volatile over the past 3 months (7.7% average weekly change). Valuation Update With 7 Day Price Move • Jan 23
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to CN¥22.62, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 10x in the Construction industry in China. Total loss to shareholders of 45% over the past year. Announcement • Dec 29
Shanghai Nenghui Technology Co.,Ltd. to Report Fiscal Year 2023 Results on Apr 25, 2024 Shanghai Nenghui Technology Co.,Ltd. announced that they will report fiscal year 2023 results on Apr 25, 2024 Reported Earnings • Nov 01
Third quarter 2023 earnings released: EPS: CN¥0.14 (vs CN¥0.009 loss in 3Q 2022) Third quarter 2023 results: EPS: CN¥0.14 (up from CN¥0.009 loss in 3Q 2022). Revenue: CN¥239.6m (up 456% from 3Q 2022). Net income: CN¥26.6m (up CN¥28.0m from 3Q 2022). Profit margin: 11% (up from net loss in 3Q 2022). Revenue is forecast to grow 41% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Construction industry in China. Price Target Changed • Aug 30
Price target decreased by 38% to CN¥27.06 Down from CN¥43.68, the current price target is provided by 1 analyst. New target price is approximately in line with last closing price of CN¥26.85. Stock is down 21% over the past year. The company is forecast to post earnings per share of CN¥0.94 for next year compared to CN¥0.17 last year. Reported Earnings • Aug 26
Second quarter 2023 earnings released: EPS: CN¥0.011 (vs CN¥0.03 in 2Q 2022) Second quarter 2023 results: EPS: CN¥0.011 (down from CN¥0.03 in 2Q 2022). Revenue: CN¥114.1m (up 23% from 2Q 2022). Net income: CN¥1.60m (down 64% from 2Q 2022). Profit margin: 1.4% (down from 4.8% in 2Q 2022). Revenue is forecast to grow 48% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Construction industry in China. Reported Earnings • Mar 17
Full year 2022 earnings released: EPS: CN¥0.17 (vs CN¥0.83 in FY 2021) Full year 2022 results: EPS: CN¥0.17 (down from CN¥0.83 in FY 2021). Revenue: CN¥381.7m (down 36% from FY 2021). Net income: CN¥26.1m (down 75% from FY 2021). Profit margin: 6.8% (down from 18% in FY 2021). The decrease in margin was driven by lower revenue. Announcement • Feb 15
Shanghai Nenghui Technology Co.,Ltd announced a financing transaction Shanghai Nenghui Technology Co.,Ltd announced a private placement for convertible bond on February 14, 2023. The transaction has been approved by the regulatory. Board Change • Nov 16
High number of new directors There are 6 new directors who have joined the board in the last 3 years. Non-Independent Director Junwei Yuan was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Oct 28
Third quarter 2022 earnings released: CN¥0.009 loss per share (vs CN¥0.13 profit in 3Q 2021) Third quarter 2022 results: CN¥0.009 loss per share (down from CN¥0.13 profit in 3Q 2021). Revenue: CN¥43.1m (down 66% from 3Q 2021). Net loss: CN¥1.39m (down 108% from profit in 3Q 2021). Board Change • Sep 20
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Non-Independent Director Junwei Yuan was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Aug 26
Second quarter 2022 earnings released: EPS: CN¥0.03 (vs CN¥0.47 in 2Q 2021) Second quarter 2022 results: EPS: CN¥0.03 (down from CN¥0.47 in 2Q 2021). Revenue: CN¥93.0m (down 62% from 2Q 2021). Net income: CN¥4.45m (down 92% from 2Q 2021). Profit margin: 4.8% (down from 21% in 2Q 2021). The decrease in margin was driven by lower revenue. Valuation Update With 7 Day Price Move • Aug 19
Investor sentiment improved over the past week After last week's 22% share price gain to CN¥49.33, the stock trades at a trailing P/E ratio of 72.5x. Average trailing P/E is 24x in the Construction industry in China. Total loss to shareholders of 3.4% over the past year. Announcement • Aug 18
Shanghai Nenghui Technology Co.,Ltd Announces Management Appointments Shanghai Nenghui Technology Co.,Ltd announced at the EGM held on August 16, 2022 that the company approved Yuan Junwei, Yue Hengtian, Tan Yixin as non-independent directors; Liu Dunnan and Zhang Meixia as independent directors and Xiong Tianzhu and Zhuan Haitao as non-employee supervisors. Valuation Update With 7 Day Price Move • Jul 13
Investor sentiment improved over the past week After last week's 22% share price gain to CN¥39.28, the stock trades at a trailing P/E ratio of 57.7x. Average trailing P/E is 24x in the Construction industry in China. Valuation Update With 7 Day Price Move • May 20
Investor sentiment improved over the past week After last week's 27% share price gain to CN¥39.10, the stock trades at a trailing P/E ratio of 57.5x. Average trailing P/E is 24x in the Construction industry in China. Reported Earnings • May 04
First quarter 2022 earnings released: EPS: CN¥0.08 (vs CN¥0.12 in 1Q 2021) First quarter 2022 results: EPS: CN¥0.08 (down from CN¥0.12 in 1Q 2021). Revenue: CN¥116.3m (up 34% from 1Q 2021). Net income: CN¥11.6m (down 15% from 1Q 2021). Profit margin: 10.0% (down from 16% in 1Q 2021). The decrease in margin was driven by higher expenses. Board Change • Apr 27
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. No highly experienced directors. 1 independent director (3 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Valuation Update With 7 Day Price Move • Apr 11
Investor sentiment deteriorated over the past week After last week's 17% share price decline to CN¥34.29, the stock trades at a trailing P/E ratio of 49.4x. Average trailing P/E is 24x in the Construction industry in China. Announcement • Apr 09
Shanghai Nenghui Technology Co.,Ltd Announces 2021 Final Cash Dividend Plan on A Shares, Payable on 14 April 2022 Shanghai Nenghui Technology Co.,Ltd announced 2021 final profit distribution plan. The company announced Cash dividend/10 shares (tax included) on A shares of CNY 4.00000000. Net cash dividend/10 shares after tax is CNY 3.60000000. The dividend is payable on 14 April 2022 with record date of 13 April 2022 and ex-date of 14 April 2022. Valuation Update With 7 Day Price Move • Mar 14
Investor sentiment improved over the past week After last week's 15% share price gain to CN¥47.62, the stock trades at a trailing P/E ratio of 68.6x. Average trailing P/E is 22x in the Construction industry in China. Reported Earnings • Feb 25
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: CN¥0.83 (up from CN¥0.81 in FY 2020). Revenue: CN¥592.7m (up 41% from FY 2020). Net income: CN¥104.0m (up 15% from FY 2020). Profit margin: 18% (down from 22% in FY 2020). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. 