Declared Dividend • May 25
Dividend reduced to CN¥0.31 Dividend of CN¥0.31 is 28% lower than last year. Ex-date: 27th May 2026 Payment date: 27th May 2026 Dividend yield will be 0.8%, which is lower than the industry average of 2.0%. Sustainability & Growth Dividend is not adequately covered by earnings (94% earnings payout ratio) and the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 32% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 4.2% to bring the payout ratio under control. EPS is expected to grow by 184% over the next 3 years, which is sufficient to bring the dividend into a sustainable range. Major Estimate Revision • Apr 07
Consensus EPS estimates fall by 16% The consensus outlook for earnings per share (EPS) in fiscal year 2026 has deteriorated. 2026 revenue forecast decreased from CN¥4.61b to CN¥4.52b. EPS estimate also fell from CN¥1.31 per share to CN¥1.09 per share. Net income forecast to grow 63% next year vs 9.0% growth forecast for Beverage industry in China. Consensus price target down from CN¥63.76 to CN¥61.69. Share price fell 2.7% to CN¥43.99 over the past week. Announcement • Apr 03
Shede Spirits Co., Ltd., Annual General Meeting, Apr 28, 2026 Shede Spirits Co., Ltd., Annual General Meeting, Apr 28, 2026, at 09:30 China Standard Time. Location: The Company's Meeting Room, Shehong, Sichuan China Announcement • Mar 30
Shede Spirits Co., Ltd. to Report Q1, 2026 Results on Apr 16, 2026 Shede Spirits Co., Ltd. announced that they will report Q1, 2026 results on Apr 16, 2026 Reported Earnings • Mar 21
Full year 2025 earnings: EPS and revenues miss analyst expectations Full year 2025 results: EPS: CN¥0.68 (down from CN¥1.05 in FY 2024). Revenue: CN¥4.42b (down 18% from FY 2024). Net income: CN¥223.0m (down 36% from FY 2024). Profit margin: 5.0% (down from 6.5% in FY 2024). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 10%. Earnings per share (EPS) also missed analyst estimates by 64%. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 6.5% growth forecast for the Beverage industry in China. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 26 percentage points per year, which is a significant difference in performance. Announcement • Dec 26
Shede Spirits Co., Ltd. to Report Fiscal Year 2025 Results on Mar 21, 2026 Shede Spirits Co., Ltd. announced that they will report fiscal year 2025 results on Mar 21, 2026 Reported Earnings • Oct 30
Third quarter 2025 earnings released: EPS: CN¥0.088 (vs CN¥0.23 in 3Q 2024) Third quarter 2025 results: EPS: CN¥0.088 (down from CN¥0.23 in 3Q 2024). Revenue: CN¥1.00b (down 16% from 3Q 2024). Net income: CN¥28.7m (down 63% from 3Q 2024). Profit margin: 2.9% (down from 6.6% in 3Q 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 7.9% growth forecast for the Beverage industry in China. Over the last 3 years on average, earnings per share has fallen by 51% per year but the company’s share price has only fallen by 24% per year, which means it has not declined as severely as earnings. Announcement • Sep 30
Shede Spirits Co., Ltd. to Report Q3, 2025 Results on Oct 30, 2025 Shede Spirits Co., Ltd. announced that they will report Q3, 2025 results on Oct 30, 2025 Reported Earnings • Aug 25
Second quarter 2025 earnings released: EPS: CN¥0.30 (vs CN¥0.12 in 2Q 2024) Second quarter 2025 results: EPS: CN¥0.30 (up from CN¥0.12 in 2Q 2024). Revenue: CN¥1.13b (down 3.4% from 2Q 2024). Net income: CN¥97.2m (up 140% from 2Q 2024). Profit margin: 8.6% (up from 3.5% in 2Q 2024). The increase in margin was driven by lower expenses. Revenue is forecast to grow 9.6% p.a. on average during the next 3 years, compared to a 8.2% growth forecast for the Beverage industry in China. Over the last 3 years on average, earnings per share has fallen by 37% per year but the company’s share price has only fallen by 28% per year, which means it has not declined as severely as earnings. Announcement • Jun 30
Shede Spirits Co., Ltd. to Report First Half, 2025 Results on Aug 23, 2025 Shede Spirits Co., Ltd. announced that they will report first half, 2025 results on Aug 23, 2025 Declared Dividend • May 18
Dividend reduced to CN¥0.43 Dividend of CN¥0.43 is 80% lower than last year. Ex-date: 23rd May 2025 Payment date: 23rd May 2025 Dividend yield will be 0.8%, which is lower than the industry average of 2.0%. Sustainability & Growth Dividend is not adequately covered by earnings (100% earnings payout ratio) and the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 36% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 11% to bring the payout ratio under control. EPS is expected to grow by 173% over the next 3 years, which is sufficient to bring the dividend into a sustainable range. Reported Earnings • Apr 26
First quarter 2025 earnings released: EPS: CN¥1.06 (vs CN¥1.66 in 1Q 2024) First quarter 2025 results: EPS: CN¥1.06 (down from CN¥1.66 in 1Q 2024). Revenue: CN¥1.58b (down 25% from 1Q 2024). Net income: CN¥346.1m (down 37% from 1Q 2024). Profit margin: 22% (down from 26% in 1Q 2024). Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 9.0% growth forecast for the Beverage industry in China. Over the last 3 years on average, earnings per share has fallen by 24% per year whereas the company’s share price has fallen by 27% per year. Announcement • Apr 03
Shede Spirits Co., Ltd., Annual General Meeting, Apr 29, 2025 Shede Spirits Co., Ltd., Annual General Meeting, Apr 29, 2025, at 09:30 China Standard Time. Location: The Company's Meeting Room, Shehong, Sichuan China Announcement • Mar 28
Shede Spirits Co., Ltd. to Report Q1, 2025 Results on Apr 26, 2025 Shede Spirits Co., Ltd. announced that they will report Q1, 2025 results on Apr 26, 2025 Major Estimate Revision • Mar 28
Consensus revenue estimates fall by 11% The consensus outlook for revenues in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from CN¥6.13b to CN¥5.43b. EPS estimate fell from CN¥3.04 to CN¥1.46 per share. Net income forecast to grow 40% next year vs 13% growth forecast for Beverage industry in China. Consensus price target broadly unchanged at CN¥68.50. Share price was steady at CN¥57.68 over the past week. Reported Earnings • Mar 22
Full year 2024 earnings: EPS and revenues miss analyst expectations Full year 2024 results: EPS: CN¥1.05 (down from CN¥5.35 in FY 2023). Revenue: CN¥5.36b (down 24% from FY 2023). Net income: CN¥345.8m (down 81% from FY 2023). Profit margin: 6.5% (down from 25% in FY 2023). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 5.9%. Earnings per share (EPS) also missed analyst estimates by 60%. Revenue is forecast to grow 9.6% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Beverage 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 fallen by 29% per year, which means it is performing significantly worse than earnings. Valuation Update With 7 Day Price Move • Jan 06
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to CN¥56.06, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 20x in the Beverage industry in China. Total loss to shareholders of 73% over the past three years. Announcement • Dec 27
Shede Spirits Co., Ltd. to Report Fiscal Year 2024 Results on Mar 22, 2025 Shede Spirits Co., Ltd. announced that they will report fiscal year 2024 results on Mar 22, 2025 Valuation Update With 7 Day Price Move • Nov 07
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to CN¥78.52, the stock trades at a forward P/E ratio of 23x. Average forward P/E is 21x in the Beverage industry in China. Total loss to shareholders of 55% over the past three years. Major Estimate Revision • Nov 04
Consensus revenue estimates fall by 13% The consensus outlook for revenues in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from CN¥6.61b to CN¥5.73b. EPS estimate fell from CN¥4.02 to CN¥2.92 per share. Net income forecast to grow 11% next year vs 19% growth forecast for Beverage industry in China. Consensus price target up from CN¥75.75 to CN¥78.69. Share price fell 3.6% to CN¥65.73 over the past week. Reported Earnings • Oct 29
Third quarter 2024 earnings released: EPS: CN¥0.23 (vs CN¥1.13 in 3Q 2023) Third quarter 2024 results: EPS: CN¥0.23 (down from CN¥1.13 in 3Q 2023). Revenue: CN¥1.19b (down 31% from 3Q 2023). Net income: CN¥78.0m (down 79% from 3Q 2023). Profit margin: 6.6% (down from 22% in 3Q 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Beverage industry in China. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has fallen by 28% per year, which means it is significantly lagging earnings. Buy Or Sell Opportunity • Oct 29
Now 22% undervalued Over the last 90 days, the stock has risen 19% to CN¥65.04. The fair value is estimated to be CN¥83.29, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 16% over the last 3 years. Earnings per share has grown by 12%. Revenue is forecast to grow by 20% in 2 years. Earnings are forecast to grow by 27% in the next 2 years. Announcement • Oct 29
Shede Spirits Co., Ltd. (SHSE:600702) announces an Equity Buyback for 2,197,802 shares, representing 0.66% of its issued share capital. Shede Spirits Co., Ltd. (SHSE:600702) announces a share repurchase program. Under the program, the company will repurchase up to 2,197,802 shares, representing 0.66% of its issued share capital. The shares will be repurchased shares at a price of not more than CNY 91 per share. The repurchased shares will be used to implement the employee stock ownership plan or equity incentives, reduction of registered capital, to convert company convertible bonds and to protect the company's value and shareholders' rights. The source of funds for the share repurchase is the company's own funds and/or self-raised funds. The term of this repurchase of shares shall not exceed 6 months. Valuation Update With 7 Day Price Move • Oct 17
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to CN¥61.28, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 20x in the Beverage industry in China. Total loss to shareholders of 67% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CN¥83.29 per share. Buy Or Sell Opportunity • Oct 11
Now 21% undervalued Over the last 90 days, the stock has risen 19% to CN¥65.51. The fair value is estimated to be CN¥83.29, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 16% over the last 3 years. Earnings per share has grown by 12%. Revenue is forecast to grow by 20% in 2 years. Earnings are forecast to grow by 27% in the next 2 years. Announcement • Sep 30
Shede Spirits Co., Ltd. to Report Q3, 2024 Results on Oct 29, 2024 Shede Spirits Co., Ltd. announced that they will report Q3, 2024 results on Oct 29, 2024 New Risk • Sep 27
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 6.7% 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 (50% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (6.7% average weekly change). Valuation Update With 7 Day Price Move • Sep 26
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to CN¥49.48, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 18x in the Beverage industry in China. Total loss to shareholders of 75% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CN¥83.29 per share. Major Estimate Revision • Aug 28
Consensus revenue estimates fall by 11% The consensus outlook for revenues in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from CN¥7.96b to CN¥7.12b. EPS estimate fell from CN¥5.93 to CN¥4.73 per share. Net income forecast to grow 16% next year vs 17% growth forecast for Beverage industry in China. Consensus price target down from CN¥104 to CN¥88.75. Share price fell 15% to CN¥42.57 over the past week. Reported Earnings • Aug 22
Second quarter 2024 earnings released: EPS: CN¥0.12 (vs CN¥1.06 in 2Q 2023) Second quarter 2024 results: EPS: CN¥0.12 (down from CN¥1.06 in 2Q 2023). Revenue: CN¥1.17b (down 23% from 2Q 2023). Net income: CN¥40.6m (down 88% from 2Q 2023). Profit margin: 3.5% (down from 23% in 2Q 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Beverage industry in China. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has fallen by 38% per year, which means it is significantly lagging earnings. Announcement • Jun 28
Shede Spirits Co., Ltd. to Report First Half, 2024 Results on Aug 22, 2024 Shede Spirits Co., Ltd. announced that they will report first half, 2024 results on Aug 22, 2024 Price Target Changed • Jun 20
Price target decreased by 15% to CN¥104 Down from CN¥123, the current price target is an average from 3 analysts. New target price is 56% above last closing price of CN¥67.06. Stock is down 50% over the past year. The company is forecast to post earnings per share of CN¥5.95 for next year compared to CN¥5.35 last year. Price Target Changed • May 02
Price target decreased by 8.1% to CN¥120 Down from CN¥130, the current price target is an average from 4 analysts. New target price is 64% above last closing price of CN¥73.14. Stock is down 58% over the past year. The company is forecast to post earnings per share of CN¥5.95 for next year compared to CN¥5.35 last year. Reported Earnings • Apr 27
First quarter 2024 earnings released: EPS: CN¥1.66 (vs CN¥1.72 in 1Q 2023) First quarter 2024 results: EPS: CN¥1.66 (down from CN¥1.72 in 1Q 2023). Revenue: CN¥2.11b (up 4.1% from 1Q 2023). Net income: CN¥550.3m (down 3.4% from 1Q 2023). Profit margin: 26% (down from 28% in 1Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Beverage 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 17% per year, which means it is significantly lagging earnings. Announcement • Mar 30
Shede Spirits Co., Ltd., Annual General Meeting, Apr 23, 2024 Shede Spirits Co., Ltd., Annual General Meeting, Apr 23, 2024, at 09:30 China Standard Time. Location: The Company's Meeting Room, Shehong, Sichuan China Announcement • Mar 29
Shede Spirits Co., Ltd. to Report Q1, 2024 Results on Apr 26, 2024 Shede Spirits Co., Ltd. announced that they will report Q1, 2024 results on Apr 26, 2024 Reported Earnings • Mar 20
Full year 2023 earnings: EPS misses analyst expectations Full year 2023 results: EPS: CN¥5.35 (up from CN¥5.10 in FY 2022). Revenue: CN¥7.08b (up 17% from FY 2022). Net income: CN¥1.77b (up 5.1% from FY 2022). Profit margin: 25% (down from 28% in FY 2022). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 3.2%. Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Beverage industry in China. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Announcement • Feb 09
Shede Spirits Co., Ltd. (SHSE:600702) announces an Equity Buyback for CNY 200 million worth of its shares. Shede Spirits Co., Ltd. (SHSE:600702) announces a share repurchase program. Under the program, the company will repurchase up to CNY 200 million worth of its shares. The shares will be repurchased at a price of not more than CNY 131 per share. The repurchased shares will be used to implement the employee stock ownership plan. The source of funds for the share repurchase is the company's own funds. The term of this repurchase of shares shall not exceed 6 months. 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¥74.81, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 20x in the Beverage industry in China. Total loss to shareholders of 15% over the past three years. Announcement • Dec 29
Shede Spirits Co., Ltd. to Report Fiscal Year 2023 Results on Mar 20, 2024 Shede Spirits Co., Ltd. announced that they will report fiscal year 2023 results on Mar 20, 2024 Price Target Changed • Oct 28
Price target decreased by 11% to CN¥168 Down from CN¥190, the current price target is an average from 5 analysts. New target price is 47% above last closing price of CN¥114. Stock is down 7.7% over the past year. The company is forecast to post earnings per share of CN¥5.79 for next year compared to CN¥5.10 last year. Reported Earnings • Oct 26
Third quarter 2023 earnings released: EPS: CN¥1.13 (vs CN¥1.11 in 3Q 2022) Third quarter 2023 results: EPS: CN¥1.13 (up from CN¥1.11 in 3Q 2022). Revenue: CN¥1.72b (up 7.9% from 3Q 2022). Net income: CN¥375.5m (up 3.0% from 3Q 2022). Profit margin: 22% (down from 23% in 3Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 25% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Beverage industry in China. Over the last 3 years on average, earnings per share has increased by 33% per year whereas the company’s share price has increased by 36% per year. Valuation Update With 7 Day Price Move • Oct 19
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to CN¥106, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 24x in the Beverage industry in China. Total returns to shareholders of 164% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CN¥155 per share. Buying Opportunity • Oct 10
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 1.7%. The fair value is estimated to be CN¥155, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 32% over the last 3 years. Earnings per share has grown by 38%. Revenue is forecast to grow by 64% in 2 years. Earnings is forecast to grow by 65% in the next 2 years. Announcement • Sep 30
Shede Spirits Co., Ltd. to Report Q3, 2023 Results on Oct 26, 2023 Shede Spirits Co., Ltd. announced that they will report Q3, 2023 results on Oct 26, 2023 Price Target Changed • Aug 22
Price target decreased by 11% to CN¥206 Down from CN¥232, the current price target is an average from 5 analysts. New target price is 55% above last closing price of CN¥133. Stock is down 12% over the past year. The company is forecast to post earnings per share of CN¥6.20 for next year compared to CN¥5.10 last year. Reported Earnings • Aug 19
Second quarter 2023 earnings released: EPS: CN¥1.06 (vs CN¥0.92 in 2Q 2022) Second quarter 2023 results: EPS: CN¥1.06 (up from CN¥0.92 in 2Q 2022). Revenue: CN¥1.51b (up 32% from 2Q 2022). Net income: CN¥350.2m (up 15% from 2Q 2022). Profit margin: 23% (down from 27% in 2Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 25% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Beverage industry in China. Over the last 3 years on average, earnings per share has increased by 38% per year but the company’s share price has increased by 60% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Aug 19
Shede Spirits Co., Ltd. (SHSE:600702) announces an Equity Buyback for CNY 370 million worth of its shares. Shede Spirits Co., Ltd. (SHSE:600702) announces a share repurchase program. Under the program, the company will repurchase up to CNY 370 million worth of its shares. The shares will be repurchased at a price of not more than CNY 210 per share. The repurchased shares will be used to implement the employee stock ownership plan. The source of funds for the share repurchase is the company's own funds. The term of this repurchase of shares shall not exceed 6 months. Buying Opportunity • Aug 01
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 18%. The fair value is estimated to be CN¥191, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 35% over the last 3 years. Earnings per share has grown by 43%. Revenue is forecast to grow by 72% in 2 years. Earnings is forecast to grow by 70% in the next 2 years. Valuation Update With 7 Day Price Move • Jul 27
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to CN¥149, the stock trades at a forward P/E ratio of 22x. Average forward P/E is 27x in the Beverage industry in China. Total returns to shareholders of 308% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CN¥191 per share. New Risk • Jul 26
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 6.8% 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 (59% accrual ratio). Minor Risks Dividend is not well covered by cash flows (236% cash payout ratio). Share price has been volatile over the past 3 months (6.8% average weekly change). Announcement • Jun 28
Shede Spirits Co., Ltd. to Report Q2, 2023 Results on Aug 19, 2023 Shede Spirits Co., Ltd. announced that they will report Q2, 2023 results on Aug 19, 2023 Valuation Update With 7 Day Price Move • Jun 07
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to CN¥133, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 27x in the Beverage industry in China. Total returns to shareholders of 343% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CN¥176 per share. Buying Opportunity • Jun 05
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 30%. The fair value is estimated to be CN¥176, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 35% over the last 3 years. Earnings per share has grown by 43%. Revenue is forecast to grow by 72% in 2 years. Earnings is forecast to grow by 70% in the next 2 years. Reported Earnings • Mar 22
Full year 2022 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2022 results: EPS: CN¥5.10 (up from CN¥3.78 in FY 2021). Revenue: CN¥6.06b (up 22% from FY 2021). Net income: CN¥1.69b (up 35% from FY 2021). Profit margin: 28% (up from 25% in FY 2021). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 3.3%. Earnings per share (EPS) exceeded analyst estimates by 7.6%. Revenue is forecast to grow 23% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Beverage industry in China. Over the last 3 years on average, earnings per share has increased by 45% per year but the company’s share price has increased by 102% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • Mar 04
Price target increased by 18% to CN¥205 Up from CN¥174, the current price target is an average from 2 analysts. New target price is approximately in line with last closing price of CN¥199. Stock is up 6.6% over the past year. The company is forecast to post earnings per share of CN¥4.77 for next year compared to CN¥3.78 last year. Valuation Update With 7 Day Price Move • Dec 01
Investor sentiment improved over the past week After last week's 19% share price gain to CN¥158, the stock trades at a forward P/E ratio of 26x. Average forward P/E is 25x in the Beverage industry in China. Total returns to shareholders of 454% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CN¥127 per share. Board Change • Nov 16
Less than half of directors are independent There are 8 new directors who have joined the board in the last 3 years. Of these new board members, 1 was an independent director. The company's board is composed of: 8 new directors. 1 experienced director. No highly experienced directors. 2 independent directors (5 non-independent directors). Chairman of the Supervisory Board Qiang Liu is the most experienced director on the board, commencing their role in 2020. Independent Director Shoumin Liu was the last independent director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. Valuation Update With 7 Day Price Move • Nov 07
Investor sentiment improved over the past week After last week's 21% share price gain to CN¥142, the stock trades at a forward P/E ratio of 23x. Average forward P/E is 23x in the Beverage industry in China. Total returns to shareholders of 335% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CN¥127 per share. Reported Earnings • Oct 27
Third quarter 2022 earnings released: EPS: CN¥1.11 (vs CN¥0.70 in 3Q 2021) Third quarter 2022 results: EPS: CN¥1.11 (up from CN¥0.70 in 3Q 2021). Revenue: CN¥1.59b (up 31% from 3Q 2021). Net income: CN¥364.5m (up 56% from 3Q 2021). Profit margin: 23% (up from 19% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 27% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Beverage industry in China. Over the last 3 years on average, earnings per share has increased by 48% per year but the company’s share price has increased by 60% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Aug 19
Second quarter 2022 earnings released: EPS: CN¥0.92 (vs CN¥1.31 in 2Q 2021) Second quarter 2022 results: EPS: CN¥0.92 (down from CN¥1.31 in 2Q 2021). Revenue: CN¥1.14b (down 16% from 2Q 2021). Net income: CN¥304.9m (down 30% from 2Q 2021). Profit margin: 27% (down from 32% in 2Q 2021). The decrease in margin was driven by lower revenue. Over the next year, revenue is forecast to grow 40%, compared to a 19% growth forecast for the Beverage industry in China. Over the last 3 years on average, earnings per share has increased by 50% per year but the company’s share price has increased by 79% per year, which means it is tracking significantly ahead of earnings growth. Buying Opportunity • Aug 15
Now 20% undervalued Over the last 90 days, the stock is up 13%. The fair value is estimated to be CN¥206, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 32% over the last 3 years. Earnings per share has grown by 52%. Revenue is forecast to grow by 68% in 2 years. Earnings is forecast to grow by 85% in the next 2 years. Buying Opportunity • Jul 29
Now 21% undervalued Over the last 90 days, the stock is up 11%. The fair value is estimated to be CN¥206, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 32% over the last 3 years. Earnings per share has grown by 52%. Revenue is forecast to grow by 68% in 2 years. Earnings is forecast to grow by 85% in the next 2 years. Valuation Update With 7 Day Price Move • Jun 01
Investor sentiment improved over the past week After last week's 15% share price gain to CN¥169, the stock trades at a forward P/E ratio of 28x. Average forward P/E is 31x in the Beverage industry in China. Total returns to shareholders of 574% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CN¥190 per share. Buying Opportunity • May 24
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 26%. The fair value is estimated to be CN¥190, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 32% over the last 3 years. Earnings per share has grown by 52%. Revenue is forecast to grow by 68% in 2 years. Earnings is forecast to grow by 85% in the next 2 years. Reported Earnings • Apr 27
First quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2022 results: EPS: CN¥1.60 (up from CN¥0.91 in 1Q 2021). Revenue: CN¥1.88b (up 83% from 1Q 2021). Net income: CN¥530.6m (up 76% from 1Q 2021). Profit margin: 28% (down from 29% in 1Q 2021). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 1.4%. Earnings per share (EPS) missed analyst estimates by 1.8%. Over the next year, revenue is forecast to grow 29%, compared to a 19% growth forecast for the industry in China. Over the last 3 years on average, earnings per share has increased by 52% per year but the company’s share price has increased by 69% per year, which means it is tracking significantly ahead of earnings growth. Buying Opportunity • Mar 08
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 29%. The fair value is estimated to be CN¥218, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 27% per annum over the last 3 years. Earnings per share has grown by 50% per annum over the last 3 years. Reported Earnings • Feb 18
Full year 2021 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2021 results: EPS: CN¥3.76 (up from CN¥1.75 in FY 2020). Revenue: CN¥4.97b (up 84% from FY 2020). Net income: CN¥1.25b (up 114% from FY 2020). Profit margin: 25% (up from 22% in FY 2020). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.4%. Earnings per share (EPS) missed analyst estimates by 1.8%. Over the next year, revenue is forecast to grow 38%, compared to a 19% growth forecast for the industry in China. Over the last 3 years on average, earnings per share has increased by 50% per year but the company’s share price has increased by 97% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Nov 24
Investor sentiment improved over the past week After last week's 18% share price gain to CN¥218, the stock trades at a forward P/E ratio of 38x. Average forward P/E is 40x in the Beverage industry in China. Total returns to shareholders of 976% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CN¥111 per share. Reported Earnings • Oct 23
Third quarter 2021 earnings released: EPS CN¥0.70 (vs CN¥0.44 in 3Q 2020) The company reported a solid third quarter result with improved earnings and revenues, although profit margins were flat. Third quarter 2021 results: Revenue: CN¥1.22b (up 65% from 3Q 2020). Net income: CN¥234.2m (up 60% from 3Q 2020). Profit margin: 19% (in line with 3Q 2020). Over the last 3 years on average, earnings per share has increased by 48% per year but the company’s share price has increased by 110% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Sep 23
Investor sentiment improved over the past week After last week's 16% share price gain to CN¥201, the stock trades at a forward P/E ratio of 48x. Average forward P/E is 40x in the Beverage industry in China. Total returns to shareholders of 629% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CN¥86.44 per share. Reported Earnings • Aug 18
Second quarter 2021 earnings released: EPS CN¥1.31 (vs CN¥0.41 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: CN¥1.36b (up 119% from 2Q 2020). Net income: CN¥433.6m (up 215% from 2Q 2020). Profit margin: 32% (up from 22% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 43% per year but the company’s share price has increased by 96% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Jul 29
Investor sentiment deteriorated over the past week After last week's 17% share price decline to CN¥201, the stock trades at a forward P/E ratio of 60x. Average forward P/E is 39x in the Beverage industry in China. Total returns to shareholders of 593% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CN¥106 per share. Valuation Update With 7 Day Price Move • Jun 13
Investor sentiment deteriorated over the past week After last week's 20% share price decline to CN¥204, the stock trades at a forward P/E ratio of 61x. Average forward P/E is 49x in the Beverage industry in China. Total returns to shareholders of 397% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CN¥98.07 per share. Valuation Update With 7 Day Price Move • May 27
Investor sentiment improved over the past week After last week's 21% share price gain to CN¥189, the stock trades at a forward P/E ratio of 53x. Average forward P/E is 49x in the Beverage industry in China. Total returns to shareholders of 376% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CN¥141 per share. Valuation Update With 7 Day Price Move • May 12
Investor sentiment improved over the past week After last week's 17% share price gain to CN¥148, the stock trades at a forward P/E ratio of 41x. Average forward P/E is 42x in the Beverage industry in China. Total returns to shareholders of 253% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CN¥141 per share. Reported Earnings • May 01
Full year 2020 earnings released: EPS CN¥1.75 (vs CN¥1.52 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: CN¥2.70b (up 2.0% from FY 2019). Net income: CN¥581.1m (up 14% from FY 2019). Profit margin: 22% (up from 19% in FY 2019). Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has increased by 51% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Apr 16
Investor sentiment improved over the past week After last week's 15% share price gain to CN¥108, the stock trades at a forward P/E ratio of 57x. Average forward P/E is 46x in the Beverage industry in China. Total returns to shareholders of 192% over the past three years. 
