Price Target Changed • May 06
Price target decreased by 7.4% to CN¥20.67 Down from CN¥22.33, the current price target is an average from 17 analysts. New target price is 19% above last closing price of CN¥17.37. Stock is up 4.0% over the past year. The company is forecast to post a net loss per share of CN¥0.69 next year compared to a net loss per share of CN¥2.12 last year. Reported Earnings • Apr 30
First quarter 2026 earnings: EPS and revenues miss analyst expectations First quarter 2026 results: CN¥0.54 loss per share (improved from CN¥0.58 loss in 1Q 2025). Revenue: CN¥12.1b (down 24% from 1Q 2025). Net loss: CN¥2.44b (loss narrowed 5.7% from 1Q 2025). Revenue missed analyst estimates by 29%. Earnings per share (EPS) also missed analyst estimates by 113%. Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 28% growth forecast for the Semiconductor industry in China. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 91 percentage points per year, which is a significant difference in performance. Announcement • Apr 30
Tongwei Co.,Ltd, Annual General Meeting, May 20, 2026 Tongwei Co.,Ltd, Annual General Meeting, May 20, 2026, at 14:00 China Standard Time. Location: No. 588, Tianfu Avenue Middle Section, Hi-tech Zone, Chengdu, Sichuan China Announcement • Mar 30
Tongwei Co.,Ltd to Report Q1, 2026 Results on Apr 30, 2026 Tongwei Co.,Ltd announced that they will report Q1, 2026 results on Apr 30, 2026 Board Change • Mar 11
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was an independent director. The company's board is composed of: 1 new director. 8 experienced directors. 3 highly experienced directors. 4 independent directors (6 non-independent directors). Independent Director Yingtong Xu was the last independent director to join the board, commencing their role in 2023. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Announcement • Dec 26
Tongwei Co.,Ltd to Report Fiscal Year 2025 Results on Apr 30, 2026 Tongwei Co.,Ltd announced that they will report fiscal year 2025 results on Apr 30, 2026 New Risk • Nov 21
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 7.5% 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 Debt is not well covered by operating cash flow (1.1% operating cash flow to total debt). Minor Risk Share price has been volatile over the past 3 months (7.5% average weekly change). Price Target Changed • Nov 02
Price target increased by 7.8% to CN¥22.85 Up from CN¥21.20, the current price target is an average from 19 analysts. New target price is 7.8% below last closing price of CN¥24.78. Stock is down 17% over the past year. The company is forecast to post a net loss per share of CN¥1.40 next year compared to a net loss per share of CN¥1.58 last year. Major Estimate Revision • Oct 31
Consensus EPS estimates upgraded to CN¥1.28 loss, revenue downgraded The consensus outlook for fiscal year 2025 has been updated. 2025 revenue forecast fell from CN¥91.4b to CN¥89.8b. 2025 losses expected to reduce from -CN¥1.44 to -CN¥1.28 per share. Semiconductor industry in China expected to see average net income growth of 71% next year. Consensus price target up from CN¥21.20 to CN¥22.28. Share price rose 12% to CN¥24.78 over the past week. Reported Earnings • Oct 25
Third quarter 2025 earnings: EPS and revenues exceed analyst expectations Third quarter 2025 results: CN¥0.07 loss per share (improved from CN¥0.19 loss in 3Q 2024). Revenue: CN¥24.1b (down 1.6% from 3Q 2024). Net loss: CN¥314.8m (loss narrowed 63% from 3Q 2024). Revenue exceeded analyst estimates by 8.6%. Earnings per share (EPS) also surpassed analyst estimates by 69%. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 27% growth forecast for the Semiconductor industry in China. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 85 percentage points per year, which is a significant difference in performance. Announcement • Sep 30
Tongwei Co.,Ltd to Report Q3, 2025 Results on Oct 25, 2025 Tongwei Co.,Ltd announced that they will report Q3, 2025 results on Oct 25, 2025 Price Target Changed • Sep 02
Price target increased by 8.0% to CN¥21.60 Up from CN¥20.00, the current price target is an average from 17 analysts. New target price is approximately in line with last closing price of CN¥21.90. Stock is up 15% over the past year. The company is forecast to post a net loss per share of CN¥1.37 next year compared to a net loss per share of CN¥1.58 last year. Major Estimate Revision • Aug 29
Consensus EPS estimates fall by 30% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from CN¥96.7b to CN¥90.6b. Losses expected to increase from CN¥1.06 per share to CN¥1.39. Semiconductor industry in China expected to see average net income growth of 62% next year. Consensus price target up from CN¥20.00 to CN¥21.38. Share price rose 4.8% to CN¥22.03 over the past week. Reported Earnings • Aug 23
Second quarter 2025 earnings: EPS and revenues miss analyst expectations Second quarter 2025 results: CN¥0.53 loss per share (further deteriorated from CN¥0.52 loss in 2Q 2024). Revenue: CN¥24.6b (up 1.4% from 2Q 2024). Net loss: CN¥2.36b (flat on 2Q 2024). Revenue missed analyst estimates by 1.5%. Earnings per share (EPS) also missed analyst estimates by 90%. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 24% growth forecast for the Semiconductor industry in China. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 65 percentage points per year, which is a significant difference in performance. Major Estimate Revision • Aug 02
Consensus EPS estimates fall by 12% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from CN¥104.6b to CN¥96.7b. Losses expected to increase from CN¥0.95 per share to CN¥1.06. Semiconductor industry in China expected to see average net income growth of 57% next year. Consensus price target up from CN¥19.34 to CN¥20.00. Share price fell 2.6% to CN¥20.58 over the past week. New Risk • Jul 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 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 Debt is not well covered by operating cash flow (1.2% operating cash flow to total debt). Minor Risk Share price has been volatile over the past 3 months (6.7% average weekly change). Announcement • Jun 30
Tongwei Co.,Ltd to Report First Half, 2025 Results on Aug 30, 2025 Tongwei Co.,Ltd announced that they will report first half, 2025 results on Aug 30, 2025 Major Estimate Revision • Jun 27
Consensus EPS estimates fall by 12% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from CN¥107.3b to CN¥105.8b. Losses expected to increase from CN¥0.71 per share to CN¥0.80. Semiconductor industry in China expected to see average net income growth of 57% next year. Consensus price target broadly unchanged at CN¥18.65. Share price rose 2.8% to CN¥15.65 over the past week. Announcement • Jun 24
Tongwei Co.,Ltd(SHSE:600438) dropped from Shanghai Stock Exchange 180 Value Index Tongwei Co.,Ltd has been removed from Shanghai Stock Exchange 180 Value Index . Buy Or Sell Opportunity • Jun 24
Now 21% overvalued Over the last 90 days, the stock has fallen 26% to CN¥15.48. The fair value is estimated to be CN¥12.74, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 4.5% over the last 3 years. Meanwhile, the company became loss making. Revenue is forecast to grow by 26% in a year. Earnings are forecast to grow by 82% in the next year. Major Estimate Revision • May 17
Consensus EPS estimates fall by 14% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from CN¥115.6b to CN¥111.5b. Losses expected to increase from CN¥0.56 per share to CN¥0.64. Semiconductor industry in China expected to see average net income growth of 62% next year. Consensus price target broadly unchanged at CN¥20.24. Share price rose 4.4% to CN¥17.22 over the past week. Price Target Changed • May 04
Price target decreased by 10% to CN¥21.57 Down from CN¥24.08, the current price target is an average from 16 analysts. New target price is 32% above last closing price of CN¥16.31. Stock is down 25% over the past year. The company is forecast to post a net loss per share of CN¥0.19 next year compared to a net loss per share of CN¥1.58 last year. Reported Earnings • May 01
Third quarter 2024 earnings released: CN¥0.19 loss per share (vs CN¥0.67 profit in 3Q 2023) Third quarter 2024 results: CN¥0.19 loss per share (down from CN¥0.67 profit in 3Q 2023). Revenue: CN¥24.5b (down 35% from 3Q 2023). Net loss: CN¥843.8m (down 128% from profit in 3Q 2023). Revenue is forecast to grow 16% p.a. on average during the next 4 years, compared to a 24% growth forecast for the Semiconductor industry in China. Over the last 3 years on average, earnings per share has fallen by 27% per year whereas the company’s share price has fallen by 26% per year. Announcement • Apr 30
Tongwei Co.,Ltd, Annual General Meeting, May 20, 2025 Tongwei Co.,Ltd, Annual General Meeting, May 20, 2025, at 13:30 China Standard Time. Location: No. 588, Tianfu Avenue Middle Section, Hi-tech Zone, Chengdu, Sichuan China Announcement • Mar 28
Tongwei Co.,Ltd to Report Q1, 2025 Results on Apr 30, 2025 Tongwei Co.,Ltd announced that they will report Q1, 2025 results on Apr 30, 2025 Announcement • Dec 27
Tongwei Co.,Ltd to Report Fiscal Year 2024 Results on Apr 30, 2025 Tongwei Co.,Ltd announced that they will report fiscal year 2024 results on Apr 30, 2025 New Risk • Nov 02
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 18% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (18% operating cash flow to total debt). Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Reported Earnings • Nov 01
Third quarter 2024 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2024 results: CN¥0.19 loss per share (down from CN¥0.67 profit in 3Q 2023). Revenue: CN¥24.5b (down 35% from 3Q 2023). Net loss: CN¥843.8m (down 128% from profit in 3Q 2023). Revenue missed analyst estimates by 24%. Earnings per share (EPS) exceeded analyst estimates by 51%. Revenue is forecast to grow 18% p.a. on average during the next 3 years, compared to a 24% growth forecast for the Semiconductor industry in China. Over the last 3 years on average, earnings per share has fallen by 27% per year but the company’s share price has only fallen by 16% per year, which means it has not declined as severely as earnings. Price Target Changed • Oct 30
Price target increased by 7.6% to CN¥22.12 Up from CN¥20.57, the current price target is an average from 18 analysts. New target price is 23% below last closing price of CN¥28.88. Stock is up 7.9% over the past year. The company is forecast to post a net loss per share of CN¥1.24 compared to earnings per share of CN¥3.02 last year. Price Target Changed • Oct 15
Price target decreased by 8.0% to CN¥20.48 Down from CN¥22.25, the current price target is an average from 18 analysts. New target price is approximately in line with last closing price of CN¥20.85. Stock is down 33% over the past year. The company is forecast to post a net loss per share of CN¥1.20 compared to earnings per share of CN¥3.02 last year. Announcement • Sep 30
Tongwei Co.,Ltd to Report Q3, 2024 Results on Oct 31, 2024 Tongwei Co.,Ltd announced that they will report Q3, 2024 results on Oct 31, 2024 New Risk • Aug 31
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 16% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (16% operating cash flow to total debt). Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Reported Earnings • Aug 31
Second quarter 2024 earnings: EPS and revenues miss analyst expectations Second quarter 2024 results: CN¥0.52 loss per share (down from CN¥1.04 profit in 2Q 2023). Revenue: CN¥24.2b (down 41% from 2Q 2023). Net loss: CN¥2.34b (down 150% from profit in 2Q 2023). Revenue missed analyst estimates by 15%. Earnings per share (EPS) also missed analyst estimates. Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 22% growth forecast for the Semiconductor industry in China. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has fallen by 31% per year, which means it is significantly lagging earnings. Major Estimate Revision • Aug 15
Consensus EPS estimates fall from profit to CN¥0.053 loss The consensus outlook for fiscal year 2024 has been updated. Expected to report loss instead of -CN¥0.053 instead of CN¥0.116 per share profit previously forecast. Revenue forecast unchanged at CN¥124.5b Semiconductor industry in China expected to see average net income growth of 55% next year. Consensus price target broadly unchanged at CN¥23.99. Share price rose 4.5% to CN¥19.80 over the past week. Announcement • Aug 14
Tongwei Co.,Ltd (SHSE:600438) agreed to acquire 51% stake in Jiangsu Runergy New Energy Technology Co., Ltd. from Jiangsu Yueda Group Co.Ltd. for CNY 5.0 billion. Tongwei Co.,Ltd (SHSE:600438) agreed to acquire 51% stake in Jiangsu Runergy New Energy Technology Co., Ltd. from Jiangsu Yueda Group Co.Ltd. for CNY 5.0 billion on August 14, 2024. A cash consideration of CNY 5 billion will be paid by Tongwei Co.,Ltd. As part of consideration, CNY 5 billion is paid towards common equity of Jiangsu Runergy New Energy Technology Co., Ltd.
The transaction is subject to approval of offer by acquirer board. The deal has been approved by the board. Major Estimate Revision • Jul 18
Consensus EPS estimates increase by 11%, revenue downgraded The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast fell from CN¥130.3b to CN¥124.6b. EPS estimate rose from CN¥0.52 to CN¥0.578. Net income forecast to shrink 11% next year vs 55% growth forecast for Semiconductor industry in China . Consensus price target down from CN¥25.52 to CN¥24.13. Share price rose 4.2% to CN¥17.98 over the past week. Announcement • Jun 28
Tongwei Co.,Ltd to Report First Half, 2024 Results on Aug 20, 2024 Tongwei Co.,Ltd announced that they will report first half, 2024 results on Aug 20, 2024 Price Target Changed • May 07
Price target decreased by 10% to CN¥28.45 Down from CN¥31.69, the current price target is an average from 17 analysts. New target price is 27% above last closing price of CN¥22.38. Stock is down 42% over the past year. The company is forecast to post earnings per share of CN¥0.93 for next year compared to CN¥3.02 last year. Major Estimate Revision • May 06
Consensus EPS estimates fall by 61% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from CN¥156.3b to CN¥148.4b. EPS estimate also fell from CN¥2.42 per share to CN¥0.934 per share. Net income forecast to grow 45% next year vs 59% growth forecast for Semiconductor industry in China. Consensus price target down from CN¥31.69 to CN¥29.92. Share price fell 3.5% to CN¥21.70 over the past week. Announcement • May 01
Tongwei Co.,Ltd, Annual General Meeting, May 20, 2024 Tongwei Co.,Ltd, Annual General Meeting, May 20, 2024, at 13:30 China Standard Time. Location: No. 588, Middle Section of Tianfu Avenue, High-tech Zone, Chengdu, Sichuan China Reported Earnings • Apr 30
First quarter 2024 earnings: EPS and revenues miss analyst expectations First quarter 2024 results: CN¥0.17 loss per share (down from CN¥1.91 profit in 1Q 2023). Revenue: CN¥19.6b (down 41% from 1Q 2023). Net loss: CN¥786.7m (down 109% from profit in 1Q 2023). Revenue missed analyst estimates by 38%. Earnings per share (EPS) were also behind analyst expectations. Revenue is forecast to grow 19% p.a. on average during the next 3 years, compared to a 23% growth forecast for the Semiconductor 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 fallen by 15% per year, which means it is significantly lagging earnings. Announcement • Mar 30
Tongwei Co.,Ltd to Report Q1, 2024 Results on Apr 30, 2024 Tongwei Co.,Ltd announced that they will report Q1, 2024 results on Apr 30, 2024 Price Target Changed • Feb 23
Price target decreased by 7.8% to CN¥32.23 Down from CN¥34.96, the current price target is an average from 19 analysts. New target price is 23% above last closing price of CN¥26.31. Stock is down 37% over the past year. The company is forecast to post earnings per share of CN¥3.87 for next year compared to CN¥5.71 last year. Announcement • Dec 30
Tongwei Co.,Ltd to Report Fiscal Year 2023 Results on Apr 30, 2024 Tongwei Co.,Ltd announced that they will report fiscal year 2023 results on Apr 30, 2024 Reported Earnings • Oct 26
Third quarter 2023 earnings: EPS and revenues miss analyst expectations Third quarter 2023 results: EPS: CN¥0.67 (down from CN¥2.11 in 3Q 2022). Revenue: CN¥37.4b (down 11% from 3Q 2022). Net income: CN¥3.03b (down 68% from 3Q 2022). Profit margin: 8.1% (down from 23% in 3Q 2022). The decrease in margin was primarily driven by lower revenue. Revenue missed analyst estimates by 2.1%. Earnings per share (EPS) also missed analyst estimates by 40%. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 25% growth forecast for the Semiconductor industry in China. Over the last 3 years on average, earnings per share has increased by 63% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Announcement • Sep 30
Tongwei Co.,Ltd to Report Q3, 2023 Results on Oct 26, 2023 Tongwei Co.,Ltd announced that they will report Q3, 2023 results on Oct 26, 2023 Price Target Changed • Sep 07
Price target decreased by 8.1% to CN¥41.57 Down from CN¥45.25, the current price target is an average from 20 analysts. New target price is 33% above last closing price of CN¥31.33. Stock is down 45% over the past year. The company is forecast to post earnings per share of CN¥4.16 for next year compared to CN¥5.71 last year. Price Target Changed • Aug 28
Price target decreased by 7.0% to CN¥43.02 Down from CN¥46.26, the current price target is an average from 19 analysts. New target price is 33% above last closing price of CN¥32.46. Stock is down 43% over the past year. The company is forecast to post earnings per share of CN¥4.40 for next year compared to CN¥5.71 last year. Reported Earnings • Aug 22
Second quarter 2023 earnings: EPS misses analyst expectations Second quarter 2023 results: EPS: CN¥1.04 (down from CN¥1.56 in 2Q 2022). Revenue: CN¥40.8b (up 14% from 2Q 2022). Net income: CN¥4.67b (down 34% from 2Q 2022). Profit margin: 11% (down from 20% in 2Q 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 20%. Revenue is forecast to grow 9.0% p.a. on average during the next 3 years, compared to a 24% growth forecast for the Semiconductor 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 10% per year, which means it is significantly lagging earnings growth. Announcement • Jun 28
Tongwei Co.,Ltd to Report First Half, 2023 Results on Aug 22, 2023 Tongwei Co.,Ltd announced that they will report first half, 2023 results on Aug 22, 2023 Reported Earnings • Apr 26
First quarter 2023 earnings: EPS and revenues exceed analyst expectations First quarter 2023 results: EPS: CN¥1.91 (up from CN¥1.15 in 1Q 2022). Revenue: CN¥33.2b (up 35% from 1Q 2022). Net income: CN¥8.60b (up 66% from 1Q 2022). Profit margin: 26% (up from 21% in 1Q 2022). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 18%. Earnings per share (EPS) also surpassed analyst estimates by 72%. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 24% growth forecast for the Semiconductor industry in China. Over the last 3 years on average, earnings per share has increased by 81% per year but the company’s share price has only increased by 39% per year, which means it is significantly lagging earnings growth. Major Estimate Revision • Apr 25
Consensus EPS estimates increase by 20% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has improved. 2023 revenue forecast increased from CN¥145.0b to CN¥147.9b. EPS estimate increased from CN¥4.66 to CN¥5.58 per share. Net income forecast to grow 2.8% next year vs 52% growth forecast for Semiconductor industry in China. Consensus price target broadly unchanged at CN¥52.59. Share price fell 6.7% to CN¥37.95 over the past week. Price Target Changed • Jan 14
Price target decreased to CN¥54.90 Down from CN¥59.48, the current price target is an average from 18 analysts. New target price is 38% above last closing price of CN¥39.64. Stock is down 4.3% over the past year. The company is forecast to post earnings per share of CN¥6.40 for next year compared to CN¥1.82 last year. Board Change • Nov 16
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 9 experienced directors. 2 highly experienced directors. 3 independent directors (6 non-independent directors). Independent Director Daiguo Fu was the last independent director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Major Estimate Revision • Nov 01
Consensus revenue estimates increase by 12% The consensus outlook for revenues in 2022 has improved. 2022 revenue forecast increased from CN¥116.0b to CN¥129.6b. EPS estimate increased from CN¥5.72 to CN¥6.42 per share. Net income forecast to shrink 3.7% next year vs 43% growth forecast for Food industry in China . Consensus price target down from CN¥67.64 to CN¥62.87. Share price fell 8.2% to CN¥43.50 over the past week. Price Target Changed • Oct 30
Price target decreased to CN¥62.87 Down from CN¥67.64, the current price target is an average from 18 analysts. New target price is 39% above last closing price of CN¥45.17. Stock is down 21% over the past year. The company is forecast to post earnings per share of CN¥6.42 for next year compared to CN¥1.82 last year. Reported Earnings • Oct 27
Third quarter 2022 earnings: EPS and revenues exceed analyst expectations Third quarter 2022 results: EPS: CN¥2.11 (up from CN¥0.66 in 3Q 2021). Revenue: CN¥41.7b (up 107% from 3Q 2021). Net income: CN¥9.51b (up 219% from 3Q 2021). Profit margin: 23% (up from 15% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 26%. Earnings per share (EPS) also surpassed analyst estimates by 11%. Revenue is forecast to grow 9.1% p.a. on average during the next 3 years, compared to a 16% growth forecast for the Food industry in China. Over the last 3 years on average, earnings per share has increased by 76% per year but the company’s share price has only increased by 55% per year, which means it is significantly lagging earnings growth. Major Estimate Revision • Aug 24
Consensus revenue estimates increase by 12% The consensus outlook for revenues in 2022 has improved. 2022 revenue forecast increased from CN¥104.0b to CN¥116.0b. EPS estimate increased from CN¥4.52 to CN¥5.53 per share. Net income forecast to grow 21% next year vs 36% growth forecast for Food industry in China. Consensus price target up from CN¥64.71 to CN¥67.36. Share price rose 6.6% to CN¥58.43 over the past week. Reported Earnings • Aug 18
Second quarter 2022 earnings: EPS in line with analyst expectations despite revenue beat Second quarter 2022 results: EPS: CN¥1.56 (up from CN¥0.47 in 2Q 2021). Revenue: CN¥35.7b (up 124% from 2Q 2021). Net income: CN¥7.03b (up 232% from 2Q 2021). Profit margin: 20% (up from 13% in 2Q 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 3.5%. Earnings per share (EPS) were mostly in line with analyst estimates. Over the next year, revenue is forecast to grow 9.8%, compared to a 24% growth forecast for the Food industry in China. Over the last 3 years on average, earnings per share has increased by 64% per year but the company’s share price has only increased by 56% per year, which means it is significantly lagging earnings growth. Major Estimate Revision • Jul 06
Consensus EPS estimates increase by 19% The consensus outlook for earnings per share (EPS) in 2022 has improved. 2022 revenue forecast increased from CN¥96.5b to CN¥101.4b. EPS estimate increased from CN¥3.57 to CN¥4.26 per share. Net income forecast to grow 42% next year vs 35% growth forecast for Food industry in China. Consensus price target up from CN¥56.61 to CN¥63.74. Share price rose 15% to CN¥65.38 over the past week. Price Target Changed • Jul 06
Price target increased to CN¥63.74 Up from CN¥56.61, the current price target is an average from 18 analysts. New target price is approximately in line with last closing price of CN¥65.38. Stock is up 55% over the past year. The company is forecast to post earnings per share of CN¥4.26 for next year compared to CN¥1.82 last year. Valuation Update With 7 Day Price Move • May 23
Investor sentiment improved over the past week After last week's 16% share price gain to CN¥46.00, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 24x in the Food industry in China. Total returns to shareholders of 204% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CN¥28.73 per share. Valuation Update With 7 Day Price Move • May 02
Investor sentiment improved over the past week After last week's 17% share price gain to CN¥41.10, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 22x in the Food industry in China. Total returns to shareholders of 204% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CN¥33.78 per share. Reported Earnings • Apr 27
First quarter 2022 earnings: EPS and revenues exceed analyst expectations First quarter 2022 results: EPS: CN¥1.15 (up from CN¥0.19 in 1Q 2021). Revenue: CN¥24.7b (up 133% from 1Q 2021). Net income: CN¥5.19b (up CN¥4.35b from 1Q 2021). Profit margin: 21% (up from 8.0% in 1Q 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 81%. Earnings per share (EPS) also surpassed analyst estimates by 212%. Over the next year, revenue is forecast to grow 29%, compared to a 17% growth forecast for the industry in China. Over the last 3 years on average, earnings per share has increased by 51% per year but the company’s share price has only increased by 41% per year, which means it is significantly lagging earnings growth. Board Change • Apr 27
Less than half of directors are independent There are 5 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: 3 independent directors. 6 non-independent directors. Independent Director Daiguo Fu was the last independent director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Reported Earnings • Oct 26
Third quarter 2021 earnings released: EPS CN¥0.66 (vs CN¥0.56 in 3Q 2020) The company reported a solid third quarter result with improved earnings and revenues, although profit margins were weaker. Third quarter 2021 results: Revenue: CN¥20.1b (up 56% from 3Q 2020). Net income: CN¥2.98b (up 28% from 3Q 2020). Profit margin: 15% (down from 18% in 3Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has increased by 109% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Sep 17
Investor sentiment deteriorated over the past week After last week's 16% share price decline to CN¥49.42, the stock trades at a forward P/E ratio of 26x. Average forward P/E is 26x in the Food industry in China. Total returns to shareholders of 694% over the past three years. Price Target Changed • Aug 27
Price target increased to CN¥55.78 Up from CN¥51.34, the current price target is an average from 24 analysts. New target price is approximately in line with last closing price of CN¥57.37. Stock is up 142% over the past year. Valuation Update With 7 Day Price Move • Aug 25
Investor sentiment improved over the past week After last week's 15% share price gain to CN¥54.64, the stock trades at a forward P/E ratio of 29x. Average forward P/E is 25x in the Food industry in China. Total returns to shareholders of 812% over the past three years. Reported Earnings • Aug 18
Second quarter 2021 earnings released: EPS CN¥0.47 (vs CN¥0.15 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: CN¥15.9b (up 46% from 2Q 2020). Net income: CN¥2.12b (up 218% from 2Q 2020). Profit margin: 13% (up from 6.1% 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 26% per year but the company’s share price has increased by 101% per year, which means it is tracking significantly ahead of earnings growth. Major Estimate Revision • Aug 18
Consensus EPS estimates increase to CN¥1.75 The consensus outlook for earnings per share (EPS) in 2021 has improved. 2021 revenue forecast increased from CN¥61.4b to CN¥62.8b. EPS estimate increased from CN¥1.46 to CN¥1.75 per share. Net income forecast to grow 96% next year vs 28% growth forecast for Food industry in China. Consensus price target up from CN¥50.09 to CN¥52.28. Share price was steady at CN¥47.45 over the past week. Valuation Update With 7 Day Price Move • Aug 04
Investor sentiment improved over the past week After last week's 22% share price gain to CN¥50.33, the stock trades at a forward P/E ratio of 33x. Average forward P/E is 24x in the Food industry in China. Total returns to shareholders of 708% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CN¥23.22 per share. Major Estimate Revision • Jul 04
Consensus EPS estimates increase to CN¥1.42 The consensus outlook for earnings per share (EPS) in 2021 has improved. 2021 revenue forecast increased from CN¥60.0b to CN¥61.4b. EPS estimate increased from CN¥1.28 to CN¥1.42 per share. Net income forecast to grow 66% next year vs 26% growth forecast for Food industry in China. Consensus price target up from CN¥45.09 to CN¥47.57. Share price rose 7.3% to CN¥41.97 over the past week. Valuation Update With 7 Day Price Move • Jun 29
Investor sentiment improved over the past week After last week's 17% share price gain to CN¥41.41, the stock trades at a forward P/E ratio of 30x. Average forward P/E is 26x in the Food industry in China. Total returns to shareholders of 569% over the past three years. Reported Earnings • Apr 16
Third quarter 2020 earnings released: EPS CN¥0.56 (vs CN¥0.20 in 3Q 2019) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: CN¥12.9b (up 8.7% from 3Q 2019). Net income: CN¥2.32b (up 193% from 3Q 2019). Profit margin: 18% (up from 6.7% in 3Q 2019). The increase in margin was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has increased by 40% per year, which means it is tracking significantly ahead of earnings growth. Is New 90 Day High Low • Mar 15
New 90-day low: CN¥31.10 The company is down 2.0% from a price of CN¥31.78 on 15 December 2020. Underperformed the Chinese market, which is flat over the last 90 days. Exceeded the Food industry, which is down 4.0% over the same period. Valuation Update With 7 Day Price Move • Mar 04
Investor sentiment deteriorated over the past week After last week's 19% share price decline to CN¥38.79, the stock is trading at a trailing P/E ratio of 42.5x, down from the previous P/E ratio of 52.3x. This compares to an average P/E of 36x in the Food industry in China. Total returns to shareholders over the past three years are 297%. Valuation Update With 7 Day Price Move • Feb 12
Investor sentiment improved over the past week After last week's 19% share price gain to CN¥54.06, the stock is trading at a trailing P/E ratio of 59.3x, up from the previous P/E ratio of 50x. This compares to an average P/E of 37x in the Food industry in China. Total returns to shareholders over the past three years are 450%. Is New 90 Day High Low • Feb 09
New 90-day high: CN¥51.00 The company is up 55% from its price of CN¥32.80 on 11 November 2020. The Chinese market is up 4.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Food industry, which is up 18% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is CN¥8.40 per share. Valuation Update With 7 Day Price Move • Jan 28
Investor sentiment improved over the past week After last week's 18% share price gain to CN¥49.19, the stock is trading at a trailing P/E ratio of 54x, up from the previous P/E ratio of 45.8x. This compares to an average P/E of 38x in the Food industry in China. Total returns to shareholders over the past three years are 360%. Is New 90 Day High Low • Jan 22
New 90-day high: CN¥44.85 The company is up 61% from its price of CN¥27.89 on 23 October 2020. The Chinese market is up 12% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Food industry, which is up 23% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is CN¥8.34 per share. Price Target Changed • Jan 22
Price target raised to CN¥40.17 Up from CN¥37.06, the current price target is an average from 20 analysts. The new target price is 10% below the current share price of CN¥44.85. As of last close, the stock is up 231% over the past year. Valuation Update With 7 Day Price Move • Jan 05
Investor sentiment improved over the past week After last week's 15% share price gain to CN¥42.50, the stock is trading at a trailing P/E ratio of 46.6x, up from the previous P/E ratio of 40.5x. This compares to an average P/E of 40x in the Food industry in China. Total returns to shareholders over the past three years are 254%. Is New 90 Day High Low • Jan 04
New 90-day high: CN¥41.65 The company is up 57% from its price of CN¥26.58 on 30 September 2020. The Chinese market is up 8.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Food industry, which is up 5.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is CN¥8.35 per share. 
