New Risk • May 25
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Chinese stocks, typically moving 10% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (10% average weekly change). Minor Risk Paying a dividend despite having no free cash flows. Valuation Update With 7 Day Price Move • May 25
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to CN¥83.42, the stock trades at a trailing P/E ratio of 59.2x. Average trailing P/E is 77x in the Electronic industry in China. Total returns to shareholders of 166% over the past three years. Valuation Update With 7 Day Price Move • Apr 23
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to CN¥63.30, the stock trades at a trailing P/E ratio of 48.1x. Average trailing P/E is 69x in the Electronic industry in China. Total returns to shareholders of 111% over the past three years. New Risk • Apr 22
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 9.0% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. This is currently the only risk that has been identified for the company. Reported Earnings • Apr 17
Full year 2025 earnings: EPS and revenues miss analyst expectations Full year 2025 results: EPS: CN¥1.31 (up from CN¥0.99 in FY 2024). Revenue: CN¥1.16b (up 32% from FY 2024). Net income: CN¥252.0m (up 32% from FY 2024). Profit margin: 22% (in line with FY 2024). Revenue missed analyst estimates by 2.6%. Earnings per share (EPS) also missed analyst estimates by 34%. Revenue is forecast to grow 30% p.a. on average during the next 2 years, compared to a 24% growth forecast for the Electronic industry in China. Over the last 3 years on average, earnings per share has increased by 19% per year whereas the company’s share price has increased by 17% per year. Announcement • Apr 17
Shenzhen Newway Photomask Making Co., Ltd, Annual General Meeting, May 08, 2026 Shenzhen Newway Photomask Making Co., Ltd, Annual General Meeting, May 08, 2026, at 14:00 China Standard Time. Location: 9F, Building A, No. 5035, Menghai Avenue, Guiwan Community, Nanshan Subdistrict, Nanshan District, Shenzhen, Guangdong China Announcement • Mar 30
Shenzhen Newway Photomask Making Co., Ltd to Report Q1, 2026 Results on Apr 30, 2026 Shenzhen Newway Photomask Making Co., Ltd announced that they will report Q1, 2026 results on Apr 30, 2026 Reported Earnings • Mar 02
Full year 2025 earnings: EPS and revenues miss analyst expectations Full year 2025 results: EPS: CN¥1.31 (up from CN¥0.99 in FY 2024). Revenue: CN¥1.16b (up 32% from FY 2024). Net income: CN¥250.7m (up 31% from FY 2024). Profit margin: 22% (in line with FY 2024). Revenue missed analyst estimates by 2.6%. Earnings per share (EPS) also missed analyst estimates by 33%. Revenue is forecast to grow 30% p.a. on average during the next 2 years, compared to a 24% growth forecast for the Electronic industry in China. Over the last 3 years on average, earnings per share has increased by 19% per year whereas the company’s share price has increased by 21% per year. Valuation Update With 7 Day Price Move • Jan 08
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to CN¥57.48, the stock trades at a forward P/E ratio of 23x. Average forward P/E is 32x in the Electronic industry in China. Total returns to shareholders of 81% over the past three years. Announcement • Dec 26
Shenzhen Newway Photomask Making Co., Ltd to Report Fiscal Year 2025 Results on Apr 17, 2026 Shenzhen Newway Photomask Making Co., Ltd announced that they will report fiscal year 2025 results on Apr 17, 2026 Reported Earnings • Oct 31
Third quarter 2025 earnings released: EPS: CN¥0.34 (vs CN¥0.20 in 3Q 2024) Third quarter 2025 results: EPS: CN¥0.34 (up from CN¥0.20 in 3Q 2024). Revenue: CN¥283.0m (up 37% from 3Q 2024). Net income: CN¥65.3m (up 69% from 3Q 2024). Profit margin: 23% (up from 19% in 3Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 30% p.a. on average during the next 3 years, compared to a 22% growth forecast for the Electronic industry in China. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. New Risk • Oct 13
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Chinese stocks, typically moving 8.7% 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. This is currently the only risk that has been identified for the company. Valuation Update With 7 Day Price Move • Oct 13
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to CN¥58.32, the stock trades at a forward P/E ratio of 30x. Average forward P/E is 33x in the Electronic industry in China. Total returns to shareholders of 123% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CN¥78.74 per share. Announcement • Sep 30
Shenzhen Newway Photomask Making Co., Ltd to Report Q3, 2025 Results on Oct 31, 2025 Shenzhen Newway Photomask Making Co., Ltd announced that they will report Q3, 2025 results on Oct 31, 2025 Valuation Update With 7 Day Price Move • Sep 18
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to CN¥48.15, the stock trades at a forward P/E ratio of 25x. Average forward P/E is 33x in the Electronic industry in China. Total returns to shareholders of 86% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CN¥79.25 per share. Valuation Update With 7 Day Price Move • Aug 11
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to CN¥41.20, the stock trades at a forward P/E ratio of 28x. Average forward P/E is 30x in the Electronic industry in China. Total returns to shareholders of 103% over the past year. Announcement • Jun 30
Shenzhen Newway Photomask Making Co., Ltd to Report First Half, 2025 Results on Aug 29, 2025 Shenzhen Newway Photomask Making Co., Ltd announced that they will report first half, 2025 results on Aug 29, 2025 Reported Earnings • Apr 23
Full year 2024 earnings: EPS in line with expectations, revenues disappoint Full year 2024 results: EPS: CN¥0.99 (up from CN¥0.77 in FY 2023). Revenue: CN¥875.5m (up 30% from FY 2023). Net income: CN¥190.9m (up 28% from FY 2023). Profit margin: 22% (in line with FY 2023). Revenue missed analyst estimates by 1.2%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is forecast to grow 24% p.a. on average during the next 2 years, compared to a 17% growth forecast for the Electronic industry in China. Announcement • Apr 20
Shenzhen Newway Photomask Making Co., Ltd, Annual General Meeting, May 09, 2025 Shenzhen Newway Photomask Making Co., Ltd, Annual General Meeting, May 09, 2025, at 14:00 China Standard Time. Location: 9F, Building A, No. 5035, Menghai Avenue, Guiwan Community, Nanshan District, Shenzhen, Guangdong China Valuation Update With 7 Day Price Move • Apr 14
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to CN¥36.60, the stock trades at a forward P/E ratio of 27x. Average forward P/E is 25x in the Electronic industry in China. Total returns to shareholders of 40% over the past year. Announcement • Mar 28
Shenzhen Newway Photomask Making Co., Ltd to Report Q1, 2025 Results on Apr 29, 2025 Shenzhen Newway Photomask Making Co., Ltd announced that they will report Q1, 2025 results on Apr 29, 2025 New Risk • Mar 12
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. This is currently the only risk that has been identified for the company. Valuation Update With 7 Day Price Move • Feb 25
Investor sentiment improves as stock rises 28% After last week's 28% share price gain to CN¥34.79, the stock trades at a forward P/E ratio of 26x. Average forward P/E is 30x in the Electronic industry in China. Total returns to shareholders of 29% over the past year. Reported Earnings • Feb 19
Full year 2024 earnings: EPS in line with expectations, revenues disappoint Full year 2024 results: EPS: CN¥1.00 (up from CN¥0.77 in FY 2023). Revenue: CN¥875.5m (up 30% from FY 2023). Net income: CN¥192.3m (up 29% from FY 2023). Profit margin: 22% (in line with FY 2023). Revenue missed analyst estimates by 1.2%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is forecast to grow 20% p.a. on average during the next 2 years, compared to a 18% growth forecast for the Electronic industry in China. Announcement • Dec 27
Shenzhen Newway Photomask Making Co., Ltd to Report Fiscal Year 2024 Results on Apr 26, 2025 Shenzhen Newway Photomask Making Co., Ltd announced that they will report fiscal year 2024 results on Apr 26, 2025 Valuation Update With 7 Day Price Move • Nov 11
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to CN¥31.20, the stock trades at a forward P/E ratio of 25x. Average forward P/E is 26x in the Electronic industry in China. Total returns to shareholders of 3.9% over the past year. Reported Earnings • Oct 31
Third quarter 2024 earnings released: EPS: CN¥0.20 (vs CN¥0.19 in 3Q 2023) Third quarter 2024 results: EPS: CN¥0.20 (up from CN¥0.19 in 3Q 2023). Revenue: CN¥206.8m (up 19% from 3Q 2023). Net income: CN¥38.6m (up 2.4% from 3Q 2023). Profit margin: 19% (down from 22% in 3Q 2023). Revenue is forecast to grow 28% p.a. on average during the next 3 years, compared to a 18% growth forecast for the Electronic industry in China. New Risk • Sep 30
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Chinese stocks, typically moving 7.8% 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: Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (7.8% average weekly change). Large one-off items impacting financial results. Announcement • Sep 30
Shenzhen Newway Photomask Making Co., Ltd to Report Q3, 2024 Results on Oct 26, 2024 Shenzhen Newway Photomask Making Co., Ltd announced that they will report Q3, 2024 results on Oct 26, 2024 Valuation Update With 7 Day Price Move • Sep 30
Investor sentiment improves as stock rises 33% After last week's 33% share price gain to CN¥25.33, the stock trades at a forward P/E ratio of 20x. Average forward P/E is 21x in the Electronic industry in China. Total loss to shareholders of 17% over the past year. New Risk • Sep 15
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 24% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks Paying a dividend despite having no free cash flows. Large one-off items impacting financial results. Reported Earnings • Aug 27
Second quarter 2024 earnings released: EPS: CN¥0.22 (vs CN¥0.23 in 2Q 2023) Second quarter 2024 results: EPS: CN¥0.22 (down from CN¥0.23 in 2Q 2023). Revenue: CN¥218.9m (up 27% from 2Q 2023). Net income: CN¥41.3m (down 2.1% from 2Q 2023). Profit margin: 19% (down from 25% in 2Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 27% p.a. on average during the next 3 years, compared to a 18% growth forecast for the Electronic industry in China. Announcement • Jun 28
Shenzhen Newway Photomask Making Co., Ltd to Report First Half, 2024 Results on Aug 27, 2024 Shenzhen Newway Photomask Making Co., Ltd announced that they will report first half, 2024 results on Aug 27, 2024 Reported Earnings • Apr 27
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: EPS: CN¥0.77 (up from CN¥0.74 in FY 2022). Revenue: CN¥672.4m (up 5.1% from FY 2022). Net income: CN¥148.8m (up 24% from FY 2022). Profit margin: 22% (up from 19% in FY 2022). Revenue missed analyst estimates by 20%. Earnings per share (EPS) also missed analyst estimates by 26%. Revenue is forecast to grow 36% p.a. on average during the next 2 years, compared to a 17% growth forecast for the Electronic industry in China. Announcement • Apr 27
Shenzhen Newway Photomask Making Co., Ltd, Annual General Meeting, May 16, 2024 Shenzhen Newway Photomask Making Co., Ltd, Annual General Meeting, May 16, 2024, at 14:00 China Standard Time. Location: The Company's Meeting Room, Chengdu, Sichuan China Announcement • Mar 30
Shenzhen Newway Photomask Making Co., Ltd to Report Q1, 2024 Results on Apr 29, 2024 Shenzhen Newway Photomask Making Co., Ltd announced that they will report Q1, 2024 results on Apr 29, 2024 Reported Earnings • Feb 01
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: EPS: CN¥0.78 (up from CN¥0.74 in FY 2022). Revenue: CN¥672.4m (up 5.1% from FY 2022). Net income: CN¥151.5m (up 27% from FY 2022). Profit margin: 23% (up from 19% in FY 2022). Revenue missed analyst estimates by 20%. Earnings per share (EPS) also missed analyst estimates by 26%. Revenue is forecast to grow 36% p.a. on average during the next 2 years, compared to a 19% growth forecast for the Electronic industry in China. Valuation Update With 7 Day Price Move • Dec 12
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to CN¥33.23, the stock trades at a forward P/E ratio of 25x. Average forward P/E is 23x in the Electronic industry in China. Total returns to shareholders of 1.6% over the past year. Simply Wall St's valuation model estimates the intrinsic value at CN¥24.74 per share. Reported Earnings • Oct 26
Third quarter 2023 earnings released: EPS: CN¥0.19 (vs CN¥0.36 in 3Q 2022) Third quarter 2023 results: EPS: CN¥0.19 (down from CN¥0.36 in 3Q 2022). Revenue: CN¥173.8m (down 13% from 3Q 2022). Net income: CN¥37.7m (down 3.4% from 3Q 2022). Profit margin: 22% (up from 20% in 3Q 2022). The increase in margin was driven by lower expenses. Revenue is forecast to grow 34% p.a. on average during the next 3 years, compared to a 20% growth forecast for the Electronic industry in China. New Risk • Aug 16
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 26% 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 (26% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (6.2% average weekly change). Reported Earnings • Aug 15
Second quarter 2023 earnings released: EPS: CN¥0.23 (vs CN¥0.21 in 2Q 2022) Second quarter 2023 results: EPS: CN¥0.23 (up from CN¥0.21 in 2Q 2022). Revenue: CN¥172.1m (up 17% from 2Q 2022). Net income: CN¥42.2m (up 41% from 2Q 2022). Profit margin: 25% (up from 20% in 2Q 2022). 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 19% growth forecast for the Electronic industry in China. Reported Earnings • Apr 26
Full year 2022 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2022 results: EPS: CN¥1.08. Revenue: CN¥640.0m (down 20% from FY 2021). Net income: CN¥119.8m (down 15% from FY 2021). Profit margin: 19% (up from 18% in FY 2021). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 5.6%. Earnings per share (EPS) exceeded analyst estimates by 20%. Revenue is forecast to grow 24% p.a. on average during the next 2 years, compared to a 18% growth forecast for the Electronic industry in China. Reported Earnings • Feb 25
Full year 2022 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2022 results: EPS: CN¥1.08. Revenue: CN¥639.8m (down 20% from FY 2021). Net income: CN¥120.5m (down 14% from FY 2021). Profit margin: 19% (up from 18% in FY 2021). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 5.6%. Earnings per share (EPS) exceeded analyst estimates by 20%. Revenue is forecast to grow 24% p.a. on average during the next 2 years, compared to a 20% growth forecast for the Electronic industry in China. Valuation Update With 7 Day Price Move • Dec 22
Investor sentiment deteriorated over the past week After last week's 15% share price decline to CN¥43.65, the stock trades at a trailing P/E ratio of 30.9x. Average trailing P/E is 33x in the Electronic industry in China. Valuation Update With 7 Day Price Move • Nov 04
Investor sentiment improved over the past week After last week's 26% share price gain to CN¥54.95, the stock trades at a trailing P/E ratio of 39x. Average trailing P/E is 35x in the Electronic industry in China. Reported Earnings • Oct 30
Third quarter 2022 earnings released Third quarter 2022 results: EPS: CN¥0.52. Net income: CN¥39.1m (up CN¥39.1m from 3Q 2021). Valuation Update With 7 Day Price Move • Oct 17
Investor sentiment improved over the past week After last week's 16% share price gain to CN¥38.78, the stock trades at a trailing P/E ratio of 30.8x. Average trailing P/E is 32x in the Electronic industry in China. Valuation Update With 7 Day Price Move • Sep 19
Investor sentiment deteriorated over the past week After last week's 15% share price decline to CN¥40.20, the stock trades at a trailing P/E ratio of 31.9x. Average trailing P/E is 32x in the Electronic industry in China.