Valuation Update With 7 Day Price Move • May 28
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to CN¥11.14, the stock trades at a trailing P/E ratio of 28.6x. Average trailing P/E is 34x in the Construction industry in China. Total returns to shareholders of 34% over the past three years. Declared Dividend • May 25
Dividend of CN¥0.12 announced Dividend of CN¥0.12 is the same as last year. Ex-date: 26th May 2026 Payment date: 26th May 2026 Dividend yield will be 1.2%, which is lower than the industry average of 3.4%. Sustainability & Growth Dividend is well covered by both earnings (43% earnings payout ratio) and cash flows (17% cash payout ratio). The dividend has increased by an average of 27% 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 decline by 52% to shift the payout ratio to a potentially unsustainable range, which is more than the 8.9% EPS decline seen over the last 5 years. Reported Earnings • Apr 20
Full year 2025 earnings released: EPS: CN¥0.39 (vs CN¥0.81 in FY 2024) Full year 2025 results: EPS: CN¥0.39 (down from CN¥0.81 in FY 2024). Revenue: CN¥2.63b (down 6.8% from FY 2024). Net income: CN¥129.6m (down 52% from FY 2024). Profit margin: 4.9% (down from 9.5% in FY 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Announcement • Apr 20
Qinglong Pipes Industry Group Co., Ltd, Annual General Meeting, May 15, 2026 Qinglong Pipes Industry Group Co., Ltd, Annual General Meeting, May 15, 2026, at 14:30 China Standard Time. Location: 11F, Ningxia Shuili R and D Building, Zhonghai Road, Jinfeng District, Yinchuan, Ningxia China Announcement • Mar 31
Qinglong Pipes Industry Group Co., Ltd to Report Q1, 2026 Results on Apr 24, 2026 Qinglong Pipes Industry Group Co., Ltd announced that they will report Q1, 2026 results on Apr 24, 2026 Valuation Update With 7 Day Price Move • Feb 26
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to CN¥14.76, the stock trades at a trailing P/E ratio of 23.7x. Average trailing P/E is 31x in the Construction industry in China. Total returns to shareholders of 77% over the past three years. Board Change • Jan 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 7 experienced directors. 1 highly experienced director. Deputy General Manager & Director Jianbao Gao was the last director to join the board, commencing their role in 2024. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Dec 31
Qinglong Pipes Industry Group Co., Ltd to Report Fiscal Year 2025 Results on Apr 18, 2026 Qinglong Pipes Industry Group Co., Ltd announced that they will report fiscal year 2025 results on Apr 18, 2026 Reported Earnings • Oct 31
Third quarter 2025 earnings released: EPS: CN¥0.11 (vs CN¥0.13 in 3Q 2024) Third quarter 2025 results: EPS: CN¥0.11 (down from CN¥0.13 in 3Q 2024). Revenue: CN¥634.9m (down 2.1% from 3Q 2024). Net income: CN¥37.5m (down 9.2% from 3Q 2024). Profit margin: 5.9% (down from 6.4% in 3Q 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. New Risk • Oct 31
New major risk - Revenue and earnings growth Earnings have declined by 0.2% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. This is currently the only risk that has been identified for the company. Announcement • Sep 30
Qinglong Pipes Industry Group Co., Ltd to Report Q3, 2025 Results on Oct 31, 2025 Qinglong Pipes Industry Group Co., Ltd announced that they will report Q3, 2025 results on Oct 31, 2025 Reported Earnings • Aug 25
Second quarter 2025 earnings released: EPS: CN¥0.058 (vs CN¥0.22 in 2Q 2024) Second quarter 2025 results: EPS: CN¥0.058 (down from CN¥0.22 in 2Q 2024). Revenue: CN¥651.2m (down 9.6% from 2Q 2024). Net income: CN¥18.8m (down 74% from 2Q 2024). Profit margin: 2.9% (down from 10% in 2Q 2024). The decrease in margin was driven by lower revenue. 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 11% per year, which means it is significantly lagging earnings growth. Announcement • Jul 02
Qinglong Pipes Industry Group Co., Ltd to Report First Half, 2025 Results on Aug 22, 2025 Qinglong Pipes Industry Group Co., Ltd announced that they will report first half, 2025 results on Aug 22, 2025 Declared Dividend • May 19
Dividend of CN¥0.12 announced Shareholders will receive a dividend of CN¥0.12. Ex-date: 23rd May 2025 Payment date: 23rd May 2025 Dividend yield will be 1.8%, which is lower than the industry average of 3.4%. Sustainability & Growth Dividend is covered by earnings (26% earnings payout ratio) but 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 17% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 17% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Valuation Update With 7 Day Price Move • Apr 30
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to CN¥11.10, the stock trades at a trailing P/E ratio of 13.7x. Average trailing P/E is 21x in the Construction industry in China. Total returns to shareholders of 28% over the past three years. New Risk • Apr 28
New major risk - Revenue and earnings growth Earnings have declined by 5.1% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 5.1% per year over the past 5 years. Minor Risk Paying a dividend despite having no free cash flows. Announcement • Apr 25
Qinglong Pipes Industry Group Co., Ltd Proposes Final Cash Dividend for 2024 Qinglong Pipes Industry Group Co. Ltd. proposed final cash dividend of CNY 1.20000000 (tax included) per ten shares for 2024. Reported Earnings • Apr 24
First quarter 2025 earnings released: CN¥0.016 loss per share (vs CN¥0.003 loss in 1Q 2024) First quarter 2025 results: CN¥0.016 loss per share (further deteriorated from CN¥0.003 loss in 1Q 2024). Revenue: CN¥282.2m (down 22% from 1Q 2024). Net loss: CN¥5.37m (loss widened 375% from 1Q 2024). Over the last 3 years on average, earnings per share has increased by 10% per year whereas the company’s share price has increased by 11% per year. Announcement • Apr 24
Qinglong Pipes Industry Group Co., Ltd, Annual General Meeting, May 14, 2025 Qinglong Pipes Industry Group Co., Ltd, Annual General Meeting, May 14, 2025, at 14:30 China Standard Time. Location: 11F, Ningxia Shuili R and D Building, No. 41, Yuehai Road, Jinfeng District, Yinchuan, Ningxia China Announcement • Mar 31
Qinglong Pipes Industry Group Co., Ltd to Report Q1, 2025 Results on Apr 24, 2025 Qinglong Pipes Industry Group Co., Ltd announced that they will report Q1, 2025 results on Apr 24, 2025 Announcement • Dec 31
Ningxia Qinglong Pipes Industry Group Co., Ltd. to Report Fiscal Year 2024 Results on Apr 24, 2025 Ningxia Qinglong Pipes Industry Group Co., Ltd. announced that they will report fiscal year 2024 results on Apr 24, 2025 Valuation Update With 7 Day Price Move • Oct 15
Investor sentiment improves as stock rises 35% After last week's 35% share price gain to CN¥14.19, the stock trades at a trailing P/E ratio of 56.3x. Average trailing P/E is 20x in the Construction industry in China. Total returns to shareholders of 92% over the past three years. Announcement • Sep 30
Ningxia Qinglong Pipes Industry Group Co., Ltd. to Report Q3, 2024 Results on Oct 26, 2024 Ningxia Qinglong Pipes Industry Group 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 21% After last week's 21% share price gain to CN¥9.54, the stock trades at a trailing P/E ratio of 37.8x. Average trailing P/E is 20x in the Construction industry in China. Total returns to shareholders of 33% over the past three years. New Risk • Sep 11
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 22% 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: Major Risk Earnings have declined by 8.9% per year over the past 5 years. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (3.6% net profit margin). Announcement • Aug 24
Ningxia Qinglong Pipes Industry Group Co., Ltd. Announces Interim Dividend for 2024, Payable on 29 August 2024 Ningxia Qinglong Pipes Industry Group Co., Ltd. announced interim cash dividend/10 shares (tax included) of CNY 0.90000000 for A shares for 2024. Record date is 28 August 2024. Ex-date is 29 August 2024. Payment date is 29 August 2024. Announcement • Aug 20
Ningxia Qinglong Pipes Industry Group Co., Ltd. Proposes Interim Dividend for the First Half of 2024 Ningxia Qinglong Pipes Industry Group Co., Ltd. announced on 19 August 2024 proposed interim cash dividend of CNY 0.90000000 per 10 shares (tax included) for the first half of 2024. Board Change • Jul 05
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Non-Independent Director Jianbao Gao was the last director to join the board, commencing their role in 2024. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Announcement • Jun 29
Ningxia Qinglong Pipes Industry Group Co., Ltd. to Report First Half, 2024 Results on Aug 17, 2024 Ningxia Qinglong Pipes Industry Group Co., Ltd. announced that they will report first half, 2024 results on Aug 17, 2024 Declared Dividend • May 10
Dividend reduced to CN¥0.09 Dividend of CN¥0.09 is 55% lower than last year. Ex-date: 14th May 2024 Payment date: 14th May 2024 Dividend yield will be 1.1%, which is lower than the industry average of 3.4%. Sustainability & Growth Dividend is not covered by earnings (125% earnings payout ratio). However, it is well covered by cash flows (31% cash payout ratio). The dividend has increased by an average of 12% 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 39% to bring the payout ratio under control. However, EPS has declined by 21% over the last 5 years so the company would need to reverse this trend. New Risk • Apr 25
New major risk - Revenue and earnings growth Earnings have declined by 5.4% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 5.4% per year over the past 5 years. Minor Risks Dividend is not well covered by earnings (125% payout ratio). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1.2% net profit margin). New Risk • Apr 16
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 37% 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 Dividend is not well covered by earnings (129% payout ratio). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1.2% net profit margin). Reported Earnings • Apr 11
Full year 2023 earnings released: EPS: CN¥0.07 (vs CN¥0.50 in FY 2022) Full year 2023 results: EPS: CN¥0.07 (down from CN¥0.50 in FY 2022). Revenue: CN¥2.06b (down 20% from FY 2022). Net income: CN¥24.9m (down 85% from FY 2022). Profit margin: 1.2% (down from 6.5% in FY 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 29% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Announcement • Apr 10
Ningxia Qinglong Pipes Industry Group Co., Ltd., Annual General Meeting, Apr 30, 2024 Ningxia Qinglong Pipes Industry Group Co., Ltd., Annual General Meeting, Apr 30, 2024, at 14:30 China Standard Time. Location: 11F, Ningxia Shuili R and D Building, Zhonghai Road, Jinfeng District, Yinchuan, Ningxia China Announcement • Mar 30
Ningxia Qinglong Pipes Industry Group Co., Ltd. to Report Q1, 2024 Results on Apr 25, 2024 Ningxia Qinglong Pipes Industry Group Co., Ltd. announced that they will report Q1, 2024 results on Apr 25, 2024 Valuation Update With 7 Day Price Move • Feb 05
Investor sentiment deteriorates as stock falls 21% After last week's 21% share price decline to CN¥6.11, the stock trades at a trailing P/E ratio of 22x. Average trailing P/E is 20x in the Construction industry in China. Total loss to shareholders of 8.3% over the past three years. Announcement • Dec 30
Ningxia Qinglong Pipes Industry Group Co., Ltd. to Report Fiscal Year 2023 Results on Apr 10, 2024 Ningxia Qinglong Pipes Industry Group Co., Ltd. announced that they will report fiscal year 2023 results on Apr 10, 2024 New Risk • Nov 30
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 8.0% 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 (8.0% average weekly change). Minor Risk Paying a dividend despite having no free cash flows. Valuation Update With 7 Day Price Move • Oct 31
Investor sentiment improves as stock rises 32% After last week's 32% share price gain to CN¥11.51, the stock trades at a trailing P/E ratio of 41.4x. Average trailing P/E is 25x in the Construction industry in China. Total returns to shareholders of 50% over the past three years. New Risk • Oct 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 6.2% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (6.2% average weekly change). Profit margins are more than 30% lower than last year (4.1% net profit margin). New Risk • Oct 25
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 4.1% Last year net profit margin: 5.8% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (4.1% net profit margin). Reported Earnings • Oct 25
Third quarter 2023 earnings released: CN¥0.009 loss per share (vs CN¥0.18 profit in 3Q 2022) Third quarter 2023 results: CN¥0.009 loss per share (down from CN¥0.18 profit in 3Q 2022). Revenue: CN¥405.1m (down 49% from 3Q 2022). Net loss: CN¥2.83m (down 105% from profit in 3Q 2022). Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Reported Earnings • Aug 18
Second quarter 2023 earnings released: EPS: CN¥0.047 (vs CN¥0.14 in 2Q 2022) Second quarter 2023 results: EPS: CN¥0.047 (down from CN¥0.14 in 2Q 2022). Revenue: CN¥618.4m (down 12% from 2Q 2022). Net income: CN¥15.6m (down 67% from 2Q 2022). Profit margin: 2.5% (down from 6.7% in 2Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 18
Second quarter 2023 earnings released: EPS: CN¥0.047 (vs CN¥0.14 in 2Q 2022) Second quarter 2023 results: EPS: CN¥0.047 (down from CN¥0.14 in 2Q 2022). Revenue: CN¥618.4m (down 12% from 2Q 2022). Net income: CN¥15.6m (down 67% from 2Q 2022). Profit margin: 2.5% (down from 6.7% in 2Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Announcement • Jul 01
Ningxia Qinglong Pipes Industry Group Co., Ltd. to Report First Half, 2023 Results on Aug 18, 2023 Ningxia Qinglong Pipes Industry Group Co., Ltd. announced that they will report first half, 2023 results on Aug 18, 2023 Reported Earnings • Apr 01
Full year 2022 earnings released: EPS: CN¥0.50 (vs CN¥0.43 in FY 2021) Full year 2022 results: EPS: CN¥0.50 (up from CN¥0.43 in FY 2021). Revenue: CN¥2.57b (up 5.6% from FY 2021). Net income: CN¥168.2m (up 18% from FY 2021). Profit margin: 6.5% (up from 5.9% in FY 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 8% per year whereas the company’s share price has increased by 5% per year. Announcement • Dec 28
Ningxia Qinglong Pipes Industry Group Co., Ltd. Approves Election of Directors Ningxia Qinglong Pipes Industry Group Co., Ltd. at its 3rd Extraordinary General Meeting of 2022 held on 26 December 2022, approved election of directors as follows: Election and nomination of non-independent directors, cumulative voting system applicable: Gao Hongbin; Chen Yongwei; Lu Hongquan; Zhao Lingshan; and Li Qian. Election and nomination of non-employee supervisors, cumulative voting system applicable: Liu Lingyun and Dong Pan. Board Change • Nov 16
High number of new and inexperienced directors There are 9 new directors who have joined the board in the last 3 years. The company's board is composed of: 9 new directors. No experienced directors. 1 highly experienced director. Independent Director Li Wang is the most experienced director on the board, commencing their role in 2014. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Reported Earnings • Oct 29
Third quarter 2022 earnings released: EPS: CN¥0.13 (vs CN¥0.13 in 3Q 2021) Third quarter 2022 results: EPS: CN¥0.13 (in line with 3Q 2021). Revenue: CN¥531.2m (down 6.4% from 3Q 2021). Net income: CN¥41.9m (down 1.3% from 3Q 2021). Profit margin: 7.9% (up from 7.5% in 3Q 2021). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 14
Second quarter 2022 earnings released: EPS: CN¥0.14 (vs CN¥0.11 in 2Q 2021) Second quarter 2022 results: EPS: CN¥0.14 (up from CN¥0.11 in 2Q 2021). Revenue: CN¥698.5m (up 13% from 2Q 2021). Net income: CN¥46.6m (up 25% from 2Q 2021). Profit margin: 6.7% (up from 6.1% in 2Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Board Change • Apr 27
High number of new and inexperienced directors There are 8 new directors who have joined the board in the last 3 years. The company's board is composed of: 8 new directors. 2 experienced directors. 2 highly experienced directors. Independent Director Li Wang is the most experienced director on the board, commencing their role in 2014. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Announcement • Apr 23
Ningxia Qinglong Pipes Industry Group Co., Ltd. Approves Final Cash Dividend for the Year 2021, Payable on 28 April 2022 Ningxia Qinglong Pipes Industry Group Co., Ltd. approved final cash dividend (Tax included) of CNY 1.80000000 per 10 A shares for the year 2021, at the AGM held on April 19, 2022. Record date is 27 April 2022 with Ex-date on 28 April 2022 and payment date on 28 April 2022. 10% withholding tax on cash dividend will be deducted in CNY within the cash dividend receivable. Net cash dividend/10 shares after tax: CNY 1.62000000(CNY 1.80000000- CNY 0.18000000). Announcement • Apr 02
Ningxia Qinglong Pipes Industry Group Co., Ltd., Annual General Meeting, Apr 19, 2022 Ningxia Qinglong Pipes Industry Group Co., Ltd., Annual General Meeting, Apr 19, 2022, at 14:30 China Standard Time. Agenda: To consider2021 work report of the board of directors; to consider 2021 work report of the supervisory committee; to consider 2021 annual accounts; to consider 2022 financial budget report; to consider 2021 profit distribution plan; to consider 2021 annual report and its summary; and to consider any other matters. Announcement • Mar 31
Ningxia Qinglong Pipes Industry Group Co., Ltd. Proposes Final Dividend for 2021 Ningxia Qinglong Pipes Industry Group Co., Ltd. proposed final dividend of CNY 1.8000000 for 2021. Reported Earnings • Mar 31
Full year 2021 earnings: EPS and revenues miss analyst expectations Full year 2021 results: EPS: CN¥0.43 (down from CN¥0.50 in FY 2020). Revenue: CN¥2.44b (up 18% from FY 2020). Net income: CN¥143.0m (down 15% from FY 2020). Profit margin: 5.9% (down from 8.1% in FY 2020). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 23%. Earnings per share (EPS) also missed analyst estimates by 65%. 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 1% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Mar 21
Investor sentiment improved over the past week After last week's 16% share price gain to CN¥11.13, the stock trades at a trailing P/E ratio of 17.1x. Average trailing P/E is 22x in the Construction industry in China. Total returns to shareholders of 15% over the past three years. Reported Earnings • Oct 25
Third quarter 2021 earnings released: EPS CN¥0.13 (vs CN¥0.16 in 3Q 2020) The company reported a soft third quarter result with weaker earnings and profit margins, although revenues improved. Third quarter 2021 results: Revenue: CN¥567.3m (up 12% from 3Q 2020). Net income: CN¥42.5m (down 19% from 3Q 2020). Profit margin: 7.5% (down from 10% 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 29% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 18
Second quarter 2021 earnings released: EPS CN¥0.11 (vs CN¥0.051 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: CN¥617.5m (up 41% from 2Q 2020). Net income: CN¥37.4m (up 119% from 2Q 2020). Profit margin: 6.1% (up from 3.9% 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 29% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jul 21
Investor sentiment improved over the past week After last week's 15% share price gain to CN¥11.00, the stock trades at a trailing P/E ratio of 17.7x. Average trailing P/E is 16x in the Construction industry in China. Total returns to shareholders of 37% over the past three years. Announcement • Apr 29
Ningxia Qinglong Pipes Industry Group Co., Ltd. Proposes Final Cash Dividend for the Year 2020 Ningxia Qinglong Pipes Industry Group Co., Ltd. proposed final cash dividend per ten shares (tax included) of CNY 1.80000000 for the year 2020. Reported Earnings • Apr 15
Full year 2020 earnings released: EPS CN¥0.49 (vs CN¥0.47 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: CN¥2.06b (up 3.2% from FY 2019). Net income: CN¥162.7m (up 3.7% from FY 2019). Profit margin: 7.9% (up from 7.8% in FY 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Mar 15
New 90-day high: CN¥7.84 The company is up 1.0% from a price of CN¥7.74 on 15 December 2020. Outperformed the Chinese market which is flat over the last 90 days. Exceeded the Construction industry, which is flat over the same period. Is New 90 Day High Low • Feb 04
New 90-day low: CN¥6.93 The company is down 13% from its price of CN¥7.97 on 06 November 2020. The Chinese market is up 5.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Construction industry, which is down 11% over the same period. Is New 90 Day High Low • Dec 28
New 90-day low: CN¥7.20 The company is down 12% from its price of CN¥8.17 on 29 September 2020. The Chinese market is up 6.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Construction industry, which is down 4.0% over the same period. Is New 90 Day High Low • Dec 09
New 90-day low: CN¥7.91 The company is down 5.0% from its price of CN¥8.37 on 10 September 2020. The Chinese market is up 5.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Construction industry, which is down 3.0% over the same period. Reported Earnings • Oct 26
Third quarter earnings released Over the last 12 months the company has reported total profits of CN¥88.1m, down 37% from the prior year. Total revenue was CN¥1.69b over the last 12 months, down 16% from the prior year. Is New 90 Day High Low • Oct 21
New 90-day low: CN¥8.11 The company is down 30% from its price of CN¥11.51 on 23 July 2020. The Chinese market is flat over the last 90 days, indicating the company underperformed over that time. It also underperformed the Construction industry, which is down 5.0% over the same period. Announcement • Oct 19
Ningxia Qinglong Pipes Industry Group Co., Ltd. to Report Q3, 2020 Results on Oct 26, 2020 Ningxia Qinglong Pipes Industry Group Co., Ltd. announced that they will report Q3, 2020 results on Oct 26, 2020 Is New 90 Day High Low • Oct 01
New 90-day low: CN¥8.12 The company is down 6.0% from its price of CN¥8.61 on 03 July 2020. The Chinese market is up 5.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Construction industry, which is up 1.0% over the same period. Announcement • Aug 08
Ningxia Qinglong Pipes Industry Group Co., Ltd. to Report First Half, 2020 Results on Aug 26, 2020 Ningxia Qinglong Pipes Industry Group Co., Ltd. announced that they will report first half, 2020 results on Aug 26, 2020 
