Announcement • Jun 30
Shanghai Material Trading Co., Ltd. to Report First Half, 2026 Results on Aug 29, 2026 Shanghai Material Trading Co., Ltd. announced that they will report first half, 2026 results on Aug 29, 2026 Announcement • Jun 10
Shanghai Material Trading Co., Ltd., Annual General Meeting, Jun 30, 2026 Shanghai Material Trading Co., Ltd., Annual General Meeting, Jun 30, 2026, at 13:30 China Standard Time. Location: 5F, No. 2550, Zhongshan North Road, Shanghai China New Risk • May 15
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 364% 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. This is currently the only risk that has been identified for the company. Reported Earnings • Apr 25
Full year 2025 earnings released: EPS: CN¥0.06 (vs CN¥0.10 in FY 2024) Full year 2025 results: EPS: CN¥0.06 (down from CN¥0.10 in FY 2024). Revenue: CN¥1.68b (down 63% from FY 2024). Net income: CN¥29.2m (down 42% from FY 2024). Profit margin: 1.7% (up from 1.1% in FY 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 62% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Announcement • Mar 30
Shanghai Material Trading Co., Ltd. to Report Q1, 2026 Results on Apr 30, 2026 Shanghai Material Trading Co., Ltd. announced that they will report Q1, 2026 results on Apr 30, 2026 Announcement • Dec 26
Shanghai Material Trading Co., Ltd. to Report Fiscal Year 2025 Results on Apr 15, 2026 Shanghai Material Trading Co., Ltd. announced that they will report fiscal year 2025 results on Apr 15, 2026 Board Change • Dec 12
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Director Dan Luo was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Oct 31
Third quarter 2025 earnings released: EPS: CN¥0.01 (vs CN¥0.038 in 3Q 2024) Third quarter 2025 results: EPS: CN¥0.01 (down from CN¥0.038 in 3Q 2024). Revenue: CN¥439.9m (down 76% from 3Q 2024). Net income: CN¥4.88m (down 74% from 3Q 2024). Profit margin: 1.1% (up from 1.0% in 3Q 2024). Over the last 3 years on average, earnings per share has fallen by 43% per year but the company’s share price has increased by 12% per year, which means it is well ahead of earnings. Announcement • Sep 30
Shanghai Material Trading Co., Ltd. to Report Q3, 2025 Results on Oct 31, 2025 Shanghai Material Trading Co., Ltd. announced that they will report Q3, 2025 results on Oct 31, 2025 New Risk • Sep 23
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 8.9% 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 (8.9% average weekly change). Minor Risk Large one-off items impacting financial results. New Risk • Jul 11
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 7.0% 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. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (91% accrual ratio). Minor Risk Share price has been volatile over the past 3 months (7.0% average weekly change). Announcement • Jun 30
Shanghai Material Trading Co., Ltd. to Report First Half, 2025 Results on Aug 30, 2025 Shanghai Material Trading Co., Ltd. announced that they will report first half, 2025 results on Aug 30, 2025 Announcement • Jun 09
Shanghai Material Trading Co., Ltd., Annual General Meeting, Jun 30, 2025 Shanghai Material Trading Co., Ltd., Annual General Meeting, Jun 30, 2025, at 13:30 China Standard Time. Location: 5F, No. 2550, Zhongshan North Road, Shanghai China New Risk • May 03
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 91% 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. This is currently the only risk that has been identified for the company. New Risk • Apr 19
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 42,994% 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 Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1.1% net profit margin). Reported Earnings • Apr 16
Full year 2024 earnings released: EPS: CN¥0.10 (vs CN¥0.28 in FY 2023) Full year 2024 results: EPS: CN¥0.10 (down from CN¥0.28 in FY 2023). Revenue: CN¥4.52b (down 43% from FY 2023). Net income: CN¥50.5m (down 64% from FY 2023). Profit margin: 1.1% (down from 1.8% in FY 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 28% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Announcement • Mar 28
Shanghai Material Trading Co., Ltd. to Report Q1, 2025 Results on Apr 30, 2025 Shanghai Material Trading Co., Ltd. announced that they will report Q1, 2025 results on Apr 30, 2025 New Risk • Jan 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 9.1% 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 (75% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (9.1% average weekly change). Profit margins are more than 30% lower than last year (0.9% net profit margin). Announcement • Dec 27
Shanghai Material Trading Co., Ltd. to Report Fiscal Year 2024 Results on Apr 16, 2025 Shanghai Material Trading Co., Ltd. announced that they will report fiscal year 2024 results on Apr 16, 2025 Reported Earnings • Oct 31
Third quarter 2024 earnings released: EPS: CN¥0.038 (vs CN¥0.057 loss in 3Q 2023) Third quarter 2024 results: EPS: CN¥0.038 (up from CN¥0.057 loss in 3Q 2023). Revenue: CN¥1.83b (down 13% from 3Q 2023). Net income: CN¥18.7m (up CN¥47.0m from 3Q 2023). Profit margin: 1.0% (up from net loss in 3Q 2023). Over the last 3 years on average, earnings per share has fallen by 31% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Announcement • Sep 30
Shanghai Material Trading Co., Ltd. to Report Q3, 2024 Results on Oct 31, 2024 Shanghai Material Trading Co., Ltd. announced that they will report Q3, 2024 results on Oct 31, 2024 Reported Earnings • Aug 31
Second quarter 2024 earnings released: EPS: CN¥0.044 (vs CN¥0.035 in 2Q 2023) Second quarter 2024 results: EPS: CN¥0.044 (up from CN¥0.035 in 2Q 2023). Revenue: CN¥1.76b (up 8.6% from 2Q 2023). Net income: CN¥22.0m (up 28% from 2Q 2023). Profit margin: 1.3% (up from 1.1% in 2Q 2023). Over the last 3 years on average, earnings per share has fallen by 24% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings. Announcement • Jun 28
Shanghai Material Trading Co., Ltd. to Report First Half, 2024 Results on Aug 31, 2024 Shanghai Material Trading Co., Ltd. announced that they will report first half, 2024 results on Aug 31, 2024 Announcement • May 29
Shanghai Material Trading Co., Ltd., Annual General Meeting, Jun 17, 2024 Shanghai Material Trading Co., Ltd., Annual General Meeting, Jun 17, 2024, at 13:30 China Standard Time. Location: 5F, No. 2550, Zhongshan North Road, Shanghai China Buy Or Sell Opportunity • May 20
Now 21% overvalued Over the last 90 days, the stock has fallen 1.5% to CN¥9.20. The fair value is estimated to be CN¥7.58, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 5.7% over the last 3 years. Earnings per share has declined by 9.8%. Reported Earnings • May 01
First quarter 2024 earnings released: EPS: CN¥0.01 (vs CN¥0.28 in 1Q 2023) First quarter 2024 results: EPS: CN¥0.01 (down from CN¥0.28 in 1Q 2023). Revenue: CN¥893.7m (down 56% from 1Q 2023). Net income: CN¥5.16m (down 96% from 1Q 2023). Profit margin: 0.6% (down from 6.8% in 1Q 2023). Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. Reported Earnings • Apr 17
Full year 2023 earnings released: EPS: CN¥0.28 (vs CN¥0.12 in FY 2022) Full year 2023 results: EPS: CN¥0.28 (up from CN¥0.12 in FY 2022). Revenue: CN¥7.87b (up 57% from FY 2022). Net income: CN¥140.0m (up 134% from FY 2022). Profit margin: 1.8% (up from 1.2% in FY 2022). The increase in margin was driven by higher revenue. 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 3% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Apr 16
Investor sentiment deteriorates as stock falls 25% After last week's 25% share price decline to CN¥8.44, the stock trades at a trailing P/E ratio of 25.4x. Average trailing P/E is 18x in the Trade Distributors industry in China. Total loss to shareholders of 15% over the past three years. Announcement • Mar 29
Shanghai Material Trading Co., Ltd. to Report Q1, 2024 Results on Apr 29, 2024 Shanghai Material Trading Co., Ltd. announced that they will report Q1, 2024 results on Apr 29, 2024 Valuation Update With 7 Day Price Move • Jan 25
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to CN¥11.33, the stock trades at a trailing P/E ratio of 34x. Average trailing P/E is 19x in the Trade Distributors industry in China. Total returns to shareholders of 18% over the past three years. Announcement • Dec 29
Shanghai Material Trading Co., Ltd. to Report Fiscal Year 2023 Results on Apr 16, 2024 Shanghai Material Trading Co., Ltd. announced that they will report fiscal year 2023 results on Apr 16, 2024 Announcement • Jun 28
Shanghai Material Trading Co., Ltd. to Report First Half, 2023 Results on Aug 30, 2023 Shanghai Material Trading Co., Ltd. announced that they will report first half, 2023 results on Aug 30, 2023 New Risk • Jun 09
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 7.0% 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. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (7.0% average weekly change). Large one-off items impacting financial results. Announcement • Sep 24
Milkyway Chemical Supply Chain Service Co., Ltd. (SHSE:603713) signed an agreement to acquire Shanghai Scattered Dangerous Goods Chemical Logistics Co., Ltd. from Shanghai Material Trading Co., Ltd. (SHSE:900927) for approximately CNY 200 million. Milkyway Chemical Supply Chain Service Co., Ltd. (SHSE:603713) made a bid to acquire Shanghai Scattered Dangerous Goods Chemical Logistics Co., Ltd. from Shanghai Material Trading Co., Ltd. (SHSE:900927) for approximately CNY 200 million on September 16, 2021. Milkyway Chemical Supply Chain Service Co., Ltd. signed an agreement to acquire Shanghai Scattered Dangerous Goods Chemical Logistics Co., Ltd. from Shanghai Material Trading Co., Ltd. on September 22, 2021. As per the terms of the transaction, Milkyway Chemical Supply Chain Service paid a deposit of CNY 13.8 million which will be converted into part of the transaction price after the signing of this contract and the remaining CNY 185 million to be paid within 5 working days from the date of signing this contract. Total consideration includes, CNY 108.0428 million for the transfer price of 100% equity of Shanghai Scattered Dangerous Goods Chemical Logistics and CNY 90.9572 million for the transfer price of creditor's rights. If Milkyway Chemical Supply Chain Service Co., Ltd. pays the price overdue, it shall pay Shanghai Material Trading Co., Ltd. a liquidated damages at 0.5% of the part of the overdue payment for every day overdue. Meanwhile, if Shanghai Material Trading Co., Ltd. fails to cooperate with Milkyway Chemical Supply Chain Service Co., Ltd. to complete the registration procedures for the change of ownership of the subject matter transaction within the time limit, Milkyway Chemical Supply Chain Service Co., Ltd. shall pay a liquidated damage at 0.5% of the transaction price for each day overdue. The transaction is subject to the approval of relevant authorities and was also approved by the Board of Directors of Shanghai Material Trading Co., Ltd. Announcement • Oct 29
Shanghai Material Trading Co., Ltd. to Report Q3, 2020 Results on Oct 31, 2020 Shanghai Material Trading Co., Ltd. announced that they will report Q3, 2020 results on Oct 31, 2020 Announcement • Jul 10
Shanghai Material Trading Co., Ltd. to Report First Half, 2020 Results on Aug 27, 2020 Shanghai Material Trading Co., Ltd. announced that they will report first half, 2020 results on Aug 27, 2020 
