Declared Dividend • May 20
Dividend of CN¥0.25 announced Shareholders will receive a dividend of CN¥0.25. Ex-date: 22nd May 2026 Payment date: 22nd May 2026 Dividend yield will be 5.0%, which is higher than the industry average of 3.3%. Sustainability & Growth Dividend is covered by earnings (48% earnings payout ratio) but not adequately covered by cash flows (91% cash payout ratio). The dividend has increased by an average of 8.2% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. Earnings per share has grown by 4.3% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Buy Or Sell Opportunity • Apr 29
Now 21% overvalued Over the last 90 days, the stock has fallen 8.6% to CN¥7.16. The fair value is estimated to be CN¥5.90, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 4.0% over the last 3 years. Earnings per share has grown by 5.0%. New Risk • Apr 24
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 27% 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 cash flows (91% cash payout ratio). Large one-off items impacting financial results. Announcement • Apr 10
Zhejiang Hangmin Co.,Ltd, Annual General Meeting, Apr 30, 2026 Zhejiang Hangmin Co.,Ltd, Annual General Meeting, Apr 30, 2026, at 13:30 China Standard Time. Location: Hangmin Hotel, Hangmin Village, Guali Town, Xiaoshan District, Hangzhou, Zhejiang China Reported Earnings • Apr 10
Full year 2025 earnings released: EPS: CN¥0.72 (vs CN¥0.69 in FY 2024) Full year 2025 results: EPS: CN¥0.72 (up from CN¥0.69 in FY 2024). Revenue: CN¥10.7b (down 6.5% from FY 2024). Net income: CN¥734.8m (up 2.1% from FY 2024). Profit margin: 6.9% (up from 6.3% in FY 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Announcement • Mar 30
Zhejiang Hangmin Co.,Ltd to Report Q1, 2026 Results on Apr 24, 2026 Zhejiang Hangmin Co.,Ltd announced that they will report Q1, 2026 results on Apr 24, 2026 Valuation Update With 7 Day Price Move • Feb 09
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to CN¥8.52, the stock trades at a trailing P/E ratio of 12x. Average trailing P/E is 38x in the Luxury industry in China. Total returns to shareholders of 13% over the past three years. Announcement • Dec 26
Zhejiang Hangmin Co.,Ltd to Report Fiscal Year 2025 Results on Apr 10, 2026 Zhejiang Hangmin Co.,Ltd announced that they will report fiscal year 2025 results on Apr 10, 2026 Reported Earnings • Oct 24
Third quarter 2025 earnings released: EPS: CN¥0.17 (vs CN¥0.17 in 3Q 2024) Third quarter 2025 results: EPS: CN¥0.17 (down from CN¥0.17 in 3Q 2024). Revenue: CN¥2.69b (down 13% from 3Q 2024). Net income: CN¥168.2m (down 5.0% from 3Q 2024). Profit margin: 6.2% (up from 5.7% in 3Q 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 4% per year whereas the company’s share price has fallen by 1% per year. Announcement • Sep 30
Zhejiang Hangmin Co.,Ltd to Report Q3, 2025 Results on Oct 24, 2025 Zhejiang Hangmin Co.,Ltd announced that they will report Q3, 2025 results on Oct 24, 2025 New Risk • Sep 27
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 1.4% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. This is currently the only risk that has been identified for the company. Reported Earnings • Aug 15
Second quarter 2025 earnings released: EPS: CN¥0.17 (vs CN¥0.16 in 2Q 2024) Second quarter 2025 results: EPS: CN¥0.17 (up from CN¥0.16 in 2Q 2024). Revenue: CN¥2.49b (flat on 2Q 2024). Net income: CN¥178.6m (up 5.0% from 2Q 2024). Profit margin: 7.2% (up from 6.9% in 2Q 2024). Over the last 3 years on average, earnings per share has increased by 4% per year whereas the company’s share price has increased by 5% per year. Announcement • Jun 30
Zhejiang Hangmin Co.,Ltd to Report First Half, 2025 Results on Aug 13, 2025 Zhejiang Hangmin Co.,Ltd announced that they will report first half, 2025 results on Aug 13, 2025 Declared Dividend • May 21
Dividend of CN¥0.30 announced Dividend of CN¥0.30 is the same as last year. Ex-date: 23rd May 2025 Payment date: 23rd May 2025 Dividend yield will be 4.1%, which is higher than the industry average of 3.3%. Sustainability & Growth Dividend is well covered by both earnings (43% earnings payout ratio) and cash flows (27% cash payout ratio). The dividend has increased by an average of 7.6% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. Earnings per share has grown by 2.5% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Mar 30
Full year 2024 earnings released: EPS: CN¥0.69 (vs CN¥0.65 in FY 2023) Full year 2024 results: EPS: CN¥0.69 (up from CN¥0.65 in FY 2023). Revenue: CN¥11.5b (up 19% from FY 2023). Net income: CN¥719.7m (up 5.0% from FY 2023). Profit margin: 6.3% (down from 7.1% in FY 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has increased by 9% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Mar 29
Zhejiang Hangmin Co.,Ltd, Annual General Meeting, Apr 22, 2025 Zhejiang Hangmin Co.,Ltd, Annual General Meeting, Apr 22, 2025, at 13:30 China Standard Time. Location: Hangmin Hotel, Hangmin Village, Guali Town, Xiaoshan District, Hangzhou, Zhejiang China Announcement • Mar 28
Zhejiang Hangmin Co.,Ltd to Report Q1, 2025 Results on Apr 24, 2025 Zhejiang Hangmin Co.,Ltd announced that they will report Q1, 2025 results on Apr 24, 2025 Announcement • Dec 27
Zhejiang Hangmin Co.,Ltd to Report Fiscal Year 2024 Results on Mar 29, 2025 Zhejiang Hangmin Co.,Ltd announced that they will report fiscal year 2024 results on Mar 29, 2025 New Risk • Oct 26
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 21% 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 • Oct 25
Third quarter 2024 earnings released: EPS: CN¥0.17 (vs CN¥0.16 in 3Q 2023) Third quarter 2024 results: EPS: CN¥0.17 (up from CN¥0.16 in 3Q 2023). Revenue: CN¥3.08b (up 16% from 3Q 2023). Net income: CN¥177.1m (up 3.2% from 3Q 2023). Profit margin: 5.7% (down from 6.4% in 3Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has increased by 11% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Sep 30
Zhejiang Hangmin Co.,Ltd to Report Q3, 2024 Results on Oct 25, 2024 Zhejiang Hangmin Co.,Ltd announced that they will report Q3, 2024 results on Oct 25, 2024 Announcement • Sep 13
Zhejiang Hangmin Co.,Ltd (SHSE:600987) announces an Equity Buyback for 30,000,000 shares, for CNY 298.8 million. Zhejiang Hangmin Co.,Ltd (SHSE:600987) announces a share repurchase program. Under the program, the company will repurchase up to 30,000,000 shares. The shares will be repurchased at a price not more than CNY 9.96 per share. The purpose of the program is to reduce registered capital. The authorization will be valid for a period of 12 months from the date on which the shareholders' meeting reviewed and approved the repurchase plan, until September 10, 2025. Reported Earnings • Aug 13
Second quarter 2024 earnings released: EPS: CN¥0.16 (vs CN¥0.15 in 2Q 2023) Second quarter 2024 results: EPS: CN¥0.16 (up from CN¥0.15 in 2Q 2023). Revenue: CN¥2.47b (up 7.4% from 2Q 2023). Net income: CN¥170.1m (up 8.6% from 2Q 2023). Profit margin: 6.9% (up from 6.8% in 2Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has increased by 13% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jun 28
Zhejiang Hangmin Co.,Ltd to Report First Half, 2024 Results on Aug 13, 2024 Zhejiang Hangmin Co.,Ltd announced that they will report first half, 2024 results on Aug 13, 2024 Buy Or Sell Opportunity • May 24
Now 20% overvalued The stock has been flat over the last 90 days, currently trading at CN¥7.23. The fair value is estimated to be CN¥6.02, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 9.4% over the last 3 years. Earnings per share has grown by 3.5%. Reported Earnings • Mar 31
Full year 2023 earnings released: EPS: CN¥0.65 (vs CN¥0.63 in FY 2022) Full year 2023 results: EPS: CN¥0.65 (up from CN¥0.63 in FY 2022). Revenue: CN¥9.67b (up 1.0% from FY 2022). Net income: CN¥685.2m (up 4.2% from FY 2022). Profit margin: 7.1% (up from 6.9% in FY 2022). Over the last 3 years on average, earnings per share has increased by 4% per year whereas the company’s share price has increased by 9% per year. Announcement • Mar 30
Zhejiang Hangmin Co.,Ltd, Annual General Meeting, Apr 22, 2024 Zhejiang Hangmin Co.,Ltd, Annual General Meeting, Apr 22, 2024, at 13:30 China Standard Time. Location: Hangzhou Xiaoshan Hangmin Hotel, Hangmin Village, Guali Town, Xiaoshan District, Hangzhou, Zhejiang China Announcement • Mar 29
Zhejiang Hangmin Co.,Ltd to Report Q1, 2024 Results on Apr 24, 2024 Zhejiang Hangmin Co.,Ltd announced that they will report Q1, 2024 results on Apr 24, 2024 Valuation Update With 7 Day Price Move • Feb 05
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to CN¥6.20, the stock trades at a trailing P/E ratio of 9.8x. Average trailing P/E is 24x in the Luxury industry in China. Total returns to shareholders of 29% over the past three years. Announcement • Dec 30
Zhejiang Hangmin Co.,Ltd to Report Fiscal Year 2023 Results on Mar 30, 2024 Zhejiang Hangmin Co.,Ltd announced that they will report fiscal year 2023 results on Mar 30, 2024 New Risk • Dec 21
New major risk - Revenue and earnings growth Earnings have declined by 0.6% 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. Reported Earnings • Oct 26
Third quarter 2023 earnings released: EPS: CN¥0.16 (vs CN¥0.16 in 3Q 2022) Third quarter 2023 results: EPS: CN¥0.16 (up from CN¥0.16 in 3Q 2022). Revenue: CN¥2.66b (down 16% from 3Q 2022). Net income: CN¥171.5m (up 1.9% from 3Q 2022). Profit margin: 6.4% (up from 5.3% in 3Q 2022). The increase in margin was driven by lower expenses. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 16% growth forecast for the Luxury industry in China. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has increased by 13% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jun 28
Zhejiang Hangmin Co.,Ltd to Report First Half, 2023 Results on Aug 09, 2023 Zhejiang Hangmin Co.,Ltd announced that they will report first half, 2023 results on Aug 09, 2023 Price Target Changed • May 12
Price target increased by 14% to CN¥9.13 Up from CN¥7.98, the current price target is provided by 1 analyst. New target price is 14% above last closing price of CN¥8.01. Stock is up 51% over the past year. The company is forecast to post earnings per share of CN¥0.73 for next year compared to CN¥0.63 last year. Reported Earnings • Apr 23
Full year 2022 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2022 results: EPS: CN¥0.63. Revenue: CN¥9.57b (flat on FY 2021). Net income: CN¥657.8m (down 1.3% from FY 2021). Profit margin: 6.9% (down from 7.0% in FY 2021). Revenue missed analyst estimates by 4.5%. Earnings per share (EPS) exceeded analyst estimates by 11%. Revenue is forecast to grow 13% p.a. on average during the next 2 years, compared to a 16% growth forecast for the Luxury industry in China. Valuation Update With 7 Day Price Move • Dec 07
Investor sentiment improved over the past week After last week's 16% share price gain to CN¥8.33, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 13x in the Luxury industry in China. Total returns to shareholders of 52% over the past three years. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 5 non-independent directors. Independent Director Shuitu Qian was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Oct 21
Third quarter 2022 earnings released: EPS: CN¥0.16 (vs CN¥0.14 in 3Q 2021) Third quarter 2022 results: EPS: CN¥0.16 (up from CN¥0.14 in 3Q 2021). Revenue: CN¥3.16b (up 27% from 3Q 2021). Net income: CN¥168.4m (up 11% from 3Q 2021). Profit margin: 5.3% (down from 6.1% in 3Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Aug 18
Investor sentiment improved over the past week After last week's 20% share price gain to CN¥6.34, the stock trades at a trailing P/E ratio of 9.9x. Average trailing P/E is 22x in the Luxury industry in China. Total returns to shareholders of 17% over the past three years. Reported Earnings • Jul 31
Second quarter 2022 earnings released: EPS: CN¥0.15 (vs CN¥0.16 in 2Q 2021) Second quarter 2022 results: EPS: CN¥0.15 (down from CN¥0.16 in 2Q 2021). Revenue: CN¥2.05b (down 6.6% from 2Q 2021). Net income: CN¥159.7m (down 4.9% from 2Q 2021). Profit margin: 7.8% (up from 7.7% in 2Q 2021). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 2% per year whereas the company’s share price has fallen by 6% per year. Board Change • Apr 27
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 11 experienced directors. 1 highly experienced director. 3 independent directors (6 non-independent directors). Chairman of the Board & President Chongqing Zhu was the last director to join the board, commencing their role in 2010. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Apr 21
Full year 2021 earnings: EPS and revenues miss analyst expectations Full year 2021 results: EPS: CN¥0.62 (up from CN¥0.56 in FY 2020). Revenue: CN¥9.49b (up 81% from FY 2020). Net income: CN¥666.6m (up 11% from FY 2020). Profit margin: 7.0% (down from 12% in FY 2020). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 10.0%. Earnings per share (EPS) also missed analyst estimates by 5.1%. Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has fallen by 11% per year, which means it is performing significantly worse than earnings. Reported Earnings • Oct 23
Third quarter 2021 earnings released: EPS CN¥0.14 (vs CN¥0.14 in 3Q 2020) The company reported a mediocre third quarter result with weaker earnings and profit margins, although revenues improved. Third quarter 2021 results: Revenue: CN¥2.49b (up 79% from 3Q 2020). Net income: CN¥152.2m (down 2.3% from 3Q 2020). Profit margin: 6.1% (down from 11% in 3Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 3% per year whereas the company’s share price has fallen by 2% per year. Valuation Update With 7 Day Price Move • Sep 23
Investor sentiment improved over the past week After last week's 20% share price gain to CN¥6.30, the stock trades at a trailing P/E ratio of 10.9x. Average trailing P/E is 27x in the Luxury industry in China. Total returns to shareholders of 14% over the past three years. Reported Earnings • Aug 15
Second quarter 2021 earnings released: EPS CN¥0.16 (vs CN¥0.15 in 2Q 2020) The company reported a mediocre second quarter result with weaker profit margins, although earnings were flat and revenues improved. Second quarter 2021 results: Revenue: CN¥2.19b (up 79% from 2Q 2020). Net income: CN¥168.0m (flat on 2Q 2020). Profit margin: 7.7% (down from 14% in 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 3% per year whereas the company’s share price has fallen by 8% per year. Reported Earnings • Apr 21
Full year 2020 earnings released: EPS CN¥0.56 (vs CN¥0.68 in FY 2019) The company reported a poor full year result with weaker earnings and revenues, although profit margins were flat. Full year 2020 results: Revenue: CN¥5.23b (down 22% from FY 2019). Net income: CN¥601.2m (down 18% from FY 2019). Profit margin: 12% (in line with FY 2019). Is New 90 Day High Low • Feb 22
New 90-day high: CN¥5.87 The company is up 3.0% from its price of CN¥5.71 on 24 November 2020. The Chinese market is up 8.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Luxury industry, which is down 8.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is CN¥32.82 per share. Reported Earnings • Oct 22
Third quarter earnings released Over the last 12 months the company has reported total profits of CN¥638.1m, down 9.9% from the prior year. Total revenue was CN¥5.33b over the last 12 months, down 21% from the prior year. Is New 90 Day High Low • Oct 19
New 90-day high: CN¥6.04 The company is up 5.0% from its price of CN¥5.74 on 21 July 2020. The Chinese market is up 1.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Luxury industry, which is up 3.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is CN¥17.74 per share. Announcement • Oct 19
Zhejiang Hangmin Co.,Ltd to Report Q3, 2020 Results on Oct 22, 2020 Zhejiang Hangmin Co.,Ltd announced that they will report Q3, 2020 results on Oct 22, 2020 Announcement • Jul 08
Zhejiang Hangmin Co.,Ltd to Report First Half, 2020 Results on Aug 20, 2020 Zhejiang Hangmin Co.,Ltd announced that they will report first half, 2020 results on Aug 20, 2020 
