Announcement • Jul 22
Zhejiang Yonghe Refrigerant Co., Ltd. (SHSE:605020) announces an Equity Buyback for CNY 60 million worth of its shares. Zhejiang Yonghe Refrigerant Co., Ltd. (SHSE:605020) announces a share repurchase program. Under the program, the company will repurchase up to CNY 60 million worth of its A shares. The shares will be repurchased at a price not more than CNY 38 per share. The shares repurchased will be used for the implementation of employee stock ownership plans or equity incentives. The funds for the repurchases are the company's own funds. The program will be valid for a period of 9 months from the Company's Shareholders’ Approval Date. Announcement • Jul 17
Zhejiang Yonghe Refrigerant Co., Ltd. (SHSE:605020) announces an Equity Buyback for CNY 300 million worth of its shares. Zhejiang Yonghe Refrigerant Co., Ltd. (SHSE:605020) announces a share repurchase program. Under the program, the company will repurchase up to CNY 300 million worth of its A shares. The shares will be repurchased at a price not more than CNY 38 per share. The shares repurchased will be used for the implementation of employee stock ownership plans or equity incentives. The funds for the repurchases are the company's own funds. The program will be valid for a period of 9 months from the Company's Shareholders’ Approval Date. Valuation Update With 7 Day Price Move • Jul 10
Investor sentiment deteriorates as stock falls 21% After last week's 21% share price decline to CN¥35.37, the stock trades at a forward P/E ratio of 20x. Average forward P/E is 19x in the Chemicals industry in China. Total returns to shareholders of 22% over the past three years. New Risk • Jul 08
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 9.2% 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 Dividend is not well covered by cash flows (281% cash payout ratio). Share price has been volatile over the past 3 months (9.2% average weekly change). Announcement • Jun 30
Zhejiang Yonghe Refrigerant Co., Ltd. to Report First Half, 2026 Results on Aug 17, 2026 Zhejiang Yonghe Refrigerant Co., Ltd. announced that they will report first half, 2026 results on Aug 17, 2026 Valuation Update With 7 Day Price Move • Jun 26
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to CN¥41.22, the stock trades at a forward P/E ratio of 23x. Average forward P/E is 22x in the Chemicals industry in China. Total returns to shareholders of 65% over the past three years. Valuation Update With 7 Day Price Move • May 14
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to CN¥31.75, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 21x in the Chemicals industry in China. Total returns to shareholders of 21% over the past three years. Reported Earnings • Apr 03
Full year 2025 earnings released: EPS: CN¥1.21 (vs CN¥0.67 in FY 2024) Full year 2025 results: EPS: CN¥1.21 (up from CN¥0.67 in FY 2024). Revenue: CN¥5.21b (up 13% from FY 2024). Net income: CN¥561.6m (up 124% from FY 2024). Profit margin: 11% (up from 5.5% in FY 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 6.5% p.a. on average during the next 2 years, compared to a 16% growth forecast for the Chemicals industry in China. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Announcement • Apr 02
Zhejiang Yonghe Refrigerant Co., Ltd., Annual General Meeting, Apr 27, 2026 Zhejiang Yonghe Refrigerant Co., Ltd., Annual General Meeting, Apr 27, 2026, at 14:00 China Standard Time. Location: The Company's Meeting Room, Quzhou, Zhejiang China Announcement • Mar 30
Zhejiang Yonghe Refrigerant Co., Ltd. to Report Q1, 2026 Results on Apr 21, 2026 Zhejiang Yonghe Refrigerant Co., Ltd. announced that they will report Q1, 2026 results on Apr 21, 2026 Announcement • Dec 26
Zhejiang Yonghe Refrigerant Co., Ltd. to Report Fiscal Year 2025 Results on Apr 03, 2026 Zhejiang Yonghe Refrigerant Co., Ltd. announced that they will report fiscal year 2025 results on Apr 03, 2026 Reported Earnings • Oct 22
Third quarter 2025 earnings released: EPS: CN¥0.41 (vs CN¥0.09 in 3Q 2024) Third quarter 2025 results: EPS: CN¥0.41 (up from CN¥0.09 in 3Q 2024). Revenue: CN¥1.34b (up 11% from 3Q 2024). Net income: CN¥197.9m (up 486% from 3Q 2024). Profit margin: 15% (up from 2.8% in 3Q 2024). The increase in margin was primarily driven by higher revenue. Revenue is forecast to grow 6.9% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Chemicals industry in China. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. New Risk • Oct 08
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 34% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Shareholders have been substantially diluted in the past year (34% increase in shares outstanding). Minor Risk Dividend is not well covered by cash flows (102% cash payout ratio). Announcement • Sep 30
Zhejiang Yonghe Refrigerant Co., Ltd. to Report Q3, 2025 Results on Oct 21, 2025 Zhejiang Yonghe Refrigerant Co., Ltd. announced that they will report Q3, 2025 results on Oct 21, 2025 Reported Earnings • Aug 12
Second quarter 2025 earnings released: EPS: CN¥0.41 (vs CN¥0.20 in 2Q 2024) Second quarter 2025 results: EPS: CN¥0.41 (up from CN¥0.20 in 2Q 2024). Revenue: CN¥1.31b (up 12% from 2Q 2024). Net income: CN¥174.0m (up 131% from 2Q 2024). Profit margin: 13% (up from 6.5% in 2Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 6.3% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Chemicals industry in China. Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Announcement • Jun 30
Zhejiang Yonghe Refrigerant Co., Ltd. to Report First Half, 2025 Results on Aug 12, 2025 Zhejiang Yonghe Refrigerant Co., Ltd. announced that they will report first half, 2025 results on Aug 12, 2025 New Risk • Apr 28
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 94% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Minor Risks High level of debt (94% net debt to equity). Paying a dividend despite having no free cash flows. Shareholders have been diluted in the past year (24% increase in shares outstanding). Reported Earnings • Apr 25
First quarter 2025 earnings released: EPS: CN¥0.25 (vs CN¥0.10 in 1Q 2024) First quarter 2025 results: EPS: CN¥0.25 (up from CN¥0.10 in 1Q 2024). Revenue: CN¥1.14b (up 12% from 1Q 2024). Net income: CN¥97.4m (up 162% from 1Q 2024). Profit margin: 8.6% (up from 3.7% in 1Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 7.5% p.a. on average during the next 2 years, compared to a 15% growth forecast for the Chemicals industry in China. Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has increased by 15% per year, which means it is well ahead of earnings. Announcement • Apr 25
Zhejiang Yonghe Refrigerant Co., Ltd., Annual General Meeting, May 16, 2025 Zhejiang Yonghe Refrigerant Co., Ltd., Annual General Meeting, May 16, 2025, at 14:00 China Standard Time. Location: The Company's Meeting Room, Quzhou, Zhejiang China Announcement • Mar 28
Zhejiang Yonghe Refrigerant Co., Ltd. to Report Q1, 2025 Results on Apr 25, 2025 Zhejiang Yonghe Refrigerant Co., Ltd. announced that they will report Q1, 2025 results on Apr 25, 2025 New Risk • Mar 20
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 24% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.2x net interest cover). Minor Risks Paying a dividend despite having no free cash flows. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (3.7% net profit margin). Shareholders have been diluted in the past year (24% increase in shares outstanding). Valuation Update With 7 Day Price Move • Jan 20
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to CN¥21.73, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 19x in the Chemicals industry in China. Total returns to shareholders of 15% over the past three years. Announcement • Dec 27
Zhejiang Yonghe Refrigerant Co., Ltd. to Report Fiscal Year 2024 Results on Apr 25, 2025 Zhejiang Yonghe Refrigerant Co., Ltd. announced that they will report fiscal year 2024 results on Apr 25, 2025 Reported Earnings • Oct 30
Third quarter 2024 earnings released: EPS: CN¥0.09 (vs CN¥0.14 in 3Q 2023) Third quarter 2024 results: EPS: CN¥0.09 (down from CN¥0.14 in 3Q 2023). Revenue: CN¥1.20b (up 4.7% from 3Q 2023). Net income: CN¥33.8m (down 35% from 3Q 2023). Profit margin: 2.8% (down from 4.5% in 3Q 2023). Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Chemicals industry in China. Over the last 3 years on average, earnings per share has fallen by 19% per year but the company’s share price has only fallen by 10% per year, which means it has not declined as severely as earnings. Announcement • Sep 30
Zhejiang Yonghe Refrigerant Co., Ltd. to Report Q3, 2024 Results on Oct 30, 2024 Zhejiang Yonghe Refrigerant Co., Ltd. announced that they will report Q3, 2024 results on Oct 30, 2024 Valuation Update With 7 Day Price Move • Sep 30
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to CN¥17.30, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 16x in the Chemicals industry in China. Total loss to shareholders of 26% over the past three years. New Risk • Sep 08
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 2.6x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.6x net interest cover). Minor Risks Paying a dividend despite having no free cash flows. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (4.2% net profit margin). Major Estimate Revision • Sep 03
Consensus EPS estimates fall by 14% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from CN¥4.92b to CN¥4.72b. EPS estimate also fell from CN¥1.36 per share to CN¥1.16 per share. Net income forecast to grow 181% next year vs 46% growth forecast for Chemicals industry in China. Consensus price target down from CN¥39.15 to CN¥24.00. Share price was steady at CN¥15.43 over the past week. Announcement • Aug 28
Zhejiang Yonghe Refrigerant Co., Ltd. (SHSE:605020) announces an Equity Buyback for CNY 100 million worth of its shares. Zhejiang Yonghe Refrigerant Co., Ltd. (SHSE:605020) announces a share repurchase program. Under the program, the company will repurchase up to CNY 100 million worth of its A shares. The shares will be repurchased at a price not more than CNY 25 per share. The shares repurchased will be used for the implementation of employee stock ownership plans or equity incentives. The funds for the repurchases are the company's own funds. The program will be valid for a period of 12 months. Reported Earnings • Aug 28
Second quarter 2024 earnings released: EPS: CN¥0.20 (vs CN¥0.21 in 2Q 2023) Second quarter 2024 results: EPS: CN¥0.20 (down from CN¥0.21 in 2Q 2023). Revenue: CN¥1.16b (up 2.0% from 2Q 2023). Net income: CN¥75.5m (down 6.6% from 2Q 2023). Profit margin: 6.5% (down from 7.1% in 2Q 2023). Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Chemicals industry in China. Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has fallen by 23% per year, which means it is performing significantly worse than earnings. Announcement • Jun 28
Zhejiang Yonghe Refrigerant Co., Ltd. to Report First Half, 2024 Results on Aug 28, 2024 Zhejiang Yonghe Refrigerant Co., Ltd. announced that they will report first half, 2024 results on Aug 28, 2024 New Risk • May 16
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 2.5x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.5x net interest cover). High level of non-cash earnings (21% accrual ratio). Minor Risk Profit margins are more than 30% lower than last year (4.3% net profit margin). Major Estimate Revision • May 02
Consensus EPS estimates fall by 11% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from CN¥4.98b to CN¥4.92b. EPS estimate also fell from CN¥1.52 per share to CN¥1.36 per share. Net income forecast to grow 188% next year vs 60% growth forecast for Chemicals industry in China. Consensus price target up from CN¥31.92 to CN¥39.15. Share price was steady at CN¥24.30 over the past week. Announcement • Apr 27
Zhejiang Yonghe Refrigerant Co., Ltd., Annual General Meeting, May 23, 2024 Zhejiang Yonghe Refrigerant Co., Ltd., Annual General Meeting, May 23, 2024, at 14:00 China Standard Time. Location: The Company's Meeting Room, Quzhou, Zhejiang China Reported Earnings • Apr 26
First quarter 2024 earnings released: EPS: CN¥0.10 (vs CN¥0.079 in 1Q 2023) First quarter 2024 results: EPS: CN¥0.10 (up from CN¥0.079 in 1Q 2023). Revenue: CN¥1.01b (up 7.8% from 1Q 2023). Net income: CN¥37.2m (up 27% from 1Q 2023). Profit margin: 3.7% (up from 3.1% in 1Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 16% growth forecast for the Chemicals industry in China. Valuation Update With 7 Day Price Move • Apr 15
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to CN¥24.85, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 16x in the Chemicals industry in China. Total loss to shareholders of 27% over the past year. Announcement • Mar 29
Zhejiang Yonghe Refrigerant Co., Ltd. to Report Q1, 2024 Results on Apr 26, 2024 Zhejiang Yonghe Refrigerant Co., Ltd. announced that they will report Q1, 2024 results on Apr 26, 2024 Announcement • Dec 29
Zhejiang Yonghe Refrigerant Co., Ltd. to Report Fiscal Year 2023 Results on Apr 26, 2024 Zhejiang Yonghe Refrigerant Co., Ltd. announced that they will report fiscal year 2023 results on Apr 26, 2024 Major Estimate Revision • Nov 03
Consensus EPS estimates fall by 34% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate fell from CN¥1.13 to CN¥0.743 per share. Revenue forecast steady at CN¥4.31b. Net income forecast to grow 158% next year vs 73% growth forecast for Chemicals industry in China. Consensus price target of CN¥33.46 unchanged from last update. Share price was steady at CN¥23.15 over the past week. Reported Earnings • Nov 01
Third quarter 2023 earnings released: EPS: CN¥0.14 (vs CN¥0.23 in 3Q 2022) Third quarter 2023 results: EPS: CN¥0.14 (down from CN¥0.23 in 3Q 2022). Revenue: CN¥1.15b (up 20% from 3Q 2022). Net income: CN¥52.0m (down 43% from 3Q 2022). Profit margin: 4.5% (down from 9.5% in 3Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 24% p.a. on average during the next 3 years, compared to a 19% growth forecast for the Chemicals industry in China. Price Target Changed • Oct 31
Price target decreased by 10% to CN¥33.46 Down from CN¥37.33, the current price target is an average from 2 analysts. New target price is 43% above last closing price of CN¥23.39. Stock is down 20% over the past year. The company is forecast to post earnings per share of CN¥0.69 for next year compared to CN¥0.81 last year. Valuation Update With 7 Day Price Move • Oct 19
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to CN¥23.44, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 14x in the Chemicals industry in China. Total loss to shareholders of 17% over the past year. Reported Earnings • Aug 12
Second quarter 2023 earnings released: EPS: CN¥0.21 (vs CN¥0.17 in 2Q 2022) Second quarter 2023 results: EPS: CN¥0.21 (up from CN¥0.17 in 2Q 2022). Revenue: CN¥1.14b (up 10% from 2Q 2022). Net income: CN¥80.8m (up 25% from 2Q 2022). Profit margin: 7.1% (up from 6.3% in 2Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 23% p.a. on average during the next 3 years, compared to a 18% growth forecast for the Chemicals industry in China. Valuation Update With 7 Day Price Move • Aug 09
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to CN¥33.76, the stock trades at a forward P/E ratio of 22x. Average forward P/E is 16x in the Chemicals industry in China. Total returns to shareholders of 45% over the past year. Announcement • Jun 28
Zhejiang Yonghe Refrigerant Co., Ltd. to Report First Half, 2023 Results on Aug 12, 2023 Zhejiang Yonghe Refrigerant Co., Ltd. announced that they will report first half, 2023 results on Aug 12, 2023 Valuation Update With 7 Day Price Move • Jun 15
Investor sentiment deteriorates as stock falls 27% After last week's 27% share price decline to CN¥26.58, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 15x in the Chemicals industry in China. Negligible returns to shareholders over past year. Reported Earnings • Apr 07
Full year 2022 earnings: EPS in line with analyst expectations despite revenue beat Full year 2022 results: EPS: CN¥1.13. Revenue: CN¥3.80b (up 27% from FY 2021). Net income: CN¥300.2m (up 8.0% from FY 2021). Profit margin: 7.9% (down from 9.3% in FY 2021). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 6.6%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is forecast to grow 21% p.a. on average during the next 3 years, compared to a 18% growth forecast for the Chemicals industry in China. Price Target Changed • Feb 12
Price target increased by 19% to CN¥53.45 Up from CN¥45.07, the current price target is an average from 3 analysts. New target price is 5.9% above last closing price of CN¥50.46. Stock is up 96% over the past year. The company is forecast to post earnings per share of CN¥1.13 for next year compared to CN¥1.20 last year. Valuation Update With 7 Day Price Move • Feb 02
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to CN¥52.19, the stock trades at a forward P/E ratio of 28x. Average forward P/E is 17x in the Chemicals industry in China. Total returns to shareholders of 108% over the past year. Simply Wall St's valuation model estimates the intrinsic value at CN¥38.29 per share. Announcement • Dec 28
Zhejiang Yonghe Refrigerant Co., Ltd. (SHSE:605020) completed the acquisition of Jiangxi Shilei Fluorine Chemical Co., Ltd. from Jiangxi Shilei Fluorine Materials Co., Ltd. Zhejiang Yonghe Refrigerant Co., Ltd. (SHSE:605020) agreed to acquire Jiangxi Shilei Fluorine Chemical Co., Ltd. from Jiangxi Shilei Fluorine Materials Co., Ltd for CNY 280 million on December 6, 2022. The transaction was approved by the twenty-eighth meeting of the third board of directors of Zhejiang Yonghe Refrigeration Co., Ltd. This proposal still needs to be approved by Zhejiang Yonghe Refrigerant Co., Ltd third extraordinary general meeting of shareholders in 2022 for consideration. As on December 7, 2022, Jiangxi Shilei Fluorine Chemical has reported Total owner's equity of CNY 101.7457 million and total assets of CNY 124.556 million on December 31, 2021. The third board of supervisors of Zhejiang Yonghe Refrigerant held on December 6, 2022 and the transaction has approved on that meeting. On December 24, 2022, The shareholders of Zhejiang Yongqi Enterprise Management approved the transaction.
Zhejiang Yonghe Refrigerant Co., Ltd. (SHSE:605020) completed the acquisition of Jiangxi Shilei Fluorine Chemical Co., Ltd. from Jiangxi Shilei Fluorine Materials Co., Ltd on December 26, 2022. Announcement • Dec 08
Zhejiang Yongqi Enterprise Management Co., Ltd agreed to acquire 100% of Jiangxi Shilei Fluorine Chemical Co., Ltd. from Jiangxi Shilei Fluorine Materials Co., Ltd for CNY 280 million. Zhejiang Yongqi Enterprise Management Co., Ltd agreed to acquire 100% of Jiangxi Shilei Fluorine Chemical Co., Ltd. from Jiangxi Shilei Fluorine Materials Co., Ltd for CNY 280 million on December 6, 2022. The transaction was approved by the twenty-eighth meeting of the third board of directors of Zhejiang Yonghe Refrigeration Co., Ltd. This proposal still needs to be approved by Zhejiang Yonghe Refrigerant Co., Ltd third extraordinary general meeting of shareholders in 2022 for consideration. As on December 7, 2022, Jiangxi Shilei Fluorine Chemical has reported Total owner's equity of CNY 101.7457 million and total assets of CNY 124.556 million on December 31, 2021. The third board of supervisors of Zhejiang Yonghe Refrigerant held on December 6, 2022 and the transaction has approved on that meeting. Board Change • Nov 16
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. No experienced directors. 5 highly experienced directors. No independent directors (4 non-independent directors). Chairman of the Board & GM Jianguo Tong was the last director to join the board, commencing their role in 2012. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Reported Earnings • Oct 28
Third quarter 2022 earnings released: EPS: CN¥0.33 (vs CN¥0.25 in 3Q 2021) Third quarter 2022 results: EPS: CN¥0.33 (up from CN¥0.25 in 3Q 2021). Revenue: CN¥954.7m (up 22% from 3Q 2021). Net income: CN¥90.6m (up 35% from 3Q 2021). Profit margin: 9.5% (in line with 3Q 2021). Revenue is forecast to grow 31% p.a. on average during the next 3 years, compared to a 18% growth forecast for the Chemicals industry in China. Valuation Update With 7 Day Price Move • Oct 17
Investor sentiment improved over the past week After last week's 17% share price gain to CN¥36.80, the stock trades at a forward P/E ratio of 23x. Average forward P/E is 15x in the Chemicals industry in China. Total returns to shareholders of 13% over the past year. Valuation Update With 7 Day Price Move • Sep 06
Investor sentiment improved over the past week After last week's 16% share price gain to CN¥35.35, the stock trades at a forward P/E ratio of 21x. Average forward P/E is 16x in the Chemicals industry in China. Total loss to shareholders of 22% over the past year. Reported Earnings • Sep 01
Second quarter 2022 earnings released: EPS: CN¥0.24 (vs CN¥0.29 in 2Q 2021) Second quarter 2022 results: EPS: CN¥0.24. Revenue: CN¥1.03b (up 58% from 2Q 2021). Net income: CN¥64.6m (up 11% from 2Q 2021). Profit margin: 6.3% (down from 8.9% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to grow 22%, compared to a 38% growth forecast for the Chemicals industry in China. Valuation Update With 7 Day Price Move • Jul 15
Investor sentiment improved over the past week After last week's 17% share price gain to CN¥28.18, the stock trades at a trailing P/E ratio of 25.3x. Average trailing P/E is 28x in the Chemicals industry in China. Total returns to shareholders of 77% over the past year. Valuation Update With 7 Day Price Move • Jun 14
Investor sentiment improved over the past week After last week's 15% share price gain to CN¥25.55, the stock trades at a trailing P/E ratio of 23x. Average trailing P/E is 27x in the Chemicals industry in China. Reported Earnings • May 02
First quarter 2022 earnings released: EPS: CN¥0.27 (vs CN¥0.25 in 1Q 2021) First quarter 2022 results: EPS: CN¥0.27 (up from CN¥0.25 in 1Q 2021). Revenue: CN¥732.5m (up 18% from 1Q 2021). Net income: CN¥72.6m (up 44% from 1Q 2021). Profit margin: 9.9% (up from 8.2% in 1Q 2021). The increase in margin was driven by higher revenue. Reported Earnings • Mar 31
Full year 2021 earnings released: EPS: CN¥1.20 (vs CN¥0.51 in FY 2020) Full year 2021 results: EPS: CN¥1.20 (up from CN¥0.51 in FY 2020). Revenue: CN¥2.90b (up 49% from FY 2020). Net income: CN¥278.0m (up 173% from FY 2020). Profit margin: 9.6% (up from 5.2% in FY 2020). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • Nov 26
Investor sentiment improved over the past week After last week's 17% share price gain to CN¥35.85, the stock trades at a trailing P/E ratio of 47.7x. Average trailing P/E is 35x in the Chemicals industry in China. Valuation Update With 7 Day Price Move • Sep 27
Investor sentiment deteriorated over the past week After last week's 21% share price decline to CN¥35.08, the stock trades at a trailing P/E ratio of 64.2x. Average trailing P/E is 34x in the Chemicals industry in China. Valuation Update With 7 Day Price Move • Aug 10
Investor sentiment improved over the past week After last week's 17% share price gain to CN¥39.49, the stock trades at a trailing P/E ratio of 72.3x. Average trailing P/E is 31x in the Chemicals industry in China. 
