Announcement • Jun 30
China National Gold Group Gold Jewellery Co.,Ltd. to Report First Half, 2026 Results on Aug 31, 2026 China National Gold Group Gold Jewellery Co.,Ltd. announced that they will report first half, 2026 results on Aug 31, 2026 Reported Earnings • Apr 29
Full year 2025 earnings released: EPS: CN¥0.16 (vs CN¥0.49 in FY 2024) Full year 2025 results: EPS: CN¥0.16 (down from CN¥0.49 in FY 2024). Revenue: CN¥69.8b (up 16% from FY 2024). Net income: CN¥275.4m (down 66% from FY 2024). Profit margin: 0.4% (down from 1.4% in FY 2024). Over the last 3 years on average, earnings per share has fallen by 22% 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 • Apr 29
China National Gold Group Gold Jewellery Co.,Ltd., Annual General Meeting, Jun 05, 2026 China National Gold Group Gold Jewellery Co.,Ltd., Annual General Meeting, Jun 05, 2026, at 14:30 China Standard Time. Location: No. 1, Liuyin Gongyuan South Street, Dongcheng District, Beijing China New Risk • Mar 31
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Chinese stocks, typically moving 10% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (10% average weekly change). Dividend is not well covered by earnings and cash flows. Payout ratio: 142% Cash payout ratio: 207% Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.7% net profit margin). Announcement • Mar 30
China National Gold Group Gold Jewellery Co.,Ltd. to Report Q1, 2026 Results on Apr 29, 2026 China National Gold Group Gold Jewellery Co.,Ltd. announced that they will report Q1, 2026 results on Apr 29, 2026 New Risk • Feb 04
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 7.6% 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 Dividend is not well covered by earnings and cash flows. Payout ratio: 142% Cash payout ratio: 207% Minor Risks Share price has been volatile over the past 3 months (7.6% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.7% net profit margin). Valuation Update With 7 Day Price Move • Jan 26
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to CN¥10.14, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 16x in the Luxury industry in China. Total loss to shareholders of 14% over the past three years. Announcement • Dec 26
China National Gold Group Gold Jewellery Co.,Ltd. to Report Fiscal Year 2025 Results on Apr 23, 2026 China National Gold Group Gold Jewellery Co.,Ltd. announced that they will report fiscal year 2025 results on Apr 23, 2026 Reported Earnings • Oct 31
Third quarter 2025 earnings released: EPS: CN¥0.01 (vs CN¥0.09 in 3Q 2024) Third quarter 2025 results: EPS: CN¥0.01 (down from CN¥0.09 in 3Q 2024). Revenue: CN¥14.7b (up 28% from 3Q 2024). Net income: CN¥16.1m (down 89% from 3Q 2024). Profit margin: 0.1% (down from 1.3% in 3Q 2024). Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Luxury industry in China. Over the last 3 years on average, earnings per share has fallen by 12% per year whereas the company’s share price has fallen by 10% per year. Announcement • Sep 30
China National Gold Group Gold Jewellery Co.,Ltd. to Report Q3, 2025 Results on Oct 31, 2025 China National Gold Group Gold Jewellery Co.,Ltd. announced that they will report Q3, 2025 results on Oct 31, 2025 New Risk • Sep 07
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: 1.0% Last year net profit margin: 1.7% 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 Dividend is not well covered by earnings (107% payout ratio). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1.0% net profit margin). Announcement • Jun 30
China National Gold Group Gold Jewellery Co.,Ltd. to Report First Half, 2025 Results on Aug 30, 2025 China National Gold Group Gold Jewellery Co.,Ltd. announced that they will report first half, 2025 results on Aug 30, 2025 Declared Dividend • Jun 06
Dividend reduced to CN¥0.35 Dividend of CN¥0.35 is 22% lower than last year. Ex-date: 10th June 2025 Payment date: 10th June 2025 Dividend yield will be 4.0%, which is higher than the industry average of 3.3%. Sustainability & Growth Dividend is covered by both earnings (71% earnings payout ratio) and cash flows (37% cash payout ratio). The dividend has increased by an average of 22% per year over the past 4 years. However, payments have been volatile during that time. EPS is expected to grow by 58% over the next 3 years, which should provide support to the dividend and adequate earnings cover. New Risk • May 06
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: 4.2% 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. Currently, the following risks have been identified for the company: 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. Reported Earnings • May 03
Full year 2024 earnings: EPS and revenues miss analyst expectations Full year 2024 results: EPS: CN¥0.49 (down from CN¥0.58 in FY 2023). Revenue: CN¥60.5b (up 7.3% from FY 2023). Net income: CN¥818.4m (down 16% from FY 2023). Profit margin: 1.4% (down from 1.7% in FY 2023). Revenue missed analyst estimates by 4.9%. Earnings per share (EPS) also missed analyst estimates by 23%. Revenue is forecast to grow 13% p.a. on average during the next 2 years, compared to a 12% growth forecast for the Luxury industry in China. 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 8% per year, which means it is significantly lagging earnings. Announcement • Apr 30
China National Gold Group Gold Jewellery Co.,Ltd., Annual General Meeting, May 21, 2025 China National Gold Group Gold Jewellery Co.,Ltd., Annual General Meeting, May 21, 2025, at 14:30 China Standard Time. Location: No. 1, Liuyin Gongyuan South Street, Dongcheng District, Beijing China Announcement • Mar 28
China National Gold Group Gold Jewellery Co.,Ltd. to Report Q1, 2025 Results on Apr 30, 2025 China National Gold Group Gold Jewellery Co.,Ltd. announced that they will report Q1, 2025 results on Apr 30, 2025 Announcement • Dec 27
China National Gold Group Gold Jewellery Co.,Ltd. to Report Fiscal Year 2024 Results on Apr 30, 2025 China National Gold Group Gold Jewellery Co.,Ltd. announced that they will report fiscal year 2024 results on Apr 30, 2025 Reported Earnings • Oct 30
Third quarter 2024 earnings released: EPS: CN¥0.09 (vs CN¥0.12 in 3Q 2023) Third quarter 2024 results: EPS: CN¥0.09 (down from CN¥0.12 in 3Q 2023). Revenue: CN¥11.4b (down 2.8% from 3Q 2023). Net income: CN¥151.4m (down 26% from 3Q 2023). Profit margin: 1.3% (down from 1.7% in 3Q 2023). Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Luxury industry in China. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. Announcement • Sep 30
China National Gold Group Gold Jewellery Co.,Ltd. to Report Q3, 2024 Results on Oct 30, 2024 China National Gold Group Gold Jewellery 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 21% After last week's 21% share price gain to CN¥9.47, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 12x in the Luxury industry in China. Total loss to shareholders of 28% over the past three years. Reported Earnings • Aug 30
Second quarter 2024 earnings released: EPS: CN¥0.13 (vs CN¥0.14 in 2Q 2023) Second quarter 2024 results: EPS: CN¥0.13 (down from CN¥0.14 in 2Q 2023). Revenue: CN¥16.9b (up 26% from 2Q 2023). Net income: CN¥230.9m (down 2.6% from 2Q 2023). Profit margin: 1.4% (down from 1.8% in 2Q 2023). Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Luxury industry in China. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has fallen by 16% per year, which means it is significantly lagging earnings. Announcement • Jun 28
China National Gold Group Gold Jewellery Co.,Ltd. to Report First Half, 2024 Results on Aug 30, 2024 China National Gold Group Gold Jewellery Co.,Ltd. announced that they will report first half, 2024 results on Aug 30, 2024 Announcement • Apr 30
China National Gold Group Gold Jewellery Co.,Ltd., Annual General Meeting, May 20, 2024 China National Gold Group Gold Jewellery Co.,Ltd., Annual General Meeting, May 20, 2024, at 14:30 China Standard Time. Location: 7F, South Tower, No. 249, Dongsi South Avenue, Dongcheng District, Beijing China Reported Earnings • Apr 29
Full year 2023 earnings: EPS misses analyst expectations Full year 2023 results: EPS: CN¥0.58 (up from CN¥0.46 in FY 2022). Revenue: CN¥56.4b (up 20% from FY 2022). Net income: CN¥973.5m (up 27% from FY 2022). Profit margin: 1.7% (up from 1.6% in FY 2022). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 2.5%. Revenue is forecast to grow 14% p.a. on average during the next 2 years, compared to a 15% growth forecast for the Luxury industry in China. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. Announcement • Mar 29
China National Gold Group Gold Jewellery Co.,Ltd. to Report Q1, 2024 Results on Apr 29, 2024 China National Gold Group Gold Jewellery Co.,Ltd. announced that they will report Q1, 2024 results on Apr 29, 2024 Announcement • Dec 30
China National Gold Group Gold Jewellery Co.,Ltd. to Report Fiscal Year 2023 Results on Apr 29, 2024 China National Gold Group Gold Jewellery Co.,Ltd. announced that they will report fiscal year 2023 results on Apr 29, 2024 Reported Earnings • Nov 02
Third quarter 2023 earnings released: EPS: CN¥0.12 (vs CN¥0.11 in 3Q 2022) Third quarter 2023 results: EPS: CN¥0.12 (up from CN¥0.11 in 3Q 2022). Revenue: CN¥11.7b (up 13% from 3Q 2022). Net income: CN¥203.8m (up 17% from 3Q 2022). Profit margin: 1.7% (in line with 3Q 2022). Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 17% growth forecast for the Luxury industry in China. New Risk • Aug 16
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 21% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (21% accrual ratio). Minor Risk Dividend is not well covered by cash flows (dividend per share is over 8x cash flows per share). Reported Earnings • Aug 15
Second quarter 2023 earnings released: EPS: CN¥0.14 (vs CN¥0.11 in 2Q 2022) Second quarter 2023 results: EPS: CN¥0.14 (up from CN¥0.11 in 2Q 2022). Revenue: CN¥13.4b (up 23% from 2Q 2022). Net income: CN¥237.0m (up 27% from 2Q 2022). Profit margin: 1.8% (in line with 2Q 2022). Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 16% growth forecast for the Luxury industry in China. Announcement • Jun 28
China National Gold Group Gold Jewellery Co.,Ltd. to Report First Half, 2023 Results on Aug 15, 2023 China National Gold Group Gold Jewellery Co.,Ltd. announced that they will report first half, 2023 results on Aug 15, 2023 Reported Earnings • Apr 23
First quarter 2023 earnings released: EPS: CN¥0.18 (vs CN¥0.15 in 1Q 2022) First quarter 2023 results: EPS: CN¥0.18 (up from CN¥0.15 in 1Q 2022). Revenue: CN¥16.1b (up 12% from 1Q 2022). Net income: CN¥300.0m (up 19% from 1Q 2022). Profit margin: 1.9% (up from 1.8% in 1Q 2022). Revenue is forecast to grow 18% p.a. on average during the next 2 years, compared to a 16% growth forecast for the Luxury industry in China. Reported Earnings • Oct 31
Third quarter 2022 earnings released: EPS: CN¥0.11 (vs CN¥0.091 in 3Q 2021) Third quarter 2022 results: EPS: CN¥0.11 (up from CN¥0.091 in 3Q 2021). Revenue: CN¥10.4b (flat on 3Q 2021). Net income: CN¥174.9m (up 12% from 3Q 2021). Profit margin: 1.7% (up from 1.5% in 3Q 2021). Revenue is forecast to grow 22% p.a. on average during the next 3 years, compared to a 20% growth forecast for the Luxury industry in China. Valuation Update With 7 Day Price Move • Sep 19
Investor sentiment deteriorated over the past week After last week's 16% share price decline to CN¥12.58, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 11x in the Luxury industry in China. Total loss to shareholders of 14% over the past year. Reported Earnings • Aug 17
Second quarter 2022 earnings released: EPS: CN¥0.11 (vs CN¥0.12 in 2Q 2021) Second quarter 2022 results: EPS: CN¥0.11 (down from CN¥0.12 in 2Q 2021). Revenue: CN¥11.0b (down 18% from 2Q 2021). Net income: CN¥187.3m (down 4.5% from 2Q 2021). Profit margin: 1.7% (up from 1.5% in 2Q 2021). The increase in margin was driven by lower expenses. Over the next year, revenue is forecast to grow 46%, compared to a 22% growth forecast for the Luxury industry in China. Valuation Update With 7 Day Price Move • Aug 10
Investor sentiment improved over the past week After last week's 24% share price gain to CN¥17.00, the stock trades at a forward P/E ratio of 27x. Average forward P/E is 11x in the Luxury industry in China. Total returns to shareholders of 20% over the past year. Reported Earnings • Apr 27
First quarter 2022 earnings: EPS and revenues exceed analyst expectations First quarter 2022 results: EPS: CN¥0.15 (up from CN¥0.13 in 1Q 2021). Revenue: CN¥14.4b (up 8.0% from 1Q 2021). Net income: CN¥251.8m (up 22% from 1Q 2021). Profit margin: 1.8% (up from 1.6% in 1Q 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 9.9%. Earnings per share (EPS) also surpassed analyst estimates by 6.7%. Over the next year, revenue is forecast to grow 32%, compared to a 24% growth forecast for the industry in China. Buying Opportunity • Apr 21
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 16%. The fair value is estimated to be CN¥14.12, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.4% over the last 3 years. Earnings per share has grown by 23%. For the next 3 years, revenue is forecast to grow by 21% per annum. Earnings is also forecast to grow by 23% per annum over the same time period. Reported Earnings • Apr 11
Full year 2021 earnings: EPS and revenues exceed analyst expectations Full year 2021 results: EPS: CN¥0.48 (up from CN¥0.33 in FY 2020). Revenue: CN¥50.8b (up 50% from FY 2020). Net income: CN¥794.4m (up 59% from FY 2020). Profit margin: 1.6% (up from 1.5% in FY 2020). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 9.9%. Earnings per share (EPS) also surpassed analyst estimates by 8.9%. Over the next year, revenue is forecast to grow 23%, compared to a 25% growth forecast for the industry in China. Valuation Update With 7 Day Price Move • Mar 15
Investor sentiment deteriorated over the past week After last week's 16% share price decline to CN¥10.91, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 12x in the Luxury industry in China. Total loss to shareholders of 26% over the past year. Reported Earnings • Feb 28
Full year 2021 earnings: EPS and revenues exceed analyst expectations Full year 2021 results: EPS: CN¥0.49 (up from CN¥0.33 in FY 2020). Revenue: CN¥50.8b (up 50% from FY 2020). Net income: CN¥800.7m (up 60% from FY 2020). Profit margin: 1.6% (up from 1.5% in FY 2020). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 9.9%. Earnings per share (EPS) also surpassed analyst estimates by 8.9%. Over the next year, revenue is forecast to grow 23%, compared to a 45% growth forecast for the industry in China. Buying Opportunity • Jan 18
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 5.4%. The fair value is estimated to be CN¥17.00, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.3% per annum over the last 3 years. Earnings per share has grown by 24% per annum over the last 3 years. Valuation Update With 7 Day Price Move • May 10
Investor sentiment improved over the past week After last week's 17% share price gain to CN¥19.31, the stock trades at a forward P/E ratio of 51x. Average forward P/E is 19x in the Luxury industry in China. Valuation Update With 7 Day Price Move • Mar 25
Investor sentiment improved over the past week After last week's 25% share price gain to CN¥20.50, the stock trades at a forward P/E ratio of 58x. Average forward P/E is 18x in the Luxury industry in China. Valuation Update With 7 Day Price Move • Mar 10
Investor sentiment deteriorated over the past week After last week's 15% share price decline to CN¥14.49, the stock is trading at a trailing P/E ratio of 40x, down from the previous P/E ratio of 47.2x. This compares to an average P/E of 28x in the Luxury industry in China. 
