New Risk • Apr 16
New major risk - Revenue and earnings growth Earnings have declined by 28% 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 Risks Debt is not well covered by operating cash flow (10% operating cash flow to total debt). Earnings have declined by 28% per year over the past 5 years. Announcement • Mar 31
Shandong Minhe Animal Husbandry Co., Ltd. to Report Q1, 2026 Results on Apr 25, 2026 Shandong Minhe Animal Husbandry Co., Ltd. announced that they will report Q1, 2026 results on Apr 25, 2026 Reported Earnings • Mar 30
Full year 2025 earnings: EPS and revenues miss analyst expectations Full year 2025 results: CN¥0.77 loss per share (further deteriorated from CN¥0.71 loss in FY 2024). Revenue: CN¥2.16b (flat on FY 2024). Net loss: CN¥268.5m (loss widened 7.8% from FY 2024). Revenue missed analyst estimates by 26%. Earnings per share (EPS) were also behind analyst expectations. Revenue is forecast to grow 22% p.a. on average during the next 2 years, compared to a 7.6% growth forecast for the Food 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 fallen by 26% per year, which means it is significantly lagging earnings. New Risk • Mar 29
New major risk - Revenue and earnings growth Earnings have declined by 32% 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 Risks Debt is not well covered by operating cash flow (3.7% operating cash flow to total debt). Earnings have declined by 32% per year over the past 5 years. Announcement • Mar 28
Shandong Minhe Animal Husbandry Co., Ltd., Annual General Meeting, Apr 24, 2026 Shandong Minhe Animal Husbandry Co., Ltd., Annual General Meeting, Apr 24, 2026, at 14:00 China Standard Time. Location: The Company's Meeting Room, Yantai, Shandong China Announcement • Dec 31
Shandong Minhe Animal Husbandry Co., Ltd. to Report Fiscal Year 2025 Results on Mar 28, 2026 Shandong Minhe Animal Husbandry Co., Ltd. announced that they will report fiscal year 2025 results on Mar 28, 2026 Reported Earnings • Oct 25
Third quarter 2025 earnings released: CN¥0.046 loss per share (vs CN¥0.09 loss in 3Q 2024) Third quarter 2025 results: CN¥0.046 loss per share (improved from CN¥0.09 loss in 3Q 2024). Revenue: CN¥558.2m (up 5.6% from 3Q 2024). Net loss: CN¥15.9m (loss narrowed 50% from 3Q 2024). Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 7.9% growth forecast for the Food industry in China. 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 17% per year, which means it is significantly lagging earnings. Announcement • Sep 30
Shandong Minhe Animal Husbandry Co., Ltd. to Report Q3, 2025 Results on Oct 25, 2025 Shandong Minhe Animal Husbandry Co., Ltd. announced that they will report Q3, 2025 results on Oct 25, 2025 Reported Earnings • Aug 22
Second quarter 2025 earnings released: CN¥0.41 loss per share (vs CN¥0.43 loss in 2Q 2024) Second quarter 2025 results: CN¥0.41 loss per share (improved from CN¥0.43 loss in 2Q 2024). Revenue: CN¥518.5m (down 1.3% from 2Q 2024). Net loss: CN¥143.5m (loss narrowed 4.9% from 2Q 2024). Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 8.5% growth forecast for the Food 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 fallen by 19% per year, which means it is significantly lagging earnings. Announcement • Jul 02
Shandong Minhe Animal Husbandry Co., Ltd. to Report First Half, 2025 Results on Aug 22, 2025 Shandong Minhe Animal Husbandry Co., Ltd. announced that they will report first half, 2025 results on Aug 22, 2025 Announcement • May 15
Shandong Minhe Animal Husbandry Co., Ltd. Approves Board Elections Shandong Minhe Animal Husbandry Co., Ltd. at its 1st Extraordinary General Meeting of 2025 on 13 May 2025 approved the Election of non-independent directors, cumulative voting system applicable: Sun Xianfa, director. Election of independent directors, cumulative voting system applicable: Wang Yihua, independent director. Ju Shuo, independent director. Board Change • May 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. 7 highly experienced directors. Non-Independent Director Peng Guo was the last director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Reported Earnings • Apr 28
First quarter 2025 earnings released: CN¥0.20 loss per share (vs CN¥0.10 loss in 1Q 2024) First quarter 2025 results: CN¥0.20 loss per share (further deteriorated from CN¥0.10 loss in 1Q 2024). Revenue: CN¥467.6m (down 11% from 1Q 2024). Net loss: CN¥71.0m (loss widened 103% from 1Q 2024). Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 8.6% growth forecast for the Food industry in China. Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has fallen by 18% per year, which means it is performing significantly worse than earnings. Breakeven Date Change • Apr 26 The analyst covering Shandong Minhe Animal Husbandry previously expected the company to break even in 2025. New forecast suggests the company will make a profit of CN¥204.8m in 2025. Earnings growth of 6.6% is required to achieve expected profit on schedule.
Announcement • Mar 31
Shandong Minhe Animal Husbandry Co., Ltd. to Report Q1, 2025 Results on Apr 26, 2025 Shandong Minhe Animal Husbandry Co., Ltd. announced that they will report Q1, 2025 results on Apr 26, 2025 New Risk • Mar 30
New major risk - Financial position The company's debt is not well covered by operating cash flow. Currently running at an operating cash loss. This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. This is currently the only risk that has been identified for the company. Reported Earnings • Mar 30
Full year 2024 earnings: EPS and revenues miss analyst expectations Full year 2024 results: CN¥0.71 loss per share (improved from CN¥1.11 loss in FY 2023). Revenue: CN¥2.16b (up 4.1% from FY 2023). Net loss: CN¥249.1m (loss narrowed 36% from FY 2023). Revenue missed analyst estimates by 14%. Earnings per share (EPS) were also behind analyst expectations. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 9.3% growth forecast for the Food industry in China. Over the last 3 years on average, earnings per share has fallen by 22% per year whereas the company’s share price has fallen by 18% per year. Announcement • Mar 29
Shandong Minhe Animal Husbandry Co., Ltd., Annual General Meeting, Apr 25, 2025 Shandong Minhe Animal Husbandry Co., Ltd., Annual General Meeting, Apr 25, 2025, at 14:00 China Standard Time. Location: The Company's Meeting Room, Yantai, Shandong China Announcement • Dec 31
Shandong Minhe Animal Husbandry Co., Ltd. to Report Fiscal Year 2024 Results on Mar 29, 2025 Shandong Minhe Animal Husbandry Co., Ltd. announced that they will report fiscal year 2024 results on Mar 29, 2025 Reported Earnings • Oct 24
Third quarter 2024 earnings released: CN¥0.09 loss per share (vs CN¥0.25 loss in 3Q 2023) Third quarter 2024 results: CN¥0.09 loss per share (improved from CN¥0.25 loss in 3Q 2023). Revenue: CN¥528.4m (up 3.4% from 3Q 2023). Net loss: CN¥31.5m (loss narrowed 60% from 3Q 2023). Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Food industry in China. Over the last 3 years on average, earnings per share has fallen by 46% per year but the company’s share price has only fallen by 17% per year, which means it has not declined as severely as earnings. Announcement • Sep 30
Shandong Minhe Animal Husbandry Co., Ltd. to Report Q3, 2024 Results on Oct 24, 2024 Shandong Minhe Animal Husbandry Co., Ltd. announced that they will report Q3, 2024 results on Oct 24, 2024 Reported Earnings • Aug 24
Second quarter 2024 earnings released: CN¥0.43 loss per share (vs CN¥0.26 loss in 2Q 2023) Second quarter 2024 results: CN¥0.43 loss per share (further deteriorated from CN¥0.26 loss in 2Q 2023). Revenue: CN¥525.3m (down 3.3% from 2Q 2023). Net loss: CN¥150.8m (loss widened 56% from 2Q 2023). Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Food industry in China. Over the last 3 years on average, earnings per share has fallen by 56% per year but the company’s share price has only fallen by 17% per year, which means it has not declined as severely as earnings. Announcement • Jun 29
Shandong Minhe Animal Husbandry Co., Ltd. to Report First Half, 2024 Results on Aug 24, 2024 Shandong Minhe Animal Husbandry Co., Ltd. announced that they will report first half, 2024 results on Aug 24, 2024 Reported Earnings • Apr 27
First quarter 2024 earnings released: CN¥0.10 loss per share (vs CN¥0.16 profit in 1Q 2023) First quarter 2024 results: CN¥0.10 loss per share (down from CN¥0.16 profit in 1Q 2023). Revenue: CN¥522.4m (down 9.5% from 1Q 2023). Net loss: CN¥34.9m (down 161% from profit in 1Q 2023). Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Food industry in China. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 51 percentage points per year, which is a significant difference in performance. Announcement • Mar 30
Shandong Minhe Animal Husbandry Co., Ltd. to Report Q1, 2024 Results on Apr 27, 2024 Shandong Minhe Animal Husbandry Co., Ltd. announced that they will report Q1, 2024 results on Apr 27, 2024 Announcement • Mar 19
Shandong Minhe Animal Husbandry Co., Ltd., Annual General Meeting, Apr 26, 2024 Shandong Minhe Animal Husbandry Co., Ltd., Annual General Meeting, Apr 26, 2024, at 14:00 China Standard Time. Location: The Company's Meeting Room, Yantai, Shandong China Reported Earnings • Mar 19
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: CN¥1.11 loss per share (improved from CN¥1.30 loss in FY 2022). Revenue: CN¥2.07b (up 29% from FY 2022). Net loss: CN¥386.3m (loss narrowed 14% from FY 2022). Revenue missed analyst estimates by 13%. Earnings per share (EPS) were also behind analyst expectations. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Food industry in China. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 59 percentage points per year, which is a significant difference in performance. Announcement • Dec 29
Shandong Minhe Animal Husbandry Co., Ltd. to Report Fiscal Year 2023 Results on Mar 19, 2024 Shandong Minhe Animal Husbandry Co., Ltd. announced that they will report fiscal year 2023 results on Mar 19, 2024 Reported Earnings • Nov 01
Third quarter 2023 earnings released: CN¥0.25 loss per share (vs CN¥0.099 loss in 3Q 2022) Third quarter 2023 results: CN¥0.25 loss per share (further deteriorated from CN¥0.099 loss in 3Q 2022). Revenue: CN¥511.3m (up 15% from 3Q 2022). Net loss: CN¥78.2m (loss widened 125% from 3Q 2022). Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Food industry in China. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 87 percentage points per year, which is a significant difference in performance. Reported Earnings • Aug 26
Second quarter 2023 earnings released: CN¥0.26 loss per share (vs CN¥0.33 loss in 2Q 2022) Second quarter 2023 results: CN¥0.26 loss per share (improved from CN¥0.33 loss in 2Q 2022). Revenue: CN¥543.4m (up 38% from 2Q 2022). Net loss: CN¥96.8m (loss narrowed 16% from 2Q 2022). Revenue is forecast to grow 5.8% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Food industry in China. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 105 percentage points per year, which is a significant difference in performance. Reported Earnings • Mar 29
Full year 2022 earnings released: CN¥1.30 loss per share (vs CN¥0.14 profit in FY 2021) Full year 2022 results: CN¥1.30 loss per share (down from CN¥0.14 profit in FY 2021). Revenue: CN¥1.61b (down 9.4% from FY 2021). Net loss: CN¥452.1m (down CN¥499.7m from profit in FY 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 122 percentage points per year, which is a significant difference in performance. Reported Earnings • Oct 27
Third quarter 2022 earnings released: CN¥0.099 loss per share (vs CN¥0.011 loss in 3Q 2021) Third quarter 2022 results: CN¥0.099 loss per share (further deteriorated from CN¥0.011 loss in 3Q 2021). Revenue: CN¥445.0m (up 10% from 3Q 2021). Net loss: CN¥34.7m (loss widened CN¥31.0m from 3Q 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 100 percentage points per year, which is a significant difference in performance. Reported Earnings • Aug 21
Second quarter 2022 earnings released: CN¥0.33 loss per share (vs CN¥0.11 profit in 2Q 2021) Second quarter 2022 results: CN¥0.33 loss per share (down from CN¥0.11 profit in 2Q 2021). Revenue: CN¥392.9m (down 28% from 2Q 2021). Net loss: CN¥114.5m (down 420% from profit in 2Q 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 86 percentage points per year, which is a significant difference in performance. Announcement • Apr 27
Shandong Minhe Animal Husbandry Co., Ltd. Announces Management Appointments Shandong Minhe Animal Husbandry Co., Ltd. held its Annual General Meeting of 2021 on 22 April 2022, approved election of Guo Peng as non-independent directors. Election of Cheng Yongfeng, Liang Lanfeng, Wang Deliang of independent directors. Election of Sun Yanmiao and Cui Hualiang as non-employee supervisors. 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. 8 experienced directors. 3 highly experienced directors. 3 independent directors (6 non-independent directors). Independent Director Jiahou Liu was the last independent director to join the board, commencing their role in 2016. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Announcement • Mar 31
Shandong Minhe Animal Husbandry Co., Ltd., Annual General Meeting, Apr 22, 2022 Shandong Minhe Animal Husbandry Co., Ltd., Annual General Meeting, Apr 22, 2022, at 14:00 China Standard Time. Agenda: To consider 2021 work report of the board of directors; to consider 2021 work report of the supervisory committee; to consider 2021 annual accounts; to consider 2021 annual report and its summary; to consider 2021 profit distribution plan; to consider 2022 application for credit line to financial institutions; to consider Remuneration for directors and supervisors; to consider reappointment of audit firm; and to consider any other matters. Reported Earnings • Mar 28
Full year 2021 earnings: EPS and revenues miss analyst expectations Full year 2021 results: EPS: CN¥0.14 (down from CN¥0.22 in FY 2020). Revenue: CN¥1.78b (up 5.6% from FY 2020). Net income: CN¥47.6m (down 29% from FY 2020). Profit margin: 2.7% (down from 4.0% in FY 2020). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 18%. Earnings per share (EPS) also missed analyst estimates by 87%. Over the last 3 years on average, earnings per share has fallen by 62% per year but the company’s share price has only fallen by 17% per year, which means it has not declined as severely as earnings. Reported Earnings • Oct 23
Third quarter 2021 earnings released: CN¥0.011 loss per share (vs CN¥0.51 loss in 3Q 2020) The company reported a solid third quarter result with reduced losses, improved revenues and improved control over expenses. Third quarter 2021 results: Revenue: CN¥404.0m (up 4.2% from 3Q 2020). Net loss: CN¥3.71m (loss narrowed 98% from 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 36% per year but the company’s share price has increased by 14% per year, which means it is well ahead of earnings. Reported Earnings • Aug 29
Second quarter 2021 earnings released: EPS CN¥0.11 (vs CN¥0.28 in 2Q 2020) The company reported a soft second quarter result with weaker earnings and profit margins, although revenues improved. Second quarter 2021 results: Revenue: CN¥542.2m (up 18% from 2Q 2020). Net income: CN¥35.7m (down 58% from 2Q 2020). Profit margin: 6.6% (down from 19% in 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Announcement • May 21
Shandong Minhe Animal Husbandry Co., Ltd. Announces Cash Dividend for the Year 2020, Payable on 27 May 2021 Shandong Minhe Animal Husbandry Co., Ltd. announced cash dividend (tax included) of CNY 3.00 per 10 shares for the year 2020, payable on 27 May 2021. Record date is 26 May 2021 and ex-date is 27 May 2021. Announcement • May 20
Shandong Minhe Animal Husbandry Co., Ltd. Approves Dividend for the Year 2020 Shandong Minhe Animal Husbandry Co., Ltd. announced at its AGM held on May 17, 2021, the shareholders approved the cash dividend/10 shares (tax included) of CNY 3.00000000 for the year 2020. Announcement • Apr 29
Shandong Minhe Animal Husbandry Co., Ltd. Proposes Final Dividend for the Year 2020 Shandong Minhe Animal Husbandry Co., Ltd. proposed final cash dividend of CNY 3.00000000 per 10 shares (tax included) for the year 2020. Reported Earnings • Apr 28
First quarter 2021 earnings released: EPS CN¥0.44 (vs CN¥0.49 in 1Q 2020) The company reported a soft first quarter result with weaker earnings and profit margins, although revenues improved. First quarter 2021 results: Revenue: CN¥505.8m (up 14% from 1Q 2020). Net income: CN¥134.4m (down 8.3% from 1Q 2020). Profit margin: 27% (down from 33% in 1Q 2020). Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Announcement • Mar 09
Shandong Minhe Animal Husbandry Co., Ltd. to Report Fiscal Year 2020 Results on Apr 20, 2021 Shandong Minhe Animal Husbandry Co., Ltd. announced that they will report fiscal year 2020 results on Apr 20, 2021 Valuation Update With 7 Day Price Move • Feb 19
Investor sentiment improved over the past week After last week's 16% share price gain to CN¥15.29, the stock is trading at a trailing P/E ratio of 10.6x, up from the previous P/E ratio of 9.1x. This compares to an average P/E of 37x in the Food industry in China. Total returns to shareholders over the past three years are 66%. Is New 90 Day High Low • Jan 25
New 90-day low: CN¥14.65 The company is down 9.0% from its price of CN¥16.05 on 27 October 2020. The Chinese market is up 12% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Food industry, which is up 22% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is CN¥6.93 per share. Reported Earnings • Oct 22
Third quarter earnings released Over the last 12 months the company has reported total profits of CN¥436.4m, down 71% from the prior year. Total revenue was CN¥2.24b over the last 12 months, down 26% from the prior year. Announcement • Oct 20
Shandong Minhe Animal Husbandry Co., Ltd. to Report Q3, 2020 Results on Oct 28, 2020 Shandong Minhe Animal Husbandry Co., Ltd. announced that they will report Q3, 2020 results on Oct 28, 2020 Is New 90 Day High Low • Oct 15
New 90-day low: CN¥17.52 The company is down 24% from its price of CN¥22.93 on 17 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 Food industry, which is up 10.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is CN¥34.66 per share. Is New 90 Day High Low • Sep 24
New 90-day low: CN¥19.11 The company is down 14% from its price of CN¥22.25 on 24 June 2020. The Chinese market is up 12% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Food industry, which is up 15% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is CN¥34.66 per share. Announcement • Jul 18
Shandong Minhe Animal Husbandry Co., Ltd. to Report First Half, 2020 Results on Aug 05, 2020 Shandong Minhe Animal Husbandry Co., Ltd. announced that they will report first half, 2020 results on Aug 05, 2020 Announcement • Jul 17
Shandong Minhe Animal Husbandry Co., Ltd. announced that it expects to receive CNY 650 million in funding Shandong Minhe Animal Husbandry Co., Ltd. (SZSE:002234) announced a private placement of not more than 50,000,000 A shares of par value CNY 1 per share at a price not less than 80% of the average price of the company's stocks 20 trading days before the first day of the issue period for gross proceeds of not more than CNY 650,000,000 on July 11, 2020. The number of shares to be issued is not more than 30% of the company's total share capital before the issuance. The transaction will include participation from not more than 35 special investors. The transaction has been approved in the 6th meeting of the 7th directorate of the company, and is subject to the approval of the company's shareholders meeting and the China Securities Regulatory Commission. The resolution of this transaction is valid for 12 months from the date of deliberation and approval by the company's shareholders meeting. The shares to be issued are subject to a lock-up period is 6 months.