Declared Dividend • May 17
Dividend of CN¥0.25 announced Shareholders will receive a dividend of CN¥0.25. Ex-date: 21st May 2026 Payment date: 21st May 2026 Dividend yield will be 2.3%, which is lower than the industry average of 2.5%. Sustainability & Growth Dividend is covered by both earnings (64% earnings payout ratio) and cash flows (13% cash payout ratio). The dividend has increased by an average of 5.9% per year over the past 7 years. However, payments have been volatile during that time. EPS is expected to grow by 108% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Apr 04
Full year 2025 earnings released: EPS: CN¥0.59 (vs CN¥0.77 in FY 2024) Full year 2025 results: EPS: CN¥0.59 (down from CN¥0.77 in FY 2024). Revenue: CN¥3.78b (up 9.1% from FY 2024). Net income: CN¥81.5m (down 23% from FY 2024). Profit margin: 2.2% (down from 3.1% in FY 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 10% p.a. on average during the next 2 years, compared to a 12% growth forecast for the Specialty Retail 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 4% per year, which means it is significantly lagging earnings. Announcement • Apr 03
Shanghai Aiyingshi Co.,Ltd, Annual General Meeting, Apr 27, 2026 Shanghai Aiyingshi Co.,Ltd, Annual General Meeting, Apr 27, 2026, at 10:00 China Standard Time. Announcement • Mar 30
Shanghai Aiyingshi Co.,Ltd to Report Q1, 2026 Results on Apr 28, 2026 Shanghai Aiyingshi Co.,Ltd announced that they will report Q1, 2026 results on Apr 28, 2026 Buy Or Sell Opportunity • Feb 07
Now 21% undervalued Over the last 90 days, the stock has risen 1.0% to CN¥18.40. The fair value is estimated to be CN¥23.17, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 9.2%. Revenue is forecast to grow by 16% in 2 years. Earnings are forecast to grow by 53% in the next 2 years. Buy Or Sell Opportunity • Jan 20
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 4.4% to CN¥17.79. The fair value is estimated to be CN¥22.57, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 9.2%. Revenue is forecast to grow by 16% in 2 years. Earnings are forecast to grow by 53% in the next 2 years. Announcement • Dec 26
Shanghai Aiyingshi Co.,Ltd to Report Fiscal Year 2025 Results on Apr 04, 2026 Shanghai Aiyingshi Co.,Ltd announced that they will report fiscal year 2025 results on Apr 04, 2026 New Risk • Nov 01
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 Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Buy Or Sell Opportunity • Oct 28
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 15% to CN¥18.29. The fair value is estimated to be CN¥23.02, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 9.2%. Revenue is forecast to grow by 16% in 2 years. Earnings are forecast to grow by 53% in the next 2 years. Announcement • Sep 30
Shanghai Aiyingshi Co.,Ltd to Report Q3, 2025 Results on Oct 28, 2025 Shanghai Aiyingshi Co.,Ltd announced that they will report Q3, 2025 results on Oct 28, 2025 Declared Dividend • Sep 21
First half dividend increased to CN¥0.13 Dividend of CN¥0.13 is 19% higher than last year. Ex-date: 26th September 2025 Payment date: 26th September 2025 Dividend yield will be 2.1%, which is lower than the industry average of 2.5%. Sustainability & Growth Dividend is well covered by both earnings (48% earnings payout ratio) and cash flows (18% cash payout ratio). The dividend has increased by an average of 5.9% per year over the past 6 years. However, payments have been volatile during that time. EPS is expected to grow by 65% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Aug 20
Second quarter 2025 earnings released: EPS: CN¥0.29 (vs CN¥0.26 in 2Q 2024) Second quarter 2025 results: EPS: CN¥0.29 (up from CN¥0.26 in 2Q 2024). Revenue: CN¥975.8m (up 9.9% from 2Q 2024). Net income: CN¥40.0m (up 11% from 2Q 2024). Profit margin: 4.1% (in line with 2Q 2024). Revenue is forecast to grow 8.3% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Specialty Retail industry in China. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Announcement • Jun 30
Shanghai Aiyingshi Co.,Ltd to Report First Half, 2025 Results on Aug 19, 2025 Shanghai Aiyingshi Co.,Ltd announced that they will report first half, 2025 results on Aug 19, 2025 Declared Dividend • May 18
Dividend of CN¥0.25 announced Shareholders will receive a dividend of CN¥0.25. Ex-date: 23rd May 2025 Payment date: 23rd May 2025 Dividend yield will be 1.7%, which is lower than the industry average of 2.5%. Sustainability & Growth Dividend is well covered by both earnings (47% earnings payout ratio) and cash flows (18% cash payout ratio). The dividend has increased by an average of 5.9% per year over the past 6 years. However, payments have been volatile during that time. EPS is expected to grow by 60% over the next 3 years, which should provide support to the dividend and adequate earnings cover. New Risk • May 17
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 Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Valuation Update With 7 Day Price Move • Apr 10
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to CN¥24.53, the stock trades at a forward P/E ratio of 27x. Average forward P/E is 15x in the Specialty Retail industry in China. Total returns to shareholders of 45% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CN¥25.84 per share. Price Target Changed • Apr 06
Price target decreased by 15% to CN¥28.00 Down from CN¥33.08, the current price target is provided by 1 analyst. New target price is 35% above last closing price of CN¥20.80. Stock is up 43% over the past year. The company is forecast to post earnings per share of CN¥0.95 for next year compared to CN¥0.76 last year. Reported Earnings • Apr 03
Full year 2024 earnings: EPS misses analyst expectations Full year 2024 results: EPS: CN¥0.77 (up from CN¥0.74 in FY 2023). Revenue: CN¥3.47b (up 4.1% from FY 2023). Net income: CN¥106.4m (up 1.6% from FY 2023). Profit margin: 3.1% (in line with FY 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 5.2%. Revenue is forecast to grow 7.8% p.a. on average during the next 3 years, compared to a 9.8% growth forecast for the Specialty Retail industry in China. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Announcement • Apr 03
Shanghai Aiyingshi Co.,Ltd, Annual General Meeting, Apr 25, 2025 Shanghai Aiyingshi Co.,Ltd, Annual General Meeting, Apr 25, 2025, at 10:00 China Standard Time. Location: The Company's Meeting Room, Shanghai China Announcement • Mar 28
Shanghai Aiyingshi Co.,Ltd to Report Q1, 2025 Results on Apr 26, 2025 Shanghai Aiyingshi Co.,Ltd announced that they will report Q1, 2025 results on Apr 26, 2025 Valuation Update With 7 Day Price Move • Mar 17
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to CN¥23.42, the stock trades at a forward P/E ratio of 26x. Average forward P/E is 18x in the Specialty Retail industry in China. Total returns to shareholders of 19% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CN¥12.62 per share. Valuation Update With 7 Day Price Move • Feb 10
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to CN¥24.29, the stock trades at a forward P/E ratio of 28x. Average forward P/E is 17x in the Specialty Retail industry in China. Negligible returns to shareholders over past three years. Simply Wall St's valuation model estimates the intrinsic value at CN¥14.26 per share. Announcement • Dec 27
Shanghai Aiyingshi Co.,Ltd to Report Fiscal Year 2024 Results on Apr 03, 2025 Shanghai Aiyingshi Co.,Ltd announced that they will report fiscal year 2024 results on Apr 03, 2025 Valuation Update With 7 Day Price Move • Dec 16
Investor sentiment improves as stock rises 30% After last week's 30% share price gain to CN¥23.27, the stock trades at a forward P/E ratio of 28x. Average forward P/E is 23x in the Specialty Retail industry in China. Total returns to shareholders of 20% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CN¥14.20 per share. New Risk • Nov 29
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 11% 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 Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (11% average weekly change). Large one-off items impacting financial results. Buy Or Sell Opportunity • Nov 26
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 65% to CN¥17.06. The fair value is estimated to be CN¥13.95, however this is not to be taken as a sell 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 16%. Revenue is forecast to grow by 5.8% in 2 years. Earnings are forecast to grow by 16% in the next 2 years. Reported Earnings • Oct 25
Third quarter 2024 earnings released: EPS: CN¥0.039 (vs CN¥0.039 in 3Q 2023) Third quarter 2024 results: EPS: CN¥0.039 (in line with 3Q 2023). Revenue: CN¥774.0m (up 2.6% from 3Q 2023). Net income: CN¥5.46m (flat on 3Q 2023). Profit margin: 0.7% (in line with 3Q 2023). Revenue is forecast to grow 2.8% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Specialty Retail industry in China. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Oct 15
Investor sentiment deteriorates as stock falls 21% After last week's 21% share price decline to CN¥13.34, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 11x in the Specialty Retail industry in China. Total loss to shareholders of 37% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CN¥11.14 per share. Upcoming Dividend • Oct 01
Upcoming dividend of CN¥0.11 per share Eligible shareholders must have bought the stock before 08 October 2024. Payment date: 08 October 2024. Payout ratio is a comfortable 61% and this is well supported by cash flows. Trailing yield: 1.4%. Lower than top quartile of Chinese dividend payers (2.2%). Lower than average of industry peers (3.0%). Announcement • Sep 30
Shanghai Aiyingshi Co.,Ltd to Report Q3, 2024 Results on Oct 25, 2024 Shanghai Aiyingshi Co.,Ltd announced that they will report Q3, 2024 results on Oct 25, 2024 Buy Or Sell Opportunity • Sep 25
Now 25% overvalued after recent price rise Over the last 90 days, the stock has risen 22% to CN¥13.77. The fair value is estimated to be CN¥11.00, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has grown by 8.2%. Revenue is forecast to grow by 5.8% in 2 years. Earnings are forecast to grow by 23% in the next 2 years. Valuation Update With 7 Day Price Move • Sep 23
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to CN¥12.18, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 11x in the Specialty Retail industry in China. Total loss to shareholders of 48% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CN¥10.88 per share. New Risk • Sep 10
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 32% 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 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 • Aug 23
Second quarter 2024 earnings released: EPS: CN¥0.26 (vs CN¥0.28 in 2Q 2023) Second quarter 2024 results: EPS: CN¥0.26 (down from CN¥0.28 in 2Q 2023). Revenue: CN¥888.0m (down 2.3% from 2Q 2023). Net income: CN¥36.1m (down 7.0% from 2Q 2023). Profit margin: 4.1% (down from 4.3% in 2Q 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 1.9% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Specialty Retail 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 26% per year, which means it is significantly lagging earnings. Buy Or Sell Opportunity • Aug 02
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 18% to CN¥10.74. The fair value is estimated to be CN¥13.75, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 14% over the last 3 years, while earnings per share has been flat. Revenue is forecast to grow by 2.9% in 2 years. Earnings are forecast to grow by 20% in the next 2 years. Announcement • Jun 29
Shanghai Aiyingshi Co.,Ltd to Report First Half, 2024 Results on Aug 23, 2024 Shanghai Aiyingshi Co.,Ltd announced that they will report first half, 2024 results on Aug 23, 2024 Declared Dividend • May 16
Dividend increased to CN¥0.35 Dividend of CN¥0.35 is 17% higher than last year. Ex-date: 21st May 2024 Payment date: 21st May 2024 Dividend yield will be 2.6%, which is about the same as the industry average. Sustainability & Growth Dividend is well covered by both earnings (45% earnings payout ratio) and cash flows (17% cash payout ratio). The dividend has increased by an average of 6.4% per year over the past 5 years. However, payments have been volatile during that time. EPS is expected to grow by 31% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Apr 28
First quarter 2024 earnings released: EPS: CN¥0.045 (vs CN¥0.019 in 1Q 2023) First quarter 2024 results: EPS: CN¥0.045 (up from CN¥0.019 in 1Q 2023). Revenue: CN¥806.2m (up 6.4% from 1Q 2023). Net income: CN¥6.31m (up 135% from 1Q 2023). Profit margin: 0.8% (up from 0.4% in 1Q 2023). Revenue is forecast to grow 3.3% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Specialty Retail industry in China. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has fallen by 21% per year, which means it is significantly lagging earnings. New Risk • Apr 08
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 23% 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 Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Announcement • Apr 03
Shanghai Aiyingshi Co.,Ltd, Annual General Meeting, Apr 25, 2024 Shanghai Aiyingshi Co.,Ltd, Annual General Meeting, Apr 25, 2024, at 14:00 China Standard Time. Location: The Company's Meeting Room, Shanghai China Reported Earnings • Apr 03
Full year 2023 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2023 results: EPS: CN¥0.74 (up from CN¥0.61 in FY 2022). Revenue: CN¥3.33b (down 8.0% from FY 2022). Net income: CN¥104.7m (up 22% from FY 2022). Profit margin: 3.1% (up from 2.4% in FY 2022). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 1.6%. Earnings per share (EPS) exceeded analyst estimates by 2.7%. Revenue is forecast to grow 6.6% p.a. on average during the next 2 years, compared to a 12% growth forecast for the Specialty Retail industry in China. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has fallen by 16% per year, which means it is performing significantly worse than earnings. Announcement • Mar 29
Shanghai Aiyingshi Co.,Ltd to Report Q1, 2024 Results on Apr 27, 2024 Shanghai Aiyingshi Co.,Ltd announced that they will report Q1, 2024 results on Apr 27, 2024 Announcement • Mar 13
Shanghai Aiyingshi Co.,Ltd (SHSE:603214) commences an Equity Buyback Plan for 2,777,777 shares, representing 1.98% for CNY 50 million, under the authorization approved on March 6, 2024. Shanghai Aiyingshi Co.,Ltd (SHSE:603214) commences share repurchases on March 12, 2024, under the program mandated by the Annual General Meeting held on March 6, 2024. As per the mandate, the company is authorized to repurchase up to 2,777,777 shares, representing for CNY 50 million worth of its shares. The repurchase price will not more than CNY 20 per Share. All shares repurchased will be canceled and the company’s registered capital will be reduced. The repurchases will be funded using company's own funds. The repurchase period will be not more than 12 months. As of March 6, 2024, the company has 140,516,936 shares outstanding. Valuation Update With 7 Day Price Move • Feb 27
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to CN¥12.80, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 11x in the Specialty Retail industry in China. Total loss to shareholders of 48% over the past three years. Valuation Update With 7 Day Price Move • Feb 06
Investor sentiment deteriorates as stock falls 26% After last week's 26% share price decline to CN¥10.30, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 11x in the Specialty Retail industry in China. Total loss to shareholders of 39% over the past three years. Valuation Update With 7 Day Price Move • Jan 23
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to CN¥14.13, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 12x in the Specialty Retail industry in China. Total loss to shareholders of 26% over the past three years. Announcement • Dec 29
Shanghai Aiyingshi Co.,Ltd to Report Fiscal Year 2023 Results on Apr 03, 2024 Shanghai Aiyingshi Co.,Ltd announced that they will report fiscal year 2023 results on Apr 03, 2024 New Risk • Oct 29
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 48% 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 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 • Oct 26
Third quarter 2023 earnings released: EPS: CN¥0.039 (vs CN¥0.026 in 3Q 2022) Third quarter 2023 results: EPS: CN¥0.039 (up from CN¥0.026 in 3Q 2022). Revenue: CN¥754.7m (flat on 3Q 2022). Net income: CN¥5.42m (up 49% from 3Q 2022). Profit margin: 0.7% (up from 0.5% in 3Q 2022). Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 18% growth forecast for the Specialty Retail industry in China. Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has fallen by 21% per year, which means it is performing significantly worse than earnings. Announcement • Sep 30
Shanghai Aiyingshi Co.,Ltd to Report Q3, 2023 Results on Oct 26, 2023 Shanghai Aiyingshi Co.,Ltd announced that they will report Q3, 2023 results on Oct 26, 2023 Reported Earnings • Aug 23
Second quarter 2023 earnings released: EPS: CN¥0.28 (vs CN¥0.37 in 2Q 2022) Second quarter 2023 results: EPS: CN¥0.28 (down from CN¥0.37 in 2Q 2022). Revenue: CN¥908.8m (down 10% from 2Q 2022). Net income: CN¥38.8m (down 28% from 2Q 2022). Profit margin: 4.3% (down from 5.3% in 2Q 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 19% p.a. on average during the next 3 years, compared to a 19% growth forecast for the Specialty Retail industry in China. Over the last 3 years on average, earnings per share has fallen by 19% per year whereas the company’s share price has fallen by 22% per year. Reported Earnings • Apr 08
Full year 2022 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2022 results: EPS: CN¥0.61 (up from CN¥0.52 in FY 2021). Revenue: CN¥3.62b (up 37% from FY 2021). Net income: CN¥86.0m (up 17% from FY 2021). Profit margin: 2.4% (down from 2.8% in FY 2021). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 7.6%. Earnings per share (EPS) exceeded analyst estimates by 8.3%. Revenue is forecast to grow 25% p.a. on average during the next 2 years, compared to a 22% growth forecast for the Specialty Retail industry in China. Over the last 3 years on average, earnings per share has fallen by 28% per year but the company’s share price has only fallen by 12% per year, which means it has not declined as severely as earnings. Board Change • Nov 16
Less than half of directors are independent There are 6 new directors who have joined the board in the last 3 years. Of these new board members, 3 were independent directors. The company's board is composed of: 6 new directors. 3 experienced directors. 1 highly experienced director. 3 independent directors (4 non-independent directors). Chairperson of Supervisory Board Linyun Sun is the most experienced director on the board, commencing their role in 2013. Independent Director Bo Zhu was the last independent 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: Minority of independent directors. Lack of board continuity. Lack of experienced directors. Reported Earnings • Oct 27
Third quarter 2022 earnings released: EPS: CN¥0.026 (vs CN¥0.096 loss in 3Q 2021) Third quarter 2022 results: EPS: CN¥0.026 (up from CN¥0.096 loss in 3Q 2021). Revenue: CN¥752.9m (up 47% from 3Q 2021). Net income: CN¥3.64m (up CN¥16.8m from 3Q 2021). Profit margin: 0.5% (up from net loss in 3Q 2021). The move to profitability was driven by higher revenue. Revenue is forecast to grow 9.1% p.a. on average during the next 3 years, compared to a 24% growth forecast for the Specialty Retail industry in China. Over the last 3 years on average, earnings per share has fallen by 29% per year but the company’s share price has only fallen by 21% per year, which means it has not declined as severely as earnings. Reported Earnings • Aug 21
Second quarter 2022 earnings released: EPS: CN¥0.37 (vs CN¥0.25 in 2Q 2021) Second quarter 2022 results: EPS: CN¥0.37 (up from CN¥0.25 in 2Q 2021). Revenue: CN¥1.01b (up 69% from 2Q 2021). Net income: CN¥53.6m (up 50% from 2Q 2021). Profit margin: 5.3% (down from 6.0% in 2Q 2021). Over the next year, revenue is forecast to grow 15%, compared to a 42% growth forecast for the Specialty Retail industry in China. Over the last 3 years on average, earnings per share has fallen by 27% 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. Reported Earnings • Apr 28
First quarter 2022 earnings: EPS and revenues exceed analyst expectations First quarter 2022 results: CN¥0.09 loss per share (down from CN¥0.08 profit in 1Q 2021). Revenue: CN¥854.7m (up 57% from 1Q 2021). Net loss: CN¥12.3m (down 210% from profit in 1Q 2021). Revenue exceeded analyst estimates by 13%. Earnings per share (EPS) missed analyst estimates. Over the next year, revenue is expected to shrink by 3.0% compared to a 32% growth forecast for the 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. Price Target Changed • Apr 27
Price target decreased to CN¥19.11 Down from CN¥24.01, the current price target is an average from 4 analysts. New target price is 22% above last closing price of CN¥15.63. Stock is down 43% over the past year. The company is forecast to post earnings per share of CN¥0.64 for next year compared to CN¥0.52 last year. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Director Ying Sheng 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 • Apr 16
Full year 2021 earnings: EPS and revenues exceed analyst expectations Full year 2021 results: EPS: CN¥0.52 (down from CN¥0.83 in FY 2020). Revenue: CN¥2.65b (up 18% from FY 2020). Net income: CN¥73.5m (down 37% from FY 2020). Profit margin: 2.8% (down from 5.2% in FY 2020). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 13%. Earnings per share (EPS) also surpassed analyst estimates by 4.7%. Over the next year, revenue is expected to shrink by 1.8% compared to a 32% growth forecast for the retail industry in China. Over the last 3 years on average, earnings per share has fallen by 13% per year whereas the company’s share price has fallen by 16% per year. Buying Opportunity • Mar 08
Now 25% undervalued Over the last 90 days, the stock is up 26%. The fair value is estimated to be CN¥35.62, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 7.2% per annum over the last 3 years. Valuation Update With 7 Day Price Move • Mar 07
Investor sentiment improved over the past week After last week's 21% share price gain to CN¥29.72, the stock trades at a forward P/E ratio of 43x. Average forward P/E is 10x in the Specialty Retail industry in China. Total returns to shareholders of 2.3% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CN¥35.16 per share. Valuation Update With 7 Day Price Move • Jan 27
Investor sentiment deteriorated over the past week After last week's 15% share price decline to CN¥21.01, the stock trades at a forward P/E ratio of 31x. Average forward P/E is 12x in the Specialty Retail industry in China. Total loss to shareholders of 12% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CN¥33.45 per share. Reported Earnings • Oct 27
Third quarter 2021 earnings released: CN¥0.096 loss per share (vs CN¥0.14 profit in 3Q 2020) The company reported a poor third quarter result with weaker earnings and control over costs, although revenues were flat. Third quarter 2021 results: Revenue: CN¥512.2m (flat on 3Q 2020). Net loss: CN¥13.2m (down 166% from profit in 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 7% per year whereas the company’s share price has fallen by 9% per year. Reported Earnings • Aug 20
Second quarter 2021 earnings released: EPS CN¥0.25 (vs CN¥0.27 in 2Q 2020) The company reported a solid second quarter result with improved earnings and revenues, although profit margins were weaker. Second quarter 2021 results: Revenue: CN¥598.5m (up 3.8% from 2Q 2020). Net income: CN¥35.7m (up 1.2% from 2Q 2020). Profit margin: 6.0% (down from 6.1% in 2Q 2020). 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 11% per year, which means it is performing significantly worse than earnings. Valuation Update With 7 Day Price Move • Jul 29
Investor sentiment improved over the past week After last week's 20% share price gain to CN¥25.06, the stock trades at a forward P/E ratio of 22x. Average forward P/E is 15x in the Specialty Retail industry in China. Total loss to shareholders of 31% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CN¥38.29 per share. Valuation Update With 7 Day Price Move • May 31
Investor sentiment improved over the past week After last week's 17% share price gain to CN¥27.73, the stock trades at a forward P/E ratio of 24x. Average forward P/E is 16x in the Specialty Retail industry in China. Total loss to shareholders of 34% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CN¥39.27 per share. Valuation Update With 7 Day Price Move • May 16
Investor sentiment deteriorated over the past week After last week's 19% share price decline to CN¥24.33, the stock trades at a forward P/E ratio of 21x. Average forward P/E is 17x in the Specialty Retail industry in China. Total loss to shareholders of 48% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CN¥39.51 per share. Valuation Update With 7 Day Price Move • May 01
Investor sentiment improved over the past week After last week's 17% share price gain to CN¥27.28, the stock trades at a forward P/E ratio of 24x. Average forward P/E is 18x in the Specialty Retail industry in China. Total loss to shareholders of 28% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CN¥33.09 per share. Reported Earnings • Apr 25
First quarter 2021 earnings released: EPS CN¥0.08 (vs CN¥0.06 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: CN¥543.1m (up 4.6% from 1Q 2020). Net income: CN¥11.1m (up 26% from 1Q 2020). Profit margin: 2.0% (up from 1.7% in 1Q 2020). Over the last 3 years on average, earnings per share has remained flat but the company’s share price has fallen by 18% per year, which means it is significantly lagging earnings. Price Target Changed • Apr 11
Price target decreased to CN¥34.67 Down from CN¥40.97, the current price target is an average from 5 analysts. New target price is 30% above last closing price of CN¥26.70. Stock is down 0.6% over the past year. Major Estimate Revision • Apr 08
Consensus EPS estimates fall to CN¥1.06 The consensus outlook for earnings per share (EPS) in 2021 has deteriorated. 2021 revenue forecast decreased from CN¥2.87b to CN¥2.62b. EPS estimate also fell from CN¥1.21 to CN¥1.06. Net income forecast to grow 27% next year vs 40% growth forecast for Specialty Retail industry in China. Consensus price target of CN¥40.89 unchanged from last update. Share price rose 5.8% to CN¥24.28 over the past week. Reported Earnings • Apr 02
Full year 2020 earnings released: EPS CN¥0.83 (vs CN¥1.10 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: CN¥2.26b (down 8.3% from FY 2019). Net income: CN¥116.6m (down 24% from FY 2019). Profit margin: 5.2% (down from 6.3% in FY 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Mar 30
Investor sentiment improved over the past week After last week's 19% share price gain to CN¥23.03, the stock trades at a forward P/E ratio of 20x. Average forward P/E is 19x in the Specialty Retail industry in China. Total loss to shareholders of 4.9% over the past three years. Valuation Update With 7 Day Price Move • Mar 09
Investor sentiment deteriorated over the past week After last week's 22% share price decline to CN¥19.98, the stock is trading at a trailing P/E ratio of 21.2x, down from the previous P/E ratio of 27.3x. This compares to an average P/E of 23x in the Specialty Retail industry in China. Total return to shareholders over the past year is a loss of 23%. Valuation Update With 7 Day Price Move • Feb 20
Investor sentiment improved over the past week After last week's 16% share price gain to CN¥22.47, the stock is trading at a trailing P/E ratio of 23.9x, up from the previous P/E ratio of 20.5x. This compares to an average P/E of 25x in the Specialty Retail industry in China. Total return to shareholders over the past year is a loss of 17%. Is New 90 Day High Low • Jan 29
New 90-day low: CN¥19.28 The company is down 36% from its price of CN¥30.02 on 30 October 2020. The Chinese market is up 9.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Specialty Retail 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¥76.44 per share. Is New 90 Day High Low • Jan 13
New 90-day low: CN¥20.29 The company is down 35% from its price of CN¥31.45 on 15 October 2020. The Chinese market is up 6.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Specialty Retail industry, which is up 30% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is CN¥76.59 per share. Is New 90 Day High Low • Dec 28
New 90-day low: CN¥23.49 The company is down 21% from its price of CN¥29.64 on 29 September 2020. The Chinese market is up 6.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Specialty Retail industry, which is up 7.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is CN¥77.37 per share. Is New 90 Day High Low • Dec 09
New 90-day low: CN¥27.50 The company is down 10.0% from its price of CN¥30.63 on 10 September 2020. The Chinese market is up 5.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Specialty Retail industry, which is up 1.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is CN¥65.67 per share. Announcement • Nov 20
Shanghai Aiyingshi Co.,Ltd (SHSE:603214) agreed to acquire 48.53% stake in Nantong Xing'ai Maternal and Child Products Co., Ltd from Zhu Yuanqi for approximately CNY 110 million. Shanghai Aiyingshi Co.,Ltd (SHSE:603214) agreed to acquire 48.53% stake in Nantong Xing'ai Maternal and Child Products Co., Ltd from Zhu Yuanqi for approximately CNY 110 million on November 17, 2020. Shanghai Qinbei Maternal (wholly owned subsidiary of Shanghai Aiyingshi) holds 51.47% stake of Nantong. As a result of the transaction, Shanghai Aiyingshi will hold 100% stake in Nantong. As of December 31, 2019, Nantong reported Revenue of CNY 323.72 million, Net Profit of CNY 15.75 million, Net Asset of CNY 62.28 million and total asset of CNY 90.4 million. The transaction is subject to shareholder approval of Shanghai Aiyingshi. On November 18, 2020, the transaction is approved by board of directors of Shanghai Aiyingshi. Major Estimate Revision • Oct 28
Analysts lower EPS estimates to CN¥0.90 The 2020 consensus revenue estimate was lowered from CN¥2.53b to CN¥2.38b. Earning per share (EPS) estimate was also lowered from CN¥1.12 to CN¥0.90 for the same period. Net income is expected to grow by 37% next year compared to 39% growth forecast for the Specialty Retail industry in China. The consensus price target was lowered from CN¥40.97 to CN¥40.89. Share price is down by 2.2% to CN¥30.14 over the past week. Reported Earnings • Oct 22
Third quarter earnings released Over the last 12 months the company has reported total profits of CN¥131.1m, down 7.5% from the prior year. Total revenue was CN¥2.33b over the last 12 months, down 1.2% from the prior year. Announcement • Oct 19
Shanghai Aiyingshi Co.,Ltd to Report Q3, 2020 Results on Oct 22, 2020 Shanghai Aiyingshi Co.,Ltd announced that they will report Q3, 2020 results on Oct 22, 2020 Is New 90 Day High Low • Sep 24
New 90-day low: CN¥29.84 The company is down 6.0% from its price of CN¥31.89 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 Specialty Retail industry, which is up 40% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is CN¥45.35 per share. Announcement • Jul 08
Shanghai Aiyingshi Co.,Ltd to Report First Half, 2020 Results on Aug 18, 2020 Shanghai Aiyingshi Co.,Ltd announced that they will report first half, 2020 results on Aug 18, 2020 
