New Risk • May 21
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 251% 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: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Share price has been highly volatile over the past 3 months (10% average weekly change). Shareholders have been substantially diluted in the past year (154% increase in shares outstanding). Minor Risk Large one-off items impacting financial results. Ankündigung • Mar 31
FSPG Hi-Tech CO., Ltd. to Report Q1, 2026 Results on Apr 29, 2026 FSPG Hi-Tech CO., Ltd. announced that they will report Q1, 2026 results on Apr 29, 2026 Ankündigung • Mar 28
FSPG Hi-Tech CO., Ltd., Annual General Meeting, Apr 17, 2026 FSPG Hi-Tech CO., Ltd., Annual General Meeting, Apr 17, 2026, at 14:00 China Standard Time. Location: 1F, Zibian Building 2, No. 7, Qinggong 3rd Road, Chancheng District, Foshan, Guangdong China Ankündigung • Dec 31
FSPG Hi-Tech CO., Ltd. to Report Fiscal Year 2025 Results on Mar 28, 2026 FSPG Hi-Tech CO., Ltd. announced that they will report fiscal year 2025 results on Mar 28, 2026 Ankündigung • Sep 30
FSPG Hi-Tech CO., Ltd. to Report Q3, 2025 Results on Oct 30, 2025 FSPG Hi-Tech CO., Ltd. announced that they will report Q3, 2025 results on Oct 30, 2025 Ankündigung • Jul 02
FSPG Hi-Tech CO., Ltd. to Report First Half, 2025 Results on Aug 29, 2025 FSPG Hi-Tech CO., Ltd. announced that they will report first half, 2025 results on Aug 29, 2025 Ankündigung • Apr 01
FSPG Hi-Tech CO., Ltd. Proposes Cash Dividend for 2024 FSPG Hi-Tech CO., Ltd. announced on 31 March 2025 the final profit distribution proposal for 2024 as follows: Cash dividend/10 shares (tax included): CNY0.35000000. Ankündigung • Mar 31
FSPG Hi-Tech CO., Ltd. to Report Q1, 2025 Results on Apr 29, 2025 FSPG Hi-Tech CO., Ltd. announced that they will report Q1, 2025 results on Apr 29, 2025 Ankündigung • Mar 29
FSPG Hi-Tech CO., Ltd., Annual General Meeting, Apr 22, 2025 FSPG Hi-Tech CO., Ltd., Annual General Meeting, Apr 22, 2025, at 11:00 China Standard Time. Location: A1, 1F, Zibian Building 2, No. 7, Qinggong 3rd, Chancheng District, Foshan, Guangdong China Ankündigung • Dec 31
FSPG Hi-Tech CO., Ltd. to Report Fiscal Year 2024 Results on Mar 29, 2025 FSPG Hi-Tech CO., Ltd. announced that they will report fiscal year 2024 results on Mar 29, 2025 New Risk • Nov 12
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 Dividend is not well covered by cash flows (343% cash payout ratio). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (5.3% net profit margin). New Risk • Oct 31
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: 5.3% Last year net profit margin: 8.9% 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 cash flows (343% cash payout ratio). Profit margins are more than 30% lower than last year (5.3% net profit margin). Valuation Update With 7 Day Price Move • Oct 25
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to CN¥5.07, the stock trades at a trailing P/E ratio of 22.4x. Average trailing P/E is 33x in the Chemicals industry in China. Total returns to shareholders of 16% over the past three years. Ankündigung • Sep 30
FSPG Hi-Tech CO., Ltd. to Report Q3, 2024 Results on Oct 31, 2024 FSPG Hi-Tech CO., Ltd. announced that they will report Q3, 2024 results on Oct 31, 2024 Reported Earnings • Aug 17
Second quarter 2024 earnings released: EPS: CN¥0.033 (vs CN¥0.029 in 2Q 2023) Second quarter 2024 results: EPS: CN¥0.033 (up from CN¥0.029 in 2Q 2023). Revenue: CN¥566.7m (down 9.9% from 2Q 2023). Net income: CN¥32.3m (up 17% from 2Q 2023). Profit margin: 5.7% (up from 4.4% in 2Q 2023). Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Board Change • Jul 01
High number of new directors There are 6 new directors who have joined the board in the last 3 years. Non-Independent Director Yong Xiong was the last director to join the board, commencing their role in 2024. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Ankündigung • Jun 20
FSPG Hi-Tech CO., Ltd. Approves Board Elections FSPG Hi-Tech CO., Ltd. at its EGM held on June 18, 2024 approved election of Cheng Youjiang and Xiong Yong as non-independent director. Declared Dividend • Jun 10
Dividend increased to CN¥0.067 Dividend of CN¥0.067 is 56% higher than last year. Ex-date: 18th June 2024 Payment date: 18th June 2024 Dividend yield will be 1.8%, which is lower than the industry average of 2.6%. Sustainability & Growth Dividend is covered by earnings (30% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 3.0% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 14% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Ankündigung • Jun 08
FSPG Hi-Tech CO., Ltd. Announces Dividend Implementation for 2023, Payable on 18 June 2024 FSPG Hi-Tech CO., Ltd. announces 2023 final profit distribution plan to be implemented (A shares): Cash dividend/10 shares (tax included): CNY 0.67000000. Record date: 17 June 2024; Ex-date: 18 June 2024; Payment date: 18 June 2024. Buy Or Sell Opportunity • May 13
Now 21% undervalued Over the last 90 days, the stock has risen 15% to CN¥4.14. The fair value is estimated to be CN¥5.22, 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 26%. Reported Earnings • Apr 27
First quarter 2024 earnings released: EPS: CN¥0.019 (vs CN¥0.018 in 1Q 2023) First quarter 2024 results: EPS: CN¥0.019 (up from CN¥0.018 in 1Q 2023). Revenue: CN¥500.9m (down 18% from 1Q 2023). Net income: CN¥18.1m (up 1.5% from 1Q 2023). Profit margin: 3.6% (up from 2.9% in 1Q 2023). Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Buy Or Sell Opportunity • Apr 15
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 19% to CN¥4.00. The fair value is estimated to be CN¥5.12, 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 27%. Ankündigung • Mar 30
FSPG Hi-Tech CO., Ltd. to Report Q1, 2024 Results on Apr 27, 2024 FSPG Hi-Tech CO., Ltd. announced that they will report Q1, 2024 results on Apr 27, 2024 Buy Or Sell Opportunity • Mar 25
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 13% to CN¥4.07. The fair value is estimated to be CN¥5.12, 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 27%. Reported Earnings • Mar 23
Full year 2023 earnings released: EPS: CN¥0.22 (vs CN¥0.14 in FY 2022) Full year 2023 results: EPS: CN¥0.22 (up from CN¥0.14 in FY 2022). Revenue: CN¥2.21b (down 16% from FY 2022). Net income: CN¥214.0m (up 57% from FY 2022). Profit margin: 9.7% (up from 5.2% in FY 2022). Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Ankündigung • Mar 23
FSPG Hi-Tech CO., Ltd., Annual General Meeting, Apr 19, 2024 FSPG Hi-Tech CO., Ltd., Annual General Meeting, Apr 19, 2024, at 11:00 China Standard Time. Valuation Update With 7 Day Price Move • Feb 02
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to CN¥3.69, the stock trades at a trailing P/E ratio of 15.3x. Average trailing P/E is 28x in the Chemicals industry in China. Total returns to shareholders of 1.5% over the past three years. Ankündigung • Dec 29
FSPG Hi-Tech CO., Ltd. to Report Fiscal Year 2023 Results on Mar 23, 2024 FSPG Hi-Tech CO., Ltd. announced that they will report fiscal year 2023 results on Mar 23, 2024 Reported Earnings • Nov 01
Third quarter 2023 earnings released: EPS: CN¥0.15 (vs CN¥0.031 in 3Q 2022) Third quarter 2023 results: EPS: CN¥0.15 (up from CN¥0.031 in 3Q 2022). Revenue: CN¥678.4m (flat on 3Q 2022). Net income: CN¥149.4m (up 398% from 3Q 2022). Profit margin: 22% (up from 4.4% in 3Q 2022). Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Oct 30
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to CN¥4.85, the stock trades at a trailing P/E ratio of 41.4x. Average trailing P/E is 34x in the Chemicals industry in China. Total returns to shareholders of 16% over the past three years. Ankündigung • Sep 30
FSPG Hi-Tech CO., Ltd. to Report Q3, 2023 Results on Oct 28, 2023 FSPG Hi-Tech CO., Ltd. announced that they will report Q3, 2023 results on Oct 28, 2023 Reported Earnings • Aug 19
Second quarter 2023 earnings released: EPS: CN¥0.029 (vs CN¥0.041 in 2Q 2022) Second quarter 2023 results: EPS: CN¥0.029 (down from CN¥0.041 in 2Q 2022). Revenue: CN¥628.7m (down 9.6% from 2Q 2022). Net income: CN¥27.5m (down 31% from 2Q 2022). Profit margin: 4.4% (down from 5.7% in 2Q 2022). Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Ankündigung • Jul 01
FSPG Hi-Tech CO., Ltd. to Report First Half, 2023 Results on Aug 19, 2023 FSPG Hi-Tech CO., Ltd. announced that they will report first half, 2023 results on Aug 19, 2023 Ankündigung • Jun 10
FSPG Hi-Tech CO., Ltd. Announces Final Cash Dividend on A Shares for the Year 2022, Payable on June 16, 2023 FSPG Hi-Tech CO., Ltd. announced final cash dividend of CNY 0.43 per 10 shares on A shares for the year 2022. Record date is June 15, 2023, Ex-Date is June 16, 2023 and Payment Date is June 16, 2023. Reported Earnings • Mar 26
Full year 2022 earnings released: EPS: CN¥0.14 (vs CN¥0.13 in FY 2021) Full year 2022 results: EPS: CN¥0.14 (up from CN¥0.13 in FY 2021). Revenue: CN¥2.64b (up 7.2% from FY 2021). Net income: CN¥136.4m (up 12% from FY 2021). Profit margin: 5.2% (up from 5.0% in FY 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 47% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Board Change • Dec 02
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Director Zhendong Li was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Board Change • Oct 31
High number of new directors VP & Non-Independent Director Lei Wang was the last director to join the board, commencing their role in 2021. Reported Earnings • Oct 30
Third quarter 2022 earnings released: EPS: CN¥0.031 (vs CN¥0.037 in 3Q 2021) Third quarter 2022 results: EPS: CN¥0.031 (down from CN¥0.037 in 3Q 2021). Revenue: CN¥680.6m (up 7.5% from 3Q 2021). Net income: CN¥30.0m (down 17% from 3Q 2021). Profit margin: 4.4% (down from 5.7% in 3Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Reported Earnings • Aug 29
Second quarter 2022 earnings released: EPS: CN¥0.041 (vs CN¥0.042 in 2Q 2021) Second quarter 2022 results: EPS: CN¥0.041 (down from CN¥0.042 in 2Q 2021). Revenue: CN¥695.5m (up 12% from 2Q 2021). Net income: CN¥39.8m (down 1.3% from 2Q 2021). Profit margin: 5.7% (down from 6.5% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 02
First quarter 2022 earnings released: EPS: CN¥0.03 (vs CN¥0.027 in 1Q 2021) First quarter 2022 results: EPS: CN¥0.03 (up from CN¥0.027 in 1Q 2021). Revenue: CN¥571.2m (up 2.8% from 1Q 2021). Net income: CN¥28.5m (up 8.4% from 1Q 2021). Profit margin: 5.0% (up from 4.7% in 1Q 2021). The increase in margin was driven by higher revenue. 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 2% per year, which means it is significantly lagging earnings. Board Change • Apr 27
High number of new directors There are 8 new directors who have joined the board in the last 3 years. VP & Non-Independent Director Lei Wang was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Mar 31
Full year 2021 earnings released: EPS: CN¥0.13 (vs CN¥0.073 in FY 2020) Full year 2021 results: EPS: CN¥0.13 (up from CN¥0.073 in FY 2020). Revenue: CN¥2.46b (up 6.9% from FY 2020). Net income: CN¥121.9m (up 73% from FY 2020). Profit margin: 5.0% (up from 3.1% in FY 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 6% per year whereas the company’s share price has fallen by 1% per year. Valuation Update With 7 Day Price Move • Sep 28
Investor sentiment deteriorated over the past week After last week's 16% share price decline to CN¥4.68, the stock trades at a trailing P/E ratio of 42.2x. Average trailing P/E is 32x in the Chemicals industry in China. Total returns to shareholders of 31% over the past three years. Reported Earnings • Aug 22
Second quarter 2021 earnings released: EPS CN¥0.042 (vs CN¥0.023 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: CN¥620.6m (up 3.4% from 2Q 2020). Net income: CN¥40.3m (up 83% from 2Q 2020). Profit margin: 6.5% (up from 3.7% in 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 21% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. Reported Earnings • May 02
First quarter 2021 earnings released: EPS CN¥0.027 (vs CN¥0.008 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: CN¥555.4m (up 30% from 1Q 2020). Net income: CN¥26.3m (up 230% from 1Q 2020). Profit margin: 4.7% (up from 1.9% in 1Q 2020). 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 5% per year, which means it has not declined as severely as earnings. Reported Earnings • Mar 26
Full year 2020 earnings released: EPS CN¥0.073 (vs CN¥0.04 in FY 2019) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2020 results: Revenue: CN¥2.30b (down 19% from FY 2019). Net income: CN¥70.7m (up 63% from FY 2019). Profit margin: 3.1% (up from 1.5% in FY 2019). Over the last 3 years on average, earnings per share has fallen by 32% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Jan 30
New 90-day low: CN¥4.02 The company is down 7.0% from its price of CN¥4.32 on 30 October 2020. The Chinese market is up 8.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Chemicals industry, which is up 21% over the same period. Is New 90 Day High Low • Jan 13
New 90-day low: CN¥4.17 The company is down 11% from its price of CN¥4.66 on 16 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 Chemicals industry, which is up 11% over the same period. Reported Earnings • Oct 30
Third quarter earnings released Over the last 12 months the company has reported total losses of CN¥8.25m, with earnings decreasing by CN¥181.2m from the prior year. Total revenue was CN¥2.18b over the last 12 months, down 35% from the prior year. Is New 90 Day High Low • Oct 23
New 90-day low: CN¥4.53 The company is down 6.0% from its price of CN¥4.83 on 24 July 2020. The Chinese market is up 4.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Chemicals industry, which is up 9.0% over the same period. Is New 90 Day High Low • Sep 28
New 90-day low: CN¥4.57 The company is down 2.0% from its price of CN¥4.64 on 30 June 2020. The Chinese market is up 9.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Chemicals industry, which is up 17% over the same period. 
