Valuation Update With 7 Day Price Move • May 06
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to CN¥311, the stock trades at a forward P/E ratio of 22x. Average forward P/E is 54x in the Semiconductor industry in China. Total returns to shareholders of 320% over the past three years. Reported Earnings • Apr 17
First quarter 2026 earnings released: EPS: CN¥6.21 (vs CN¥0.46 loss in 1Q 2025) First quarter 2026 results: EPS: CN¥6.21 (up from CN¥0.46 loss in 1Q 2025). Revenue: CN¥6.81b (up 342% from 1Q 2025). Net income: CN¥2.90b (up CN¥3.10b from 1Q 2025). Profit margin: 43% (up from net loss in 1Q 2025). The move to profitability was driven by higher revenue. Revenue is forecast to grow 11% p.a. on average during the next 2 years, compared to a 26% growth forecast for the Semiconductor industry in China. Over the last 3 years on average, earnings per share has increased by 124% per year but the company’s share price has only increased by 42% per year, which means it is significantly lagging earnings growth. Ankündigung • Apr 17
BIWIN Storage Technology Co., Ltd., Annual General Meeting, May 07, 2026 BIWIN Storage Technology Co., Ltd., Annual General Meeting, May 07, 2026, at 14:00 China Standard Time. Location: 3F, Building 2, No. 3370, Liuxian Avenue, Nanshan District, Shenzhen, Guangdong China Ankündigung • Mar 30
BIWIN Storage Technology Co., Ltd. to Report Q1, 2026 Results on Apr 16, 2026 BIWIN Storage Technology Co., Ltd. announced that they will report Q1, 2026 results on Apr 16, 2026 Reported Earnings • Mar 05
Full year 2025 earnings: EPS and revenues exceed analyst expectations Full year 2025 results: EPS: CN¥1.90 (up from CN¥0.37 in FY 2024). Revenue: CN¥11.3b (up 69% from FY 2024). Net income: CN¥866.7m (up 438% from FY 2024). Profit margin: 7.7% (up from 2.4% in FY 2024). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 12%. Earnings per share (EPS) also surpassed analyst estimates significantly. Revenue is forecast to grow 19% p.a. on average during the next 2 years, compared to a 26% growth forecast for the Semiconductor industry in China. Over the last 3 years on average, earnings per share has increased by 58% per year but the company’s share price has increased by 77% per year, which means it is tracking significantly ahead of earnings growth. Ankündigung • Dec 26
BIWIN Storage Technology Co., Ltd. to Report Fiscal Year 2025 Results on Mar 20, 2026 BIWIN Storage Technology Co., Ltd. announced that they will report fiscal year 2025 results on Mar 20, 2026 Reported Earnings • Oct 31
Third quarter 2025 earnings released: EPS: CN¥0.61 (vs CN¥0.12 loss in 3Q 2024) Third quarter 2025 results: EPS: CN¥0.61 (up from CN¥0.12 loss in 3Q 2024). Revenue: CN¥2.66b (up 68% from 3Q 2024). Net income: CN¥256.2m (up CN¥311.5m from 3Q 2024). Profit margin: 9.6% (up from net loss in 3Q 2024). Revenue is forecast to grow 21% p.a. on average during the next 3 years, compared to a 26% growth forecast for the Semiconductor industry in China. Ankündigung • Sep 30
BIWIN Storage Technology Co., Ltd. to Report Q3, 2025 Results on Oct 31, 2025 BIWIN Storage Technology Co., Ltd. announced that they will report Q3, 2025 results on Oct 31, 2025 New Risk • Sep 12
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 7.0% 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 Less than 1 year of cash runway based on current free cash flow (-CN¥2.5b). Share price has been volatile over the past 3 months (7.0% average weekly change). Reported Earnings • Aug 14
Second quarter 2025 earnings released: CN¥0.062 loss per share (vs CN¥0.26 profit in 2Q 2024) Second quarter 2025 results: CN¥0.062 loss per share (down from CN¥0.26 profit in 2Q 2024). Revenue: CN¥2.37b (up 38% from 2Q 2024). Net loss: CN¥28.3m (down 124% from profit in 2Q 2024). Revenue is forecast to grow 18% p.a. on average during the next 3 years, compared to a 23% growth forecast for the Semiconductor industry in China. Ankündigung • Jun 30
BIWIN Storage Technology Co., Ltd. to Report First Half, 2025 Results on Aug 11, 2025 BIWIN Storage Technology Co., Ltd. announced that they will report first half, 2025 results on Aug 11, 2025 Reported Earnings • May 02
First quarter 2025 earnings released: CN¥0.46 loss per share (vs CN¥0.39 profit in 1Q 2024) First quarter 2025 results: CN¥0.46 loss per share (down from CN¥0.39 profit in 1Q 2024). Revenue: CN¥1.54b (down 11% from 1Q 2024). Net loss: CN¥197.5m (down 218% from profit in 1Q 2024). Revenue is forecast to grow 29% p.a. on average during the next 2 years, compared to a 24% growth forecast for the Semiconductor industry in China. Ankündigung • Apr 30
BIWIN Storage Technology Co., Ltd., Annual General Meeting, May 22, 2025 BIWIN Storage Technology Co., Ltd., Annual General Meeting, May 22, 2025, at 14:00 China Standard Time. Ankündigung • Mar 28
BIWIN Storage Technology Co., Ltd. to Report Q1, 2025 Results on Apr 30, 2025 BIWIN Storage Technology Co., Ltd. announced that they will report Q1, 2025 results on Apr 30, 2025 New Risk • Mar 16
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 8.2% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.2x net interest cover). Minor Risk Share price has been volatile over the past 3 months (8.2% average weekly change). Reported Earnings • Mar 03
Full year 2024 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2024 results: EPS: CN¥0.39 (up from CN¥1.45 loss in FY 2023). Revenue: CN¥6.70b (up 87% from FY 2023). Net income: CN¥175.7m (up CN¥800.0m from FY 2023). Profit margin: 2.6% (up from net loss in FY 2023). The move to profitability was driven by higher revenue. Revenue exceeded analyst estimates by 2.3%. Earnings per share (EPS) missed analyst estimates by 37%. Revenue is forecast to grow 20% p.a. on average during the next 2 years, compared to a 24% growth forecast for the Semiconductor industry in China. Ankündigung • Dec 27
BIWIN Storage Technology Co., Ltd. to Report Fiscal Year 2024 Results on Apr 30, 2025 BIWIN Storage Technology Co., Ltd. announced that they will report fiscal year 2024 results on Apr 30, 2025 Board Change • Nov 29
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 4 non-independent directors. Independent Director Xin Chen was the last independent director to join the board, commencing their role in 2023. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. New Risk • Oct 31
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 8.5% 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. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (8.5% operating cash flow to total debt). Share price has been highly volatile over the past 3 months (12% average weekly change). Minor Risk Large one-off items impacting financial results. New Risk • Sep 30
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 9.3% 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. This is currently the only risk that has been identified for the company. Ankündigung • Sep 30
BIWIN Storage Technology Co., Ltd. to Report Q3, 2024 Results on Oct 31, 2024 BIWIN Storage Technology Co., Ltd. announced that they will report Q3, 2024 results on Oct 31, 2024 Reported Earnings • Aug 23
Second quarter 2024 earnings released: EPS: CN¥0.26 (vs CN¥0.36 loss in 2Q 2023) Second quarter 2024 results: EPS: CN¥0.26 (up from CN¥0.36 loss in 2Q 2023). Revenue: CN¥1.71b (up 137% from 2Q 2023). Net income: CN¥115.8m (up CN¥286.3m from 2Q 2023). Profit margin: 6.8% (up from net loss in 2Q 2023). The move to profitability was driven by higher revenue. Revenue is forecast to grow 22% p.a. on average during the next 3 years, compared to a 22% growth forecast for the Semiconductor industry in China. Ankündigung • Jun 29
BIWIN Storage Technology Co., Ltd. to Report First Half, 2024 Results on Aug 23, 2024 BIWIN Storage Technology Co., Ltd. announced that they will report first half, 2024 results on Aug 23, 2024 Ankündigung • Jun 06
Biwin Storage Technology Unveils New Consumer Brand at Computex 2024 Biwin Storage Technology announced the global launch of its own consumer brand of personal storage and DRAM solutions at Computex 2024. At Computex 2024, Biwin will showcase a range of innovative consumer products: State-of-the-Art Technologies: Featuring the latest LPCAMM2, DDR5, and PCIe NVME generations. Internal SSDs and DRAM: Perfect for upgrading PCs and devices for gaming, work, or fun. Portable storage: anywhere, anytime SSDs and USB with fashionable design. Memory Cards: Designed for photographers, content creators, and handheld devices. Accessories & software: Card readers, storage management software and more. In addition to the Biwin brand for mainstream use, the company will introduce two new product lines named after precious gemstones: Biwin Black Opal: Especially designed for serious gamers, enthusiasts, modders and overclockers seeking top-tier performance. Biwin Amber: Ideal for professionals on the go who require superior mobile storage and memory solutions. New Risk • May 12
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -CN¥2.4b This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-CN¥2.4b free cash flow). Share price has been highly volatile over the past 3 months (14% average weekly change). Earnings have declined by 61% per year over the past 5 years. Reported Earnings • May 01
Full year 2023 earnings released: CN¥1.45 loss per share (vs CN¥0.18 profit in FY 2022) Full year 2023 results: CN¥1.45 loss per share (down from CN¥0.18 profit in FY 2022). Revenue: CN¥3.59b (up 20% from FY 2022). Net loss: CN¥624.4m (down CN¥695.6m from profit in FY 2022). Revenue is forecast to grow 42% p.a. on average during the next 2 years, compared to a 23% growth forecast for the Semiconductor industry in China. Ankündigung • May 01
BIWIN Storage Technology Co., Ltd., Annual General Meeting, May 20, 2024 BIWIN Storage Technology Co., Ltd., Annual General Meeting, May 20, 2024, at 14:00 China Standard Time. Location: 3F, Building T3, No. 3370, Liuxian Avenue, Nanshan District, Shenzhen, Guangdong China Ankündigung • Mar 29
BIWIN Storage Technology Co., Ltd. to Report Q1, 2024 Results on Apr 30, 2024 BIWIN Storage Technology Co., Ltd. announced that they will report Q1, 2024 results on Apr 30, 2024 Reported Earnings • Feb 24
Full year 2023 earnings released: CN¥1.37 loss per share (vs CN¥0.18 profit in FY 2022) Full year 2023 results: CN¥1.37 loss per share (down from CN¥0.18 profit in FY 2022). Revenue: CN¥3.62b (up 21% from FY 2022). Net loss: CN¥588.0m (down CN¥659.3m from profit in FY 2022). New Risk • Dec 04
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 8.5% 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 (8.5% average weekly change). Earnings have declined by 27% per year over the past 5 years. New Risk • Aug 31
New major risk - Revenue and earnings growth Earnings have declined by 3.0% 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 Share price has been highly volatile over the past 3 months (10% average weekly change). Earnings have declined by 3.0% per year over the past 5 years. 
