Board Change • May 20
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. 6 non-independent directors. Independent Non-Executive Director Xiaofeng Liu was the last independent director to join the board, commencing their role in 2024. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Ankündigung • Mar 30
China Risun Group Limited, Annual General Meeting, May 29, 2026 China Risun Group Limited, Annual General Meeting, May 29, 2026. Ankündigung • Mar 17
China Risun Group Limited to Report Fiscal Year 2025 Results on Mar 27, 2026 China Risun Group Limited announced that they will report fiscal year 2025 results on Mar 27, 2026 Ankündigung • Aug 19
China Risun Group Limited to Report First Half, 2025 Results on Aug 29, 2025 China Risun Group Limited announced that they will report first half, 2025 results on Aug 29, 2025 Ankündigung • May 30
China Risun Group Limited Approves and Declares Special Dividend, Expected Payable on June 30, 2025 China Risun Group Limited at its AGM held on May 30, 2025 approved and declared a special dividend of RMB 2.22 cents per share (the "Special Dividend") to be paid in Hong Kong dollars of an amount of HK 2.40 cents per share (tax-inclusive) out of the share premium account of the Company. As the resolution for the payment of the Special Dividend was duly passed at the AGM, the Company will pay the Special Dividend in cash for the year ended December 31, 2024 to the Shareholders whose names appear on the register of members of the Company on June 13, 2025 (the "Record Date"), and the payment date is expected to be June 30, 2025. Ex-dividend date is 9 June 2025. Ankündigung • Mar 29
China Risun Group Limited, Annual General Meeting, May 30, 2025 China Risun Group Limited, Annual General Meeting, May 30, 2025. Ankündigung • Mar 18
China Risun Group Limited to Report Fiscal Year 2024 Results on Mar 28, 2025 China Risun Group Limited announced that they will report fiscal year 2024 results on Mar 28, 2025 Ankündigung • Dec 27
China Risun Group Limited has completed a Follow-on Equity Offering in the amount of HKD 156 million. China Risun Group Limited has completed a Follow-on Equity Offering in the amount of HKD 156 million.
Security Name: Shares
Security Type: Common Stock
Securities Offered: 52,000,000
Price\Range: HKD 3
Transaction Features: Subsequent Direct Listing Ankündigung • Oct 10
China Risun Group Limited Announces Liu Xiaofeng as Independent Non-Executive Director and A Member of the Audit Committee The Board of China Risun Group Limited announced that Dr Liu Xiaofeng has been appointed as an INED and a member of the Audit Committee, effective from October 10, 2024. Dr. Liu Xiaofeng, aged 62, obtained a master ' s degree and a Ph.D. in development economics from University of Cambridge in October 1988 and May 1994 respectively. He also obtained a master's degree in Development Studies from the University of Bath in December 1987, and a bachelor's degree in economics from Southwest University of Finance and Economics in China (previously known as Sichuan Institute of Finance and Economics) in July 1983. Dr. Liu has approximately 32 years of experience in corporate finance and has worked in various international financial institutions since 1993, including N M Rothschild & Sons Limited, N M Rothschild & Sons (Hong Kong) Limited, JPMorgan Chase, DBS Asia Capital Limited, China Resources Capital Holdings Company Limited and UBS Securities Co., Limited. He also served as an independent non-executive director at Haier Electronics Group Co. Ltd. (stock code: 1169) from June 2007 to June 2014, at Hisense Home Appliances Group Co. Ltd. (stock code: 921) from September 2017 to August 2018, at Honghua Group Limited (stock code: 196) from January 2008 to November 2021, at AAG Energy Holdings Limited (stock code: 2686, delisted in July 2023) from August 2018 to August 2023, and at Cinda International Holdings Limited (stock code: 111) from July 2016 to July 2024. Currently, he has been an independent non-executive director at KunLun Energy Company Limited (stock code: 135) since April 2004, at Sunfonda Group Holdings Limited (stock code: 1771) since May 2017, at Logory Logistics Technology Co. Ltd. (stock code: 2482) since March 2023. Moreover, Dr. Liu has been the vice president of the China Independent Non-executive Directors Association since August 2023. Reported Earnings • Sep 29
First half 2024 earnings released: EPS: CN¥0.025 (vs CN¥0.16 in 1H 2023) First half 2024 results: EPS: CN¥0.025 (down from CN¥0.16 in 1H 2023). Revenue: CN¥25.2b (up 21% from 1H 2023). Net income: CN¥111.9m (down 84% from 1H 2023). Profit margin: 0.4% (down from 3.4% in 1H 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 6.4% p.a. on average during the next 3 years, compared to a 5.8% growth forecast for the Chemicals industry in Hong Kong. Reported Earnings • Aug 30
First half 2024 earnings released: EPS: CN¥0.025 (vs CN¥0.16 in 1H 2023) First half 2024 results: EPS: CN¥0.025 (down from CN¥0.16 in 1H 2023). Revenue: CN¥25.2b (up 21% from 1H 2023). Net income: CN¥111.9m (down 84% from 1H 2023). Profit margin: 0.4% (down from 3.4% in 1H 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 7.9% p.a. on average during the next 3 years, compared to a 6.3% growth forecast for the Chemicals industry in Hong Kong. Ankündigung • Aug 28
China Risun Group Limited Announces Ordinary Interim (Semi-Annual) Dividend for the Six Months Ended June 30, 2024, Payable on 30 September 2024 China Risun Group Limited announced ordinary interim (semi-annual) dividend of RMB 0.0078 per share for the six months ended June 30, 2024. Ex-dividend date: 09 September 2024. Record date: 13 September 2024. Payment date: 30 September 2024. Ankündigung • Aug 14
China Risun Group Limited to Report First Half, 2024 Results on Aug 23, 2024 China Risun Group Limited announced that they will report first half, 2024 results on Aug 23, 2024 Recent Insider Transactions • Jul 23
CEO & Chairman recently bought HK$1.5m worth of stock On the 16th of July, Xuegang Yang bought around 500k shares on-market at roughly HK$2.99 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth HK$13m. Xuegang has been a buyer over the last 12 months, purchasing a net total of HK$48m worth in shares. Ankündigung • Jul 15
China Risun Group Limited Announces Board and Committee Changes China Risun Group Limited announced that Mr. Kang Woon (Mr. Kang) resigned as an independent non-executive director of the company (INED), the chairman of the remuneration committee and a member of each of the nomination committee and audit committee under the board on July 15, 2024 as he received a bankruptcy order dated June 25, 2024 issued by the High Court of Hong Kong against him. Mr. Kang further informed the company that he is considering taking all necessary actions to discharge his bankruptcy order, including, but not limited to, exploring legal options in Hong Kong, such as filing an appeal with the High Court of Hong Kong. Change of composition of board committees: To fill the vacancies of a member of the nomination committee and the chairman of the remuneration committee under the Board, the Board resolved to appoint Mr. Wang Yinping as a member of the nomination committee; and appoint Mr. Wang Yinping, an existing committee member, as the chairman of the remuneration committee and Mr. Li Qinghua as a member of the remuneration committee. Recent Insider Transactions • Jul 10
CEO & Chairman recently bought HK$1.1m worth of stock On the 4th of July, Xuegang Yang bought around 368k shares on-market at roughly HK$3.02 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth HK$13m. Xuegang has been a buyer over the last 12 months, purchasing a net total of HK$46m worth in shares. Recent Insider Transactions • Jun 26
CEO & Chairman recently bought HK$13m worth of stock On the 21st of June, Xuegang Yang bought around 4m shares on-market at roughly HK$3.00 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Xuegang has been a buyer over the last 12 months, purchasing a net total of HK$44m worth in shares. Recent Insider Transactions • Jun 15
CEO & Chairman recently bought HK$1.1m worth of stock On the 11th of June, Xuegang Yang bought around 358k shares on-market at roughly HK$3.02 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth HK$1.3m. Xuegang has been a buyer over the last 12 months, purchasing a net total of HK$29m worth in shares. Recent Insider Transactions • Jun 11
CEO & Chairman recently bought HK$1.3m worth of stock On the 3rd of June, Xuegang Yang bought around 424k shares on-market at roughly HK$3.00 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Xuegang has been a buyer over the last 12 months, purchasing a net total of HK$28m worth in shares. Ankündigung • May 31
China Risun Group Limited Approves Final Ordinary Dividend for the Fiscal Year Ended 31 December 2023, Payable on 28 June 2024 China Risun Group Limited at its AGM held on 30 May 2024 approved Final Ordinary dividend for the fiscal year ended 31 December 2023. Dividend declared is RMB 0.012 per share. Ex-dividend date is 07 June 2024. Record date is 14 June 2024. Payment date is 28 June 2024. Upcoming Dividend • May 31
Upcoming dividend of HK$0.013 per share Eligible shareholders must have bought the stock before 07 June 2024. Payment date: 28 June 2024. Payout ratio is a comfortable 31% but the company is paying out more than the cash it is generating. Trailing yield: 2.2%. Lower than top quartile of Hong Kong dividend payers (7.6%). Lower than average of industry peers (4.7%). Buy Or Sell Opportunity • May 10
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 6.6% to HK$3.24. The fair value is estimated to be HK$2.69, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 19% over the last 3 years. Earnings per share has declined by 33%. Revenue is forecast to grow by 42% in 2 years. Earnings are forecast to grow by 341% in the next 2 years. New Risk • Apr 30
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 95% 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 Risk Interest payments are not well covered by earnings (1.3x net interest cover). Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1.9% net profit margin). Reported Earnings • Apr 30
Full year 2023 earnings released: EPS: CN¥0.20 (vs CN¥0.42 in FY 2022) Full year 2023 results: EPS: CN¥0.20 (down from CN¥0.42 in FY 2022). Revenue: CN¥46.1b (up 6.8% from FY 2022). Net income: CN¥860.8m (down 54% from FY 2022). Profit margin: 1.9% (down from 4.3% in FY 2022). Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 9.2% growth forecast for the Chemicals industry in Hong Kong. Declared Dividend • Apr 29
Final dividend increased to HK$0.013 Dividend of HK$0.013 is 32% higher than last year. Ex-date: 7th June 2024 Payment date: 28th June 2024 Dividend yield will be 2.2%, which is lower than the industry average of 8.1%. Sustainability & Growth Dividend is well covered by both earnings (31% earnings payout ratio) and cash flows (12% cash payout ratio). The dividend has decreased over the past 56 years, indicating a lack of growth and stability in payments. EPS is expected to grow by 140% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Ankündigung • Apr 28
China Risun Group Limited, Annual General Meeting, May 30, 2024 China Risun Group Limited, Annual General Meeting, May 30, 2024, at 10:00 China Standard Time. Location: Room 2001, 20/F., Sino Plaza, 255 Gloucester Road, Causeway Bay, Hong Kong Causeway Bay Hong Kong Agenda: To consider and approve the report of the board of directors of the Company for the year ended December 31, 2023; to consider and approve the audited financial statements of the Company and the independent auditor's report for the year ended December 31, 2023; to re-elect Ms. Lu Xiaomei as an executive director of the Company; to re-elect Mr. Li Qinghua as an executive director of the Company; to re-elect Mr. Wang Nianping as an executive director of the Company; to authorize the board of directors of the Company to fix the remuneration of the directors of the Company for the year ending December 31, 2024; and to consider other business matters. Ankündigung • Apr 26
China Risun Group Limited Proposes Final Dividend for the Year Ended December 31, 2023, Payable on 28 June 2024 China Risun Group Limited proposed final dividend of RMB 0.012 per share for the year ended December 31, 2023. Date of shareholders' approval is 30 May 2024, Ex-dividend date is 07 June 2024, Record date is 14 June 2024 and Payment date is 28 June 2024. Reported Earnings • Mar 16
Full year 2023 earnings released: EPS: CN¥0.19 (vs CN¥0.42 in FY 2022) Full year 2023 results: EPS: CN¥0.19 (down from CN¥0.42 in FY 2022). Revenue: CN¥46.1b (up 6.8% from FY 2022). Net income: CN¥860.8m (down 54% from FY 2022). Profit margin: 1.9% (down from 4.3% in FY 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 17% p.a. on average during the next 2 years, compared to a 6.3% growth forecast for the Chemicals industry in Hong Kong. Ankündigung • Mar 15
China Risun Group Limited Announces Final Cash Dividend for the Year Ended 31 December 2023, Payable on 28 June 2024 China Risun Group Limited announced final cash dividend of RMB 0.012 per share for the year ended 31 December 2023. Payment date is 28 June 2024. Ankündigung • Mar 02
China Risun Group Limited to Report Fiscal Year 2023 Results on Mar 14, 2024 China Risun Group Limited announced that they will report fiscal year 2023 results on Mar 14, 2024 Recent Insider Transactions • Dec 03
CEO & Chairman recently bought HK$3.9m worth of stock On the 30th of November, Xuegang Yang bought around 1m shares on-market at roughly HK$3.18 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Xuegang has been a buyer over the last 12 months, purchasing a net total of HK$143m worth in shares. Recent Insider Transactions • Nov 10
CEO & Chairman recently bought HK$3.1m worth of stock On the 7th of November, Xuegang Yang bought around 968k shares on-market at roughly HK$3.19 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth HK$3.8m. Xuegang has been a buyer over the last 12 months, purchasing a net total of HK$135m worth in shares. Recent Insider Transactions • Oct 23
CEO & Chairman recently bought HK$1.6m worth of stock On the 17th of October, Xuegang Yang bought around 502k shares on-market at roughly HK$3.17 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth HK$3.8m. Xuegang has been a buyer over the last 12 months, purchasing a net total of HK$136m worth in shares. Recent Insider Transactions • Sep 16
CEO & Chairman recently bought HK$1.3m worth of stock On the 15th of September, Xuegang Yang bought around 400k shares on-market at roughly HK$3.24 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Xuegang has been a buyer over the last 12 months, purchasing a net total of HK$122m worth in shares. Upcoming Dividend • Sep 04
Upcoming dividend of HK$0.053 per share at 4.0% yield Eligible shareholders must have bought the stock before 11 September 2023. Payment date: 29 September 2023. Payout ratio is a comfortable 31% but the company is not cash flow positive. Trailing yield: 4.0%. Lower than top quartile of Hong Kong dividend payers (7.7%). Lower than average of industry peers (7.7%). Reported Earnings • Aug 27
First half 2023 earnings released: EPS: CN¥0.16 (vs CN¥0.39 in 1H 2022) First half 2023 results: EPS: CN¥0.16 (down from CN¥0.39 in 1H 2022). Revenue: CN¥20.8b (down 7.5% from 1H 2022). Net income: CN¥715.7m (down 59% from 1H 2022). Profit margin: 3.4% (down from 7.7% in 1H 2022). Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 7.4% growth forecast for the Chemicals industry in Hong Kong. Ankündigung • Aug 26
China Risun Group Limited Declares Ordinary Interim (Semi-Annual) Dividend for the Six Months Ended June 30, 2023, Payable on 29 September 2023 China Risun Group Limited declared ordinary interim (semi-annual) dividend of RMB 0.049 per share for the six months ended June 30, 2023. Ex-dividend date: 8 September 2023. Record date: 15 September 2023. Payment date: 29 September 2023. Ankündigung • Aug 16
China Risun Group Limited to Report First Half, 2023 Results on Aug 25, 2023 China Risun Group Limited announced that they will report first half, 2023 results on Aug 25, 2023 Upcoming Dividend • Jun 05
Upcoming dividend of HK$0.01 per share at 4.3% yield Eligible shareholders must have bought the stock before 12 June 2023. Payment date: 30 June 2023. Payout ratio is a comfortable 32% but the company is not cash flow positive. Trailing yield: 4.3%. Lower than top quartile of Hong Kong dividend payers (7.8%). Lower than average of industry peers (7.5%). Ankündigung • May 31
China Risun Group Limited Announces Final Ordinary Dividend for the Year Ended December 31, 2022, Payable on or Before June 30, 2023 China Risun Group Limited announced final ordinary of RMB 0.009 dividend for the year ended December 31, 2022, payable on 30 June 2023, Record date is 16 June 2023 and Ex dividend: 12 June 2023. Recent Insider Transactions • May 09
CEO & Chairman recently bought HK$11m worth of stock On the 3rd of May, Xuegang Yang bought around 3m shares on-market at roughly HK$3.54 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth HK$11m. Xuegang has been a buyer over the last 12 months, purchasing a net total of HK$98m worth in shares. Recent Insider Transactions • Apr 28
CEO & Chairman recently bought HK$11m worth of stock On the 24th of April, Xuegang Yang bought around 3m shares on-market at roughly HK$3.63 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth HK$11m. Xuegang has been a buyer over the last 12 months, purchasing a net total of HK$66m worth in shares. Recent Insider Transactions • Apr 13
CEO & Chairman recently bought HK$6.7m worth of stock On the 6th of April, Xuegang Yang bought around 2m shares on-market at roughly HK$3.34 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Xuegang has been a buyer over the last 12 months, purchasing a net total of HK$13m worth in shares. Reported Earnings • Apr 01
Full year 2022 earnings released: EPS: CN¥0.42 (vs CN¥0.61 in FY 2021) Full year 2022 results: EPS: CN¥0.42 (down from CN¥0.61 in FY 2021). Revenue: CN¥43.1b (up 12% from FY 2021). Net income: CN¥1.86b (down 29% from FY 2021). Profit margin: 4.3% (down from 6.8% in FY 2021). The decrease in margin was driven by higher expenses. Board Change • Nov 16
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. 5 experienced directors. 4 highly experienced directors. 3 independent directors (6 non-independent directors). Independent Non-Executive Director Yinping Wang was the last independent director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Recent Insider Transactions • Nov 05
CEO & Chairman recently bought HK$3.0m worth of stock On the 28th of October, Xuegang Yang bought around 1m shares on-market at roughly HK$2.89 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Xuegang has been a buyer over the last 12 months, purchasing a net total of HK$6.1m worth in shares. Buying Opportunity • Sep 27
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 10%. The fair value is estimated to be HK$4.02, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 33% over the last 3 years. Earnings per share has grown by 18%. Buying Opportunity • Aug 31
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 18%. The fair value is estimated to be HK$3.97, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 33% over the last 3 years. Earnings per share has grown by 18%. Reported Earnings • Aug 28
First half 2022 earnings released: EPS: CN¥0.39 (vs CN¥0.41 in 1H 2021) First half 2022 results: EPS: CN¥0.39. Revenue: CN¥22.5b (up 25% from 1H 2021). Net income: CN¥1.74b (up 2.7% from 1H 2021). Profit margin: 7.7% (down from 9.4% in 1H 2021). The decrease in margin was driven by higher expenses. Recent Insider Transactions • Jul 07
Board Member recently bought HK$1.3m worth of stock On the 4th of July, Lu Yang bought around 400k shares on-market at roughly HK$3.21 per share. In the last 3 months, they made an even bigger purchase worth HK$3.1m. Insiders have collectively bought HK$56m more in shares than they have sold in the last 12 months. Reported Earnings • May 02
Full year 2021 earnings released: EPS: CN¥0.61 (vs CN¥0.40 in FY 2020) Full year 2021 results: EPS: CN¥0.61 (up from CN¥0.40 in FY 2020). Revenue: CN¥38.4b (up 94% from FY 2020). Net income: CN¥2.61b (up 58% from FY 2020). Profit margin: 6.8% (down from 8.4% in FY 2020). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to grow 21%, compared to a 9.0% growth forecast for the industry in Hong Kong. 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. 5 experienced directors. 4 highly experienced directors. 3 independent directors (6 non-independent directors). Independent Non-Executive Director Yinping Wang was the last independent director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Recent Insider Transactions • Apr 12
Board Member recently bought HK$815k worth of stock On the 7th of April, Lu Yang bought around 200k shares on-market at roughly HK$4.07 per share. In the last 3 months, they made an even bigger purchase worth HK$3.6m. Insiders have collectively bought HK$58m more in shares than they have sold in the last 12 months. Recent Insider Transactions • Apr 03
Board Member recently bought HK$399k worth of stock On the 29th of March, Lu Yang bought around 100k shares on-market at roughly HK$3.99 per share. In the last 3 months, they made an even bigger purchase worth HK$3.6m. Insiders have collectively bought HK$57m more in shares than they have sold in the last 12 months. Reported Earnings • Mar 29
Full year 2021 earnings released: EPS: CN¥0.61 (vs CN¥0.42 in FY 2020) Full year 2021 results: EPS: CN¥0.61 (up from CN¥0.42 in FY 2020). Revenue: CN¥38.4b (up 94% from FY 2020). Net income: CN¥2.61b (up 54% from FY 2020). Profit margin: 6.8% (down from 8.6% in FY 2020). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to grow 7.3%, compared to a 10% growth forecast for the industry in Hong Kong. Board Change • Mar 10
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. 4 highly experienced directors. Independent Non-Executive Director Yinping Wang was the last director to join the board, commencing their role in 2018. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model.