Valuation Update With 7 Day Price Move • Jun 12
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to CN¥23.44, the stock trades at a forward P/E ratio of 25x. Average forward P/E is 15x in the Metals and Mining industry in China. Total returns to shareholders of 105% over the past three years. New Risk • May 24
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 Debt is not well covered by operating cash flow (currently running at an operating cash loss). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (8.2% average weekly change). Shareholders have been diluted in the past year (15% increase in shares outstanding). Board Change • May 20
High number of new directors There are 7 new directors who have joined the board in the last 3 years. Employee Representative Director Chong Luo was the last director to join the board, commencing their role in 2025. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Anuncio • Apr 29
Zhejiang Hailiang Co., Ltd., Annual General Meeting, May 19, 2026 Zhejiang Hailiang Co., Ltd., Annual General Meeting, May 19, 2026, at 14:30 China Standard Time. Location: No. 368, Xietong Road, Binjiang District, Hangzhou, Zhejiang China Anuncio • Mar 31
Zhejiang Hailiang Co., Ltd. to Report Q1, 2026 Results on Apr 30, 2026 Zhejiang Hailiang Co., Ltd. announced that they will report Q1, 2026 results on Apr 30, 2026 Anuncio • Dec 31
Zhejiang Hailiang Co., Ltd. to Report Fiscal Year 2025 Results on Apr 29, 2026 Zhejiang Hailiang Co., Ltd. announced that they will report fiscal year 2025 results on Apr 29, 2026 Anuncio • Sep 30
Zhe Jiang Hai Liang Co., Ltd to Report Q3, 2025 Results on Oct 31, 2025 Zhe Jiang Hai Liang Co., Ltd announced that they will report Q3, 2025 results on Oct 31, 2025 Anuncio • Jul 02
Zhe Jiang Hai Liang Co., Ltd to Report First Half, 2025 Results on Aug 28, 2025 Zhe Jiang Hai Liang Co., Ltd announced that they will report first half, 2025 results on Aug 28, 2025 Anuncio • May 22
Zhe Jiang Hai Liang Co., Ltd Approves Dividend for 2024 Zhe Jiang Hai Liang Co. Ltd. at its Annual General Meeting of 2024 on 20 May 2025 approved The detailed profit distribution plan is as follows: Cash dividend per 10 shares (tax included): CNY 1.80000000. Anuncio • Apr 26
Zhe Jiang Hai Liang Co., Ltd, Annual General Meeting, May 20, 2025 Zhe Jiang Hai Liang Co., Ltd, Annual General Meeting, May 20, 2025, at 14:30 China Standard Time. Location: No. 368, Xietong Road, Binjiang District, Hangzhou, Zhejiang China Anuncio • Mar 31
Zhe Jiang Hai Liang Co., Ltd to Report Q1, 2025 Results on Apr 30, 2025 Zhe Jiang Hai Liang Co., Ltd announced that they will report Q1, 2025 results on Apr 30, 2025 Anuncio • Dec 31
Zhe Jiang Hai Liang Co., Ltd to Report Fiscal Year 2024 Results on Apr 26, 2025 Zhe Jiang Hai Liang Co., Ltd announced that they will report fiscal year 2024 results on Apr 26, 2025 New Risk • Oct 31
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 37% 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 Debt is not well covered by operating cash flow (currently running at an operating cash loss). Minor Risks Paying a dividend despite having no free cash flows. Large one-off items impacting financial results. Reported Earnings • Oct 31
Third quarter 2024 earnings released: EPS: CN¥0.13 (vs CN¥0.13 in 3Q 2023) Third quarter 2024 results: EPS: CN¥0.13 (up from CN¥0.13 in 3Q 2023). Revenue: CN¥24.2b (down 5.8% from 3Q 2023). Net income: CN¥260.4m (up 3.0% from 3Q 2023). Profit margin: 1.1% (up from 1.0% in 3Q 2023). Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 9.6% growth forecast for the Metals and Mining industry in China. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has fallen by 8% per year, which means it is performing significantly worse than earnings. Valuation Update With 7 Day Price Move • Sep 30
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to CN¥9.47, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 14x in the Metals and Mining industry in China. Total loss to shareholders of 14% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CN¥3.80 per share. Anuncio • Sep 30
Zhe Jiang Hai Liang Co., Ltd to Report Q3, 2024 Results on Oct 31, 2024 Zhe Jiang Hai Liang Co., Ltd announced that they will report Q3, 2024 results on Oct 31, 2024 Reported Earnings • Aug 31
Second quarter 2024 earnings released: EPS: CN¥0.15 (vs CN¥0.19 in 2Q 2023) Second quarter 2024 results: EPS: CN¥0.15 (down from CN¥0.19 in 2Q 2023). Revenue: CN¥22.2b (down 8.4% from 2Q 2023). Net income: CN¥303.4m (down 21% from 2Q 2023). Profit margin: 1.4% (down from 1.6% in 2Q 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 9.5% growth forecast for the Metals and Mining industry in China. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Declared Dividend • Jul 12
Dividend increased to CN¥0.17 Dividend of CN¥0.17 is 113% higher than last year. Ex-date: 17th July 2024 Payment date: 17th July 2024 Dividend yield will be 2.0%, which is lower than the industry average of 2.8%. Sustainability & Growth Dividend is covered by earnings (31% 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 13% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 71% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Anuncio • Jul 11
Zhe Jiang Hai Liang Co., Ltd Announces Final Dividend on A Shares for the Year 2023, Payable on 17 July 2024 Zhe Jiang Hai Liang Co. Ltd. announced final cash dividend/10 shares (tax included) of CNY 1.70000000 on A shares for the year 2023. Record date is 16 July 2024. Ex-date is 17 July 2024. Payment date is 17 July 2024. Anuncio • Jun 29
Zhe Jiang Hai Liang Co., Ltd to Report First Half, 2024 Results on Aug 31, 2024 Zhe Jiang Hai Liang Co., Ltd announced that they will report first half, 2024 results on Aug 31, 2024 Anuncio • May 25
Zhe Jiang Hai Liang Co., Ltd Approves Cash Dividend for 2023 Zhe Jiang Hai Liang Co. Ltd. at its Annual General Meeting of 2023 on 22 May 2024, approved Cash dividend/10 shares (tax included): CNY 1.70000000 for 2023. Anuncio • May 02
Zhe Jiang Hai Liang Co., Ltd Proposes Final Cash Dividend for the Year 2023 Zhe Jiang Hai Liang Co. Ltd. announced on 30 April 2024 the profit distribution proposal for the year 2023 as final cash dividend per ten shares (tax included) of CNY 1.70000000. Anuncio • May 01
Zhe Jiang Hai Liang Co., Ltd, Annual General Meeting, May 22, 2024 Zhe Jiang Hai Liang Co., Ltd, Annual General Meeting, May 22, 2024, at 14:30 China Standard Time. Location: The Company's Meeting Room, Hangzhou, Zhejiang China Reported Earnings • Apr 30
First quarter 2024 earnings released: EPS: CN¥0.16 (vs CN¥0.17 in 1Q 2023) First quarter 2024 results: EPS: CN¥0.16 (down from CN¥0.17 in 1Q 2023). Revenue: CN¥21.9b (up 12% from 1Q 2023). Net income: CN¥315.1m (down 5.5% from 1Q 2023). Profit margin: 1.4% (down from 1.7% in 1Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 24% p.a. on average during the next 2 years, compared to a 10% growth forecast for the Metals and Mining 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 5% per year, which means it is significantly lagging earnings. Anuncio • Mar 30
Zhe Jiang Hai Liang Co., Ltd to Report Q1, 2024 Results on Apr 30, 2024 Zhe Jiang Hai Liang Co., Ltd announced that they will report Q1, 2024 results on Apr 30, 2024 Valuation Update With 7 Day Price Move • Feb 08
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to CN¥10.62, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 11x in the Metals and Mining industry in China. Total returns to shareholders of 30% over the past three years. Anuncio • Dec 29
Zhe Jiang Hai Liang Co., Ltd to Report Fiscal Year 2023 Results on Apr 29, 2024 Zhe Jiang Hai Liang Co., Ltd announced that they will report fiscal year 2023 results on Apr 29, 2024 Reported Earnings • Nov 01
Third quarter 2023 earnings released: EPS: CN¥0.13 (vs CN¥0.14 in 3Q 2022) Third quarter 2023 results: EPS: CN¥0.13 (down from CN¥0.14 in 3Q 2022). Revenue: CN¥25.8b (up 33% from 3Q 2022). Net income: CN¥252.8m (down 10% from 3Q 2022). Profit margin: 1.0% (down from 1.5% in 3Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Metals and Mining industry in China. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 31
Second quarter 2023 earnings released: EPS: CN¥0.19 (vs CN¥0.17 in 2Q 2022) Second quarter 2023 results: EPS: CN¥0.19 (up from CN¥0.17 in 2Q 2022). Revenue: CN¥24.3b (up 25% from 2Q 2022). Net income: CN¥383.6m (up 13% from 2Q 2022). Profit margin: 1.6% (down from 1.7% in 2Q 2022). The decrease in margin was driven by higher expenses. 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 10% per year, which means it is significantly lagging earnings growth. Anuncio • Jun 29
Zhe Jiang Hai Liang Co., Ltd Announces Final Dividend on A Shares for the Year 2022, Payable on July 5, 2023 Zhe Jiang Hai Liang Co. Ltd. announced final cash dividend/10 shares (tax included) of CNY0.80000000 on A shares for the year 2022. Record date is July 4, 2023. Ex-date is July 5, 2023. Payment date is July 5, 2023. Board Change • Jun 29
High number of new directors There are 6 new directors who have joined the board in the last 3 years. Chairman Jian Cao was the last director to join the board, commencing their role in 2023. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Anuncio • May 23
Zhe Jiang Hai Liang Co. Ltd. Approves Cash Dividend for the Year 2022 Zhe Jiang Hai Liang Co. Ltd. approved cash dividend of CNY 0.80000000 per ten shares (tax included) for the year 2022 at the AGM held on May 19, 2023. Reported Earnings • Apr 26
Full year 2022 earnings released: EPS: CN¥0.62 (vs CN¥0.56 in FY 2021) Full year 2022 results: EPS: CN¥0.62 (up from CN¥0.56 in FY 2021). Revenue: CN¥74.0b (up 17% from FY 2021). Net income: CN¥1.21b (up 9.1% from FY 2021). Profit margin: 1.6% (down from 1.7% in FY 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 11% per year whereas the company’s share price has increased by 9% per year. Board Change • Oct 31
High number of new directors Non-Independent Director Guoyong Shao was the last director to join the board, commencing their role in 2022. Reported Earnings • Oct 31
Third quarter 2022 earnings released: EPS: CN¥0.14 (vs CN¥0.16 in 3Q 2021) Third quarter 2022 results: EPS: CN¥0.14 (down from CN¥0.16 in 3Q 2021). Revenue: CN¥19.4b (up 19% from 3Q 2021). Net income: CN¥281.9m (down 6.2% from 3Q 2021). Profit margin: 1.5% (down from 1.8% 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 6% per year and the company’s share price has also increased by 6% per year. Valuation Update With 7 Day Price Move • Sep 09
Investor sentiment improved over the past week After last week's 15% share price gain to CN¥12.30, the stock trades at a trailing P/E ratio of 21.3x. Average trailing P/E is 30x in the Metals and Mining industry in China. Total returns to shareholders of 20% over the past three years. Reported Earnings • Sep 04
Second quarter 2022 earnings released: EPS: CN¥0.17 (vs CN¥0.18 in 2Q 2021) Second quarter 2022 results: EPS: CN¥0.17 (down from CN¥0.18 in 2Q 2021). Revenue: CN¥19.6b (up 12% from 2Q 2021). Net income: CN¥339.1m (down 3.3% from 2Q 2021). Profit margin: 1.7% (down from 2.0% 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 3% per year whereas the company’s share price has increased by 1% per year. Reported Earnings • Apr 29
Full year 2021 earnings released: EPS: CN¥0.56 (vs CN¥0.35 in FY 2020) Full year 2021 results: EPS: CN¥0.56 (up from CN¥0.35 in FY 2020). Revenue: CN¥63.4b (up 36% from FY 2020). Net income: CN¥1.11b (up 63% from FY 2020). Profit margin: 1.7% (up from 1.5% 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 4% per year whereas the company’s share price has fallen by 6% per year. Board Change • Apr 27
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Non-Independent Director Shuguang Wang was the last director to join the board, commencing their role in 2020. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Nov 06
Investor sentiment improved over the past week After last week's 16% share price gain to CN¥12.22, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 16x in the Metals and Mining industry in China. Total returns to shareholders of 66% over the past three years. Reported Earnings • Nov 01
Third quarter 2021 earnings released: EPS CN¥0.16 (vs CN¥0.094 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: CN¥16.4b (up 48% from 3Q 2020). Net income: CN¥300.5m (up 68% from 3Q 2020). Profit margin: 1.8% (up from 1.6% in 3Q 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 but the company’s share price has increased by 12% per year, which means it is well ahead of earnings. Reported Earnings • Sep 05
Second quarter 2021 earnings released: EPS CN¥0.19 (vs CN¥0.10 in 2Q 2020) The company reported a solid second quarter result with improved earnings and revenues, although profit margins were flat. Second quarter 2021 results: Revenue: CN¥17.6b (up 48% from 2Q 2020). Net income: CN¥282.6m (up 45% from 2Q 2020). Profit margin: 1.6% (in line with 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. Reported Earnings • Apr 18
Full year 2020 earnings released: EPS CN¥0.35 (vs CN¥0.56 in FY 2019) The company reported a soft full year result with weaker earnings and profit margins, although revenues improved. Full year 2020 results: Revenue: CN¥46.6b (up 13% from FY 2019). Net income: CN¥675.5m (down 37% from FY 2019). Profit margin: 1.5% (down from 2.6% in FY 2019). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Is New 90 Day High Low • Feb 20
New 90-day high: CN¥8.63 The company is up 4.0% from its price of CN¥8.31 on 20 November 2020. The Chinese market is up 9.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Metals and Mining industry, which is up 14% over the same period. Is New 90 Day High Low • Jan 11
New 90-day low: CN¥7.19 The company is down 10.0% from its price of CN¥7.95 on 14 October 2020. The Chinese market is up 5.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Metals and Mining industry, which is up 17% over the same period. Is New 90 Day High Low • Dec 23
New 90-day low: CN¥7.63 The company is down 3.0% from its price of CN¥7.84 on 25 September 2020. The Chinese market is up 2.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Metals and Mining industry, which is up 9.0% over the same period. Is New 90 Day High Low • Dec 06
New 90-day high: CN¥8.51 The company is up 1.0% from its price of CN¥8.41 on 07 September 2020. The Chinese market is flat over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Metals and Mining industry, which is up 6.0% over the same period. Reported Earnings • Nov 01
Third quarter earnings released Over the last 12 months the company has reported total profits of CN¥786.4m, down 24% from the prior year. Total revenue was CN¥43.7b over the last 12 months, up 7.5% from the prior year. Is New 90 Day High Low • Sep 22
New 90-day low: CN¥8.16 The company is down 8.0% from its price of CN¥8.85 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 Metals and Mining industry, which is up 11% over the same period. 