Reported Earnings • Apr 29
First quarter 2026 earnings released: EPS: CN¥0.09 (vs CN¥0.05 in 1Q 2025) First quarter 2026 results: EPS: CN¥0.09 (up from CN¥0.05 in 1Q 2025). Revenue: CN¥361.3m (down 11% from 1Q 2025). Net income: CN¥37.6m (up 81% from 1Q 2025). Profit margin: 10% (up from 5.1% in 1Q 2025). Revenue is forecast to grow 20% p.a. on average during the next 2 years, compared to a 9.0% growth forecast for the Luxury industry in China. Over the last 3 years on average, earnings per share has fallen by 30% 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. Annonce • Apr 28
DR Corporation Limited, Annual General Meeting, May 19, 2026 DR Corporation Limited, Annual General Meeting, May 19, 2026, at 14:00 China Standard Time. Location: 3F, No. 18, Keji South Road, Nanshan District, Shenzhen, Guangdong China Annonce • Mar 31
DR Corporation Limited to Report Q1, 2026 Results on Apr 28, 2026 DR Corporation Limited announced that they will report Q1, 2026 results on Apr 28, 2026 New Risk • Feb 02
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 7.5% 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 Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 148% Paying a dividend despite having no free cash flows. High level of non-cash earnings (30% accrual ratio). Minor Risk Share price has been volatile over the past 3 months (7.5% average weekly change). Board Change • Jan 16
High number of new directors Non-Independent Director Lei He was the last director to join the board, commencing their role in 2026. Annonce • Jan 15
DR Corporation Limited Approves Board Elections DR Corporation Limited at its Extraordinary General Meeting held on 13 January 2026 approved the election of He Lei as non-independent director. The company approved the election of Wang Yajin and Zhao Dongping as independent director. Annonce • Dec 31
DR Corporation Limited to Report Fiscal Year 2025 Results on Apr 27, 2026 DR Corporation Limited announced that they will report fiscal year 2025 results on Apr 27, 2026 Reported Earnings • Oct 30
Third quarter 2025 earnings released: EPS: CN¥0.069 (vs CN¥0.032 loss in 3Q 2024) Third quarter 2025 results: EPS: CN¥0.069 (up from CN¥0.032 loss in 3Q 2024). Revenue: CN¥370.3m (up 11% from 3Q 2024). Net income: CN¥26.5m (up CN¥39.2m from 3Q 2024). Profit margin: 7.2% (up from net loss in 3Q 2024). Revenue is forecast to grow 7.8% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Luxury industry in China. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 95 percentage points per year, which is a significant difference in performance. Annonce • Sep 30
DR Corporation Limited to Report Q3, 2025 Results on Oct 30, 2025 DR Corporation Limited announced that they will report Q3, 2025 results on Oct 30, 2025 New Risk • Sep 08
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 24% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 209% Paying a dividend despite having no free cash flows. High level of non-cash earnings (24% accrual ratio). Minor Risk Share price has been volatile over the past 3 months (7.1% average weekly change). Annonce • Jul 02
DR Corporation Limited to Report First Half, 2025 Results on Aug 29, 2025 DR Corporation Limited announced that they will report first half, 2025 results on Aug 29, 2025 Declared Dividend • Jun 25
Dividend of CN¥0.50 announced Dividend of CN¥0.50 is the same as last year. Ex-date: 27th June 2025 Payment date: 27th June 2025 Dividend yield will be 1.7%, which is lower than the industry average of 3.3%. Sustainability & Growth Dividend is not covered by earnings (459% earnings payout ratio) nor is it covered by cash flows (dividend approximately 755x free cash flows). The dividend has decreased over the past 36 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to grow by 410% to bring the payout ratio under control. EPS is expected to grow by 144% over the next 3 years, which means the dividend may need to be reduced to reach a sustainable payout ratio. Annonce • May 30
DR Corporation Limited Approves Cash Dividend for 2024 DR Corporation Limited, at the AGM held on 28 May 2025 approved Cash dividend/10 shares (tax included) of CNY 5.00000000 for 2024. New Risk • May 21
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 8.6% 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 Dividend is not well covered by earnings and cash flows. Payout ratio: 459% Dividend per share is over 755x cash flows per share. Minor Risks Share price has been volatile over the past 3 months (8.6% average weekly change). Large one-off items impacting financial results. Major Estimate Revision • May 07
Consensus EPS estimates fall by 21% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from CN¥1.47b to CN¥1.37b. EPS estimate also fell from CN¥0.31 per share to CN¥0.245 per share. Net income forecast to grow 158% next year vs 23% growth forecast for Luxury industry in China. Consensus price target up from CN¥20.74 to CN¥24.19. Share price rose 3.4% to CN¥26.95 over the past week. Reported Earnings • Apr 26
Full year 2024 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2024 results: EPS: CN¥0.13 (down from CN¥0.17 in FY 2023). Revenue: CN¥1.48b (down 32% from FY 2023). Net income: CN¥53.0m (down 23% from FY 2023). Profit margin: 3.6% (up from 3.2% in FY 2023). Revenue missed analyst estimates by 1.3%. Earnings per share (EPS) exceeded analyst estimates by 44%. Revenue is forecast to grow 8.5% p.a. on average during the next 2 years, compared to a 12% growth forecast for the Luxury industry in China. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 82 percentage points per year, which is a significant difference in performance. Annonce • Apr 26
DR Corporation Limited, Annual General Meeting, May 28, 2025 DR Corporation Limited, Annual General Meeting, May 28, 2025, at 14:00 China Standard Time. Location: 3F, No. 18, Keji South Road, Nanshan District, Shenzhen, Guangdong China New Risk • Apr 07
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 9.1% 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 Dividend is not well covered by earnings (dividend per share is over 13x earnings per share). Share price has been volatile over the past 3 months (9.1% average weekly change). Large one-off items impacting financial results. Annonce • Mar 31
DR Corporation Limited to Report Q1, 2025 Results on Apr 26, 2025 DR Corporation Limited announced that they will report Q1, 2025 results on Apr 26, 2025 Annonce • Dec 31
DR Corporation Limited to Report Fiscal Year 2024 Results on Apr 26, 2025 DR Corporation Limited announced that they will report fiscal year 2024 results on Apr 26, 2025 Major Estimate Revision • Nov 05
Consensus EPS estimates fall by 78% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from CN¥1.61b to CN¥1.50b. EPS estimate also fell from CN¥0.417 per share to CN¥0.09 per share. Net income forecast to grow 615% next year vs 33% growth forecast for Luxury industry in China. Consensus price target of CN¥20.74 unchanged from last update. Share price was steady at CN¥23.11 over the past week. Reported Earnings • Oct 30
Third quarter 2024 earnings released: CN¥0.032 loss per share (vs CN¥0.059 profit in 3Q 2023) Third quarter 2024 results: CN¥0.032 loss per share (down from CN¥0.059 profit in 3Q 2023). Revenue: CN¥333.1m (down 33% from 3Q 2023). Net loss: CN¥12.6m (down 161% from profit in 3Q 2023). Revenue is forecast to grow 6.5% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Luxury industry in China. Annonce • Sep 30
DR Corporation Limited to Report Q3, 2024 Results on Oct 30, 2024 DR Corporation Limited announced that they will report Q3, 2024 results on Oct 30, 2024 Reported Earnings • Aug 31
Second quarter 2024 earnings released: EPS: CN¥0.008 (vs CN¥0.11 loss in 2Q 2023) Second quarter 2024 results: EPS: CN¥0.008 (up from CN¥0.11 loss in 2Q 2023). Revenue: CN¥352.1m (down 34% from 2Q 2023). Net income: CN¥3.35m (up CN¥50.9m from 2Q 2023). Profit margin: 1.0% (up from net loss in 2Q 2023). Revenue is forecast to grow 28% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Luxury industry in China. Annonce • Jun 29
DR Corporation Limited to Report First Half, 2024 Results on Aug 30, 2024 DR Corporation Limited announced that they will report first half, 2024 results on Aug 30, 2024 Declared Dividend • Jun 15
Dividend reduced to CN¥0.50 Dividend of CN¥0.50 is 50% lower than last year. Ex-date: 21st June 2024 Payment date: 21st June 2024 Dividend yield will be 2.4%, which is lower than the industry average of 3.3%. Sustainability & Growth Dividend is being paid despite the company being loss-making over the last 12 months and having no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has decreased over the past 26 years, indicating a lack of growth and stability in payments. Annonce • Apr 29
DR Corporation Limited, Annual General Meeting, May 28, 2024 DR Corporation Limited, Annual General Meeting, May 28, 2024, at 14:00 China Standard Time. Location: The Company's Meeting Room, Shenzhen, Guangdong China Reported Earnings • Apr 27
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: EPS: CN¥0.17 (down from CN¥1.82 in FY 2022). Revenue: CN¥2.18b (down 41% from FY 2022). Net income: CN¥69.0m (down 91% from FY 2022). Profit margin: 3.2% (down from 20% in FY 2022). Revenue missed analyst estimates by 1.9%. Earnings per share (EPS) also missed analyst estimates by 45%. Revenue is forecast to grow 19% p.a. on average during the next 2 years, compared to a 14% growth forecast for the Luxury industry in China. Annonce • Mar 30
DR Corporation Limited to Report Q1, 2024 Results on Apr 27, 2024 DR Corporation Limited announced that they will report Q1, 2024 results on Apr 27, 2024 Annonce • Dec 29
DR Corporation Limited to Report Fiscal Year 2023 Results on Apr 26, 2024 DR Corporation Limited announced that they will report fiscal year 2023 results on Apr 26, 2024 Major Estimate Revision • Nov 02
Consensus EPS estimates fall by 24% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from CN¥3.63b to CN¥3.40b. EPS estimate also fell from CN¥1.82 per share to CN¥1.39 per share. Net income forecast to grow 2,348% next year vs 43% growth forecast for Luxury industry in China. Consensus price target of CN¥40.35 unchanged from last update. Share price was steady at CN¥31.03 over the past week. New Risk • Oct 27
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 73% 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 Dividend is not well covered by earnings and cash flows. Dividend per share is over 12x earnings per share. Paying a dividend despite having no free cash flows. Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1.3% net profit margin). Reported Earnings • Oct 27
Third quarter 2023 earnings released: EPS: CN¥0.059 (vs CN¥0.48 in 3Q 2022) Third quarter 2023 results: EPS: CN¥0.059 (down from CN¥0.48 in 3Q 2022). Revenue: CN¥500.2m (down 48% from 3Q 2022). Net income: CN¥20.7m (down 89% from 3Q 2022). Profit margin: 4.1% (down from 20% in 3Q 2022). Revenue is forecast to grow 23% p.a. on average during the next 3 years, compared to a 16% growth forecast for the Luxury industry in China. Annonce • Jun 13
DR Corporation Limited Announces 2022 Cash Dividend (Tax Included), Payable on 20 June 2023 DR Corporation Limited announced 2022 Cash dividend (tax included) of CNY 10.00000000 per 10 shares. The dividend will be payable on 20 June 2023 with Record date of 19 June 2023 and Ex-date of 20 June 2023. Annonce • Jun 01
Dr Corporation Limited Approves Cash Dividend for the Year 2022 DR Corporation Limited approved cash dividend/10 shares (tax included) of CNY 10.00000000 at its Annual General Meeting held on 26 May 2023. Buying Opportunity • May 23
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 22%. The fair value is estimated to be CN¥54.00, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 33% over the last year. Earnings per share has declined by 69%. Revenue is forecast to grow by 104% in 2 years. Earnings is forecast to grow by 222% in the next 2 years. Board Change • May 12
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Employee Representative Supervisor Wanhong Wu 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. Price Target Changed • May 08
Price target decreased by 19% to CN¥57.62 Down from CN¥70.94, the current price target is an average from 3 analysts. New target price is 36% above last closing price of CN¥42.29. Stock is down 30% over the past year. The company is forecast to post earnings per share of CN¥3.35 for next year compared to CN¥1.82 last year. Reported Earnings • Apr 29
First quarter 2023 earnings released: EPS: CN¥0.25 (vs CN¥0.94 in 1Q 2022) First quarter 2023 results: EPS: CN¥0.25 (down from CN¥0.94 in 1Q 2022). Revenue: CN¥705.0m (down 42% from 1Q 2022). Net income: CN¥100.9m (down 73% from 1Q 2022). Profit margin: 14% (down from 31% in 1Q 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 29% p.a. on average during the next 2 years, compared to a 16% growth forecast for the Luxury industry in China. Buying Opportunity • Feb 06
Now 20% undervalued Over the last 90 days, the stock is up 25%. The fair value is estimated to be CN¥73.18, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 31% over the last 3 years. Earnings per share has grown by 35%. Revenue is forecast to grow by 52% in 2 years. Earnings is forecast to grow by 56% in the next 2 years. Valuation Update With 7 Day Price Move • Dec 30
Investor sentiment improved over the past week After last week's 17% share price gain to CN¥62.98, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 12x in the Luxury industry in China. Total loss to shareholders of 49% over the past year. Simply Wall St's valuation model estimates the intrinsic value at CN¥80.46 per share. Valuation Update With 7 Day Price Move • Dec 06
Investor sentiment improved over the past week After last week's 16% share price gain to CN¥54.45, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 13x in the Luxury industry in China. Board Change • Nov 16
High number of new directors There are 6 new directors who have joined the board in the last 3 years. Non-Employee Supervisor Yingfeng Huang 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. Valuation Update With 7 Day Price Move • Nov 04
Investor sentiment improved over the past week After last week's 18% share price gain to CN¥47.53, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 10x in the Luxury industry in China. Reported Earnings • Oct 28
Third quarter 2022 earnings released: EPS: CN¥0.48 (vs CN¥0.73 in 3Q 2021) Third quarter 2022 results: EPS: CN¥0.48 (down from CN¥0.73 in 3Q 2021). Revenue: CN¥957.7m (down 12% from 3Q 2021). Net income: CN¥194.0m (down 26% from 3Q 2021). Profit margin: 20% (down from 24% in 3Q 2021). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 29% p.a. on average during the next 3 years, compared to a 19% growth forecast for the Luxury industry in China. Major Estimate Revision • Sep 07
Consensus revenue estimates fall by 10% The consensus outlook for revenues in 2022 has deteriorated. 2022 revenue forecast decreased from CN¥5.88b to CN¥5.28b. EPS estimate fell from CN¥4.10 to CN¥3.66 per share. Net income forecast to grow 45% next year vs 34% growth forecast for Luxury industry in China. Consensus price target of CN¥70.94 unchanged from last update. Share price fell 3.7% to CN¥48.52 over the past week. Valuation Update With 7 Day Price Move • Sep 04
Investor sentiment deteriorated over the past week After last week's 17% share price decline to CN¥49.34, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 11x in the Luxury industry in China. Reported Earnings • Aug 29
Second quarter 2022 earnings released: EPS: CN¥0.51 (vs CN¥1.13 in 2Q 2021) Second quarter 2022 results: EPS: CN¥0.51 (down from CN¥1.13 in 2Q 2021). Revenue: CN¥864.1m (down 30% from 2Q 2021). Net income: CN¥202.7m (down 50% from 2Q 2021). Profit margin: 24% (down from 33% in 2Q 2021). The decrease in margin was driven by lower revenue. Over the next year, revenue is forecast to grow 53%, compared to a 24% growth forecast for the Luxury industry in China. Annonce • Jul 12
DR Corporation Limited Announces Management Changes DR Corporation Limited in its held its 2nd Extraordinary General Meeting of 2022 on 08 July 2022 approved the Election and nomination of non-independent directors, cumulative voting system applicable, Zhang Guotao, Lu Yiwen, Wei Qingxing, Huang Shuirong, Hu Xiaoming, Chen Qisheng and Election and nomination of independent directors, cumulative voting system applicable Li Yang, Liang Jun and Zhong Min and Election and nomination of non-employee supervisors, cumulative voting system applicable Huang Yingfeng and Shen Ai. Buying Opportunity • Jun 28
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 16%. The fair value is estimated to be CN¥88.47, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 52% over the last year. Earnings per share has grown by 64%. Revenue is forecast to grow by 68% in 2 years. Earnings is forecast to grow by 63% in the next 2 years. Annonce • Jun 24
DR Corporation Limited Announces Final Dividend on A Shares for 2021, Payable on 30 June 2022 DR Corporation Limited announced final dividend of CNY 20.00000000 per 10 shares on A shares for 2021. Record date is 29 June 2022, Ex-date is 30 June 2022 and Payment date is 30 June 2022. Buying Opportunity • Jun 09
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 18%. The fair value is estimated to be CN¥87.81, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 52% over the last year. Earnings per share has grown by 64%. Revenue is forecast to grow by 68% in 2 years. Earnings is forecast to grow by 63% in the next 2 years. Valuation Update With 7 Day Price Move • May 31
Investor sentiment improved over the past week After last week's 18% share price gain to CN¥69.56, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 11x in the Luxury industry in China. Simply Wall St's valuation model estimates the intrinsic value at CN¥88.23 per share. Annonce • May 24
DR Corporation Limited Approves Cash Dividend for the Year 2021 DR Corporation Limited at its Annual General Meeting held on 20 May 2022, approved the Cash dividend/10 shares (tax included) of CNY 20.00000000 for the year 2021. Reported Earnings • Apr 27
First quarter 2022 earnings: EPS exceeds analyst expectations while revenues lag behind First quarter 2022 results: EPS: CN¥0.94 (up from CN¥0.89 in 1Q 2021). Revenue: CN¥1.22b (up 13% from 1Q 2021). Net income: CN¥375.8m (up 17% from 1Q 2021). Profit margin: 31% (up from 30% in 1Q 2021). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 2.7%. Earnings per share (EPS) exceeded analyst estimates by 9.3%. Over the next year, revenue is forecast to grow 37%, compared to a 24% growth forecast for the industry in China. Board Change • Apr 27
High number of new and inexperienced directors There are 3 new directors who have joined the board in the last 3 years. The company's board is composed of: 3 new directors. No experienced directors. No highly experienced directors. Director Xiaoming Hu is the most experienced director on the board, commencing their role in 2019. The company’s lack of experienced directors is considered a risk according to the Simply Wall St Risk Model. Annonce • Apr 24
DR Corporation Limited, Annual General Meeting, May 20, 2022 DR Corporation Limited, Annual General Meeting, May 20, 2022, at 14:00 China Standard Time. Agenda: To consider 2021 annual report and its summary; to consider 2021 work report of the board of directors; to consider 2021 annual accounts; and to discuss other matters. Annonce • Apr 23
DR Corporation Limited Proposes Final Cash Dividend for the Year 2021 DR Corporation Limited proposed final cash dividend per ten shares (tax included) of CNY 20.00000000 for the year 2021. Buying Opportunity • Mar 28
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 34%. The fair value is estimated to be CN¥106, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 36% per annum over the last 3 years. Earnings per share has grown by 47% per annum over the last 3 years. Buying Opportunity • Mar 11
Now 20% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be CN¥107, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 36% per annum over the last 3 years. Earnings per share has grown by 47% per annum over the last 3 years. Reported Earnings • Mar 04
Full year 2021 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2021 results: EPS: CN¥3.62 (up from CN¥1.56 in FY 2020). Revenue: CN¥4.62b (up 88% from FY 2020). Net income: CN¥1.30b (up 131% from FY 2020). Profit margin: 28% (up from 23% in FY 2020). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 3.4%. Earnings per share (EPS) exceeded analyst estimates by 9.1%. Over the next year, revenue is forecast to grow 52%, compared to a 44% growth forecast for the industry in China.