Valuation Update With 7 Day Price Move • Jul 20
Investor sentiment deteriorates as stock falls 32% After last week's 32% share price decline to CN¥40.13, the stock trades at a trailing P/E ratio of 73.7x. Average trailing P/E is 61x in the Electronic industry in China. Total returns to shareholders of 92% over the past three years. Annonce • Jul 09
Jiaxing ZMAX Optech Co., Ltd. announced that it expects to receive CNY 1.0036 billion in funding Jiaxing ZMAX Optech Co., Ltd. announced a private placement of not more than 37,285,080 A Shares of the company at an issue price of not less than 80% of the average price in the 20 trading days before the pricing reference date to raise gross proceeds of not more than CNY 1,003,600,000 on July 9, 2026. The transaction involves participation from not more than 35 investors. The shares cannot be transferred within 6 months from the issuance closing date. The transaction has been approved in the 17th Meeting of the Company’s 2nd Directorate, and is subject to the approvals of the Company’s Shareholders, the Shanghai Stock Exchange, and the China Securities Regulatory Commission. Annonce • Jun 30
Jiaxing ZMAX Optech Co., Ltd. to Report First Half, 2026 Results on Aug 28, 2026 Jiaxing ZMAX Optech Co., Ltd. announced that they will report first half, 2026 results on Aug 28, 2026 Reported Earnings • May 01
First quarter 2026 earnings released: EPS: CN¥0.17 (vs CN¥0.12 in 1Q 2025) First quarter 2026 results: EPS: CN¥0.17 (up from CN¥0.12 in 1Q 2025). Revenue: CN¥188.2m (up 68% from 1Q 2025). Net income: CN¥14.9m (up 45% from 1Q 2025). Profit margin: 7.9% (down from 9.2% in 1Q 2025). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 39% p.a. on average during the next 2 years, compared to a 24% growth forecast for the Electronic industry in China. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has increased by 45% per year, which means it is tracking significantly ahead of earnings growth. Annonce • Mar 30
Jiaxing ZMAX Optech Co., Ltd. to Report Q1, 2026 Results on Apr 30, 2026 Jiaxing ZMAX Optech Co., Ltd. announced that they will report Q1, 2026 results on Apr 30, 2026 Reported Earnings • Mar 30
Full year 2025 earnings released: EPS: CN¥0.71 (vs CN¥0.61 in FY 2024) Full year 2025 results: EPS: CN¥0.71 (up from CN¥0.61 in FY 2024). Revenue: CN¥658.1m (up 45% from FY 2024). Net income: CN¥63.0m (up 18% from FY 2024). Profit margin: 9.6% (down from 12% in FY 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 39% p.a. on average during the next 2 years, compared to a 23% growth forecast for the Electronic industry in China. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has increased by 26% per year, which means it is tracking significantly ahead of earnings growth. Annonce • Mar 28
Jiaxing ZMAX Optech Co., Ltd., Annual General Meeting, Apr 17, 2026 Jiaxing ZMAX Optech Co., Ltd., Annual General Meeting, Apr 17, 2026, at 14:30 China Standard Time. Location: No. 188, Taojing Road, Gaozhao Subdistrict, Xiuzhou District, Jiaxing, Zhejiang China Annonce • Dec 26
Jiaxing ZMAX Optech Co., Ltd. to Report Fiscal Year 2025 Results on Mar 28, 2026 Jiaxing ZMAX Optech Co., Ltd. announced that they will report fiscal year 2025 results on Mar 28, 2026 Valuation Update With 7 Day Price Move • Dec 15
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to CN¥49.01, the stock trades at a trailing P/E ratio of 78.5x. Average forward P/E is 30x in the Electronic industry in China. Total returns to shareholders of 86% over the past year. New Risk • Dec 11
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 9.1% 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 (9.1% average weekly change). High level of non-cash earnings (21% accrual ratio). Minor Risk Paying a dividend despite having no free cash flows. Valuation Update With 7 Day Price Move • Nov 28
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to CN¥42.48, the stock trades at a trailing P/E ratio of 68.1x. Average forward P/E is 28x in the Electronic industry in China. Total returns to shareholders of 70% over the past year. Annonce • Sep 30
Jiaxing ZMAX Optech Co., Ltd. to Report Q3, 2025 Results on Oct 31, 2025 Jiaxing ZMAX Optech Co., Ltd. announced that they will report Q3, 2025 results on Oct 31, 2025 Valuation Update With 7 Day Price Move • Sep 25
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to CN¥40.78, the stock trades at a trailing P/E ratio of 67.5x. Average forward P/E is 35x in the Electronic industry in China. Total returns to shareholders of 122% over the past year. New Risk • Sep 18
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 Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (7.0% average weekly change). New Risk • Sep 08
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. The company is paying a dividend despite having no free cash flows. Dividend yield: 1.4% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. For dividend paying companies, any reduction in the dividend can significantly impact the share price. This is currently the only risk that has been identified for the company. Valuation Update With 7 Day Price Move • Jul 17
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to CN¥33.81, the stock trades at a trailing P/E ratio of 56.5x. Average forward P/E is 27x in the Electronic industry in China. Total returns to shareholders of 66% over the past year. Annonce • Jun 30
Jiaxing ZMAX Optech Co., Ltd. to Report First Half, 2025 Results on Aug 30, 2025 Jiaxing ZMAX Optech Co., Ltd. announced that they will report first half, 2025 results on Aug 30, 2025 Annonce • Apr 29
Jiaxing ZMAX Optech Co., Ltd. (SHSE:688307) agreed to acquire 51% stake in Hunan Dayoptronics Co., Ltd. from group of shareholders for approximately CNY 160 million. Jiaxing ZMAX Optech Co., Ltd. (SHSE:688307) agreed to acquire 51% stake in Hunan Dayoptronics Co., Ltd. from group of shareholders for approximately CNY 160 million on April 25, 2025. A cash consideration of CNY 158.1 million will be paid by Jiaxing ZMAX Optech Co., Ltd. As part of consideration, CNY 158.1 million is paid towards common equity of Hunan Dayoptronics Co., Ltd.
For the period ending March 31, 2025, Hunan Dayoptronics Co., Ltd. reported total revenue of CNY 28.61 million and net income of CNY 1.07 million. As of March 31, 2025, Hunan Dayoptronics Co., Ltd. reported total assets of CNY 241.01 million and total common equity of CNY 168.25 million.
The transaction is subject to approval of offer by acquirer board. The deal has been approved by the board. Upcoming Dividend • Apr 29
Upcoming dividend of CN¥0.35 per share Eligible shareholders must have bought the stock before 06 May 2025. Payment date: 06 May 2025. Payout ratio is a comfortable 75% and the cash payout ratio is 87%. Trailing yield: 1.6%. Lower than top quartile of Chinese dividend payers (2.2%). In line with average of industry peers (1.5%). Valuation Update With 7 Day Price Move • Apr 21
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to CN¥29.60, the stock trades at a trailing P/E ratio of 48.8x. Average forward P/E is 25x in the Electronic industry in China. Total returns to shareholders of 78% over the past year. 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 8.8% 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 Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (8.8% average weekly change). Valuation Update With 7 Day Price Move • Apr 07
Investor sentiment deteriorates as stock falls 20% After last week's 20% share price decline to CN¥21.77, the stock trades at a trailing P/E ratio of 35.9x. Average forward P/E is 27x in the Electronic industry in China. Total returns to shareholders of 7.8% over the past year. Reported Earnings • Mar 30
Full year 2024 earnings released: EPS: CN¥0.61 (vs CN¥0.43 in FY 2023) Full year 2024 results: EPS: CN¥0.61 (up from CN¥0.43 in FY 2023). Revenue: CN¥454.7m (up 20% from FY 2023). Net income: CN¥53.4m (up 47% from FY 2023). Profit margin: 12% (up from 9.6% in FY 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 31% p.a. on average during the next 2 years, compared to a 18% growth forecast for the Electronic industry in China. Annonce • Mar 29
Jiaxing ZMAX Optech Co., Ltd., Annual General Meeting, Apr 18, 2025 Jiaxing ZMAX Optech Co., Ltd., Annual General Meeting, Apr 18, 2025, at 14:30 China Standard Time. Location: No. 188, Taojing Road, Gaozhao Subdistrict, Xiuzhou District, Jiaxing, Zhejiang China Annonce • Mar 28
Jiaxing ZMAX Optech Co., Ltd. to Report Q1, 2025 Results on Apr 26, 2025 Jiaxing ZMAX Optech Co., Ltd. announced that they will report Q1, 2025 results on Apr 26, 2025 Reported Earnings • Feb 26
Full year 2024 earnings released: EPS: CN¥0.61 (vs CN¥0.43 in FY 2023) Full year 2024 results: EPS: CN¥0.61 (up from CN¥0.43 in FY 2023). Revenue: CN¥454.9m (up 20% from FY 2023). Net income: CN¥53.6m (up 48% from FY 2023). Profit margin: 12% (up from 9.6% in FY 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 31% p.a. on average during the next 2 years, compared to a 18% growth forecast for the Electronic industry in China. Valuation Update With 7 Day Price Move • Feb 20
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to CN¥30.51, the stock trades at a trailing P/E ratio of 43.9x. Average forward P/E is 28x in the Electronic industry in China. Total returns to shareholders of 59% over the past year. Annonce • Dec 27
Jiaxing ZMAX Optech Co., Ltd. to Report Fiscal Year 2024 Results on Mar 29, 2025 Jiaxing ZMAX Optech Co., Ltd. announced that they will report fiscal year 2024 results on Mar 29, 2025 Reported Earnings • Oct 30
Third quarter 2024 earnings released: EPS: CN¥0.20 (vs CN¥0.058 in 3Q 2023) Third quarter 2024 results: EPS: CN¥0.20 (up from CN¥0.058 in 3Q 2023). Revenue: CN¥126.5m (up 93% from 3Q 2023). Net income: CN¥17.3m (up 205% from 3Q 2023). Profit margin: 14% (up from 8.6% in 3Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 28% p.a. on average during the next 3 years, compared to a 18% growth forecast for the Electronic industry in China. Annonce • Sep 30
Jiaxing ZMAX Optech Co., Ltd. to Report Q3, 2024 Results on Oct 29, 2024 Jiaxing ZMAX Optech Co., Ltd. announced that they will report Q3, 2024 results on Oct 29, 2024 Valuation Update With 7 Day Price Move • Sep 30
Investor sentiment improves as stock rises 27% After last week's 27% share price gain to CN¥22.04, the stock trades at a trailing P/E ratio of 39.2x. Average forward P/E is 21x in the Electronic industry in China. Total loss to shareholders of 26% over the past year. New Risk • Aug 28
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 26% 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 Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (7.2% average weekly change). Large one-off items impacting financial results. Reported Earnings • Aug 10
First half 2024 earnings released: EPS: CN¥0.23 (vs CN¥0.11 in 1H 2023) First half 2024 results: EPS: CN¥0.23 (up from CN¥0.11 in 1H 2023). Revenue: CN¥192.5m (up 14% from 1H 2023). Net income: CN¥20.4m (up 182% from 1H 2023). Profit margin: 11% (up from 4.3% in 1H 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 29% p.a. on average during the next 3 years, compared to a 18% growth forecast for the Electronic industry in China. Annonce • Jun 28
Jiaxing ZMAX Optech Co., Ltd. to Report First Half, 2024 Results on Aug 10, 2024 Jiaxing ZMAX Optech Co., Ltd. announced that they will report first half, 2024 results on Aug 10, 2024 Valuation Update With 7 Day Price Move • Jun 13
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to CN¥21.24, the stock trades at a trailing P/E ratio of 51.4x. Average forward P/E is 22x in the Electronic industry in China. Total loss to shareholders of 31% over the past year. Annonce • Apr 29
Jiaxing ZMAX Optech Co., Ltd., Annual General Meeting, May 17, 2024 Jiaxing ZMAX Optech Co., Ltd., Annual General Meeting, May 17, 2024, at 14:00 China Standard Time. Location: No. 188, Taojing Road, Gaozhao Subdistrict, Xiuzhou District, Jiaxing, Zhejiang China Reported Earnings • Apr 28
Full year 2023 earnings released: EPS: CN¥0.43 (vs CN¥0.62 in FY 2022) Full year 2023 results: EPS: CN¥0.43 (down from CN¥0.62 in FY 2022). Revenue: CN¥378.9m (down 6.2% from FY 2022). Net income: CN¥36.3m (down 12% from FY 2022). Profit margin: 9.6% (in line with FY 2022). Revenue is forecast to grow 36% p.a. on average during the next 2 years, compared to a 18% growth forecast for the Electronic industry in China. Valuation Update With 7 Day Price Move • Apr 16
Investor sentiment deteriorates as stock falls 23% After last week's 23% share price decline to CN¥16.10, the stock trades at a trailing P/E ratio of 47.7x. Average forward P/E is 21x in the Electronic industry in China. Total loss to shareholders of 58% over the past year. Annonce • Mar 29
Jiaxing ZMAX Optech Co., Ltd. to Report Q1, 2024 Results on Apr 27, 2024 Jiaxing ZMAX Optech Co., Ltd. announced that they will report Q1, 2024 results on Apr 27, 2024 Valuation Update With 7 Day Price Move • Feb 01
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to CN¥20.98, the stock trades at a trailing P/E ratio of 62.1x. Average trailing P/E is 34x in the Electronic industry in China. New Risk • Nov 15
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 Short dividend paying track record (1 year of continuous dividend payments). Share price has been volatile over the past 3 months (7.0% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (8.1% net profit margin). Reported Earnings • Nov 02
Third quarter 2023 earnings released: EPS: CN¥0.058 (vs CN¥0.081 in 3Q 2022) Third quarter 2023 results: EPS: CN¥0.058. Revenue: CN¥65.6m (down 23% from 3Q 2022). Net income: CN¥5.67m (up 5.3% from 3Q 2022). Profit margin: 8.6% (up from 6.3% in 3Q 2022). New Risk • Aug 25
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: 7.6% Last year net profit margin: 11% 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 Short dividend paying track record (less than a year of continuous dividend payments). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (7.6% net profit margin). Valuation Update With 7 Day Price Move • Apr 24
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to CN¥33.88, the stock trades at a trailing P/E ratio of 72.5x. Average trailing P/E is 38x in the Electronic industry in China.