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 Jian Du 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. Annonce • Apr 17
Flat Glass Group Co., Ltd., Annual General Meeting, May 12, 2026 Flat Glass Group Co., Ltd., Annual General Meeting, May 12, 2026, at 14:00 China Standard Time. Location: large conference room, the 1st floor, flat glass group co., ltd., 1999 yunhe road, xiuzhou district, zhejiang province, jiaxing China Annonce • Mar 30
Flat Glass Group Co., Ltd. to Report Q1, 2026 Results on Apr 28, 2026 Flat Glass Group Co., Ltd. announced that they will report Q1, 2026 results on Apr 28, 2026 Annonce • Dec 26
Flat Glass Group Co., Ltd. to Report Fiscal Year 2025 Results on Mar 27, 2026 Flat Glass Group Co., Ltd. announced that they will report fiscal year 2025 results on Mar 27, 2026 Annonce • Dec 09
Flat Glass Group Co., Ltd. Announces Supervisory Committee Changes, Effective December 9, 2025 Reference is made to the circular of Flat Glass Group Co., Ltd. (Company) dated 20 November 2025 in relation to, proposed amendments to the Articles of Association of the Company (Proposed Amendments to AoA) and cancellation of Supervisory Committee. The board of directors of the Company announced that, as the Proposed Amendments to AoA as set out in the Circular included the cancellation of the Supervisory Committee, following the approval of the resolution on Proposed Amendments to AoA and cancellation of the Supervisory Committee by the Shareholders at the 2025 first extraordinary general meeting (the "EGM") held on 9 December 2025, the Company no longer has a Supervisory Committee, and the powers and functions of the Supervisory Committee as stipulated under the Company Law of the People's Republic of China (the "PRC Company Law") will be exercised by the audit committee of the Board. Accordingly, Mr. Zheng Wenrong, Mr. Zhu Quanming, Mr. Shen Fuquan, Ms. Zhang Huizhen and Ms. Niu Liping shall no longer serve as supervisors of the Company upon the conclusion of the EGM. Mr. Zheng Wenrong, Mr. Zhu Quanming, Mr. Shen Fuquan, Ms. Zhang Huizhen and Ms. Niu Liping confirm that they have no disagreement with the Board and/or the Supervisory Committee, and there are no other matter in relation to their resignation that need to be brought to the attention of the Shareholders and the Stock Exchange of Hong Kong Limited. The Board announced that, on 9 December 2025, Employees' Representative Congress of the Company has elected to appoint Ms. Niu Liping ("Ms. Niu") as the employee director of the Company with effect from the date of the EGM, i.e. 9 December 2025. Ms. Niu, aged 40, joined the Group in October 2003. Ms. Niu held various positions of the Group when she joined the Group. Ms. Niu has been the chairman of the trade union of the Company since December 2009. She has been the head of treasury of the finance management department under the financial center of the Company since 2020. Ms. Niu acted as a staff representative supervisor of the Company from 23 September 2019 to 9 December 2025. Ms. Niu graduated from Northwestern Polytechnical University, majoring in accounting. Annonce • Sep 30
Flat Glass Group Co., Ltd. to Report Q3, 2025 Results on Oct 28, 2025 Flat Glass Group Co., Ltd. announced that they will report Q3, 2025 results on Oct 28, 2025 Annonce • Jun 30
Flat Glass Group Co., Ltd. to Report First Half, 2025 Results on Aug 28, 2025 Flat Glass Group Co., Ltd. announced that they will report first half, 2025 results on Aug 28, 2025 Annonce • May 22
Flat Glass Group Co., Ltd., Annual General Meeting, Jun 16, 2025 Flat Glass Group Co., Ltd., Annual General Meeting, Jun 16, 2025, at 14:00 China Standard Time. Location: large conference room, 1st floor, flat glass group co., ltd., 1999 yunhe road, xiuzhou district, jiaxing, zhejiang province, prc, China Annonce • Mar 28
Flat Glass Group Co., Ltd. to Report Q1, 2025 Results on Apr 29, 2025 Flat Glass Group Co., Ltd. announced that they will report Q1, 2025 results on Apr 29, 2025 Annonce • Jan 23
Flat Glass Group Co., Ltd. Provides Group Earnings Guidance for the Year Ended 31 December 2024 Flat Glass Group Co., Ltd. provided group earnings guidance for the year ended 31 December 2024. The company expected that (i) the net profit attributable to Shareholders for the year ended 31 December 2024 will range from RMB938 million to RMB 1,076 million, representing a decrease in the range of RMB 1,684 million to RMB 1,822 million (or a year-on-year decrease in the range of 61.00% to 66.00%) as compared to the same period in 2023; and (ii) the net profit attributable to Shareholders excluding non-recurring items will range from RMB 916 million to RMB 1,051 million, representing a decrease in the range of RMB 1,643 million to RMB 1,778 million (or a year-on-year decrease in the range of 61.00% to 66.00%) as compared to the same period in 2023. Annonce • Dec 27
Flat Glass Group Co., Ltd. to Report Fiscal Year 2024 Results on Mar 28, 2025 Flat Glass Group Co., Ltd. announced that they will report fiscal year 2024 results on Mar 28, 2025 Annonce • Nov 20
Flat Glass Group Co., Ltd. Approves Interim Dividend for the Six Months Ended 30 June 2024, Payable on 20 December 2024 Flat Glass Group Co., Ltd. announced that at the EGM held on 18 November 2024, approved the payment of an interim dividend of RMB 0.13 per ordinary Share (before tax) for the six months ended 30 June 2024. The board announced that the 2024 Interim Dividend will be distributed on 20 December 2024 to the H Shareholders. The record date for entitlement of H Shareholders to the 2024 Interim Dividend is 29 November 2024. In order to qualify for receiving the 2024 Interim Dividend, all transfer documents must be lodged with the Company's H share registrar in Hong Kong, Tricor Investor Services Limited, at 17/F, Far East Finance Centre, 16 Harcourt Road, Hong Kong (for holders of H Shares), for registration before 21 November 2024. New Risk • Oct 30
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 42% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (13% average weekly change). Minor Risks High level of debt (42% net debt to equity). Paying a dividend despite having no free cash flows. Reported Earnings • Oct 29
Third quarter 2024 earnings released: CN¥0.085 loss per share (vs CN¥0.38 profit in 3Q 2023) Third quarter 2024 results: CN¥0.085 loss per share (down from CN¥0.38 profit in 3Q 2023). Revenue: CN¥3.91b (down 37% from 3Q 2023). Net loss: CN¥203.0m (down 123% from profit in 3Q 2023). Revenue is forecast to grow 18% p.a. on average during the next 3 years, compared to a 7.7% growth forecast for the Semiconductor industry in Germany. 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 27% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Oct 14
Investor sentiment deteriorates as stock falls 22% After last week's 22% share price decline to €1.31, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 13x in the Semiconductor industry in Germany. Total loss to shareholders of 67% over the past three years. Annonce • Sep 30
Flat Glass Group Co., Ltd. to Report Q3, 2024 Results on Oct 30, 2024 Flat Glass Group Co., Ltd. announced that they will report Q3, 2024 results on Oct 30, 2024 Valuation Update With 7 Day Price Move • Sep 27
Investor sentiment improves as stock rises 30% After last week's 30% share price gain to €1.36, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 13x in the Semiconductor industry in Germany. Total loss to shareholders of 63% over the past three years. Annonce • Aug 29
Flat Glass Group Co., Ltd. Announces an Interim Dividend for the Six Months Ended 30 June 2024 Flat Glass Group Co., Ltd. announced an interim dividend of RMB 0.13 per share for the six months ended 30 June 2024. Reported Earnings • Aug 28
Second quarter 2024 earnings released: EPS: CN¥0.32 (vs CN¥0.27 in 2Q 2023) Second quarter 2024 results: EPS: CN¥0.32 (up from CN¥0.27 in 2Q 2023). Revenue: CN¥4.97b (up 15% from 2Q 2023). Net income: CN¥738.7m (up 29% from 2Q 2023). Profit margin: 15% (up from 13% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 8.6% growth forecast for the Semiconductor industry in Germany. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has fallen by 35% per year, which means it is significantly lagging earnings. Buy Or Sell Opportunity • Aug 27
Now 22% overvalued Over the last 90 days, the stock has fallen 36% to €1.20. The fair value is estimated to be €0.99, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 39% over the last 3 years. Earnings per share has grown by 4.4%. For the next 3 years, revenue is forecast to grow by 14% per annum. Earnings are also forecast to grow by 17% per annum over the same time period. Valuation Update With 7 Day Price Move • Jul 15
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €1.36, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 16x in the Semiconductor industry in Germany. Total loss to shareholders of 61% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €0.82 per share. Annonce • Jun 28
Flat Glass Group Co., Ltd. to Report First Half, 2024 Results on Aug 28, 2024 Flat Glass Group Co., Ltd. announced that they will report first half, 2024 results on Aug 28, 2024 Annonce • May 25
Flat Glass Group Co., Ltd., Annual General Meeting, Jun 17, 2024 Flat Glass Group Co., Ltd., Annual General Meeting, Jun 17, 2024, at 13:30 China Standard Time. Location: large conference room, 1st floor, flat glass group co., ltd., 1999 yunhe road, xiuzhou district, zhejiang province, jiaxing China Reported Earnings • Apr 30
First quarter 2024 earnings released: EPS: CN¥0.32 (vs CN¥0.24 in 1Q 2023) First quarter 2024 results: EPS: CN¥0.32 (up from CN¥0.24 in 1Q 2023). Revenue: CN¥5.73b (up 6.7% from 1Q 2023). Net income: CN¥759.9m (up 49% from 1Q 2023). Profit margin: 13% (up from 9.5% in 1Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 8.0% growth forecast for the Semiconductor industry in Germany. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Apr 19
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to €1.97, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 13x in the Semiconductor industry in Germany. Total loss to shareholders of 18% over the past three years. Annonce • Mar 29
Flat Glass Group Co., Ltd. to Report Q1, 2024 Results on Apr 30, 2024 Flat Glass Group Co., Ltd. announced that they will report Q1, 2024 results on Apr 30, 2024 Reported Earnings • Mar 27
Full year 2023 earnings released: EPS: CN¥1.24 (vs CN¥0.99 in FY 2022) Full year 2023 results: EPS: CN¥1.24 (up from CN¥0.99 in FY 2022). Revenue: CN¥21.5b (up 39% from FY 2022). Net income: CN¥2.76b (up 30% from FY 2022). Profit margin: 13% (in line with FY 2022). Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 8.3% growth forecast for the Semiconductor industry in Germany. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Annonce • Mar 26
Flat Glass Group Co., Ltd. Proposes Final Dividend for the Year Ended 31 December 2023 Flat Glass Group Co., Ltd. proposed final dividend of RMB 0.38 per share for the year ended 31 December 2023. Valuation Update With 7 Day Price Move • Mar 05
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to €1.84, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 19x in the Semiconductor industry in Germany. Total loss to shareholders of 20% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €2.97 per share. Annonce • Feb 23
Flat Glass Group Co., Ltd. (SEHK:6865) announces an Equity Buyback for CNY 600 million worth of its shares. Flat Glass Group Co., Ltd. (SEHK:6865) announces a share repurchase program. Under the program, the company will repurchase up to CNY 600 million worth of its Class A shares. The shares will be repurchased at no more than CNY 30 per share. The purpose of the program is to use the repurchased shares for share incentive or employee stock ownership scheme. If the company fails to use the repurchased shares within 3 years after the completion of the program, the repurchased shares will be cancelled. The company will use its own funds. The plan will be valid for 6 months. New Risk • Feb 19
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 German stocks, typically moving 10% 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 (10% average weekly change). High level of non-cash earnings (44% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Shareholders have been diluted in the past year (9.2% increase in shares outstanding). Valuation Update With 7 Day Price Move • Jan 30
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to €1.41, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 18x in the Semiconductor industry in Germany. Total loss to shareholders of 50% over the past year. Simply Wall St's valuation model estimates the intrinsic value at €2.79 per share. Valuation Update With 7 Day Price Move • Jan 13
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to €1.68, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 16x in the Semiconductor industry in Germany. Total loss to shareholders of 35% over the past year. Simply Wall St's valuation model estimates the intrinsic value at €2.89 per share. Annonce • Dec 29
Flat Glass Group Co., Ltd. to Report Fiscal Year 2023 Results on Mar 27, 2024 Flat Glass Group Co., Ltd. announced that they will report fiscal year 2023 results on Mar 27, 2024 Recent Insider Transactions • Dec 12
President recently bought €654k worth of stock On the 8th of December, Zeyun Ruan bought around 460k shares on-market at roughly €1.42 per share. This transaction amounted to 26% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth €656k. Zeyun has been a buyer over the last 12 months, purchasing a net total of €1.9m worth in shares. Recent Insider Transactions • Dec 01
President recently bought €656k worth of stock On the 28th of November, Zeyun Ruan bought around 427k shares on-market at roughly €1.54 per share. This transaction amounted to 32% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Zeyun has been a buyer over the last 12 months, purchasing a net total of €1.3m worth in shares. Annonce • Nov 01
Flat Glass Group Co., Ltd. Approves Interim Dividend for the Six Months Ended 30 June 2023, Payable on 27 November 2023 Flat Glass Group Co., Ltd. approved interim dividend of RMB 0.238 per share for the six months ended 30 June 2023 at its shareholders' meeting held on 27 October 2023. Ex-dividend date: 01 November 2023. Record date 10 November 2023. Payment date 27 November 2023. Reported Earnings • Oct 31
Third quarter 2023 earnings released: EPS: CN¥0.38 (vs CN¥0.23 in 3Q 2022) Third quarter 2023 results: EPS: CN¥0.38 (up from CN¥0.23 in 3Q 2022). Revenue: CN¥6.21b (up 59% from 3Q 2022). Net income: CN¥883.7m (up 76% from 3Q 2022). Profit margin: 14% (up from 13% in 3Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 7.4% growth forecast for the Semiconductor industry in Germany. Valuation Update With 7 Day Price Move • Oct 26
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to €1.69, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 12x in the Semiconductor industry in Germany. Total loss to shareholders of 28% over the past year. Upcoming Dividend • Oct 25
Upcoming dividend of CN¥0.24 per share at 1.7% yield Eligible shareholders must have bought the stock before 01 November 2023. Payment date: 27 December 2023. Payout ratio is a comfortable 23% but the company is not cash flow positive. Trailing yield: 1.7%. Lower than top quartile of German dividend payers (5.0%). Higher than average of industry peers (1.2%). Annonce • Oct 10
Flat Glass Group Co., Ltd. Announces Interim Dividend for the Six Months Ended 30 June 2023 Flat Glass Group Co., Ltd. announced Interim dividend of RMB 0.238 per share for the six months ended 30 June 2023. Announcement date 09 October 2023, Date of shareholders' approval 27 October 2023, Ex-dividend date 01 November 2023 and Record date 10 November 2023. Annonce • Sep 30
Flat Glass Group Co., Ltd. to Report Q3, 2023 Results on Oct 31, 2023 Flat Glass Group Co., Ltd. announced that they will report Q3, 2023 results on Oct 31, 2023 Board Change • Sep 01
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. 5 non-independent directors. Independent Non-Executive Director Carmen Ng was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Annonce • Aug 29
Flat Glass Group Co., Ltd. Announces Interim Dividend for the Six Months Ended 30 June 2023 Flat Glass Group Co., Ltd. announced interim dividend of RMB 0.238 per share for the six months ended 30 June 2023. New Risk • Aug 04
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 9.5% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). High level of non-cash earnings (52% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (6.8% average weekly change). Shareholders have been diluted in the past year (9.5% increase in shares outstanding). Annonce • Jul 25
Flat Glass Group Co., Ltd. Approves the Appointment of Ms. Ruan Zeyun as an Executive Director Flat Glass Group Co., Ltd. announced that at its EGM held on 24 July 2023, considered and approved the appointment of Ms. Ruan Zeyun as an executive Director. Annonce • Jun 28
Flat Glass Group Co., Ltd. to Report First Half, 2023 Results on Aug 29, 2023 Flat Glass Group Co., Ltd. announced that they will report first half, 2023 results on Aug 29, 2023 New Risk • Jun 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 German stocks, typically moving 7.3% 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 Debt is not well covered by operating cash flow (currently running at an operating cash loss). High level of non-cash earnings (52% accrual ratio). Minor Risk Share price has been volatile over the past 3 months (7.3% average weekly change). Valuation Update With 7 Day Price Move • Jun 15
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to €3.14, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 17x in the Semiconductor industry in Germany. Total loss to shareholders of 8.3% over the past year. Simply Wall St's valuation model estimates the intrinsic value at €5.87 per share. Annonce • Jun 07
Flat Glass Group Co., Ltd. Announces Executive Changes The board of directors of Flat Glass Group Co., Ltd. announced that the Board has received a resignation letter from Mr. Ruan Hongliang, the president of the Company, who resigned as the President due to work adjustment with effect from 6 June 2023. However, Mr. Ruan will continue to serve as an executive director of the Company and the chairman of the Board and hold relevant positions of the committees under the Board. Mr. Ruan has confirmed that he has no disagreement with the Board, and there is no matter relating to his resignation that needs to be brought to the attention of the shareholders of the Company and The Stock Exchange of Hong Kong Limited. The Board further announced that following the resignation of Mr. Ruan as the President, the Board decided to appoint Ms. Ruan Zeyun as the President. Ms. Ruan Zeyun, formerly known as Ms. Ruan Xiao, was born in 1987. Ms. Ruan graduated from Sheffield University in England with a master degree in management. She is one of the de facto controller of the Company. Ms. Ruan joined the Company in October 2009, has successively served as an assistant to general manager and executive deputy general manager of Shanghai Flat Glass Co., Ltd. director of Anhui Flat Solar Glass Co., Ltd. and the secretary of the Board. Currently, she is the deputy president, general manager of public services department and the company secretary of the Company. Ms. Ruan is the spouse of Mr. Zhao Xiaofei, and the daughter of Mr. Ruan and Ms. Jiang Jinhua. Recent Insider Transactions • May 31
Deputy Chairman & Deputy GM recently sold €16m worth of stock On the 26th of May, Jinhua Jiang sold around 1m shares on-market at roughly €15.22 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Jinhua's only on-market trade for the last 12 months. Valuation Update With 7 Day Price Move • May 29
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to €2.92, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 16x in the Semiconductor industry in Germany. Total loss to shareholders of 16% over the past year. Recent Insider Transactions • May 19
Deputy Chairman & Deputy GM recently sold €3.8m worth of stock On the 15th of May, Jinhua Jiang sold around 247k shares on-market at roughly €15.17 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Jinhua's only on-market trade for the last 12 months. Annonce • May 05
Flat Glass Group Co., Ltd., Annual General Meeting, Jun 06, 2023 Flat Glass Group Co., Ltd., Annual General Meeting, Jun 06, 2023, at 14:00 China Standard Time. Location: 2nd Floor, Conference Room, Administrative Building, 959 Yunhe Road, Xiuzhou District, Jiaxing,Zhejiang Province, the People's Republic of China Jiaxing City Zhejiang Province China Agenda: To consider and approve the report of the Board for the year ended 31 December 2022; to consider and approve the report of the Supervisory Committee for the year ended 31 December 2022; to consider and approve the audited consolidated financial statements of the Company and its subsidiaries for the year ended 31 December 2022; to consider and approve the annual report and annual results of the Company for the year ended 31 December 2022; to consider and approve the report on the Company's final accounts for the year ended 31 December 2022; to consider and approve the proposal determination of the remuneration of the Directors for year ending 31 December 2023; to consider other matters if any. Valuation Update With 7 Day Price Move • Jan 07
Investor sentiment improved over the past week After last week's 15% share price gain to €2.56, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 14x in the Semiconductor industry in Germany. Total loss to shareholders of 34% over the past year. Board Change • Nov 21
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. 4 non-independent directors. Independent Non-Executive Director Carmen Ng was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Nov 03
Investor sentiment improved over the past week After last week's 15% share price gain to €2.72, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 14x in the Semiconductor industry in Germany. Total loss to shareholders of 33% over the past year. Reported Earnings • Oct 28
Third quarter 2022 earnings released: EPS: CN¥0.23 (vs CN¥0.21 in 3Q 2021) Third quarter 2022 results: EPS: CN¥0.23 (up from CN¥0.21 in 3Q 2021). Revenue: CN¥3.91b (up 69% from 3Q 2021). Net income: CN¥501.5m (up 10.0% from 3Q 2021). Profit margin: 13% (down from 20% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 23% p.a. on average during the next 3 years, compared to a 8.6% growth forecast for the Semiconductor industry in Germany. Reported Earnings • Aug 26
Second quarter 2022 earnings released: EPS: CN¥0.27 (vs CN¥0.19 in 2Q 2021) Second quarter 2022 results: EPS: CN¥0.27 (up from CN¥0.19 in 2Q 2021). Revenue: CN¥3.80b (up 93% from 2Q 2021). Net income: CN¥566.0m (up 34% from 2Q 2021). Profit margin: 15% (down from 22% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to grow 44%, compared to a 12% growth forecast for the Semiconductor industry in Germany. Valuation Update With 7 Day Price Move • May 04
Investor sentiment improved over the past week After last week's 22% share price gain to €3.66, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 17x in the Semiconductor industry in Germany. Total returns to shareholders of 60% over the past year. Reported Earnings • May 02
First quarter 2022 earnings released: EPS: CN¥0.20 (vs CN¥0.40 in 1Q 2021) First quarter 2022 results: EPS: CN¥0.20 (down from CN¥0.40 in 1Q 2021). Revenue: CN¥3.51b (up 71% from 1Q 2021). Net income: CN¥436.7m (down 48% from 1Q 2021). Profit margin: 12% (down from 41% in 1Q 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to grow 52%, compared to a 15% growth forecast for the industry in Germany. Board Change • May 02
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. 4 non-independent directors. Independent Non-Executive Director Carmen Ng was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Apr 22
Investor sentiment deteriorated over the past week After last week's 16% share price decline to €2.84, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 17x in the Semiconductor industry in Germany. Total returns to shareholders of 9.3% over the past year. Valuation Update With 7 Day Price Move • Jan 04
Investor sentiment improved over the past week After last week's 22% share price gain to €4.48, the stock trades at a forward P/E ratio of 27x. Average forward P/E is 26x in the Semiconductor industry in Germany. Reported Earnings • Oct 22
Third quarter 2021 earnings released: EPS CN¥0.21 (vs CN¥0.18 in 3Q 2020) The company reported a solid third quarter result with improved earnings and revenues, although profit margins were weaker. Third quarter 2021 results: Revenue: CN¥2.31b (up 52% from 3Q 2020). Net income: CN¥455.8m (up 30% from 3Q 2020). Profit margin: 20% (down from 23% in 3Q 2020). The decrease in margin was driven by higher expenses. Valuation Update With 7 Day Price Move • Oct 21
Investor sentiment improved over the past week After last week's 16% share price gain to €4.38, the stock trades at a forward P/E ratio of 30x. Average forward P/E is 30x in the Semiconductor industry in Germany. Valuation Update With 7 Day Price Move • Aug 31
Investor sentiment improved over the past week After last week's 33% share price gain to €4.58, the stock trades at a forward P/E ratio of 30x. Average forward P/E is 37x in the Semiconductor industry in Germany. Reported Earnings • Aug 10
Second quarter 2021 earnings released: EPS CN¥0.19 (vs CN¥0.13 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: CN¥1.97b (up 52% from 2Q 2020). Net income: CN¥423.2m (up 72% from 2Q 2020). Profit margin: 22% (up from 19% in 2Q 2020). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • Aug 03
Investor sentiment improved over the past week After last week's 25% share price gain to CN¥4.14, the stock trades at a forward P/E ratio of 29x. Average forward P/E is 33x in the Semiconductor industry in Germany. Recent Insider Transactions • Jun 12
Insider recently bought €81k worth of stock On the 7th of June, Zeyun Ruan bought around 35k shares on-market at roughly €2.32 per share. In the last 3 months, there was an even bigger purchase from another insider worth €86k. Despite this recent purchase, insiders have collectively sold €5.8m more in shares than they bought in the last 12 months. Valuation Update With 7 Day Price Move • Jun 11
Investor sentiment improved over the past week After last week's 18% share price gain to CN¥2.64, the stock trades at a forward P/E ratio of 21x. Average forward P/E is 34x in the Semiconductor industry in Germany. Executive Departure • May 28
Independent Non-Executive Director has left the company On the 20th of May, Xiaozhong Cui's tenure as Independent Non-Executive Director ended after 4.5 years in the role. We don't have any record of a personal shareholding under Xiaozhong's name. A total of 2 executives have left over the last 12 months. Executive Departure • May 28
Independent Non-Executive Director has left the company On the 20th of May, Ki Hung Ng's tenure as Independent Non-Executive Director ended after 6.3 years in the role. We don't have any record of a personal shareholding under Ki Hung's name. A total of 2 executives have left over the last 12 months. Recent Insider Transactions • May 13
Deputy Chairman & Deputy GM recently bought €86k worth of stock On the 7th of May, Jinhua Jiang bought around 45k shares on-market at roughly €1.92 per share. This was the largest purchase by an insider in the last 3 months. This was Jinhua's only on-market trade for the last 12 months. Valuation Update With 7 Day Price Move • May 07
Investor sentiment deteriorated over the past week After last week's 23% share price decline to CN¥2.04, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 38x in the Semiconductor industry in Germany. Reported Earnings • May 01
First quarter 2021 earnings released: EPS CN¥0.40 (vs CN¥0.11 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: CN¥2.06b (up 71% from 1Q 2020). Net income: CN¥837.8m (up 289% from 1Q 2020). Profit margin: 41% (up from 18% in 1Q 2020). The increase in margin was driven by higher revenue. Reported Earnings • Mar 30
Full year 2020 earnings released: EPS CN¥0.83 (vs CN¥0.37 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: CN¥6.26b (up 30% from FY 2019). Net income: CN¥1.63b (up 127% from FY 2019). Profit margin: 26% (up from 15% in FY 2019). The increase in margin was driven by higher revenue.