Declared Dividend • May 18
Dividend of CN¥0.20 announced Dividend of CN¥0.20 is the same as last year. Ex-date: 21st May 2026 Payment date: 21st May 2026 Dividend yield will be 1.4%, which is lower than the industry average of 1.8%. Sustainability & Growth Dividend is covered by earnings (64% 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 5.9% per year over the past 5 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to decline by 29% to shift the payout ratio to a potentially unsustainable range, which is more than the 6.7% EPS decline seen over the last 5 years. Reported Earnings • Apr 29
First quarter 2026 earnings released: EPS: CN¥0.04 (vs CN¥0.11 in 1Q 2025) First quarter 2026 results: EPS: CN¥0.04 (down from CN¥0.11 in 1Q 2025). Revenue: CN¥127.9m (down 7.7% from 1Q 2025). Net income: CN¥10.4m (down 63% from 1Q 2025). Profit margin: 8.1% (down from 20% in 1Q 2025). The decrease in margin was primarily driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 76% per year but the company’s share price has only increased by 22% per year, which means it is significantly lagging earnings growth. Annuncio • Mar 31
Jiangsu Rijiu Optoelectronics Jointstock Co., Ltd to Report Q1, 2026 Results on Apr 28, 2026 Jiangsu Rijiu Optoelectronics Jointstock Co., Ltd announced that they will report Q1, 2026 results on Apr 28, 2026 Reported Earnings • Mar 24
Full year 2025 earnings released: EPS: CN¥0.38 (vs CN¥0.25 in FY 2024) Full year 2025 results: EPS: CN¥0.38 (up from CN¥0.25 in FY 2024). Revenue: CN¥667.4m (up 14% from FY 2024). Net income: CN¥104.5m (up 55% from FY 2024). Profit margin: 16% (up from 12% in FY 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 70% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth. Annuncio • Mar 23
Jiangsu Rijiu Optoelectronics Jointstock Co., Ltd, Annual General Meeting, Apr 27, 2026 Jiangsu Rijiu Optoelectronics Jointstock Co., Ltd, Annual General Meeting, Apr 27, 2026, at 14:30 China Standard Time. Location: The Company's Meeting Room, Kunshan, Jiangsu China Valuation Update With 7 Day Price Move • Mar 23
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to CN¥14.60, the stock trades at a trailing P/E ratio of 45.8x. Average trailing P/E is 58x in the Electronic industry in China. Total returns to shareholders of 55% over the past three years. Annuncio • Dec 31
Jiangsu Rijiu Optoelectronics Jointstock Co., Ltd to Report Fiscal Year 2025 Results on Mar 24, 2026 Jiangsu Rijiu Optoelectronics Jointstock Co., Ltd announced that they will report fiscal year 2025 results on Mar 24, 2026 Reported Earnings • Oct 22
Third quarter 2025 earnings released: EPS: CN¥0.11 (vs CN¥0.092 in 3Q 2024) Third quarter 2025 results: EPS: CN¥0.11 (up from CN¥0.092 in 3Q 2024). Revenue: CN¥198.6m (up 21% from 3Q 2024). Net income: CN¥31.3m (up 35% from 3Q 2024). Profit margin: 16% (up from 14% in 3Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 53% per year but the company’s share price has only increased by 24% per year, which means it is significantly lagging earnings growth. Annuncio • Sep 30
Jiangsu Rijiu Optoelectronics Jointstock Co., Ltd to Report Q3, 2025 Results on Oct 21, 2025 Jiangsu Rijiu Optoelectronics Jointstock Co., Ltd announced that they will report Q3, 2025 results on Oct 21, 2025 Valuation Update With 7 Day Price Move • Aug 28
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to CN¥20.44, the stock trades at a trailing P/E ratio of 70.6x. Average trailing P/E is 62x in the Electronic industry in China. Total returns to shareholders of 130% over the past three years. Reported Earnings • Aug 17
Second quarter 2025 earnings released: EPS: CN¥0.062 (vs CN¥0.11 in 2Q 2024) Second quarter 2025 results: EPS: CN¥0.062 (down from CN¥0.11 in 2Q 2024). Revenue: CN¥163.5m (up 1.8% from 2Q 2024). Net income: CN¥17.6m (down 35% from 2Q 2024). Profit margin: 11% (down from 17% in 2Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth. New Risk • Jul 10
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 6.8% 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: Major Risk Earnings have declined by 32% per year over the past 5 years. 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 (6.8% average weekly change). Annuncio • Jul 02
Jiangsu Rijiu Optoelectronics Jointstock Co., Ltd to Report First Half, 2025 Results on Aug 12, 2025 Jiangsu Rijiu Optoelectronics Jointstock Co., Ltd announced that they will report first half, 2025 results on Aug 12, 2025 Declared Dividend • May 28
Dividend increased to CN¥0.20 Dividend of CN¥0.20 is 100% higher than last year. Ex-date: 30th May 2025 Payment date: 30th May 2025 Dividend yield will be 1.4%, which is lower than the industry average of 1.8%. Sustainability & Growth Dividend is covered by both earnings (57% earnings payout ratio) and cash flows (38% cash payout ratio). The dividend has increased by an average of 7.5% per year over the past 4 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to decline by 36% to shift the payout ratio to a potentially unsustainable range, which is more than the 3.5% EPS decline seen over the last 5 years. Annuncio • Apr 16
Jiangsu Rijiu Optoelectronics Jointstock Co., Ltd Proposes Final Cash Dividend for the Year 2024 Jiangsu Rijiu Optoelectronics Jointstock Co. Ltd. announced on 15 April 2025 the profit distribution proposal for 2024 as Cash dividend/10 shares (tax included): CNY 2.00000000. Reported Earnings • Apr 15
Full year 2024 earnings released: EPS: CN¥0.25 (vs CN¥0.06 loss in FY 2023) Full year 2024 results: EPS: CN¥0.25 (up from CN¥0.06 loss in FY 2023). Revenue: CN¥583.1m (up 22% from FY 2023). Net income: CN¥67.5m (up CN¥84.1m from FY 2023). Profit margin: 12% (up from net loss in FY 2023). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 40% per year but the company’s share price has increased by 15% per year, which means it is well ahead of earnings. Annuncio • Apr 15
Jiangsu Rijiu Optoelectronics Jointstock Co., Ltd, Annual General Meeting, May 06, 2025 Jiangsu Rijiu Optoelectronics Jointstock Co., Ltd, Annual General Meeting, May 06, 2025, at 14:30 China Standard Time. Location: The Company's Meeting Room, Kunshan, Jiangsu China Annuncio • Mar 31
Jiangsu Rijiu Optoelectronics Jointstock Co., Ltd to Report Q1, 2025 Results on Apr 22, 2025 Jiangsu Rijiu Optoelectronics Jointstock Co., Ltd announced that they will report Q1, 2025 results on Apr 22, 2025 New Risk • Jan 13
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 9.5% 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 Risk Earnings have declined by 46% per year over the past 5 years. 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 (9.5% average weekly change). Large one-off items impacting financial results. Annuncio • Dec 31
Jiangsu Rijiu Optoelectronics Jointstock Co., Ltd to Report Fiscal Year 2024 Results on Apr 15, 2025 Jiangsu Rijiu Optoelectronics Jointstock Co., Ltd announced that they will report fiscal year 2024 results on Apr 15, 2025 Reported Earnings • Oct 19
Third quarter 2024 earnings released: EPS: CN¥0.092 (vs CN¥0.002 in 3Q 2023) Third quarter 2024 results: EPS: CN¥0.092 (up from CN¥0.002 in 3Q 2023). Revenue: CN¥163.9m (up 17% from 3Q 2023). Net income: CN¥23.2m (up CN¥21.4m from 3Q 2023). Profit margin: 14% (up from 1.3% in 3Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 79 percentage points per year, which is a significant difference in performance. Annuncio • Sep 30
Jiangsu Rijiu Optoelectronics Jointstock Co., Ltd to Report Q3, 2024 Results on Oct 18, 2024 Jiangsu Rijiu Optoelectronics Jointstock Co., Ltd announced that they will report Q3, 2024 results on Oct 18, 2024 New Risk • Aug 29
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 7.2% 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 Earnings have declined by 51% per year over the past 5 years. Minor Risks Dividend is not well covered by earnings (220% payout ratio). Share price has been volatile over the past 3 months (7.2% average weekly change). Reported Earnings • Aug 06
Second quarter 2024 earnings released: EPS: CN¥0.11 (vs CN¥0.14 in 2Q 2023) Second quarter 2024 results: EPS: CN¥0.11. Revenue: CN¥160.5m (up 31% from 2Q 2023). Net income: CN¥26.8m (up 233% from 2Q 2023). Profit margin: 17% (up from 6.6% in 2Q 2023). Annuncio • Jun 29
Jiangsu Rijiu Optoelectronics Jointstock Co., Ltd to Report First Half, 2024 Results on Aug 06, 2024 Jiangsu Rijiu Optoelectronics Jointstock Co., Ltd announced that they will report first half, 2024 results on Aug 06, 2024 Declared Dividend • May 13
Dividend reduced to CN¥0.10 Dividend of CN¥0.10 is 50% lower than last year. Ex-date: 20th May 2024 Payment date: 20th May 2024 Dividend yield will be 1.0%, which is lower than the industry average of 1.8%. Sustainability & Growth Dividend is not covered by earnings (dividend approximately 8x earnings). However, it is covered by cash flows (59% cash payout ratio). The dividend has increased by an average of 10% per year over the past 3 years and payments have been stable during that time. The company's earnings per share (EPS) would need to grow by 790% to bring the payout ratio under control. However, EPS has declined by 57% over the last 5 years so the company would need to reverse this trend. Annuncio • May 11
Jiangsu Rijiu Optoelectronics Jointstock Co., Ltd Announces Cash Dividend on A Shares for the Year 2023, Payable on 20 May 2024 Jiangsu Rijiu Optoelectronics Jointstock Co. Ltd. announced cash dividend of CNY 1.0000000 per 10 shares (tax included) on A shares for the year 2023. Record date is 17 May 2024, Ex-date is 20 May 2024 and Payment date is 20 May 2024. Annuncio • May 10
Jiangsu Rijiu Optoelectronics Jointstock Co., Ltd Approves Cash Dividend for the Year 2023 Jiangsu Rijiu Optoelectronics Jointstock Co. Ltd. at its Annual General Meeting held on 06 May 2024, approved cash dividend/10 shares (tax included) of CNY 1.00000000 for the year 2023. Reported Earnings • Apr 18
Full year 2023 earnings released: CN¥0.06 loss per share (vs CN¥0.15 profit in FY 2022) Full year 2023 results: CN¥0.06 loss per share (down from CN¥0.15 profit in FY 2022). Revenue: CN¥477.9m (up 1.9% from FY 2022). Net loss: CN¥16.6m (down 142% from profit in FY 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 58 percentage points per year, which is a significant difference in performance. Annuncio • Apr 16
Jiangsu Rijiu Optoelectronics Jointstock Co., Ltd, Annual General Meeting, May 06, 2024 Jiangsu Rijiu Optoelectronics Jointstock Co., Ltd, Annual General Meeting, May 06, 2024, at 14:30 China Standard Time. Location: No. 189, Yintan Road, Xitangqiao Subdistrict, Haiyan County, Jiaxing, Zhejiang China Annuncio • Mar 30
Jiangsu Rijiu Optoelectronics Jointstock Co., Ltd to Report Q1, 2024 Results on Apr 23, 2024 Jiangsu Rijiu Optoelectronics Jointstock Co., Ltd announced that they will report Q1, 2024 results on Apr 23, 2024 Annuncio • Mar 13
Jiangsu Rijiu Optoelectronics Jointstock Co., Ltd Announces Management Appointments Jiangsu Rijiu Optoelectronics Jointstock Co. Ltd. announced at the EGM held on March 11, 2024, approved election of Peng Lei, Yu Yinping and Weng Miao as non-independent director and Lv Li as non-employee supervisor. Annuncio • Feb 20
Jiangsu Rijiu Optoelectronics Jointstock Co., Ltd (SZSE:003015) announces an Equity Buyback for CNY 100 million worth of its shares. Jiangsu Rijiu Optoelectronics Jointstock Co., Ltd (SZSE:003015) announces a share repurchase program. Under the program, the company will repurchase up to CNY 100 million worth of its A shares. The shares will be repurchased at a price not more than CNY 18 per share. The purpose of repurchase program is to maintain the company’s value and safeguard the rights and interests of shareholders. The authorization will be valid for a period of 3 months. Annuncio • Dec 29
Jiangsu Rijiu Optoelectronics Jointstock Co., Ltd to Report Fiscal Year 2023 Results on Apr 16, 2024 Jiangsu Rijiu Optoelectronics Jointstock Co., Ltd announced that they will report fiscal year 2023 results on Apr 16, 2024 New Risk • Oct 31
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 32% 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 Risks Share price has been highly volatile over the past 3 months (9.6% average weekly change). Dividend is not well covered by earnings and cash flows. Dividend per share is over 8x earnings per share. Cash payout ratio: 109% Earnings have declined by 28% per year over the past 5 years. Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1.8% net profit margin). Reported Earnings • Oct 24
Third quarter 2023 earnings released: EPS: CN¥0.002 (vs CN¥0.02 in 3Q 2022) Third quarter 2023 results: EPS: CN¥0.002 (down from CN¥0.02 in 3Q 2022). Revenue: CN¥139.7m (up 24% from 3Q 2022). Net income: CN¥1.81m (down 66% from 3Q 2022). Profit margin: 1.3% (down from 4.6% in 3Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 61% per year but the company’s share price has only fallen by 9% per year, which means it has not declined as severely as earnings. Reported Earnings • Aug 22
Second quarter 2023 earnings released: EPS: CN¥0.14 (vs CN¥0.06 in 2Q 2022) Second quarter 2023 results: EPS: CN¥0.14. Revenue: CN¥122.3m (down 11% from 2Q 2022). Net income: CN¥8.04m (down 52% from 2Q 2022). Profit margin: 6.6% (down from 12% in 2Q 2022). Annuncio • Jul 01
Jiangsu Rijiu Optoelectronics Jointstock Co., Ltd to Report First Half, 2023 Results on Aug 22, 2023 Jiangsu Rijiu Optoelectronics Jointstock Co., Ltd announced that they will report first half, 2023 results on Aug 22, 2023 Reported Earnings • Apr 12
Full year 2022 earnings released: EPS: CN¥0.15 (vs CN¥0.29 in FY 2021) Full year 2022 results: EPS: CN¥0.15 (down from CN¥0.29 in FY 2021). Revenue: CN¥469.1m (down 3.9% from FY 2021). Net income: CN¥39.9m (down 52% from FY 2021). Profit margin: 8.5% (down from 17% in FY 2021). Board Change • Nov 16
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, 3 were independent directors. The company's board is composed of: 3 independent directors. 6 non-independent directors. Independent Director Yongping Ren was the last independent director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Reported Earnings • Oct 25
Third quarter 2022 earnings released: EPS: CN¥0.02 (vs CN¥0.08 in 3Q 2021) Third quarter 2022 results: EPS: CN¥0.02 (down from CN¥0.08 in 3Q 2021). Revenue: CN¥112.5m (down 23% from 3Q 2021). Net income: CN¥5.23m (down 78% from 3Q 2021). Profit margin: 4.6% (down from 16% in 3Q 2021). The decrease in margin was driven by lower revenue. Valuation Update With 7 Day Price Move • Aug 29
Investor sentiment deteriorated over the past week After last week's 20% share price decline to CN¥9.66, the stock trades at a trailing P/E ratio of 40.3x. Average trailing P/E is 36x in the Electronic industry in China. Total loss to shareholders of 28% over the past year. Reported Earnings • Aug 24
Second quarter 2022 earnings released: EPS: CN¥0.06 (vs CN¥0.091 in 2Q 2021) Second quarter 2022 results: EPS: CN¥0.06 (down from CN¥0.091 in 2Q 2021). Revenue: CN¥136.7m (up 17% from 2Q 2021). Net income: CN¥16.9m (down 32% from 2Q 2021). Profit margin: 12% (down from 21% in 2Q 2021). The decrease in margin was driven by higher expenses. Annuncio • May 14
Jiangsu Rijiu Optoelectronics Jointstock Co., Ltd Announces 2021 Final Profit Distribution Plan to Be Implemented on A Shares, Payable on 19 May 2022 Jiangsu Rijiu Optoelectronics Jointstock Co. Ltd. announced 2021 final profit distribution plan to be implemented on A shares: Cash dividend/10 shares (tax included) is CNY 2.00000000. Record date is 18 May 2022, Ex-date is 19 May 2022 and Payment date is 19 May 2022. Reported Earnings • Apr 27
First quarter 2022 earnings released: EPS: CN¥0.05 (vs CN¥0.07 in 1Q 2021) First quarter 2022 results: EPS: CN¥0.05 (down from CN¥0.07 in 1Q 2021). Revenue: CN¥112.0m (up 15% from 1Q 2021). Net income: CN¥13.1m (down 35% from 1Q 2021). Profit margin: 12% (down from 21% in 1Q 2021). The decrease in margin was driven by higher expenses. Annuncio • Apr 13
Jiangsu Rijiu Optoelectronics Jointstock Co., Ltd Announces Final Cash Dividend Proposal for 2021 Jiangsu Rijiu Optoelectronics Jointstock Co. Ltd. announced final cash dividend proposal for 2021 on April 12, 2022. Cash dividend/10 shares (tax included) of CNY 2.000000000. Reported Earnings • Apr 12
Full year 2021 earnings released: EPS: CN¥0.29 (vs CN¥0.45 in FY 2020) Full year 2021 results: EPS: CN¥0.29 (down from CN¥0.45 in FY 2020). Revenue: CN¥488.3m (down 5.6% from FY 2020). Net income: CN¥82.4m (down 17% from FY 2020). Profit margin: 17% (down from 19% in FY 2020). The decrease in margin was driven by lower revenue. Reported Earnings • Oct 25
Third quarter 2021 earnings released: EPS CN¥0.08 (vs CN¥0.18 in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2021 results: Revenue: CN¥146.6m (down 9.4% from 3Q 2020). Net income: CN¥23.5m (down 38% from 3Q 2020). Profit margin: 16% (down from 23% in 3Q 2020). Valuation Update With 7 Day Price Move • Sep 10
Investor sentiment improved over the past week After last week's 17% share price gain to CN¥17.53, the stock trades at a trailing P/E ratio of 43x. Average trailing P/E is 38x in the Electronic industry in China. Reported Earnings • Aug 24
Second quarter 2021 earnings released: EPS CN¥0.091 (vs CN¥0.18 in 2Q 2020) The company reported a poor second quarter result with weaker earnings, revenues and profit margins. Second quarter 2021 results: Revenue: CN¥117.4m (down 28% from 2Q 2020). Net income: CN¥24.7m (down 34% from 2Q 2020). Profit margin: 21% (down from 23% in 2Q 2020). The decrease in margin was driven by lower revenue. Annuncio • May 19
Jiangsu Rijiu Optoelectronics Jointstock Co., Ltd Announces 2020 Final Profit Distribution Plan to Be Implemented (A Shares), Payable on 26 May 2021 Jiangsu Rijiu Optoelectronics Jointstock Co. Ltd. announced 2020 final profit distribution plan to be implemented (A shares) of CNY 1.50000000 per 10 shares (tax included), with Record date: 25 May 2021; Ex-date: 26 May 2021; and Payment date: 26 May 2021. Annuncio • May 08
Jiangsu Rijiu Optoelectronics Jointstock Co. Ltd. Approves the Profit Distribution Plan for 2020 Jiangsu Rijiu Optoelectronics Jointstock Co. Ltd. in its Annual General Meeting of 2020 held on 06 May 2021, approved the profit distribution plan for 2020 final cash dividend/10 shares (tax included) of CNY 1.50000000. Reported Earnings • Apr 14
Full year 2020 earnings released: EPS CN¥0.45 (vs CN¥0.40 in FY 2019) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2020 results: Revenue: CN¥517.3m (down 6.2% from FY 2019). Net income: CN¥99.1m (up 17% from FY 2019). Profit margin: 19% (up from 15% in FY 2019). The increase in margin was driven by lower expenses. Annuncio • Feb 24
Jiangsu Rijiu Optoelectronics Jointstock Co., Ltd to Report Fiscal Year 2020 Results on Apr 12, 2021 Jiangsu Rijiu Optoelectronics Jointstock Co., Ltd announced that they will report fiscal year 2020 results on Apr 12, 2021 Is New 90 Day High Low • Feb 03
New 90-day low: CN¥12.33 The company is down 26% from its price of CN¥16.56 on 05 November 2020. The Chinese market is up 6.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electronic industry, which is flat over the same period. Annuncio • Dec 17
Jiangsu Rijiu Optoelectronics Jointstock Co., Ltd Announces Management Appointments Jiangsu Rijiu Optoelectronics Jointstock Co. Ltd. at its EGM held on approved election of Zhao Rui, Xu Yijia, Wang Zhijian, Yu Yang as non-independent directors, election of Ren Yongping, Zhang Ya, Kong Feng as independent directors and election of Zhou Feng, Wu Huifang as non-employee supervisors.