Board Change • May 01
High number of new and inexperienced directors There are 5 new directors who have joined the board in the last 3 years. The company's board is composed of: 5 new directors. No experienced directors. No highly experienced directors. Independent Non-Executive Director Jade Wong is the most experienced director on the board, commencing their role in 2025. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Reported Earnings • Mar 30
Full year 2025 earnings released: HK$0.42 loss per share (vs HK$0.56 loss in FY 2024) Full year 2025 results: HK$0.42 loss per share. Revenue: HK$382.4m (down 26% from FY 2024). Net loss: HK$92.8m (loss widened 27% from FY 2024). Annuncio • Mar 17
Winshine Science Company Limited to Report Fiscal Year 2025 Results on Mar 27, 2026 Winshine Science Company Limited announced that they will report fiscal year 2025 results on Mar 27, 2026 New Risk • Jan 16
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Over 9x increase in shares outstanding. This is considered a major 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 Share price has been highly volatile over the past 3 months (25% average weekly change). Negative equity (-HK$175m). Shareholders have been substantially diluted in the past year (over 9x increase in shares outstanding). Minor Risk Market cap is less than US$100m (HK$271.9m market cap, or US$34.9m). Board Change • Nov 01
High number of new and inexperienced directors There are 5 new directors who have joined the board in the last 3 years. The company's board is composed of: 5 new directors. 1 experienced director. No highly experienced directors. Non-Executive Director Shaopeng Lin is the most experienced director on the board, commencing their role in 2017. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Annuncio • Oct 20
Winshine Science Company Limited Announces Company Secretary Changes, Effective October 17, 2025 Winshine Science Company Limited hereby announces that, with effect from October 17, 2025, Ms. Yu Nga Yan resigned as the company secretary of the Company and ceased to be an authorised representative under Rule 3.05 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited and an authorised representative of the Company for accepting service of process and notices on behalf of the Company in Hong Kong as required under Part 16 of the Companies Ordinance (Chapter 622 of the Laws of Hong Kong); and Ms. Chan Yuk Yee has been appointed as the Company Secretary and an authorised representative under Rule 3.05 of the Listing Rules and an authorised representative of the Company for accepting service of process and notices on behalf of the Company in Hong Kong as required under Part 16 of the Companies Ordinance (Chapter 622 of the Laws of Hong Kong). Ms. Chan, aged 57, holds a Master of Business Law degree from Monash University in Australia and is a Chartered Secretary, Chartered Governance Professional and an associate of both The Hong Kong Chartered Governance Institute and The Chartered Governance Institute in the United Kingdom. She has extensive experience in corporate governance and company secretarial practice. Before joining the Company, Ms. Chan served as company secretary at several listed companies in Hong Kong. Annuncio • Oct 15
Winshine Science Company Limited has filed a Follow-on Equity Offering in the amount of HKD 181.994796 million. Winshine Science Company Limited has filed a Follow-on Equity Offering in the amount of HKD 181.994796 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 1,299,962,832
Price\Range: HKD 0.14
Discount Per Security: HKD 0.0035
Transaction Features: Rights Offering Reported Earnings • Oct 02
First half 2025 earnings released: HK$0.25 loss per share (vs HK$0.22 loss in 1H 2024) First half 2025 results: HK$0.25 loss per share (further deteriorated from HK$0.22 loss in 1H 2024). Revenue: HK$148.4m (down 22% from 1H 2024). Net loss: HK$38.3m (loss widened 44% from 1H 2024). Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has fallen by 48% per year, which means it is significantly lagging earnings. New Risk • Sep 23
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 28% 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 Share price has been highly volatile over the past 3 months (74% average weekly change). Negative equity (-HK$175m). Market cap is less than US$10m (HK$52.0m market cap, or US$6.69m). Minor Risks Shareholders have been diluted in the past year (28% increase in shares outstanding). Significant insider selling over the past 3 months (HK$45m sold). Annuncio • Sep 12
Winshine Science Company Limited has filed a Follow-on Equity Offering in the amount of HKD 10.833024 million. Winshine Science Company Limited has filed a Follow-on Equity Offering in the amount of HKD 10.833024 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 30,951,496
Price\Range: HKD 0.35
Discount Per Security: HKD 0.00875
Transaction Features: Subsequent Direct Listing Recent Insider Transactions • Sep 06
Insider recently bought HK$19m worth of stock On the 3rd of September, Jingyu Wang bought around 37m shares on-market at roughly HK$0.50 per share. This trade did not impact their existing holding. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought HK$14m more in shares than they have sold in the last 12 months. Reported Earnings • Sep 02
First half 2025 earnings released: HK$0.25 loss per share (vs HK$0.22 loss in 1H 2024) First half 2025 results: HK$0.25 loss per share (further deteriorated from HK$0.22 loss in 1H 2024). Revenue: HK$148.4m (down 22% from 1H 2024). Net loss: HK$38.3m (loss widened 44% from 1H 2024). Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has fallen by 28% per year, which means it is significantly lagging earnings. New Risk • Aug 31
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -HK$37m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-HK$37m free cash flow). Share price has been highly volatile over the past 3 months (74% average weekly change). Negative equity (-HK$175m). Minor Risks Significant insider selling over the past 3 months (HK$4.5m sold). Market cap is less than US$100m (HK$85.1m market cap, or US$10.9m). Annuncio • Aug 15
Winshine Science Company Limited to Report First Half, 2025 Results on Aug 29, 2025 Winshine Science Company Limited announced that they will report first half, 2025 results on Aug 29, 2025 New Risk • Aug 13
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 Hong Kong stocks, typically moving 69% 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 (69% average weekly change). Negative equity (-HK$140m). Minor Risks Shareholders have been diluted in the past year (26% increase in shares outstanding). Market cap is less than US$100m (HK$116.1m market cap, or US$14.8m). Board Change • Aug 11
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, 1 was an independent director. The company's board is composed of: 2 independent directors. 5 non-independent directors. Independent Non-Executive Director Yumei Wang was the last independent director to join the board, commencing their role in 2024. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Annuncio • Jul 09
Winshine Science Company Limited Announces Change of Company Secretary The board of directors of Winshine Science Company Limited announced that Mr. Lam Koon Fai ("Mr. Lam") has tendered his resignation as
the company secretary (the "Company Secretary") and an authorised representative of the Company to pursue other career development with effect from 7 July 2025. Mr. Lam confirmed that he has no disagreement with the Board and there are no matters in relation to his resignation that need to be brought to the attention of the shareholders of the Company and The Stock Exchange of Hong Kong Limited (the "Stock Exchange"). The Board announced that Ms. Yu Nga Yan ("Ms. Yu") has been appointed as the Company Secretary and an authorised representative of the Company with effect from 7 July 2025. Ms. Yu has over 10 years of auditing, accounting and company secretarial practice in listed companies on the Stock Exchange. Ms. Yu served as a senior associate in audit department in Deloitte Touche Tohmatsu from 2007 to 2012. Ms. Yu joined YTO International Express and Supply Chain Technology Limited, the issued shares of which are listed on the Main Board of the Stock Exchange (stock code: 6123) in 2012 and served as the group financial controller from January 2020 to July 2021. Ms. Yu obtained a bachelor's degree of business administration in accounting from the Hong Kong University of Science and Technology. Ms. Yu is a member of The Hong Kong Institute of Certified Public Accountants. Board Change • Jun 10
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 4 non-independent directors. Independent Non-Executive Director Yumei Wang 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. Annuncio • May 22
Winshine Science Company Limited Announces Retirement of Mr. Zhao Yong as Independent Non-Executive Director, Effective Date Is May 22, 2025 Winshine Science Company Limited announced that the resolution regarding the re-election of Mr. Zhao Yong as an independent non-executive Director was not passed at the AGM. Consequently, Mr. Zhao has retired as an independent non-executive Director, effective from the conclusion of the AGM on May 22, 2025. Following his retirement, Mr. Zhao ceased to be a member of both the audit committee and the remuneration committee of the Company. The composition of the board committees upon his retirement is as follows: Audit Committee - Mr. Kwok Kim Hung Eddie (Chairman), Ms. Wang Yumei; Remuneration Committee - Mr. Weng Zudian (Chairman), Ms. Wang Yumei; Nomination Committee - Mr. Jiang Qinghui (Chairman), Mr. Kwok Kim Hung Eddie, Ms. Wang Yumei. Board Change • May 06
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 Yumei Wang 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. Annuncio • Apr 30
Winshine Science Company Limited, Annual General Meeting, May 22, 2025 Winshine Science Company Limited, Annual General Meeting, May 22, 2025, at 10:30 China Standard Time. Location: 35/f, dah sing financial centre, 248 queen`s road east, wanchai, Hong Kong Board Change • Apr 07
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 Yumei Wang 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. Reported Earnings • Apr 02
Full year 2024 earnings released: HK$0.56 loss per share (vs HK$0.32 loss in FY 2023) Full year 2024 results: HK$0.56 loss per share (further deteriorated from HK$0.32 loss in FY 2023). Revenue: HK$515.9m (down 1.4% from FY 2023). Net loss: HK$73.0m (loss widened 155% from FY 2023). Over the last 3 years on average, earnings per share has increased by 59% per year but the company’s share price has fallen by 51% per year, which means it is significantly lagging earnings. Annuncio • Mar 14
Winshine Science Company Limited to Report Fiscal Year 2024 Results on Mar 31, 2025 Winshine Science Company Limited announced that they will report fiscal year 2024 results on Mar 31, 2025 Board Change • Mar 03
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 Yumei Wang 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. Annuncio • Feb 28
Winshine Science Company Limited Announces Board and Committee Changes The board of directors of Winshine Science Company Limited announced that, with effect from 28 February 2025, Mr. Chan Cheuk Ho (Mr. Chan) resigned as an independent non-executive Director (the "INED") due to his desire to devote more time to his personal and other business engagements. Following his resignation as a Director, the Board further announce that, with effect from 28 February 2025: Audit Committee: Mr. Chan has ceased to be the chairman of the audit committee and Mr. Kwok Kim Hung Eddie, the existing INED, has been redesignated as the chairman of the audit committee and Ms. Wang Yumei, the existing INED, has been appointed as a member of the audit committee. Remuneration Committee: Mr. Chan has ceased to be the chairman of the remuneration committee and Mr. Weng Zudian, the existing executive director, has been redesignated as the chairman of the remuneration committee and Ms. Wang Yumei, the existing INED, has been appointed as a member of the remuneration committee. Nomination Committee: Mr. Chan has ceased to be a member of the nomination committee and Ms. Wang Yumei, the existing INED, has been appointed as a member of the nomination committee. Board Change • Feb 06
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Non-Executive Director Yumei Wang was the last director to join the board, commencing their role in 2024. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Annuncio • Jan 29
Winshine Science Company Limited has completed a Follow-on Equity Offering in the amount of HKD 1.316 million. Winshine Science Company Limited has completed a Follow-on Equity Offering in the amount of HKD 1.316 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 9,400,000
Price\Range: HKD 0.14
Transaction Features: Subsequent Direct Listing Annuncio • Jan 23
Winshine Science Company Limited has filed a Follow-on Equity Offering in the amount of HKD 1.316 million. Winshine Science Company Limited has filed a Follow-on Equity Offering in the amount of HKD 1.316 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 9,400,000
Price\Range: HKD 0.14
Transaction Features: Subsequent Direct Listing Board Change • Jan 01
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Non-Executive Director Yumei Wang was the last director to join the board, commencing their role in 2024. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Annuncio • Dec 12
Winshine Science Company Limited Appoints Wang Yumei as Independent Non-Executive Director The board of directors of Winshine Science Company Limited announced that Ms. Wang Yumei ("Ms. Wang") has been appointed as an independent non-executive Director with effect from 12 December 2024. Ms. Wang, aged 42, has been acting as the deputy chief lawyer and one of the founders of Hebei Shoudao Law Firm. She has over 15 years of experience in the legal and business practice of in the PRC, including provision of annual legal retainer service for both government agencies and enterprise units. Ms. Wang graduated from Hebei GEO University majoring in Laws and obtained a Master of Laws from Hebei University in the PRC. Pursuant to the letter of appointment entered into between the Company and Ms. Wang, she has been appointed for a term of two years commencing from 12 December 2024 and is subject to the provision of retirement by rotation and re-election at the annual general meeting of the Company at least once every three years in accordance with the articles of association of the Company. Annuncio • Aug 17
Winshine Science Company Limited to Report First Half, 2024 Results on Aug 30, 2024 Winshine Science Company Limited announced that they will report first half, 2024 results on Aug 30, 2024 Board Change • May 28
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, 2 were independent directors. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Non-Executive Director Cheuk Ho Chan was the last independent director to join the board, commencing their role in 2023. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity.