Valuation Update With 7 Day Price Move • Jul 21
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to CN¥21.80, the stock trades at a trailing P/E ratio of 76.5x. Average trailing P/E is 30x in the Personal Products industry in China. お知らせ • Jun 30
TSI Group Co., Ltd. to Report First Half, 2026 Results on Aug 28, 2026 TSI Group Co., Ltd. announced that they will report first half, 2026 results on Aug 28, 2026 New Risk • May 19
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 20% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 2.8% per year over the past 5 years. High level of non-cash earnings (20% accrual ratio). Minor Risk Profit margins are more than 30% lower than last year (11% net profit margin). お知らせ • Apr 29
TSI Group Co., Ltd. (SHSE:603262) announces an Equity Buyback for CNY 60 million worth of its shares. TSI Group Co., Ltd. (SHSE:603262) announces a share repurchase program. Under the program, the company will repurchase up to CNY 60 million. The repurchase price will not be more than CNY 30 per share. The program will be funded via own funds and self-raised funds. Shares repurchased will be used for employee stock ownership plans or equity incentives. If the company fails to use up the repurchased shares within 36 months after the completion of the share repurchase, the unused repurchased shares will be cancelled. The program will be valid for 12 months. New Risk • Apr 29
New major risk - Revenue and earnings growth Earnings have declined by 2.7% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 2.7% per year over the past 5 years. Minor Risk Profit margins are more than 30% lower than last year (11% net profit margin). Reported Earnings • Apr 29
First quarter 2026 earnings released: EPS: CN¥0.06 (vs CN¥0.14 in 1Q 2025) First quarter 2026 results: EPS: CN¥0.06 (down from CN¥0.14 in 1Q 2025). Revenue: CN¥240.1m (down 15% from 1Q 2025). Net income: CN¥22.9m (down 53% from 1Q 2025). Profit margin: 9.5% (down from 17% in 1Q 2025). The decrease in margin was driven by lower revenue. お知らせ • Apr 28
TSI Group Co., Ltd., Annual General Meeting, May 29, 2026 TSI Group Co., Ltd., Annual General Meeting, May 29, 2026, at 14:00 China Standard Time. Location: 5F, Building 54, No. 1089, Qinzhou North Road, Xuhui District, Shanghai China お知らせ • Mar 30
TSI Group Co., Ltd. to Report Q1, 2026 Results on Apr 28, 2026 TSI Group Co., Ltd. announced that they will report Q1, 2026 results on Apr 28, 2026 お知らせ • Dec 26
TSI Group Co., Ltd. to Report Fiscal Year 2025 Results on Apr 28, 2026 TSI Group Co., Ltd. announced that they will report fiscal year 2025 results on Apr 28, 2026 お知らせ • Sep 30
TSI Group Co., Ltd. to Report Q3, 2025 Results on Oct 30, 2025 TSI Group Co., Ltd. announced that they will report Q3, 2025 results on Oct 30, 2025 Board Change • Jul 23
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. 1 highly experienced director. 1 independent director (3 non-independent directors). Independent Director Zhong Li was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment.