Yueyang Forest & Paper（600963）株式概要岳陽紙業有限公司は、文化、産業、包装用の紙製品を中国国内および国際的に製造・販売している。 詳細600963 ファンダメンタル分析スノーフレーク・スコア評価2/6将来の成長0/6過去の実績0/6財務の健全性2/6配当金0/6リスク分析過去5年間で収益は年間42.6%減少しました。 利払いは収益で十分にカバーされない すべてのリスクチェックを見る600963 Community Fair Values Create NarrativeSee what others think this stock is worth. Follow their fair value or set your own to get alerts.NEW487,236 membersJoin community and earn perksGain real feedbackFrom our editorial team, personally. Not silence.Grow your followingReal investors. The kind who actually invest, not scroll past.Unlock free accessFree premium subscription for consistent and quality authors.Learn moreCreate NarrativeBLINRODA487,236 investors already sharing narrativesYour Fair ValueCN¥Current PriceCN¥3.383.4% 割高 内在価値ディスカウントGrowth estimate overAnnual revenue growth rate5 Yearstime period%/yrDecreaseIncreasePastFuture-293m11b2016201920222025202620282031Revenue CN¥9.0bEarnings CN¥493.3mAdvancedSet Fair ValueView all narrativesYueyang Forest & Paper Co., Ltd. 競合他社Fujian Qingshan Paper IndustrySymbol: SHSE:600103Market cap: CN¥6.9bGuangdong Guanhao High-TechSymbol: SHSE:600433Market cap: CN¥6.0bHangzhou Huawang New Material TechnologyLtdSymbol: SHSE:605377Market cap: CN¥5.1bShandong Huatai Paper Industry ShareholdingLtdSymbol: SHSE:600308Market cap: CN¥4.8b価格と性能株価の高値、安値、推移の概要Yueyang Forest & Paper過去の株価現在の株価CN¥3.3852週高値CN¥6.6752週安値CN¥2.92ベータ0.641ヶ月の変化5.63%3ヶ月変化-25.88%1年変化-29.73%3年間の変化-50.80%5年間の変化-68.17%IPOからの変化22.81%最新ニュースお知らせ • Jun 30Yueyang Forest & Paper Co., Ltd. to Report First Half, 2026 Results on Aug 27, 2026Yueyang Forest & Paper Co., Ltd. announced that they will report first half, 2026 results on Aug 27, 2026Reported Earnings • Apr 25First quarter 2026 earnings released: EPS: CN¥0.01 (vs CN¥0.03 in 1Q 2025)First quarter 2026 results: EPS: CN¥0.01 (down from CN¥0.03 in 1Q 2025). Revenue: CN¥1.95b (down 7.3% from 1Q 2025). Net income: CN¥12.9m (down 73% from 1Q 2025). Profit margin: 0.7% (down from 2.2% in 1Q 2025). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 80 percentage points per year, which is a significant difference in performance.お知らせ • Mar 30Yueyang Forest & Paper Co., Ltd. to Report Q1, 2026 Results on Apr 25, 2026Yueyang Forest & Paper Co., Ltd. announced that they will report Q1, 2026 results on Apr 25, 2026Board Change • Mar 19Less than half of directors are independentThere 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: 5 new directors. 1 experienced director. No highly experienced directors. 2 independent directors (4 non-independent directors). Independent Director Haifeng Hu is the most experienced director on the board, commencing their role in 2022. Independent Director Yan Yang 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. Lack of experienced directors.Reported Earnings • Mar 12Full year 2025 earnings released: CN¥0.13 loss per share (vs CN¥0.09 profit in FY 2024)Full year 2025 results: CN¥0.13 loss per share (down from CN¥0.09 profit in FY 2024). Revenue: CN¥8.67b (up 6.8% from FY 2024). Net loss: CN¥235.0m (down 237% from profit in FY 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 77 percentage points per year, which is a significant difference in performance.お知らせ • Mar 11Yueyang Forest & Paper Co., Ltd., Annual General Meeting, Apr 02, 2026Yueyang Forest & Paper Co., Ltd., Annual General Meeting, Apr 02, 2026, at 14:00 China Standard Time. Location: 19F, Office Building, No. 001, Xingang Multimodal Transport Logistics Park, Yunxi District, Yueyang, Hunan China最新情報をもっと見るRecent updatesお知らせ • Jun 30Yueyang Forest & Paper Co., Ltd. to Report First Half, 2026 Results on Aug 27, 2026Yueyang Forest & Paper Co., Ltd. announced that they will report first half, 2026 results on Aug 27, 2026Reported Earnings • Apr 25First quarter 2026 earnings released: EPS: CN¥0.01 (vs CN¥0.03 in 1Q 2025)First quarter 2026 results: EPS: CN¥0.01 (down from CN¥0.03 in 1Q 2025). Revenue: CN¥1.95b (down 7.3% from 1Q 2025). Net income: CN¥12.9m (down 73% from 1Q 2025). Profit margin: 0.7% (down from 2.2% in 1Q 2025). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 80 percentage points per year, which is a significant difference in performance.お知らせ • Mar 30Yueyang Forest & Paper Co., Ltd. to Report Q1, 2026 Results on Apr 25, 2026Yueyang Forest & Paper Co., Ltd. announced that they will report Q1, 2026 results on Apr 25, 2026Board Change • Mar 19Less than half of directors are independentThere 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: 5 new directors. 1 experienced director. No highly experienced directors. 2 independent directors (4 non-independent directors). Independent Director Haifeng Hu is the most experienced director on the board, commencing their role in 2022. Independent Director Yan Yang 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. Lack of experienced directors.Reported Earnings • Mar 12Full year 2025 earnings released: CN¥0.13 loss per share (vs CN¥0.09 profit in FY 2024)Full year 2025 results: CN¥0.13 loss per share (down from CN¥0.09 profit in FY 2024). Revenue: CN¥8.67b (up 6.8% from FY 2024). Net loss: CN¥235.0m (down 237% from profit in FY 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 77 percentage points per year, which is a significant difference in performance.お知らせ • Mar 11Yueyang Forest & Paper Co., Ltd., Annual General Meeting, Apr 02, 2026Yueyang Forest & Paper Co., Ltd., Annual General Meeting, Apr 02, 2026, at 14:00 China Standard Time. Location: 19F, Office Building, No. 001, Xingang Multimodal Transport Logistics Park, Yunxi District, Yueyang, Hunan Chinaお知らせ • Dec 26Yueyang Forest & Paper Co., Ltd. to Report Fiscal Year 2025 Results on Mar 11, 2026Yueyang Forest & Paper Co., Ltd. announced that they will report fiscal year 2025 results on Mar 11, 2026Board Change • Dec 12Less than half of directors are independentFollowing 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 Director Yan Yang 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.New Risk • Oct 28New minor risk - Profit margin trendThe company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 1.2% Last year net profit margin: 1.9% 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: Major Risks Interest payments are not well covered by earnings (1.1x net interest cover). Earnings have declined by 28% per year over the past 5 years. Minor Risks Paying a dividend despite having no free cash flows. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1.2% net profit margin).Reported Earnings • Oct 25Third quarter 2025 earnings released: EPS: CN¥0.011 (vs CN¥0.022 loss in 3Q 2024)Third quarter 2025 results: EPS: CN¥0.011 (up from CN¥0.022 loss in 3Q 2024). Revenue: CN¥2.08b (up 32% from 3Q 2024). Net income: CN¥21.0m (up CN¥67.3m from 3Q 2024). Profit margin: 1.0% (up from net loss in 3Q 2024). Over the last 3 years on average, earnings per share has fallen by 58% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings.お知らせ • Sep 30Yueyang Forest & Paper Co., Ltd. to Report Q3, 2025 Results on Oct 25, 2025Yueyang Forest & Paper Co., Ltd. announced that they will report Q3, 2025 results on Oct 25, 2025お知らせ • Jun 30Yueyang Forest & Paper Co., Ltd. to Report First Half, 2025 Results on Aug 30, 2025Yueyang Forest & Paper Co., Ltd. announced that they will report first half, 2025 results on Aug 30, 2025New Risk • Apr 24New minor risk - Profit margin trendThe company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 0.8% Last year net profit margin: 1.4% 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: Major Risk Interest payments are not well covered by earnings (2.1x net interest cover). Minor Risks Paying a dividend despite having no free cash flows. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.8% net profit margin).Reported Earnings • Apr 22First quarter 2025 earnings released: EPS: CN¥0.03 (vs CN¥0.05 in 1Q 2024)First quarter 2025 results: EPS: CN¥0.03 (down from CN¥0.05 in 1Q 2024). Revenue: CN¥2.11b (up 7.6% from 1Q 2024). Net income: CN¥46.9m (down 42% from 1Q 2024). Profit margin: 2.2% (down from 4.1% in 1Q 2024). Revenue is forecast to grow 23% p.a. on average during the next 2 years, compared to a 13% growth forecast for the Forestry industry in China. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 72 percentage points per year, which is a significant difference in performance.お知らせ • Mar 28Yueyang Forest & Paper Co., Ltd. to Report Q1, 2025 Results on Apr 22, 2025Yueyang Forest & Paper Co., Ltd. announced that they will report Q1, 2025 results on Apr 22, 2025分析記事 • Mar 18Yueyang Forest & Paper's (SHSE:600963) Solid Earnings Have Been Accounted For ConservativelyThe market seemed underwhelmed by last week's earnings announcement from Yueyang Forest & Paper Co., Ltd. ( SHSE:600963...New Risk • Mar 18New minor risk - Dividend sustainabilityThe dividend is not well covered by cash flows. The company is paying a dividend despite having no free cash flows. Dividend yield: 0.6% 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. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (10% operating cash flow to total debt). Minor Risks Paying a dividend despite having no free cash flows. Large one-off items impacting financial results.分析記事 • Mar 12Yueyang Forest & Paper Co., Ltd. (SHSE:600963) Could Be Riskier Than It LooksYueyang Forest & Paper Co., Ltd.'s ( SHSE:600963 ) price-to-sales (or "P/S") ratio of 1.1x might make it look like a...Reported Earnings • Mar 12Full year 2024 earnings: EPS and revenues miss analyst expectationsFull year 2024 results: EPS: CN¥0.09 (up from CN¥0.13 loss in FY 2023). Revenue: CN¥8.13b (down 5.9% from FY 2023). Net income: CN¥166.7m (up CN¥404.7m from FY 2023). Profit margin: 2.0% (up from net loss in FY 2023). Revenue missed analyst estimates by 3.9%. Earnings per share (EPS) also missed analyst estimates by 10%. Revenue is forecast to grow 18% p.a. on average during the next 2 years, compared to a 14% growth forecast for the Forestry industry in China. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 62 percentage points per year, which is a significant difference in performance.お知らせ • Mar 12Yueyang Forest & Paper Co., Ltd., Annual General Meeting, Apr 02, 2025Yueyang Forest & Paper Co., Ltd., Annual General Meeting, Apr 02, 2025, at 14:00 China Standard Time. Location: The Company's Meeting Room, Yueyang, Hunan ChinaBoard Change • Feb 01Insufficient new directorsNo new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 6 experienced directors. No highly experienced directors. Independent Director Haifeng Hu was the last director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment.お知らせ • Dec 27Yueyang Forest & Paper Co., Ltd. to Report Fiscal Year 2024 Results on Mar 12, 2025Yueyang Forest & Paper Co., Ltd. announced that they will report fiscal year 2024 results on Mar 12, 2025分析記事 • Dec 19Here's Why Yueyang Forest & Paper (SHSE:600963) Has A Meaningful Debt BurdenDavid Iben put it well when he said, 'Volatility is not a risk we care about. What we care about is avoiding the...お知らせ • Nov 29Yueyang Forest & Paper Co., Ltd. (SHSE:600963) agreed to acquire Hunan Juntai New Material Technology Co., Ltd. from Hunan Tiger Forest & Paper Group Co., Ltd. for CNY 1.3 billion.Yueyang Forest & Paper Co., Ltd. (SHSE:600963) agreed to acquire Hunan Juntai New Material Technology Co., Ltd. from Hunan Tiger Forest & Paper Group Co., Ltd. for CNY 1.3 billion on November 25, 2024. A cash consideration of CNY 1.28 billion will be paid by Yueyang Forest & Paper Co., Ltd. As part of consideration, CNY 1.28 billion is paid towards common equity of Hunan Juntai New Material Technology Co., Ltd. The transaction is subject to approval of offer by acquirer shareholders and approval of offer by acquirer board. The deal has been approved by the board.分析記事 • Nov 12Yueyang Forest & Paper Co., Ltd. (SHSE:600963) Stock Rockets 28% But Many Are Still Ignoring The CompanyDespite an already strong run, Yueyang Forest & Paper Co., Ltd. ( SHSE:600963 ) shares have been powering on, with a...Reported Earnings • Oct 26Third quarter 2024 earnings released: CN¥0.022 loss per share (vs CN¥0.096 loss in 3Q 2023)Third quarter 2024 results: CN¥0.022 loss per share (improved from CN¥0.096 loss in 3Q 2023). Revenue: CN¥1.58b (down 20% from 3Q 2023). Net loss: CN¥46.4m (loss narrowed 73% from 3Q 2023). Revenue is forecast to grow 22% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Forestry industry in China. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 73 percentage points per year, which is a significant difference in performance.お知らせ • Sep 30Yueyang Forest & Paper Co., Ltd. to Report Q3, 2024 Results on Oct 26, 2024Yueyang Forest & Paper Co., Ltd. announced that they will report Q3, 2024 results on Oct 26, 2024分析記事 • Sep 24Yueyang Forest & Paper Co., Ltd.'s (SHSE:600963) Shares Leap 26% Yet They're Still Not Telling The Full StoryYueyang Forest & Paper Co., Ltd. ( SHSE:600963 ) shares have had a really impressive month, gaining 26% after a shaky...Reported Earnings • Aug 31Second quarter 2024 earnings released: CN¥0.08 loss per share (vs CN¥0.009 profit in 2Q 2023)Second quarter 2024 results: CN¥0.08 loss per share (down from CN¥0.009 profit in 2Q 2023). Revenue: CN¥1.61b (down 26% from 2Q 2023). Net loss: CN¥129.5m (down CN¥144.9m from profit in 2Q 2023). Revenue is forecast to grow 19% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Forestry industry in China. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 44 percentage points per year, which is a significant difference in performance.分析記事 • Aug 13We Think Yueyang Forest & Paper (SHSE:600963) Is Taking Some Risk With Its DebtThe external fund manager backed by Berkshire Hathaway's Charlie Munger, Li Lu, makes no bones about it when he says...分析記事 • Jul 17Take Care Before Diving Into The Deep End On Yueyang Forest & Paper Co., Ltd. (SHSE:600963)When you see that almost half of the companies in the Forestry industry in China have price-to-sales ratios (or "P/S...お知らせ • Jun 28Yueyang Forest & Paper Co., Ltd. to Report First Half, 2024 Results on Aug 31, 2024Yueyang Forest & Paper Co., Ltd. announced that they will report first half, 2024 results on Aug 31, 2024分析記事 • Jun 20Yueyang Forest & Paper (SHSE:600963) Could Be At Risk Of Shrinking As A CompanyWhen researching a stock for investment, what can tell us that the company is in decline? When we see a declining...New Risk • Apr 12New major risk - Financial positionThe company's interest payments are not well covered by earnings. Net interest cover: 1.2x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. This is currently the only risk that has been identified for the company.お知らせ • Apr 04Yueyang Forest & Paper Co., Ltd., Annual General Meeting, Apr 29, 2024Yueyang Forest & Paper Co., Ltd., Annual General Meeting, Apr 29, 2024, at 14:00 China Standard Time.Reported Earnings • Apr 04Full year 2023 earnings: EPS and revenues miss analyst expectationsFull year 2023 results: CN¥0.13 loss per share (down from CN¥0.35 profit in FY 2022). Revenue: CN¥8.64b (down 12% from FY 2022). Net loss: CN¥237.9m (down 139% from profit in FY 2022). Revenue missed analyst estimates by 20%. Earnings per share (EPS) were also behind analyst expectations. Revenue is forecast to grow 22% p.a. on average during the next 2 years, compared to a 12% growth forecast for the Forestry industry in China. Over the last 3 years on average, earnings per share has fallen by 24% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings.お知らせ • Mar 29Yueyang Forest & Paper Co., Ltd. to Report Q1, 2024 Results on Apr 19, 2024Yueyang Forest & Paper Co., Ltd. announced that they will report Q1, 2024 results on Apr 19, 2024分析記事 • Feb 28Capital Allocation Trends At Yueyang Forest & Paper (SHSE:600963) Aren't IdealWhat trends should we look for it we want to identify stocks that can multiply in value over the long term? In a...Valuation Update With 7 Day Price Move • Feb 02Investor sentiment deteriorates as stock falls 18%After last week's 18% share price decline to CN¥4.51, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 10x in the Forestry industry in China. Total returns to shareholders of 3.4% over the past three years.お知らせ • Dec 30Yueyang Forest & Paper Co., Ltd. to Report Fiscal Year 2023 Results on Mar 12, 2024Yueyang Forest & Paper Co., Ltd. announced that they will report fiscal year 2023 results on Mar 12, 2024Reported Earnings • Nov 01Third quarter 2023 earnings released: EPS: CN¥0.009 (vs CN¥0.099 in 3Q 2022)Third quarter 2023 results: EPS: CN¥0.009 (down from CN¥0.099 in 3Q 2022). Revenue: CN¥1.92b (down 25% from 3Q 2022). Net income: CN¥13.2m (down 92% from 3Q 2022). Profit margin: 0.7% (down from 6.8% in 3Q 2022). Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Forestry industry in China. Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has increased by 17% per year, which means it is well ahead of earnings.New Risk • Nov 01New minor risk - Profit margin trendThe company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 2.6% Last year net profit margin: 4.9% 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: Major Risks Debt is not well covered by operating cash flow (12% operating cash flow to total debt). Dividend is not well covered by earnings and cash flows. Payout ratio: 90% Cash payout ratio: 462% Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (2.6% net profit margin).New Risk • Sep 06New minor risk - Earnings qualityThe company has large one-off items impacting its financial results. One-off items were 35% 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 Risk Debt is not well covered by operating cash flow (15% operating cash flow to total debt). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results.Reported Earnings • Aug 26Second quarter 2023 earnings released: EPS: CN¥0.009 (vs CN¥0.10 in 2Q 2022)Second quarter 2023 results: EPS: CN¥0.009 (down from CN¥0.10 in 2Q 2022). Revenue: CN¥2.17b (down 1.1% from 2Q 2022). Net income: CN¥15.4m (down 91% from 2Q 2022). Profit margin: 0.7% (down from 8.0% in 2Q 2022). The decrease in margin was primarily driven by higher expenses. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Forestry industry in China. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has increased by 13% per year, which means it is tracking significantly ahead of earnings growth.お知らせ • Jun 28Yueyang Forest & Paper Co., Ltd. to Report First Half, 2023 Results on Aug 26, 2023Yueyang Forest & Paper Co., Ltd. announced that they will report first half, 2023 results on Aug 26, 2023お知らせ • May 30Yueyang Forest & Paper Co., Ltd. (SHSE:600963) announces an Equity Buyback for CNY 100 million worth of its shares.Yueyang Forest & Paper Co., Ltd. (SHSE:600963) announces a share repurchase program. Under the program, the company will repurchase up to CNY 100 million worth of its shares. The program will be valid for a period of 12 months.Reported Earnings • Mar 11Full year 2022 earnings: Revenues exceed analysts expectations while EPS lags behindFull year 2022 results: EPS: CN¥0.35 (up from CN¥0.17 in FY 2021). Revenue: CN¥9.78b (up 25% from FY 2021). Net income: CN¥615.6m (up 107% from FY 2021). Profit margin: 6.3% (up from 3.8% in FY 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 14%. Earnings per share (EPS) missed analyst estimates by 7.9%. Revenue is forecast to grow 12% p.a. on average during the next 2 years, compared to a 12% growth forecast for the Forestry industry in China. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has increased by 24% per year, which means it is tracking significantly ahead of earnings growth.Board Change • Nov 16Less than half of directors are independentFollowing 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. 3 non-independent directors. Independent Director Peng Yang was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model.Reported Earnings • Oct 26Third quarter 2022 earnings released: EPS: CN¥0.099 (vs CN¥0.026 in 3Q 2021)Third quarter 2022 results: EPS: CN¥0.099 (up from CN¥0.026 in 3Q 2021). Revenue: CN¥2.56b (up 37% from 3Q 2021). Net income: CN¥174.3m (up 270% from 3Q 2021). Profit margin: 6.8% (up from 2.5% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 17% growth forecast for the Forestry industry in China. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has increased by 20% per year, which means it is tracking significantly ahead of earnings growth.Reported Earnings • Sep 02Second quarter 2022 earnings released: EPS: CN¥0.10 (vs CN¥0.083 in 2Q 2021)Second quarter 2022 results: EPS: CN¥0.10 (up from CN¥0.083 in 2Q 2021). Revenue: CN¥2.20b (up 13% from 2Q 2021). Net income: CN¥175.4m (up 23% from 2Q 2021). Profit margin: 8.0% (up from 7.4% in 2Q 2021). The increase in margin was driven by higher revenue. 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 19% per year, which means it is tracking significantly ahead of earnings growth.Valuation Update With 7 Day Price Move • May 30Investor sentiment improved over the past weekAfter last week's 15% share price gain to CN¥5.88, the stock trades at a trailing P/E ratio of 40.6x. Average trailing P/E is 23x in the Forestry industry in China. Total returns to shareholders of 64% over the past three years.Valuation Update With 7 Day Price Move • May 10Investor sentiment improved over the past weekAfter last week's 15% share price gain to CN¥5.23, the stock trades at a trailing P/E ratio of 36.2x. Average trailing P/E is 21x in the Forestry industry in China. Total returns to shareholders of 29% over the past three years.Reported Earnings • Apr 27First quarter 2022 earnings: EPS and revenues miss analyst expectationsFirst quarter 2022 results: EPS: CN¥0.07 (down from CN¥0.093 in 1Q 2021). Revenue: CN¥1.67b (down 15% from 1Q 2021). Net income: CN¥124.2m (down 26% from 1Q 2021). Profit margin: 7.4% (down from 8.5% in 1Q 2021). Revenue missed analyst estimates by 2.4%. Earnings per share (EPS) also missed analyst estimates by 9.8%. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings.Board Change • Apr 27Less than half of directors are independentNo new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 10 experienced directors. No highly experienced directors. 3 independent directors (4 non-independent directors). Chairman of the Board of Directors Xin Huang was the last director to join the board, commencing their role in 2015. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment.Reported Earnings • Oct 28Third quarter 2021 earnings released: EPS CN¥0.026 (vs CN¥0.072 in 3Q 2020)The company reported a soft third quarter result with weaker earnings and profit margins, although revenues improved. Third quarter 2021 results: Revenue: CN¥1.87b (up 1.3% from 3Q 2020). Net income: CN¥47.1m (down 63% from 3Q 2020). Profit margin: 2.5% (down from 6.9% in 3Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has increased by 31% per year, which means it is tracking significantly ahead of earnings growth.Reported Earnings • Aug 26Second quarter 2021 earnings released: EPS CN¥0.083 (vs CN¥0.031 in 2Q 2020)The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: CN¥1.95b (up 9.0% from 2Q 2020). Net income: CN¥143.2m (up 169% from 2Q 2020). Profit margin: 7.4% (up from 3.0% in 2Q 2020). The increase in margin was driven by higher revenue. 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 31% per year, which means it is tracking significantly ahead of earnings growth.Valuation Update With 7 Day Price Move • Aug 20Investor sentiment deteriorated over the past weekAfter last week's 20% share price decline to CN¥8.72, the stock trades at a trailing P/E ratio of 31.2x. Average trailing P/E is 24x in the Forestry industry in China. Total returns to shareholders of 133% over the past three years.お知らせ • Jul 23China Chengtong Ecological Co., Ltd. sign an equity transfer agreement to acquire a 51% stake in Hunan Chengtong Tianyue Environmental Technology Co., Ltd. from Yueyang Forest & Paper Co., Ltd. (SHSE:600963) for CNY 36 million.China Chengtong Ecological Co., Ltd. sign an equity transfer agreement to acquire a 51% stake in Hunan Chengtong Tianyue Environmental Technology Co., Ltd. from Yueyang Forest & Paper Co., Ltd. (SHSE:600963) for CNY 36 million on July 21, 2021. Under the terms of the transaction, 70% of the total price will be paid to the bank account designated by Yueyang Forest Paper within 7 working days after the approval of China Chengtong Holding Group Co., Ltd. and the industrial and commercial company of the equity transfer within 7 working days after the change registration is completed, the remaining 30% of the price shall be paid to the bank account designated by Yueyang Forest Paper. As of June 2, 2021, Hunan Chengtong Tianyue Environmental Technology Co., Ltd. has unaudited total assets of CNY 21.75 million and unaudited net assets of CNY 9.2 million. The transaction has been unanimously approved by the Board of Directors of Yueyang Forest & Paper Co., Ltd. The transaction has been approved by China Chengtong Holding Group Co., Ltd., parent of China Chengtong Ecological Co., Ltd.Valuation Update With 7 Day Price Move • Jul 08Investor sentiment improved over the past weekAfter last week's 15% share price gain to CN¥10.38, the stock trades at a forward P/E ratio of 31x. Average forward P/E is 17x in the Forestry industry in China. Total returns to shareholders of 172% over the past three years.Valuation Update With 7 Day Price Move • Jun 22Investor sentiment improved over the past weekAfter last week's 17% share price gain to CN¥10.80, the stock trades at a forward P/E ratio of 32x. Average forward P/E is 19x in the Forestry industry in China. Total returns to shareholders of 181% over the past three years.Valuation Update With 7 Day Price Move • May 22Investor sentiment improved over the past weekAfter last week's 16% share price gain to CN¥6.44, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 17x in the Forestry industry in China. Total returns to shareholders of 43% over the past three years.Reported Earnings • Apr 11Full year 2020 earnings released: EPS CN¥0.23 (vs CN¥0.17 in FY 2019)The company reported a solid full year result with improved earnings and profit margins, although revenues were flat. Full year 2020 results: Revenue: CN¥7.12b (flat on FY 2019). Net income: CN¥414.3m (up 32% from FY 2019). Profit margin: 5.8% (up from 4.4% in FY 2019). Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings.Valuation Update With 7 Day Price Move • Mar 18Investor sentiment improved over the past weekAfter last week's 16% share price gain to CN¥5.98, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 13x in the Forestry industry in China. Total returns to shareholders of 29% over the past three years.Reported Earnings • Mar 10Full year 2020 earnings released: EPS CN¥0.23 (vs CN¥0.17 in FY 2019)The company reported a solid full year result with improved earnings and profit margins, although revenues were flat. Full year 2020 results: Revenue: CN¥7.12b (flat on FY 2019). Net income: CN¥414.3m (up 32% from FY 2019). Profit margin: 5.8% (up from 4.4% in FY 2019). Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings.Analyst Estimate Surprise Post Earnings • Mar 10Revenue misses expectationsRevenue missed analyst estimates by 2.4%. Over the next year, revenue is forecast to grow 19%, compared to a 31% growth forecast for the Forestry industry in China.Valuation Update With 7 Day Price Move • Feb 22Investor sentiment improved over the past weekAfter last week's 17% share price gain to CN¥5.47, the stock is trading at a trailing P/E ratio of 20.9x, up from the previous P/E ratio of 17.8x. This compares to an average P/E of 24x in the Forestry industry in China. Total returns to shareholders over the past three years are 20%.Is New 90 Day High Low • Feb 20New 90-day high: CN¥5.27The company is up 21% from its price of CN¥4.37 on 20 November 2020. The Chinese market is up 9.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Forestry industry, which is up 13% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is CN¥0.85 per share.Valuation Update With 7 Day Price Move • Feb 02Investor sentiment improved over the past weekAfter last week's 15% share price gain to CN¥5.02, the stock is trading at a trailing P/E ratio of 19.1x, up from the previous P/E ratio of 16.6x. This compares to an average P/E of 24x in the Forestry industry in China. Total returns to shareholders over the past three years are 13%.お知らせ • Jan 21Yueyang Forest & Paper Co., Ltd. to Report Fiscal Year 2020 Results on Mar 17, 2021Yueyang Forest & Paper Co., Ltd. announced that they will report fiscal year 2020 results on Mar 17, 2021Is New 90 Day High Low • Jan 18New 90-day high: CN¥4.53The company is up 9.0% from its price of CN¥4.14 on 20 October 2020. The Chinese market is up 7.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Forestry industry, which is up 18% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is CN¥0.88 per share.Reported Earnings • Oct 28Third quarter earnings releasedOver the last 12 months the company has reported total profits of CN¥466.1m, up 229% from the prior year. Total revenue was CN¥7.09b over the last 12 months, up 2.4% from the prior year.お知らせ • Jul 08Yueyang Forest & Paper Co., Ltd. to Report First Half, 2020 Results on Aug 18, 2020Yueyang Forest & Paper Co., Ltd. announced that they will report first half, 2020 results on Aug 18, 2020株主還元600963CN ForestryCN 市場7D3.0%3.8%2.6%1Y-29.7%0.9%9.2%株主還元を見る業界別リターン: 600963過去 1 年間で0.9 % の収益を上げたCN Forestry業界を下回りました。リターン対市場: 600963は、過去 1 年間で9.2 % のリターンを上げたCN市場を下回りました。価格変動Is 600963's price volatile compared to industry and market?600963 volatility600963 Average Weekly Movement4.7%Forestry Industry Average Movement6.4%Market Average Movement7.4%10% most volatile stocks in CN Market12.6%10% least volatile stocks in CN Market4.4%安定した株価: 600963 、 CN市場と比較して、過去 3 か月間で大きな価格変動はありませんでした。時間の経過による変動: 600963の 週次ボラティリティ ( 5% ) は過去 1 年間安定しています。会社概要設立従業員CEO（最高経営責任者ウェブサイト20003,937Lixin Liuwww.yypaper.com岳陽紙業有限公司は、文化、産業、包装用紙製品を中国国内および国際的に製造・販売している。洗練された軽量コート紙、オフセット印刷紙、純木材パルプ、軽糊マスター紙、コピー紙、軽オフセット紙製品、クラフト紙、ストレッチ紙袋、高強度紙袋、ファイン紙袋、手提げ袋、食品包装、コート紙、複合ベース紙、ウェットカーテンなどの紙製品を提供している。出版社、雑誌社、大手印刷会社、紙製品加工会社、紙製品販売店などにサービスを提供している。2000年に設立され、本社は中国岳陽市にある。もっと見るYueyang Forest & Paper Co., Ltd. 基礎のまとめYueyang Forest & Paper の収益と売上を時価総額と比較するとどうか。600963 基礎統計学時価総額CN¥6.03b収益（TTM）-CN¥270.92m売上高(TTM)CN¥8.52b0.7xP/Sレシオ-21.9xPER（株価収益率600963 は割高か？公正価値と評価分析を参照収益と収入最新の決算報告書（TTM）に基づく主な収益性統計600963 損益計算書（TTM）収益CN¥8.52b売上原価CN¥7.71b売上総利益CN¥806.57mその他の費用CN¥1.08b収益-CN¥270.92m直近の収益報告Mar 31, 2026次回決算日Aug 27, 2026一株当たり利益（EPS）-0.15グロス・マージン9.47%純利益率-3.18%有利子負債／自己資本比率94.3%600963 の長期的なパフォーマンスは？過去の実績と比較を見るView Valuation企業分析と財務データの現状データ最終更新日（UTC時間）企業分析2026/08/05 15:40終値2026/08/05 00:00収益2026/03/31年間収益2025/12/31データソース企業分析に使用したデータはS&P Global Market Intelligence LLC のものです。本レポートを作成するための分析モデルでは、以下のデータを使用しています。データは正規化されているため、ソースが利用可能になるまでに時間がかかる場合があります。パッケージデータタイムフレーム米国ソース例会社財務10年損益計算書キャッシュ・フロー計算書貸借対照表SECフォーム10-KSECフォーム10-Qアナリストのコンセンサス予想+プラス3年予想財務アナリストの目標株価アナリストリサーチレポートBlue Matrix市場価格30年株価配当、分割、措置ICEマーケットデータSECフォームS-1所有権10年トップ株主インサイダー取引SECフォーム4SECフォーム13Dマネジメント10年リーダーシップ・チーム取締役会SECフォーム10-KSECフォームDEF 14A主な進展10年会社からのお知らせSECフォーム8-K* 米国証券を対象とした例であり、非米国証券については、同等の規制書式および情報源を使用。特に断りのない限り、すべての財務データは1年ごとの期間に基づいていますが、四半期ごとに更新されます。これは、TTM（Trailing Twelve Month）またはLTM（Last Twelve Month）データとして知られています。詳細はこちら。分析モデルとスノーフレークこのレポートを生成するために使用した分析モデルの詳細は、当社のGitHubページでご覧いただけます。また、レポートの活用方法に関するガイドやYouTubeのチュートリアルも用意しています。シンプリー・ウォールストリート分析モデルを設計・構築した世界トップクラスのチームについてご紹介します。業界およびセクターの指標私たちの業界とセクションの指標は、Simply Wall Stによって6時間ごとに計算されます。アナリスト筋Yueyang Forest & Paper Co., Ltd. 0 これらのアナリストのうち、弊社レポートのインプットとして使用した売上高または利益の予想を提出したのは、 。アナリストの投稿は一日中更新されます。6 アナリスト機関Qing GongChina International Capital Corporation LimitedJun XuCitic Securities Co., Ltd.Zhongshu YinEverbright Securities Co. Ltd.3 その他のアナリストを表示
お知らせ • Jun 30Yueyang Forest & Paper Co., Ltd. to Report First Half, 2026 Results on Aug 27, 2026Yueyang Forest & Paper Co., Ltd. announced that they will report first half, 2026 results on Aug 27, 2026
Reported Earnings • Apr 25First quarter 2026 earnings released: EPS: CN¥0.01 (vs CN¥0.03 in 1Q 2025)First quarter 2026 results: EPS: CN¥0.01 (down from CN¥0.03 in 1Q 2025). Revenue: CN¥1.95b (down 7.3% from 1Q 2025). Net income: CN¥12.9m (down 73% from 1Q 2025). Profit margin: 0.7% (down from 2.2% in 1Q 2025). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 80 percentage points per year, which is a significant difference in performance.
お知らせ • Mar 30Yueyang Forest & Paper Co., Ltd. to Report Q1, 2026 Results on Apr 25, 2026Yueyang Forest & Paper Co., Ltd. announced that they will report Q1, 2026 results on Apr 25, 2026
Board Change • Mar 19Less than half of directors are independentThere 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: 5 new directors. 1 experienced director. No highly experienced directors. 2 independent directors (4 non-independent directors). Independent Director Haifeng Hu is the most experienced director on the board, commencing their role in 2022. Independent Director Yan Yang 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. Lack of experienced directors.
Reported Earnings • Mar 12Full year 2025 earnings released: CN¥0.13 loss per share (vs CN¥0.09 profit in FY 2024)Full year 2025 results: CN¥0.13 loss per share (down from CN¥0.09 profit in FY 2024). Revenue: CN¥8.67b (up 6.8% from FY 2024). Net loss: CN¥235.0m (down 237% from profit in FY 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 77 percentage points per year, which is a significant difference in performance.
お知らせ • Mar 11Yueyang Forest & Paper Co., Ltd., Annual General Meeting, Apr 02, 2026Yueyang Forest & Paper Co., Ltd., Annual General Meeting, Apr 02, 2026, at 14:00 China Standard Time. Location: 19F, Office Building, No. 001, Xingang Multimodal Transport Logistics Park, Yunxi District, Yueyang, Hunan China
お知らせ • Jun 30Yueyang Forest & Paper Co., Ltd. to Report First Half, 2026 Results on Aug 27, 2026Yueyang Forest & Paper Co., Ltd. announced that they will report first half, 2026 results on Aug 27, 2026
Reported Earnings • Apr 25First quarter 2026 earnings released: EPS: CN¥0.01 (vs CN¥0.03 in 1Q 2025)First quarter 2026 results: EPS: CN¥0.01 (down from CN¥0.03 in 1Q 2025). Revenue: CN¥1.95b (down 7.3% from 1Q 2025). Net income: CN¥12.9m (down 73% from 1Q 2025). Profit margin: 0.7% (down from 2.2% in 1Q 2025). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 80 percentage points per year, which is a significant difference in performance.
お知らせ • Mar 30Yueyang Forest & Paper Co., Ltd. to Report Q1, 2026 Results on Apr 25, 2026Yueyang Forest & Paper Co., Ltd. announced that they will report Q1, 2026 results on Apr 25, 2026
Board Change • Mar 19Less than half of directors are independentThere 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: 5 new directors. 1 experienced director. No highly experienced directors. 2 independent directors (4 non-independent directors). Independent Director Haifeng Hu is the most experienced director on the board, commencing their role in 2022. Independent Director Yan Yang 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. Lack of experienced directors.
Reported Earnings • Mar 12Full year 2025 earnings released: CN¥0.13 loss per share (vs CN¥0.09 profit in FY 2024)Full year 2025 results: CN¥0.13 loss per share (down from CN¥0.09 profit in FY 2024). Revenue: CN¥8.67b (up 6.8% from FY 2024). Net loss: CN¥235.0m (down 237% from profit in FY 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 77 percentage points per year, which is a significant difference in performance.
お知らせ • Mar 11Yueyang Forest & Paper Co., Ltd., Annual General Meeting, Apr 02, 2026Yueyang Forest & Paper Co., Ltd., Annual General Meeting, Apr 02, 2026, at 14:00 China Standard Time. Location: 19F, Office Building, No. 001, Xingang Multimodal Transport Logistics Park, Yunxi District, Yueyang, Hunan China
お知らせ • Dec 26Yueyang Forest & Paper Co., Ltd. to Report Fiscal Year 2025 Results on Mar 11, 2026Yueyang Forest & Paper Co., Ltd. announced that they will report fiscal year 2025 results on Mar 11, 2026
Board Change • Dec 12Less than half of directors are independentFollowing 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 Director Yan Yang 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.
New Risk • Oct 28New minor risk - Profit margin trendThe company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 1.2% Last year net profit margin: 1.9% 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: Major Risks Interest payments are not well covered by earnings (1.1x net interest cover). Earnings have declined by 28% per year over the past 5 years. Minor Risks Paying a dividend despite having no free cash flows. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1.2% net profit margin).
Reported Earnings • Oct 25Third quarter 2025 earnings released: EPS: CN¥0.011 (vs CN¥0.022 loss in 3Q 2024)Third quarter 2025 results: EPS: CN¥0.011 (up from CN¥0.022 loss in 3Q 2024). Revenue: CN¥2.08b (up 32% from 3Q 2024). Net income: CN¥21.0m (up CN¥67.3m from 3Q 2024). Profit margin: 1.0% (up from net loss in 3Q 2024). Over the last 3 years on average, earnings per share has fallen by 58% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings.
お知らせ • Sep 30Yueyang Forest & Paper Co., Ltd. to Report Q3, 2025 Results on Oct 25, 2025Yueyang Forest & Paper Co., Ltd. announced that they will report Q3, 2025 results on Oct 25, 2025
お知らせ • Jun 30Yueyang Forest & Paper Co., Ltd. to Report First Half, 2025 Results on Aug 30, 2025Yueyang Forest & Paper Co., Ltd. announced that they will report first half, 2025 results on Aug 30, 2025
New Risk • Apr 24New minor risk - Profit margin trendThe company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 0.8% Last year net profit margin: 1.4% 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: Major Risk Interest payments are not well covered by earnings (2.1x net interest cover). Minor Risks Paying a dividend despite having no free cash flows. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.8% net profit margin).
Reported Earnings • Apr 22First quarter 2025 earnings released: EPS: CN¥0.03 (vs CN¥0.05 in 1Q 2024)First quarter 2025 results: EPS: CN¥0.03 (down from CN¥0.05 in 1Q 2024). Revenue: CN¥2.11b (up 7.6% from 1Q 2024). Net income: CN¥46.9m (down 42% from 1Q 2024). Profit margin: 2.2% (down from 4.1% in 1Q 2024). Revenue is forecast to grow 23% p.a. on average during the next 2 years, compared to a 13% growth forecast for the Forestry industry in China. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 72 percentage points per year, which is a significant difference in performance.
お知らせ • Mar 28Yueyang Forest & Paper Co., Ltd. to Report Q1, 2025 Results on Apr 22, 2025Yueyang Forest & Paper Co., Ltd. announced that they will report Q1, 2025 results on Apr 22, 2025
分析記事 • Mar 18Yueyang Forest & Paper's (SHSE:600963) Solid Earnings Have Been Accounted For ConservativelyThe market seemed underwhelmed by last week's earnings announcement from Yueyang Forest & Paper Co., Ltd. ( SHSE:600963...
New Risk • Mar 18New minor risk - Dividend sustainabilityThe dividend is not well covered by cash flows. The company is paying a dividend despite having no free cash flows. Dividend yield: 0.6% 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. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (10% operating cash flow to total debt). Minor Risks Paying a dividend despite having no free cash flows. Large one-off items impacting financial results.
分析記事 • Mar 12Yueyang Forest & Paper Co., Ltd. (SHSE:600963) Could Be Riskier Than It LooksYueyang Forest & Paper Co., Ltd.'s ( SHSE:600963 ) price-to-sales (or "P/S") ratio of 1.1x might make it look like a...
Reported Earnings • Mar 12Full year 2024 earnings: EPS and revenues miss analyst expectationsFull year 2024 results: EPS: CN¥0.09 (up from CN¥0.13 loss in FY 2023). Revenue: CN¥8.13b (down 5.9% from FY 2023). Net income: CN¥166.7m (up CN¥404.7m from FY 2023). Profit margin: 2.0% (up from net loss in FY 2023). Revenue missed analyst estimates by 3.9%. Earnings per share (EPS) also missed analyst estimates by 10%. Revenue is forecast to grow 18% p.a. on average during the next 2 years, compared to a 14% growth forecast for the Forestry industry in China. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 62 percentage points per year, which is a significant difference in performance.
お知らせ • Mar 12Yueyang Forest & Paper Co., Ltd., Annual General Meeting, Apr 02, 2025Yueyang Forest & Paper Co., Ltd., Annual General Meeting, Apr 02, 2025, at 14:00 China Standard Time. Location: The Company's Meeting Room, Yueyang, Hunan China
Board Change • Feb 01Insufficient new directorsNo new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 6 experienced directors. No highly experienced directors. Independent Director Haifeng Hu was the last director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment.
お知らせ • Dec 27Yueyang Forest & Paper Co., Ltd. to Report Fiscal Year 2024 Results on Mar 12, 2025Yueyang Forest & Paper Co., Ltd. announced that they will report fiscal year 2024 results on Mar 12, 2025
分析記事 • Dec 19Here's Why Yueyang Forest & Paper (SHSE:600963) Has A Meaningful Debt BurdenDavid Iben put it well when he said, 'Volatility is not a risk we care about. What we care about is avoiding the...
お知らせ • Nov 29Yueyang Forest & Paper Co., Ltd. (SHSE:600963) agreed to acquire Hunan Juntai New Material Technology Co., Ltd. from Hunan Tiger Forest & Paper Group Co., Ltd. for CNY 1.3 billion.Yueyang Forest & Paper Co., Ltd. (SHSE:600963) agreed to acquire Hunan Juntai New Material Technology Co., Ltd. from Hunan Tiger Forest & Paper Group Co., Ltd. for CNY 1.3 billion on November 25, 2024. A cash consideration of CNY 1.28 billion will be paid by Yueyang Forest & Paper Co., Ltd. As part of consideration, CNY 1.28 billion is paid towards common equity of Hunan Juntai New Material Technology Co., Ltd. The transaction is subject to approval of offer by acquirer shareholders and approval of offer by acquirer board. The deal has been approved by the board.
分析記事 • Nov 12Yueyang Forest & Paper Co., Ltd. (SHSE:600963) Stock Rockets 28% But Many Are Still Ignoring The CompanyDespite an already strong run, Yueyang Forest & Paper Co., Ltd. ( SHSE:600963 ) shares have been powering on, with a...
Reported Earnings • Oct 26Third quarter 2024 earnings released: CN¥0.022 loss per share (vs CN¥0.096 loss in 3Q 2023)Third quarter 2024 results: CN¥0.022 loss per share (improved from CN¥0.096 loss in 3Q 2023). Revenue: CN¥1.58b (down 20% from 3Q 2023). Net loss: CN¥46.4m (loss narrowed 73% from 3Q 2023). Revenue is forecast to grow 22% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Forestry industry in China. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 73 percentage points per year, which is a significant difference in performance.
お知らせ • Sep 30Yueyang Forest & Paper Co., Ltd. to Report Q3, 2024 Results on Oct 26, 2024Yueyang Forest & Paper Co., Ltd. announced that they will report Q3, 2024 results on Oct 26, 2024
分析記事 • Sep 24Yueyang Forest & Paper Co., Ltd.'s (SHSE:600963) Shares Leap 26% Yet They're Still Not Telling The Full StoryYueyang Forest & Paper Co., Ltd. ( SHSE:600963 ) shares have had a really impressive month, gaining 26% after a shaky...
Reported Earnings • Aug 31Second quarter 2024 earnings released: CN¥0.08 loss per share (vs CN¥0.009 profit in 2Q 2023)Second quarter 2024 results: CN¥0.08 loss per share (down from CN¥0.009 profit in 2Q 2023). Revenue: CN¥1.61b (down 26% from 2Q 2023). Net loss: CN¥129.5m (down CN¥144.9m from profit in 2Q 2023). Revenue is forecast to grow 19% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Forestry industry in China. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 44 percentage points per year, which is a significant difference in performance.
分析記事 • Aug 13We Think Yueyang Forest & Paper (SHSE:600963) Is Taking Some Risk With Its DebtThe external fund manager backed by Berkshire Hathaway's Charlie Munger, Li Lu, makes no bones about it when he says...
分析記事 • Jul 17Take Care Before Diving Into The Deep End On Yueyang Forest & Paper Co., Ltd. (SHSE:600963)When you see that almost half of the companies in the Forestry industry in China have price-to-sales ratios (or "P/S...
お知らせ • Jun 28Yueyang Forest & Paper Co., Ltd. to Report First Half, 2024 Results on Aug 31, 2024Yueyang Forest & Paper Co., Ltd. announced that they will report first half, 2024 results on Aug 31, 2024
分析記事 • Jun 20Yueyang Forest & Paper (SHSE:600963) Could Be At Risk Of Shrinking As A CompanyWhen researching a stock for investment, what can tell us that the company is in decline? When we see a declining...
New Risk • Apr 12New major risk - Financial positionThe company's interest payments are not well covered by earnings. Net interest cover: 1.2x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. This is currently the only risk that has been identified for the company.
お知らせ • Apr 04Yueyang Forest & Paper Co., Ltd., Annual General Meeting, Apr 29, 2024Yueyang Forest & Paper Co., Ltd., Annual General Meeting, Apr 29, 2024, at 14:00 China Standard Time.
Reported Earnings • Apr 04Full year 2023 earnings: EPS and revenues miss analyst expectationsFull year 2023 results: CN¥0.13 loss per share (down from CN¥0.35 profit in FY 2022). Revenue: CN¥8.64b (down 12% from FY 2022). Net loss: CN¥237.9m (down 139% from profit in FY 2022). Revenue missed analyst estimates by 20%. Earnings per share (EPS) were also behind analyst expectations. Revenue is forecast to grow 22% p.a. on average during the next 2 years, compared to a 12% growth forecast for the Forestry industry in China. Over the last 3 years on average, earnings per share has fallen by 24% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings.
お知らせ • Mar 29Yueyang Forest & Paper Co., Ltd. to Report Q1, 2024 Results on Apr 19, 2024Yueyang Forest & Paper Co., Ltd. announced that they will report Q1, 2024 results on Apr 19, 2024
分析記事 • Feb 28Capital Allocation Trends At Yueyang Forest & Paper (SHSE:600963) Aren't IdealWhat trends should we look for it we want to identify stocks that can multiply in value over the long term? In a...
Valuation Update With 7 Day Price Move • Feb 02Investor sentiment deteriorates as stock falls 18%After last week's 18% share price decline to CN¥4.51, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 10x in the Forestry industry in China. Total returns to shareholders of 3.4% over the past three years.
お知らせ • Dec 30Yueyang Forest & Paper Co., Ltd. to Report Fiscal Year 2023 Results on Mar 12, 2024Yueyang Forest & Paper Co., Ltd. announced that they will report fiscal year 2023 results on Mar 12, 2024
Reported Earnings • Nov 01Third quarter 2023 earnings released: EPS: CN¥0.009 (vs CN¥0.099 in 3Q 2022)Third quarter 2023 results: EPS: CN¥0.009 (down from CN¥0.099 in 3Q 2022). Revenue: CN¥1.92b (down 25% from 3Q 2022). Net income: CN¥13.2m (down 92% from 3Q 2022). Profit margin: 0.7% (down from 6.8% in 3Q 2022). Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Forestry industry in China. Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has increased by 17% per year, which means it is well ahead of earnings.
New Risk • Nov 01New minor risk - Profit margin trendThe company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 2.6% Last year net profit margin: 4.9% 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: Major Risks Debt is not well covered by operating cash flow (12% operating cash flow to total debt). Dividend is not well covered by earnings and cash flows. Payout ratio: 90% Cash payout ratio: 462% Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (2.6% net profit margin).
New Risk • Sep 06New minor risk - Earnings qualityThe company has large one-off items impacting its financial results. One-off items were 35% 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 Risk Debt is not well covered by operating cash flow (15% operating cash flow to total debt). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results.
Reported Earnings • Aug 26Second quarter 2023 earnings released: EPS: CN¥0.009 (vs CN¥0.10 in 2Q 2022)Second quarter 2023 results: EPS: CN¥0.009 (down from CN¥0.10 in 2Q 2022). Revenue: CN¥2.17b (down 1.1% from 2Q 2022). Net income: CN¥15.4m (down 91% from 2Q 2022). Profit margin: 0.7% (down from 8.0% in 2Q 2022). The decrease in margin was primarily driven by higher expenses. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Forestry industry in China. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has increased by 13% per year, which means it is tracking significantly ahead of earnings growth.
お知らせ • Jun 28Yueyang Forest & Paper Co., Ltd. to Report First Half, 2023 Results on Aug 26, 2023Yueyang Forest & Paper Co., Ltd. announced that they will report first half, 2023 results on Aug 26, 2023
お知らせ • May 30Yueyang Forest & Paper Co., Ltd. (SHSE:600963) announces an Equity Buyback for CNY 100 million worth of its shares.Yueyang Forest & Paper Co., Ltd. (SHSE:600963) announces a share repurchase program. Under the program, the company will repurchase up to CNY 100 million worth of its shares. The program will be valid for a period of 12 months.
Reported Earnings • Mar 11Full year 2022 earnings: Revenues exceed analysts expectations while EPS lags behindFull year 2022 results: EPS: CN¥0.35 (up from CN¥0.17 in FY 2021). Revenue: CN¥9.78b (up 25% from FY 2021). Net income: CN¥615.6m (up 107% from FY 2021). Profit margin: 6.3% (up from 3.8% in FY 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 14%. Earnings per share (EPS) missed analyst estimates by 7.9%. Revenue is forecast to grow 12% p.a. on average during the next 2 years, compared to a 12% growth forecast for the Forestry industry in China. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has increased by 24% per year, which means it is tracking significantly ahead of earnings growth.
Board Change • Nov 16Less than half of directors are independentFollowing 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. 3 non-independent directors. Independent Director Peng Yang was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model.
Reported Earnings • Oct 26Third quarter 2022 earnings released: EPS: CN¥0.099 (vs CN¥0.026 in 3Q 2021)Third quarter 2022 results: EPS: CN¥0.099 (up from CN¥0.026 in 3Q 2021). Revenue: CN¥2.56b (up 37% from 3Q 2021). Net income: CN¥174.3m (up 270% from 3Q 2021). Profit margin: 6.8% (up from 2.5% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 17% growth forecast for the Forestry industry in China. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has increased by 20% per year, which means it is tracking significantly ahead of earnings growth.
Reported Earnings • Sep 02Second quarter 2022 earnings released: EPS: CN¥0.10 (vs CN¥0.083 in 2Q 2021)Second quarter 2022 results: EPS: CN¥0.10 (up from CN¥0.083 in 2Q 2021). Revenue: CN¥2.20b (up 13% from 2Q 2021). Net income: CN¥175.4m (up 23% from 2Q 2021). Profit margin: 8.0% (up from 7.4% in 2Q 2021). The increase in margin was driven by higher revenue. 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 19% per year, which means it is tracking significantly ahead of earnings growth.
Valuation Update With 7 Day Price Move • May 30Investor sentiment improved over the past weekAfter last week's 15% share price gain to CN¥5.88, the stock trades at a trailing P/E ratio of 40.6x. Average trailing P/E is 23x in the Forestry industry in China. Total returns to shareholders of 64% over the past three years.
Valuation Update With 7 Day Price Move • May 10Investor sentiment improved over the past weekAfter last week's 15% share price gain to CN¥5.23, the stock trades at a trailing P/E ratio of 36.2x. Average trailing P/E is 21x in the Forestry industry in China. Total returns to shareholders of 29% over the past three years.
Reported Earnings • Apr 27First quarter 2022 earnings: EPS and revenues miss analyst expectationsFirst quarter 2022 results: EPS: CN¥0.07 (down from CN¥0.093 in 1Q 2021). Revenue: CN¥1.67b (down 15% from 1Q 2021). Net income: CN¥124.2m (down 26% from 1Q 2021). Profit margin: 7.4% (down from 8.5% in 1Q 2021). Revenue missed analyst estimates by 2.4%. Earnings per share (EPS) also missed analyst estimates by 9.8%. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings.
Board Change • Apr 27Less than half of directors are independentNo new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 10 experienced directors. No highly experienced directors. 3 independent directors (4 non-independent directors). Chairman of the Board of Directors Xin Huang was the last director to join the board, commencing their role in 2015. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment.
Reported Earnings • Oct 28Third quarter 2021 earnings released: EPS CN¥0.026 (vs CN¥0.072 in 3Q 2020)The company reported a soft third quarter result with weaker earnings and profit margins, although revenues improved. Third quarter 2021 results: Revenue: CN¥1.87b (up 1.3% from 3Q 2020). Net income: CN¥47.1m (down 63% from 3Q 2020). Profit margin: 2.5% (down from 6.9% in 3Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has increased by 31% per year, which means it is tracking significantly ahead of earnings growth.
Reported Earnings • Aug 26Second quarter 2021 earnings released: EPS CN¥0.083 (vs CN¥0.031 in 2Q 2020)The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: CN¥1.95b (up 9.0% from 2Q 2020). Net income: CN¥143.2m (up 169% from 2Q 2020). Profit margin: 7.4% (up from 3.0% in 2Q 2020). The increase in margin was driven by higher revenue. 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 31% per year, which means it is tracking significantly ahead of earnings growth.
Valuation Update With 7 Day Price Move • Aug 20Investor sentiment deteriorated over the past weekAfter last week's 20% share price decline to CN¥8.72, the stock trades at a trailing P/E ratio of 31.2x. Average trailing P/E is 24x in the Forestry industry in China. Total returns to shareholders of 133% over the past three years.
お知らせ • Jul 23China Chengtong Ecological Co., Ltd. sign an equity transfer agreement to acquire a 51% stake in Hunan Chengtong Tianyue Environmental Technology Co., Ltd. from Yueyang Forest & Paper Co., Ltd. (SHSE:600963) for CNY 36 million.China Chengtong Ecological Co., Ltd. sign an equity transfer agreement to acquire a 51% stake in Hunan Chengtong Tianyue Environmental Technology Co., Ltd. from Yueyang Forest & Paper Co., Ltd. (SHSE:600963) for CNY 36 million on July 21, 2021. Under the terms of the transaction, 70% of the total price will be paid to the bank account designated by Yueyang Forest Paper within 7 working days after the approval of China Chengtong Holding Group Co., Ltd. and the industrial and commercial company of the equity transfer within 7 working days after the change registration is completed, the remaining 30% of the price shall be paid to the bank account designated by Yueyang Forest Paper. As of June 2, 2021, Hunan Chengtong Tianyue Environmental Technology Co., Ltd. has unaudited total assets of CNY 21.75 million and unaudited net assets of CNY 9.2 million. The transaction has been unanimously approved by the Board of Directors of Yueyang Forest & Paper Co., Ltd. The transaction has been approved by China Chengtong Holding Group Co., Ltd., parent of China Chengtong Ecological Co., Ltd.
Valuation Update With 7 Day Price Move • Jul 08Investor sentiment improved over the past weekAfter last week's 15% share price gain to CN¥10.38, the stock trades at a forward P/E ratio of 31x. Average forward P/E is 17x in the Forestry industry in China. Total returns to shareholders of 172% over the past three years.
Valuation Update With 7 Day Price Move • Jun 22Investor sentiment improved over the past weekAfter last week's 17% share price gain to CN¥10.80, the stock trades at a forward P/E ratio of 32x. Average forward P/E is 19x in the Forestry industry in China. Total returns to shareholders of 181% over the past three years.
Valuation Update With 7 Day Price Move • May 22Investor sentiment improved over the past weekAfter last week's 16% share price gain to CN¥6.44, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 17x in the Forestry industry in China. Total returns to shareholders of 43% over the past three years.
Reported Earnings • Apr 11Full year 2020 earnings released: EPS CN¥0.23 (vs CN¥0.17 in FY 2019)The company reported a solid full year result with improved earnings and profit margins, although revenues were flat. Full year 2020 results: Revenue: CN¥7.12b (flat on FY 2019). Net income: CN¥414.3m (up 32% from FY 2019). Profit margin: 5.8% (up from 4.4% in FY 2019). Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings.
Valuation Update With 7 Day Price Move • Mar 18Investor sentiment improved over the past weekAfter last week's 16% share price gain to CN¥5.98, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 13x in the Forestry industry in China. Total returns to shareholders of 29% over the past three years.
Reported Earnings • Mar 10Full year 2020 earnings released: EPS CN¥0.23 (vs CN¥0.17 in FY 2019)The company reported a solid full year result with improved earnings and profit margins, although revenues were flat. Full year 2020 results: Revenue: CN¥7.12b (flat on FY 2019). Net income: CN¥414.3m (up 32% from FY 2019). Profit margin: 5.8% (up from 4.4% in FY 2019). Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings.
Analyst Estimate Surprise Post Earnings • Mar 10Revenue misses expectationsRevenue missed analyst estimates by 2.4%. Over the next year, revenue is forecast to grow 19%, compared to a 31% growth forecast for the Forestry industry in China.
Valuation Update With 7 Day Price Move • Feb 22Investor sentiment improved over the past weekAfter last week's 17% share price gain to CN¥5.47, the stock is trading at a trailing P/E ratio of 20.9x, up from the previous P/E ratio of 17.8x. This compares to an average P/E of 24x in the Forestry industry in China. Total returns to shareholders over the past three years are 20%.
Is New 90 Day High Low • Feb 20New 90-day high: CN¥5.27The company is up 21% from its price of CN¥4.37 on 20 November 2020. The Chinese market is up 9.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Forestry industry, which is up 13% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is CN¥0.85 per share.
Valuation Update With 7 Day Price Move • Feb 02Investor sentiment improved over the past weekAfter last week's 15% share price gain to CN¥5.02, the stock is trading at a trailing P/E ratio of 19.1x, up from the previous P/E ratio of 16.6x. This compares to an average P/E of 24x in the Forestry industry in China. Total returns to shareholders over the past three years are 13%.
お知らせ • Jan 21Yueyang Forest & Paper Co., Ltd. to Report Fiscal Year 2020 Results on Mar 17, 2021Yueyang Forest & Paper Co., Ltd. announced that they will report fiscal year 2020 results on Mar 17, 2021
Is New 90 Day High Low • Jan 18New 90-day high: CN¥4.53The company is up 9.0% from its price of CN¥4.14 on 20 October 2020. The Chinese market is up 7.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Forestry industry, which is up 18% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is CN¥0.88 per share.
Reported Earnings • Oct 28Third quarter earnings releasedOver the last 12 months the company has reported total profits of CN¥466.1m, up 229% from the prior year. Total revenue was CN¥7.09b over the last 12 months, up 2.4% from the prior year.
お知らせ • Jul 08Yueyang Forest & Paper Co., Ltd. to Report First Half, 2020 Results on Aug 18, 2020Yueyang Forest & Paper Co., Ltd. announced that they will report first half, 2020 results on Aug 18, 2020
