Declared Dividend • Jul 06
Dividend of CN¥0.18 announced Shareholders will receive a dividend of CN¥0.18. Ex-date: 8th July 2026 Payment date: 8th July 2026 Dividend yield will be 0.5%, which is lower than the industry average of 2.6%. Sustainability & Growth Dividend is covered by earnings (28% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has decreased over the past 46 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to decline by 69% to shift the payout ratio to a potentially unsustainable range, which is more than the 11% EPS decline seen over the last 5 years. Aankondiging • Jun 30
Higa Co.,Ltd. to Report First Half, 2026 Results on Aug 27, 2026 Higa Co.,Ltd. announced that they will report first half, 2026 results on Aug 27, 2026 Valuation Update With 7 Day Price Move • Jun 09
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to CN¥74.58, the stock trades at a trailing P/E ratio of 63.4x. Average trailing P/E is 45x in the Chemicals industry in China. Total returns to shareholders of 190% over the past three years. New Risk • May 19
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 22% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (4.3% operating cash flow to total debt). Dividend is not well covered by earnings and cash flows. Payout ratio: 276% Paying a dividend despite having no free cash flows. Earnings have declined by 4.1% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (8.3% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1.9% net profit margin). Valuation Update With 7 Day Price Move • May 11
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to CN¥73.48, the stock trades at a trailing P/E ratio of 62.4x. Average trailing P/E is 51x in the Chemicals industry in China. Total returns to shareholders of 186% over the past three years. New Risk • May 05
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 4.9% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (4.9% operating cash flow to total debt). Earnings have declined by 4.1% per year over the past 5 years. Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (8.7% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1.9% net profit margin). Reported Earnings • Apr 23
Full year 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2025 results: EPS: CN¥1.33 (down from CN¥1.67 in FY 2024). Revenue: CN¥4.12b (up 22% from FY 2024). Net income: CN¥111.3m (down 20% from FY 2024). Profit margin: 2.7% (down from 4.1% in FY 2024). Revenue exceeded analyst estimates by 4.2%. Earnings per share (EPS) missed analyst estimates by 19%. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has increased by 32% per year, which means it is well ahead of earnings. Aankondiging • Apr 22
Anhui Higasket Plastics Co.,Ltd. announced that it expects to receive CNY 300 million in funding Anhui Higasket Plastics Co.,Ltd. announced private placement to issue A shares for gross proceeds of CNY 300,000,000 or less on April 21, 2026. The transaction includes participation from not more than 35 investors who meet the regulations of the regulatory authorities, including securities investment fund management companies, securities companies, trust companies, finance companies, insurance institutional investors, qualified foreign institutional investors, Renminbi qualified foreign institutional investors, and other legal persons, natural persons, or other legitimate investment organizations that comply with the requirements of the China Securities Regulatory Commission. The issue volume is not exceeding 20% of the net assets at the end of the most recent year, of A shares with a nominal value of CNY 1.00 per share. The number of shares to be issued will be determined by dividing the total raised funds by the issue price, and will not exceed 30% of the company's total share capital before the issuance. The pricing benchmark date for this stock issuance is the first day of the issuance period. The issue price shall not be lower than 80% of the average stock price of the company over the 20 trading days prior to the pricing benchmark date (calculation formula: average stock trading price over the 20 trading days prior to the pricing benchmark date = total stock trading amount over the 20 trading days prior to the pricing benchmark date / total stock trading volume over the 20 trading days prior to the pricing benchmark date). A shares issued to specific investors may not be transferred within 6 months from the end of the issuance. The transaction is approved by board of directors of the company in its fourth board of directors in the its fourth meeting New Risk • Apr 22
New major risk - Revenue and earnings growth Earnings have declined by 0.8% 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 Risks Debt is not well covered by operating cash flow (4.3% operating cash flow to total debt). Earnings have declined by 0.8% per year over the past 5 years. Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (8.8% average weekly change). Aankondiging • Apr 22
Anhui Higasket Plastics Co.,Ltd., Annual General Meeting, May 13, 2026 Anhui Higasket Plastics Co.,Ltd., Annual General Meeting, May 13, 2026, at 14:00 China Standard Time. Location: No. 678, Tangkou Road, Economic and Technological Development Zone, Hefei, Anhui China Aankondiging • Mar 30
Anhui Higasket Plastics Co.,Ltd. to Report Q1, 2026 Results on Apr 29, 2026 Anhui Higasket Plastics Co.,Ltd. announced that they will report Q1, 2026 results on Apr 29, 2026 New Risk • Mar 23
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Chinese stocks, typically moving 8.4% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (4.3% operating cash flow to total debt). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (8.4% average weekly change). Valuation Update With 7 Day Price Move • Mar 23
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to CN¥46.61, the stock trades at a forward P/E ratio of 23x. Average forward P/E is 23x in the Chemicals industry in China. Total returns to shareholders of 64% over the past three years. Valuation Update With 7 Day Price Move • Feb 04
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to CN¥48.56, the stock trades at a forward P/E ratio of 24x. Average forward P/E is 26x in the Chemicals industry in China. Total returns to shareholders of 76% over the past three years. Aankondiging • Dec 26
Anhui Higasket Plastics Co.,Ltd. to Report Fiscal Year 2025 Results on Apr 22, 2026 Anhui Higasket Plastics Co.,Ltd. announced that they will report fiscal year 2025 results on Apr 22, 2026 Reported Earnings • Oct 30
Third quarter 2025 earnings released: EPS: CN¥0.31 (vs CN¥0.40 in 3Q 2024) Third quarter 2025 results: EPS: CN¥0.31 (down from CN¥0.40 in 3Q 2024). Revenue: CN¥1.00b (up 24% from 3Q 2024). Net income: CN¥26.0m (down 23% from 3Q 2024). Profit margin: 2.6% (down from 4.2% in 3Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 18% p.a. on average during the next 3 years, compared to a 16% growth forecast for the Chemicals industry in China. Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has increased by 10% per year, which means it is well ahead of earnings. Aankondiging • Sep 30
Anhui Higasket Plastics Co.,Ltd. to Report Q3, 2025 Results on Oct 30, 2025 Anhui Higasket Plastics Co.,Ltd. announced that they will report Q3, 2025 results on Oct 30, 2025 New Risk • Sep 08
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 18% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. This is currently the only risk that has been identified for the company. Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to CN¥38.93, the stock trades at a trailing P/E ratio of 23.4x. Average trailing P/E is 41x in the Chemicals industry in China. Total returns to shareholders of 30% over the past three years. New Risk • Aug 04
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Chinese stocks, typically moving 6.8% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (17% operating cash flow to total debt). Minor Risk Share price has been volatile over the past 3 months (6.8% average weekly change). Aankondiging • Jun 30
Anhui Higasket Plastics Co.,Ltd. to Report First Half, 2025 Results on Aug 28, 2025 Anhui Higasket Plastics Co.,Ltd. announced that they will report first half, 2025 results on Aug 28, 2025 Valuation Update With 7 Day Price Move • May 22
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to CN¥35.83, the stock trades at a trailing P/E ratio of 21.6x. Average trailing P/E is 37x in the Chemicals industry in China. Total returns to shareholders of 33% over the past three years. Reported Earnings • May 03
First quarter 2025 earnings released: EPS: CN¥0.44 (vs CN¥0.41 in 1Q 2024) First quarter 2025 results: EPS: CN¥0.44 (up from CN¥0.41 in 1Q 2024). Revenue: CN¥909.0m (up 24% from 1Q 2024). Net income: CN¥37.6m (up 8.9% from 1Q 2024). Profit margin: 4.1% (down from 4.7% in 1Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. New Risk • May 01
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 5.9% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. This is currently the only risk that has been identified for the company. Aankondiging • Apr 25
Anhui Higasket Plastics Co.,Ltd., Annual General Meeting, May 15, 2025 Anhui Higasket Plastics Co.,Ltd., Annual General Meeting, May 15, 2025, at 14:00 China Standard Time. Location: No. 678, Tangkou Road, Economic and Technological Development Zone, Hefei, Anhui China Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to CN¥27.15, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 19x in the Chemicals industry in China. Total loss to shareholders of 2.0% over the past three years. New Risk • Apr 07
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Chinese stocks, typically moving 8.0% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks High level of debt (44% net debt to equity). Share price has been volatile over the past 3 months (8.0% average weekly change). Aankondiging • Mar 28
Anhui Higasket Plastics Co.,Ltd. to Report Q1, 2025 Results on Apr 29, 2025 Anhui Higasket Plastics Co.,Ltd. announced that they will report Q1, 2025 results on Apr 29, 2025 Valuation Update With 7 Day Price Move • Feb 25
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to CN¥39.06, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 21x in the Chemicals industry in China. Total returns to shareholders of 17% over the past three years. Valuation Update With 7 Day Price Move • Feb 07
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to CN¥32.34, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 19x in the Chemicals industry in China. Total loss to shareholders of 17% over the past three years. Aankondiging • Jan 20
Anhui Higasket Plastics Co.,Ltd. (SHSE:603150) agreed to acquire an additional 37.51% stake in Anhui Xirui Technology Co., Ltd. from Huoshan Intelligent Manufacturing Venture Capital Partnership Enterprise (Limited Partnership) and others for CNY 32.8 million. Anhui Higasket Plastics Co.,Ltd. (SHSE:603150) agreed to acquire an additional 37.51% stake in Anhui Xirui Technology Co., Ltd. from Huoshan Intelligent Manufacturing Venture Capital Partnership Enterprise (Limited Partnership) and others for CNY 32.8 million on January 17, 2025. A cash consideration of CNY 32.8 million will be paid by Anhui Higasket Plastics Co.,Ltd. As part of consideration, CNY 32.8 million is paid towards common equity of Anhui Xirui Technology Co., Ltd. Upon completion, Anhui Higasket Plastics Co.,Ltd. will own 87.51% stake in Anhui Xirui Technology Co., Ltd. As of September 30, 2024, Anhui Xirui Technology Co., Ltd. reported total assets of CNY 103.03 million and total common equity of CNY 58.34 million. Upon completion, Anhui Higasket Plastics Co.,Ltd. will own 93.75% stake in Anhui Xirui Technology Co., Ltd. The transaction is subject to approval of offer by acquirer board. The deal has been approved by the board. Aankondiging • Dec 27
Anhui Higasket Plastics Co.,Ltd. to Report Fiscal Year 2024 Results on Apr 25, 2025 Anhui Higasket Plastics Co.,Ltd. announced that they will report fiscal year 2024 results on Apr 25, 2025 Reported Earnings • Oct 31
Third quarter 2024 earnings released: EPS: CN¥0.40 (vs CN¥0.42 in 3Q 2023) Third quarter 2024 results: EPS: CN¥0.40 (down from CN¥0.42 in 3Q 2023). Revenue: CN¥808.5m (up 26% from 3Q 2023). Net income: CN¥33.6m (down 4.1% from 3Q 2023). Profit margin: 4.2% (down from 5.4% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 18% p.a. on average during the next 3 years, compared to a 16% growth forecast for the Chemicals industry in China. Aankondiging • Sep 30
Anhui Higasket Plastics Co.,Ltd. to Report Q3, 2024 Results on Oct 30, 2024 Anhui Higasket Plastics Co.,Ltd. announced that they will report Q3, 2024 results on Oct 30, 2024 Valuation Update With 7 Day Price Move • Sep 30
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to CN¥27.34, the stock trades at a trailing P/E ratio of 15.9x. Average trailing P/E is 30x in the Chemicals industry in China. Total loss to shareholders of 1.6% over the past year. Aankondiging • Jul 29
Anhui Higasket Plastics Co.,Ltd. (SHSE:603150) agreed to acquire 17.24% stake in Guotaiyang Technology Co., Ltd. from New Torch Technology Co., Ltd. for CNY 50 million. Anhui Higasket Plastics Co.,Ltd. (SHSE:603150) agreed to acquire 17.24% stake in Guotaiyang Technology Co., Ltd. from New Torch Technology Co., Ltd. for CNY 50 million on July 26, 2024. A cash consideration of CNY 50 million will be paid by Anhui Higasket Plastics Co.,Ltd. As part of consideration, CNY 50 million is paid towards common equity of Guotaiyang Technology Co., Ltd.
As of May 31, 2024, Guotaiyang Technology Co., Ltd. reported total assets of CNY 227.03 million and total common equity of CNY 125.13 million.
The transaction is subject to approval of offer by shareholders of Anhui Higasket Plastics Co.,Ltd, consummation of due diligence investigation. The deal has been approved by the board of directors of Anhui Higasket Plastics Co.,Ltd. Aankondiging • Jun 29
Anhui Higasket Plastics Co.,Ltd. to Report First Half, 2024 Results on Aug 23, 2024 Anhui Higasket Plastics Co.,Ltd. announced that they will report first half, 2024 results on Aug 23, 2024 New Risk • May 04
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 9.1% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (9.1% operating cash flow to total debt). High level of non-cash earnings (24% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (4.9% net profit margin). Reported Earnings • Apr 28
Full year 2023 earnings released: EPS: CN¥1.63 (vs CN¥1.84 in FY 2022) Full year 2023 results: EPS: CN¥1.63 (down from CN¥1.84 in FY 2022). Revenue: CN¥2.56b (up 50% from FY 2022). Net income: CN¥135.5m (down 9.2% from FY 2022). Profit margin: 5.3% (down from 8.7% in FY 2022). The decrease in margin was driven by higher expenses. Aankondiging • Apr 26
Anhui Higasket Plastics Co.,Ltd., Annual General Meeting, May 15, 2024 Anhui Higasket Plastics Co.,Ltd., Annual General Meeting, May 15, 2024, at 14:30 China Standard Time. Location: No. 678, Tangkou Road, Economic and Technological Development Zone, Hefei, Anhui China Aankondiging • Mar 30
Anhui Higasket Plastics Co.,Ltd. to Report Q1, 2024 Results on Apr 30, 2024 Anhui Higasket Plastics Co.,Ltd. announced that they will report Q1, 2024 results on Apr 30, 2024 Valuation Update With 7 Day Price Move • Feb 02
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to CN¥23.39, the stock trades at a trailing P/E ratio of 14.3x. Average trailing P/E is 28x in the Chemicals industry in China. Total loss to shareholders of 16% over the past year. Aankondiging • Dec 29
Anhui Higasket Plastics Co.,Ltd. to Report Fiscal Year 2023 Results on Apr 25, 2024 Anhui Higasket Plastics Co.,Ltd. announced that they will report fiscal year 2023 results on Apr 25, 2024 Reported Earnings • Nov 02
Third quarter 2023 earnings released: EPS: CN¥0.42 (vs CN¥0.51 in 3Q 2022) Third quarter 2023 results: EPS: CN¥0.42 (down from CN¥0.51 in 3Q 2022). Revenue: CN¥644.3m (up 53% from 3Q 2022). Net income: CN¥35.0m (down 14% from 3Q 2022). Profit margin: 5.4% (down from 9.6% in 3Q 2022). The decrease in margin was driven by higher expenses. Reported Earnings • Aug 30
Second quarter 2023 earnings released: EPS: CN¥0.45 (vs CN¥0.45 in 2Q 2022) Second quarter 2023 results: EPS: CN¥0.45 (down from CN¥0.45 in 2Q 2022). Revenue: CN¥620.0m (up 45% from 2Q 2022). Net income: CN¥37.2m (down 1.3% from 2Q 2022). Profit margin: 6.0% (down from 8.8% in 2Q 2022). The decrease in margin was driven by higher expenses. Aankondiging • Aug 26
Anhui Higasket Plastics Co.,Ltd. (SHSE:603150) announces an Equity Buyback for CNY 52 million worth of its shares. Anhui Higasket Plastics Co.,Ltd. (SHSE:603150) announces a share repurchase program. Under the program, the company will repurchase not more than CNY 52 million worth of its shares. The shares will be repurchased at a price not more than CNY 40.87 per share. The shares repurchased will be used for ESOP and/or equity incentives. The program will be valid for not more than 12 months. Aankondiging • Jun 28
Anhui Higasket Plastics Co.,Ltd. to Report First Half, 2023 Results on Aug 29, 2023 Anhui Higasket Plastics Co.,Ltd. announced that they will report first half, 2023 results on Aug 29, 2023 Reported Earnings • Apr 11
Full year 2022 earnings released: EPS: CN¥1.82 (vs CN¥2.25 in FY 2021) Full year 2022 results: EPS: CN¥1.82. Revenue: CN¥1.71b (up 16% from FY 2021). Net income: CN¥149.3m (up 6.7% from FY 2021). Profit margin: 8.7% (in line with FY 2021). Aankondiging • Feb 11
Anhui Higasket Plastics Co.,Ltd. (SHSE:603150) announces an Equity Buyback for CNY 72 million worth of its shares. Anhui Higasket Plastics Co.,Ltd. (SHSE:603150) announces a share repurchase program. Under the program, the company will repurchase not more than CNY 72 million worth of its shares. The shares will be repurchased at a price not more than CNY 41.06 per share. The shares repurchased will be used for ESOP. The program will be valid for not more than 12 months. Board Change • Nov 16
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 11 experienced directors. No highly experienced directors. 3 independent directors (6 non-independent directors). Director Shiliang Mei was the last director to join the board, commencing their role in 2019. 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 30
Third quarter 2022 earnings released Third quarter 2022 results: EPS: CN¥0.51. Net income: CN¥40.5m (up CN¥40.5m from 3Q 2021). Reported Earnings • Aug 24
Second quarter 2022 earnings released Second quarter 2022 results: EPS: CN¥0.45. Net income: CN¥37.7m (up CN¥37.7m from 2Q 2021). Reported Earnings • May 02
First quarter 2022 earnings released First quarter 2022 results: EPS: CN¥0.47. Revenue: CN¥358.7m (flat on 1Q 2021). Net income: CN¥35.4m (up CN¥35.4m from 1Q 2021). Profit margin: 9.9% (up from null in 1Q 2021). Reported Earnings • Apr 19
Full year 2021 earnings released: EPS: CN¥2.25 (vs CN¥2.13 in FY 2020) Full year 2021 results: EPS: CN¥2.25 (up from CN¥2.13 in FY 2020). Revenue: CN¥1.48b (up 22% from FY 2020). Net income: CN¥139.8m (up 5.3% from FY 2020). Profit margin: 9.5% (down from 11% in FY 2020). The decrease in margin was driven by higher expenses.