Valuation Update With 7 Day Price Move • Jul 22
Investor sentiment deteriorates as stock falls 32% After last week's 32% share price decline to CN¥16.59, the stock trades at a trailing P/E ratio of 25.6x. Average forward P/E is 11x in the Logistics industry in China. Total returns to shareholders of 18% over the past three years. Valuation Update With 7 Day Price Move • Jul 07
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to CN¥29.50, the stock trades at a trailing P/E ratio of 45.5x. Average forward P/E is 13x in the Logistics industry in China. Total returns to shareholders of 110% over the past three years. Aankondiging • Jun 30
Hichain Logistics Co.,Ltd. to Report First Half, 2026 Results on Aug 26, 2026 Hichain Logistics Co.,Ltd. announced that they will report first half, 2026 results on Aug 26, 2026 New Risk • Jun 30
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Chinese stocks, typically moving 9.0% 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: Major Risk Earnings have declined by 3.9% per year over the past 5 years. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (9.0% average weekly change). Profit margins are more than 30% lower than last year (11% net profit margin). Buy Or Sell Opportunity • Jun 29
Now 23% overvalued after recent price rise Over the last 90 days, the stock has risen 31% to CN¥28.14. The fair value is estimated to be CN¥22.85, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 8.1%. Valuation Update With 7 Day Price Move • Jun 19
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to CN¥26.68, the stock trades at a trailing P/E ratio of 29.4x. Average forward P/E is 11x in the Logistics industry in China. Total returns to shareholders of 42% over the past three years. Board Change • May 20
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 7 experienced directors. 3 highly experienced directors. Supervisor Wei Wang was the last director to join the board, commencing their role in 2023. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Aankondiging • Apr 23
Hichain Logistics Co.,Ltd., Annual General Meeting, May 15, 2026 Hichain Logistics Co.,Ltd., Annual General Meeting, May 15, 2026, at 14:30 China Standard Time. Location: 13F, Qianhai Sinlikon Center, Nanshan District, Shenzhen, Guangdong China Aankondiging • Mar 31
Hichain Logistics Co.,Ltd. to Report Q1, 2026 Results on Apr 23, 2026 Hichain Logistics Co.,Ltd. announced that they will report Q1, 2026 results on Apr 23, 2026 Aankondiging • Dec 31
Hichain Logistics Co.,Ltd. to Report Fiscal Year 2025 Results on Apr 23, 2026 Hichain Logistics Co.,Ltd. announced that they will report fiscal year 2025 results on Apr 23, 2026 Aankondiging • Sep 30
Hichain Logistics Co.,Ltd. to Report Q3, 2025 Results on Oct 23, 2025 Hichain Logistics Co.,Ltd. announced that they will report Q3, 2025 results on Oct 23, 2025 Aankondiging • Jul 02
Hichain Logistics Co.,Ltd. to Report First Half, 2025 Results on Aug 26, 2025 Hichain Logistics Co.,Ltd. announced that they will report first half, 2025 results on Aug 26, 2025 Aankondiging • Jun 06
Hichain Logistics Co.,Ltd., Annual General Meeting, Jun 27, 2025 Hichain Logistics Co.,Ltd., Annual General Meeting, Jun 27, 2025, at 14:30 China Standard Time. Location: 13F, Qianhai Sinlikon Center, Nanshan District, Shenzhen, Guangdong China Aankondiging • Apr 22
Hichain Logistics Co.,Ltd. Proposes Final Cash Dividend for the Year 2024 Hichain Logistics Co.,Ltd. proposed final cash dividend of CNY 4.00000000 per 10 shares (tax included) for the year 2024. Aankondiging • Mar 31
Hichain Logistics Co.,Ltd. to Report Q1, 2025 Results on Apr 25, 2025 Hichain Logistics Co.,Ltd. announced that they will report Q1, 2025 results on Apr 25, 2025 Aankondiging • Dec 31
Hichain Logistics Co.,Ltd. to Report Fiscal Year 2024 Results on Apr 19, 2025 Hichain Logistics Co.,Ltd. announced that they will report fiscal year 2024 results on Apr 19, 2025 Reported Earnings • Oct 25
Third quarter 2024 earnings released: EPS: CN¥0.30 (vs CN¥0.31 in 3Q 2023) Third quarter 2024 results: EPS: CN¥0.30 (down from CN¥0.31 in 3Q 2023). Revenue: CN¥434.1m (down 5.8% from 3Q 2023). Net income: CN¥68.0m (down 4.9% from 3Q 2023). Profit margin: 16% (in line with 3Q 2023). Revenue is forecast to grow 32% p.a. on average during the next 2 years, compared to a 10% growth forecast for the Logistics industry in China. Valuation Update With 7 Day Price Move • Sep 30
Investor sentiment improves as stock rises 28% After last week's 28% share price gain to CN¥17.37, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 12x in the Logistics industry in China. Total loss to shareholders of 2.8% over the past year. Aankondiging • Sep 30
Hichain Logistics Co.,Ltd. to Report Q3, 2024 Results on Oct 25, 2024 Hichain Logistics Co.,Ltd. announced that they will report Q3, 2024 results on Oct 25, 2024 New Risk • Sep 17
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 49% 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: 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 28
Second quarter 2024 earnings released: EPS: CN¥0.41 (vs CN¥0.51 in 2Q 2023) Second quarter 2024 results: EPS: CN¥0.41 (down from CN¥0.51 in 2Q 2023). Revenue: CN¥409.5m (down 8.2% from 2Q 2023). Net income: CN¥93.0m (down 19% from 2Q 2023). Profit margin: 23% (down from 26% in 2Q 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 28% p.a. on average during the next 2 years, compared to a 10% growth forecast for the Logistics industry in China. Declared Dividend • Jul 05
Dividend of CN¥0.40 announced Shareholders will receive a dividend of CN¥0.40. Ex-date: 10th July 2024 Payment date: 10th July 2024 Dividend yield will be 2.8%, which is higher than the industry average of 1.7%. Sustainability & Growth Dividend is covered by both earnings (33% earnings payout ratio) and cash flows (64% cash payout ratio). The dividend has increased by an average of 62% per year over the past 3 years and payments have been stable during that time. EPS is expected to grow by 26% over the next year, which should provide support to the dividend and adequate earnings cover. Aankondiging • Jun 29
Hichain Logistics Co.,Ltd. to Report First Half, 2024 Results on Aug 28, 2024 Hichain Logistics Co.,Ltd. announced that they will report first half, 2024 results on Aug 28, 2024 Aankondiging • Apr 23
Hichain Logistics Co.,Ltd., Annual General Meeting, May 15, 2024 Hichain Logistics Co.,Ltd., Annual General Meeting, May 15, 2024, at 14:30 China Standard Time. Location: 13F, Qianhai Sinlikon Center, Nanshan District, Shenzhen, Guangdong China Reported Earnings • Apr 22
Full year 2023 earnings released: EPS: CN¥1.23 (vs CN¥1.68 in FY 2022) Full year 2023 results: EPS: CN¥1.23 (down from CN¥1.68 in FY 2022). Revenue: CN¥1.83b (up 1.6% from FY 2022). Net income: CN¥281.1m (down 22% from FY 2022). Profit margin: 15% (down from 20% in FY 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 23% p.a. on average during the next 2 years, compared to a 10% growth forecast for the Logistics industry in China. Aankondiging • Mar 30
Hichain Logistics Co.,Ltd. to Report Q1, 2024 Results on Apr 26, 2024 Hichain Logistics Co.,Ltd. announced that they will report Q1, 2024 results on Apr 26, 2024 Valuation Update With 7 Day Price Move • Feb 01
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to CN¥15.84, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 10x in the Logistics industry in China. Aankondiging • Dec 30
Hichain Logistics Co.,Ltd. to Report Fiscal Year 2023 Results on Apr 22, 2024 Hichain Logistics Co.,Ltd. announced that they will report fiscal year 2023 results on Apr 22, 2024 Reported Earnings • Oct 25
Third quarter 2023 earnings released Third quarter 2023 results: EPS: CN¥0.31. Revenue: CN¥460.7m (up 1.3% from 3Q 2022). Net income: CN¥71.5m (down 24% from 3Q 2022). Profit margin: 16% (down from 21% in 3Q 2022). Revenue is forecast to grow 25% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Logistics industry in China. New Risk • Oct 20
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 6.0% 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: Major Risk High level of non-cash earnings (33% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (6.0% average weekly change). Shareholders have been diluted in the past year (8.0% increase in shares outstanding). Valuation Update With 7 Day Price Move • Oct 18
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to CN¥22.24, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 12x in the Logistics industry in China. Aankondiging • Sep 30
Hichain Logistics Co.,Ltd. to Report Q3, 2023 Results on Oct 25, 2023 Hichain Logistics Co.,Ltd. announced that they will report Q3, 2023 results on Oct 25, 2023 Reported Earnings • Aug 26
Second quarter 2023 earnings released: EPS: CN¥0.51 (vs CN¥0.68 in 2Q 2022) Second quarter 2023 results: EPS: CN¥0.51 (down from CN¥0.68 in 2Q 2022). Revenue: CN¥445.9m (down 10.0% from 2Q 2022). Net income: CN¥115.0m (down 20% from 2Q 2022). Profit margin: 26% (down from 29% in 2Q 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 26% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Logistics industry in China. Aankondiging • Jun 22
Hichain Logistics Co.,Ltd. Announces Final Cash Dividend on A Shares for the Year 2022, Payable on 29 June 2023 Hichain Logistics Co.,Ltd. announced 2022 final profit distribution plan to be implemented (A shares): Cash dividend/10 shares (tax included): CNY 3.50000000. Record date: 28 June 2023. Ex-date: 29 June 2023. Payment date: 29 June 2023. Aankondiging • May 18
Hichain Logistics Co.,Ltd. Approves Cash Dividend for 2022 Hichain Logistics Co.,Ltd. approved Cash dividend/10 shares (tax included) of CNY3.50000000 for 2022, at its Annual General Meeting of 2022 on 16 May 2023. Reported Earnings • Apr 23
First quarter 2023 earnings released: EPS: CN¥0.26 (vs CN¥0.43 in 1Q 2022) First quarter 2023 results: EPS: CN¥0.26 (down from CN¥0.43 in 1Q 2022). Revenue: CN¥448.5m (up 25% from 1Q 2022). Net income: CN¥59.2m (down 35% from 1Q 2022). Profit margin: 13% (down from 25% in 1Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 30% p.a. on average during the next 2 years, compared to a 13% growth forecast for the Logistics industry in China. Buying Opportunity • Apr 20
Now 20% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be CN¥32.74, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 26% over the last 3 years. Earnings per share has grown by 31%. Revenue is forecast to grow by 76% in 2 years. Earnings is forecast to grow by 52% in the next 2 years. Board Change • Mar 14
High number of new and inexperienced directors There are 8 new directors who have joined the board in the last 3 years. The company's board is composed of: 8 new directors. 1 experienced director. No highly experienced directors. Supervisor Liang Chang is the most experienced director on the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. 
