New Risk • May 23
New minor risk - Dividend sustainability The company has a short dividend paying track record. Less than a year of continuous dividend payments. Dividend yield: 4.0% This is considered a minor risk. For dividend focussed investors, companies that have not established a long-term track record of consistently maintaining or growing dividends are less attractive than those companies that have a long track record. Those that have a long track record have proven their underlying business is stable enough to consistently maintain or grow the dividend and that the company considers maintaining the dividend to be one of its priorities. 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 High level of non-cash earnings (52% accrual ratio). Minor Risks Short dividend paying track record (less than a year of continuous dividend payments). Market cap is less than US$100m (HK$294.7m market cap, or US$37.6m). Announcement • May 02
Dahon Tech Launches Lunden Gr 20-Inch Tri-Fold Bike DAHON TECH announced the launch of the LUNDEN GR, a new 20-inch tri-fold bike engineered to redefine compact performance for urban mobility and mixed-terrain riding. Integrating DAHON's proprietary DAHON-V Tech into a tri-fold platform for the first time, the LUNDEN GR is scheduled to make its public debut at Eurobike 2026. Tri-fold bikes have surged in popularity for their compact, portable design, appealing to urban and leisure riders. Yet limited differentiation and inconsistent engineering have created major differences in ride quality, stiffness, and efficiency. The LUNDEN GR addresses these compromises by combining compact portability with full-size riding performance. Powered by DAHON-V Tech, it enhances frame and fork stiffness for stronger power transfer, confident handling, and a smoother, more responsive ride. Designed for city streets, mixed terrain, and light gravel, it brings new innovation to the tri-fold category for today's discerning riders. Designed for multi-terrain riding, the LUNDEN GR combines enhanced rigidity with rider-focused ergonomics. The frame incorporates a direct linkage from the headtube to the bottom bracket, reinforced seatstays, and integrated forged dropouts, working together to improve stability, speed, and structural efficiency. Equipped with the "D2D Stem", riders can easily adjust handlepost height and angle for a more personalised fit. The system also features dual-locking grips and a streamlined Internal V-Quick Lock, ensuring a secure and rigid riding position. For smooth and reliable shifting, the LUNDEN GR uses a Shimano 8-speed internal hub, offering low-maintenance performance. The bike is fitted with 20" × 2.0" tyres that absorb road vibration, improve traction, and combine comfort with capable all-round handling. The LUNDEN GR features an innovative Dynamic Suspension System for quick on-the-go damping adjustments, balancing pedalling efficiency with shock absorption across changing road conditions. Its multi-segment adjustable seatpost allows saddle height and angle tuning, improving ergonomic fit and comfort for a wide range of riders. DAHON will showcase the LUNDEN GR at Eurobike 2026, one of the world's bicycle trade exhibitions, bringing together global industry partners, media, and buyers. DAHON's participation will highlight its latest engineering innovations and mark another step in expanding its presence in international markets. Reported Earnings • Apr 29
Full year 2025 earnings released: EPS: CN¥2.67 (vs CN¥2.49 in FY 2024) Full year 2025 results: EPS: CN¥2.67 (up from CN¥2.49 in FY 2024). Revenue: CN¥641.5m (up 42% from FY 2024). Net income: CN¥63.5m (up 21% from FY 2024). Profit margin: 9.9% (down from 12% in FY 2024). The decrease in margin was driven by higher expenses. 
