New Risk • May 15
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 53% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (53% accrual ratio). Minor Risk Share price has been volatile over the past 3 months (8.7% average weekly change). Major Estimate Revision • May 06
Consensus EPS estimates increase by 13%, revenue downgraded The consensus outlook for fiscal year 2026 has been updated. 2026 revenue forecast fell from CN¥5.30b to CN¥5.13b. EPS estimate rose from CN¥1.37 to CN¥1.55. Net income forecast to grow 94% next year vs 33% growth forecast for Tech industry in China. Consensus price target of CN¥88.45 unchanged from last update. Share price was steady at CN¥89.85 over the past week. Announcement • Apr 24
JWIPC Technology Co., Ltd., Annual General Meeting, May 18, 2026 JWIPC Technology Co., Ltd., Annual General Meeting, May 18, 2026, at 14:30 China Standard Time. Location: 23F, East Tower, Lupu Building, Xingke Road, Nanshan District, Shenzhen, Guangdong China