Announcement • Jun 30
Zhejiang Meilun Elevator Co., Ltd. to Report First Half, 2026 Results on Aug 28, 2026 Zhejiang Meilun Elevator Co., Ltd. announced that they will report first half, 2026 results on Aug 28, 2026 Declared Dividend • Jun 15
Dividend reduced to CN¥0.05 Dividend of CN¥0.05 is 75% lower than last year. Ex-date: 18th June 2026 Payment date: 18th June 2026 Dividend yield will be 0.8%, which is lower than the industry average of 2.0%. Sustainability & Growth Dividend is not covered by earnings (130% earnings payout ratio) and the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 9.1% per year over the past 8 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 45% to bring the payout ratio under control. However, EPS has declined by 11% over the last 5 years so the company would need to reverse this trend. New Risk • May 01
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 31% 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 Dividend is not well covered by earnings and cash flows. Payout ratio: 130% Paying a dividend despite having no free cash flows. Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (5.2% net profit margin). Reported Earnings • Apr 25
Full year 2025 earnings released: EPS: CN¥0.10 (vs CN¥0.45 in FY 2024) Full year 2025 results: EPS: CN¥0.10 (down from CN¥0.45 in FY 2024). Revenue: CN¥677.6m (down 17% from FY 2024). Net income: CN¥32.3m (down 76% from FY 2024). Profit margin: 4.8% (down from 17% in FY 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has remained flat whereas the company’s share price has increased by 2% per year. Announcement • Apr 25
Zhejiang Meilun Elevator Co., Ltd., Annual General Meeting, May 20, 2026 Zhejiang Meilun Elevator Co., Ltd., Annual General Meeting, May 20, 2026, at 14:30 China Standard Time. Location: The Company's Meeting Room, Shaoxing, Zhejiang China Announcement • Mar 30
Zhejiang Meilun Elevator Co., Ltd. to Report Q1, 2026 Results on Apr 30, 2026 Zhejiang Meilun Elevator Co., Ltd. announced that they will report Q1, 2026 results on Apr 30, 2026 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¥6.72, the stock trades at a trailing P/E ratio of 49.8x. Average trailing P/E is 52x in the Machinery industry in China. Total loss to shareholders of 2.3% over the past three years. Announcement • Dec 26
Zhejiang Meilun Elevator Co., Ltd. to Report Fiscal Year 2025 Results on Apr 25, 2026 Zhejiang Meilun Elevator Co., Ltd. announced that they will report fiscal year 2025 results on Apr 25, 2026 Reported Earnings • Oct 29
Third quarter 2025 earnings released: EPS: CN¥0.03 (vs CN¥0.06 in 3Q 2024) Third quarter 2025 results: EPS: CN¥0.03 (down from CN¥0.06 in 3Q 2024). Revenue: CN¥176.2m (down 11% from 3Q 2024). Net income: CN¥10.4m (down 42% from 3Q 2024). Profit margin: 5.9% (down from 9.2% in 3Q 2024). Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Announcement • Sep 30
Zhejiang Meilun Elevator Co., Ltd. to Report Q3, 2025 Results on Oct 29, 2025 Zhejiang Meilun Elevator Co., Ltd. announced that they will report Q3, 2025 results on Oct 29, 2025 Reported Earnings • Sep 01
Second quarter 2025 earnings released: EPS: CN¥0.083 (vs CN¥0.08 in 2Q 2024) Second quarter 2025 results: EPS: CN¥0.083. Revenue: CN¥191.4m (down 17% from 2Q 2024). Net income: CN¥13.4m (down 45% from 2Q 2024). Profit margin: 7.0% (down from 11% in 2Q 2024). New Risk • Aug 06
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 16% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 101% Paying a dividend despite having no free cash flows. High level of non-cash earnings (31% accrual ratio). Minor Risks Profit margins are more than 30% lower than last year (8.2% net profit margin). Shareholders have been diluted in the past year (16% increase in shares outstanding). Announcement • Jun 30
Zhejiang Meilun Elevator Co., Ltd. to Report First Half, 2025 Results on Aug 28, 2025 Zhejiang Meilun Elevator 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¥8.59, the stock trades at a trailing P/E ratio of 40x. Average trailing P/E is 41x in the Machinery industry in China. Total returns to shareholders of 44% over the past three years. New Risk • May 21
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 101% The company is paying a dividend despite having no free cash flows. Dividend yield: 2.4% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. 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 Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 101% Paying a dividend despite having no free cash flows. High level of non-cash earnings (31% accrual ratio). Minor Risk Profit margins are more than 30% lower than last year (8.2% net profit margin). Announcement • Apr 29
Zhejiang Meilun Elevator Co., Ltd., Annual General Meeting, May 19, 2025 Zhejiang Meilun Elevator Co., Ltd., Annual General Meeting, May 19, 2025, at 14:30 China Standard Time. Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to CN¥6.64, the stock trades at a trailing P/E ratio of 14.8x. Average trailing P/E is 35x in the Machinery industry in China. Total loss to shareholders of 5.5% over the past three years. Announcement • Mar 28
Zhejiang Meilun Elevator Co., Ltd. to Report Q1, 2025 Results on Apr 29, 2025 Zhejiang Meilun Elevator Co., Ltd. announced that they will report Q1, 2025 results on Apr 29, 2025 Announcement • Dec 27
Zhejiang Meilun Elevator Co., Ltd. to Report Fiscal Year 2024 Results on Apr 29, 2025 Zhejiang Meilun Elevator Co., Ltd. announced that they will report fiscal year 2024 results on Apr 29, 2025 Reported Earnings • Oct 30
Third quarter 2024 earnings released: EPS: CN¥0.06 (vs CN¥0.092 in 3Q 2023) Third quarter 2024 results: EPS: CN¥0.06 (down from CN¥0.092 in 3Q 2023). Revenue: CN¥197.0m (down 19% from 3Q 2023). Net income: CN¥18.1m (down 30% from 3Q 2023). Profit margin: 9.2% (down from 11% in 3Q 2023). Over the last 3 years on average, earnings per share has increased by 47% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Announcement • Sep 30
Zhejiang Meilun Elevator Co., Ltd. to Report Q3, 2024 Results on Oct 29, 2024 Zhejiang Meilun Elevator Co., Ltd. announced that they will report Q3, 2024 results on Oct 29, 2024 Valuation Update With 7 Day Price Move • Sep 30
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to CN¥6.75, the stock trades at a trailing P/E ratio of 14.2x. Average trailing P/E is 29x in the Machinery industry in China. Total returns to shareholders of 5.8% over the past three years. Buy Or Sell Opportunity • Jul 01
Now 19% overvalued Over the last 90 days, the stock has fallen 3.9% to CN¥6.90. The fair value is estimated to be CN¥5.77, 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 grown by 29%. Announcement • Jun 28
Zhejiang Meilun Elevator Co., Ltd. to Report First Half, 2024 Results on Aug 28, 2024 Zhejiang Meilun Elevator Co., Ltd. announced that they will report first half, 2024 results on Aug 28, 2024 Buy Or Sell Opportunity • Jun 12
Now 23% overvalued after recent price rise Over the last 90 days, the stock has risen 6.5% to CN¥7.07. The fair value is estimated to be CN¥5.76, 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 grown by 29%. Reported Earnings • Apr 25
Full year 2023 earnings released: EPS: CN¥0.27 (vs CN¥0.15 in FY 2022) Full year 2023 results: EPS: CN¥0.27 (up from CN¥0.15 in FY 2022). Revenue: CN¥955.3m (down 6.0% from FY 2022). Net income: CN¥81.8m (up 76% from FY 2022). Profit margin: 8.6% (up from 4.6% in FY 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Announcement • Apr 21
Zhejiang Meilun Elevator Co., Ltd., Annual General Meeting, May 10, 2024 Zhejiang Meilun Elevator Co., Ltd., Annual General Meeting, May 10, 2024, at 14:30 China Standard Time. Location: The Company's Meeting Room, Shaoxing, Zhejiang China Announcement • Mar 29
Zhejiang Meilun Elevator Co., Ltd. to Report Q1, 2024 Results on Apr 27, 2024 Zhejiang Meilun Elevator Co., Ltd. announced that they will report Q1, 2024 results on Apr 27, 2024 Announcement • Feb 23
Zhejiang Meilun Elevator Co., Ltd. (SHSE:603321) announces an Equity Buyback for CNY 80 million worth of its shares. Zhejiang Meilun Elevator Co., Ltd. (SHSE:603321) announces a share repurchase program. Under the program, the company will repurchase up to CNY 80 million worth of its Class A shares. The shares will be repurchased at a price not more than CNY 10 per share. The repurchased shares will be used for ESOP or equity incentives. The program will be valid till 12 months. Valuation Update With 7 Day Price Move • Feb 23
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to CN¥6.29, the stock trades at a trailing P/E ratio of 30.4x. Average trailing P/E is 27x in the Machinery industry in China. Total loss to shareholders of 8.2% over the past three years. Valuation Update With 7 Day Price Move • Feb 02
Investor sentiment deteriorates as stock falls 21% After last week's 21% share price decline to CN¥6.32, the stock trades at a trailing P/E ratio of 30.5x. Average trailing P/E is 26x in the Machinery industry in China. Total loss to shareholders of 1.4% over the past three years. Announcement • Dec 29
Zhejiang Meilun Elevator Co., Ltd. to Report Fiscal Year 2023 Results on Apr 27, 2024 Zhejiang Meilun Elevator Co., Ltd. announced that they will report fiscal year 2023 results on Apr 27, 2024 New Risk • Sep 13
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 24% 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 24
Second quarter 2023 earnings released: EPS: CN¥0.09 (vs CN¥0.082 in 2Q 2022) Second quarter 2023 results: EPS: CN¥0.09 (up from CN¥0.082 in 2Q 2022). Revenue: CN¥327.3m (up 1.7% from 2Q 2022). Net income: CN¥27.9m (flat on 2Q 2022). Profit margin: 8.5% (in line with 2Q 2022). Over the last 3 years on average, earnings per share has increased by 1% per year whereas the company’s share price has fallen by 2% per year. Announcement • Jun 28
Zhejiang Meilun Elevator Co., Ltd. to Report First Half, 2023 Results on Aug 24, 2023 Zhejiang Meilun Elevator Co., Ltd. announced that they will report first half, 2023 results on Aug 24, 2023 Reported Earnings • Apr 28
First quarter 2023 earnings released: EPS: CN¥0.03 (vs CN¥0.01 in 1Q 2022) First quarter 2023 results: EPS: CN¥0.03 (up from CN¥0.01 in 1Q 2022). Revenue: CN¥143.4m (down 19% from 1Q 2022). Net income: CN¥9.37m (up 247% from 1Q 2022). Profit margin: 6.5% (up from 1.5% in 1Q 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Board Change • Nov 16
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. 5 highly experienced directors. 3 independent directors (4 non-independent directors). Independent Director Xiaoxin Cai was the last independent 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 27
Third quarter 2022 earnings released: EPS: CN¥0.05 (vs CN¥0.029 in 3Q 2021) Third quarter 2022 results: EPS: CN¥0.05 (up from CN¥0.029 in 3Q 2021). Revenue: CN¥311.2m (up 15% from 3Q 2021). Net income: CN¥15.6m (up 90% from 3Q 2021). Profit margin: 5.0% (up from 3.1% in 3Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 24
Second quarter 2022 earnings released: EPS: CN¥0.082 (vs CN¥0.063 in 2Q 2021) Second quarter 2022 results: EPS: CN¥0.082 (up from CN¥0.063 in 2Q 2021). Revenue: CN¥321.8m (up 8.8% from 2Q 2021). Net income: CN¥27.7m (up 20% from 2Q 2021). Profit margin: 8.6% (up from 7.8% 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 9% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Reported Earnings • May 02
First quarter 2022 earnings released: EPS: CN¥0.01 (vs CN¥0.04 in 1Q 2021) First quarter 2022 results: EPS: CN¥0.01 (down from CN¥0.04 in 1Q 2021). Revenue: CN¥177.1m (down 17% from 1Q 2021). Net income: CN¥2.70m (down 79% from 1Q 2021). Profit margin: 1.5% (down from 6.1% in 1Q 2021). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Board Change • Apr 27
Less than half of directors are independent No 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). Independent Director Xiaoxin Cai was the last independent 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. Valuation Update With 7 Day Price Move • Mar 22
Investor sentiment improved over the past week After last week's 17% share price gain to CN¥8.58, the stock trades at a trailing P/E ratio of 56.4x. Average trailing P/E is 33x in the Machinery industry in China. Total returns to shareholders of 8.1% over the past three years. Reported Earnings • Oct 28
Third quarter 2021 earnings released: EPS CN¥0.029 (vs CN¥0.05 in 3Q 2020) The company reported a mediocre third quarter result with weaker earnings and profit margins, although revenues improved. Third quarter 2021 results: Revenue: CN¥270.0m (up 51% from 3Q 2020). Net income: CN¥8.25m (down 36% from 3Q 2020). Profit margin: 3.1% (down from 7.2% in 3Q 2020). Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Reported Earnings • Apr 29
Full year 2020 earnings released: EPS CN¥0.17 (vs CN¥0.13 in FY 2019) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2020 results: Revenue: CN¥725.7m (down 1.5% from FY 2019). Net income: CN¥51.1m (up 29% from FY 2019). Profit margin: 7.0% (up from 5.4% in FY 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 26% per year but the company’s share price has only fallen by 12% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Jan 13
Investor sentiment deteriorated over the past week After last week's 18% share price decline to CN¥7.18, the stock is trading at a trailing P/E ratio of 40.8x, down from the previous P/E ratio of 50x. This compares to an average P/E of 34x in the Machinery industry in China. Total return to shareholders over the past three years is a loss of 44%. Is New 90 Day High Low • Jan 13
New 90-day low: CN¥7.18 The company is down 7.0% from its price of CN¥7.70 on 15 October 2020. The Chinese market is up 6.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Machinery industry, which is up 6.0% over the same period. Is New 90 Day High Low • Dec 26
New 90-day high: CN¥8.56 The company is up 14% from its price of CN¥7.49 on 25 September 2020. The Chinese market is up 6.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Machinery industry, which is up 8.0% over the same period. Is New 90 Day High Low • Dec 08
New 90-day high: CN¥8.55 The company is up 9.0% from its price of CN¥7.85 on 09 September 2020. The Chinese market is up 2.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Machinery industry, which is up 4.0% over the same period. Announcement • Jul 09
Zhejiang Meilun Elevator Co., Ltd. to Report First Half, 2020 Results on Aug 21, 2020 Zhejiang Meilun Elevator Co., Ltd. announced that they will report first half, 2020 results on Aug 21, 2020