Valuation Update With 7 Day Price Move • Jun 08
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to CN¥7.59, the stock trades at a forward P/E ratio of 29x. Average forward P/E is 14x in the Construction industry in China. Total returns to shareholders of 48% over the past three years. New Risk • Jun 01
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: 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 (8.4% average weekly change). Declared Dividend • May 25
Dividend of CN¥0.10 announced Dividend of CN¥0.10 is the same as last year. Ex-date: 29th May 2026 Payment date: 29th May 2026 Dividend yield will be 1.1%, which is lower than the industry average of 3.4%. Sustainability & Growth Dividend is well covered by both earnings (47% earnings payout ratio) and cash flows (13% cash payout ratio). The dividend has increased by an average of 3.4% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 15% over the next year, which should provide support to the dividend and adequate earnings cover. Board Change • May 20
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 an independent director. The company's board is composed of: 1 new director. 2 experienced directors. 6 highly experienced directors. 3 independent directors (6 non-independent directors). Independent Director Qiang Geng was the last independent director to join the board, commencing their role in 2025. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Announcement • Apr 24
Hongrun Construction Group Co., Ltd., Annual General Meeting, May 14, 2026 Hongrun Construction Group Co., Ltd., Annual General Meeting, May 14, 2026, at 14:00 China Standard Time. Location: 17F, No. 28, Lane 200, Longcao Road, Shanghai China Announcement • Mar 31
Hongrun Construction Group Co., Ltd. to Report Q1, 2026 Results on Apr 30, 2026 Hongrun Construction Group Co., Ltd. announced that they will report Q1, 2026 results on Apr 30, 2026 Announcement • Dec 31
Hongrun Construction Group Co., Ltd. to Report Fiscal Year 2025 Results on Apr 24, 2026 Hongrun Construction Group Co., Ltd. announced that they will report fiscal year 2025 results on Apr 24, 2026 Announcement • Sep 30
Hongrun Construction Group Co., Ltd. to Report Q3, 2025 Results on Oct 30, 2025 Hongrun Construction Group Co., Ltd. announced that they will report Q3, 2025 results on Oct 30, 2025 Announcement • Aug 27
Hongrun Construction Group Co., Ltd. (SZSE:002062) announces an Equity Buyback for CNY 300 million worth of its shares. Hongrun Construction Group Co., Ltd. (SZSE:002062) announces a share repurchase program. Under the program, the company will repurchase up to CNY 300 million worth its shares. The shares will be repurchased at a price of not more than CNY 9 per share. The purpose of the program is to maintain the company's value and shareholders' equity, the repurchased shares will be used for sale subsequently, and the sale will be carried out in accordance. The program will be funded from company's own funds and special loan funds for stock repurchases. The program will be valid till 12 months. Announcement • Jul 02
Hongrun Construction Group Co., Ltd. to Report First Half, 2025 Results on Aug 22, 2025 Hongrun Construction Group Co., Ltd. announced that they will report first half, 2025 results on Aug 22, 2025 Announcement • Apr 30
Hongrun Construction Group Co., Ltd. Approves the Election of Geng Qiang as Independent Director Hongrun Construction Group Co., Ltd. at its Extraordinary General Meeting of 2025 held on 25 April 2025, approved the election of Geng Qiang as independent director. Announcement • Apr 25
Hongrun Construction Group Co., Ltd., Annual General Meeting, May 15, 2025 Hongrun Construction Group Co., Ltd., Annual General Meeting, May 15, 2025, at 14:00 China Standard Time. Location: 17F, No. 28, Lane 200, Longcao Road, Shanghai China Announcement • Mar 31
Hongrun Construction Group Co., Ltd. to Report Q1, 2025 Results on Apr 30, 2025 Hongrun Construction Group Co., Ltd. announced that they will report Q1, 2025 results on Apr 30, 2025 Announcement • Dec 31
Hongrun Construction Group Co., Ltd. to Report Fiscal Year 2024 Results on Apr 25, 2025 Hongrun Construction Group 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¥0.059 (vs CN¥0.071 in 3Q 2023) Third quarter 2024 results: EPS: CN¥0.059 (down from CN¥0.071 in 3Q 2023). Revenue: CN¥1.28b (down 13% from 3Q 2023). Net income: CN¥62.5m (down 27% from 3Q 2023). Profit margin: 4.9% (down from 5.8% in 3Q 2023). The decrease in margin was driven by lower revenue. Valuation Update With 7 Day Price Move • Sep 30
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to CN¥3.96, the stock trades at a trailing P/E ratio of 12.6x. Average trailing P/E is 20x in the Construction industry in China. Total loss to shareholders of 14% over the past year. Announcement • Sep 30
Hongrun Construction Group Co., Ltd. to Report Q3, 2024 Results on Oct 31, 2024 Hongrun Construction Group Co., Ltd. announced that they will report Q3, 2024 results on Oct 31, 2024 Reported Earnings • Aug 23
Second quarter 2024 earnings released: EPS: CN¥0.061 (vs CN¥0.035 in 2Q 2023) Second quarter 2024 results: EPS: CN¥0.061 (up from CN¥0.035 in 2Q 2023). Revenue: CN¥1.23b (down 19% from 2Q 2023). Net income: CN¥68.6m (up 89% from 2Q 2023). Profit margin: 5.6% (up from 2.4% in 2Q 2023). The increase in margin was driven by lower expenses. Buy Or Sell Opportunity • Aug 12
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 16% to CN¥3.53. The fair value is estimated to be CN¥4.42, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 20% over the last 3 years. Earnings per share has declined by 7.4%. Announcement • Jun 29
Hongrun Construction Group Co., Ltd. to Report First Half, 2024 Results on Aug 23, 2024 Hongrun Construction Group Co., Ltd. announced that they will report first half, 2024 results on Aug 23, 2024 Announcement • May 11
Hongrun Construction Group Co., Ltd. Approves Cash Dividend for the Year 2023 Hongrun Construction Group Co., Ltd. at its Annual General Meeting held on 08 May 2024, approved cash dividend/10 shares (tax included) of CNY 1.00000000 for the year 2023. Reported Earnings • Apr 30
First quarter 2024 earnings released: EPS: CN¥0.11 (vs CN¥0.13 in 1Q 2023) First quarter 2024 results: EPS: CN¥0.11 (down from CN¥0.13 in 1Q 2023). Revenue: CN¥1.78b (up 14% from 1Q 2023). Net income: CN¥118.6m (down 19% from 1Q 2023). Profit margin: 6.7% (down from 9.4% in 1Q 2023). The decrease in margin was driven by higher expenses. Announcement • Apr 19
Hongrun Construction Group Co., Ltd., Annual General Meeting, May 08, 2024 Hongrun Construction Group Co., Ltd., Annual General Meeting, May 08, 2024, at 14:00 China Standard Time. Location: 17F, No. 28, Lane 200, Longcao Road, Shanghai China Reported Earnings • Apr 18
Full year 2023 earnings released: EPS: CN¥0.31 (vs CN¥0.33 in FY 2022) Full year 2023 results: EPS: CN¥0.31 (down from CN¥0.33 in FY 2022). Revenue: CN¥6.43b (down 26% from FY 2022). Net income: CN¥339.1m (down 7.0% from FY 2022). Profit margin: 5.3% (up from 4.2% in FY 2022). The increase in margin was driven by lower expenses. Announcement • Mar 30
Hongrun Construction Group Co., Ltd. to Report Q1, 2024 Results on Apr 30, 2024 Hongrun Construction Group Co., Ltd. announced that they will report Q1, 2024 results on Apr 30, 2024 New Risk • Mar 09
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Minor Risks Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. 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¥3.70, the stock trades at a trailing P/E ratio of 10.3x. Average trailing P/E is 20x in the Construction industry in China. Announcement • Dec 30
Hongrun Construction Group Co., Ltd. to Report Fiscal Year 2023 Results on Apr 18, 2024 Hongrun Construction Group Co., Ltd. announced that they will report fiscal year 2023 results on Apr 18, 2024 Announcement • Jul 01
Hongrun Construction Group Co., Ltd. to Report First Half, 2023 Results on Aug 23, 2023 Hongrun Construction Group Co., Ltd. announced that they will report first half, 2023 results on Aug 23, 2023 Announcement • Jun 15
Hongrun Construction Group Co., Ltd.'s Subsidiary Topsola Showcases Latest Renewable Energy Products and Solutions at Intersolar 2023 Hongrun Topsola Green Energy Co., Ltd. announced it is exhibiting its latest photovoltaic products and renewable energy solutions, including the Obsidian, Phoenix-N, Phoenix-P, and SolBalcony system, at the 2023 Intersolar Europe Conference (Intersolar 2023) held from June 14 to 16 in Munich, Germany. Intersolar is the largest and most influential professional trade show for the global solar industry and the top platform for industry leaders and experts to explore new innovations, market trends, and connect with partners and clients. Topsola's booth (C4-111) features its latest products and solutions designed for a wide range of application scenarios. A highlight of Topsola's exhibition at Intersolar 2023 is the high-end Obsidian module series, a N-Type module that features an all-black design, the 420W dual-glass module has the advantages of high conversion efficiency, high reliability, and durability, as well as lower LID, while the 425W single-glass module has higher power output and maximum module efficiency of 21.%. The SolBalcony, with a maximum power output of 420W, can be easily applied for various scenarios and households of different sizes. It has a module efficiency of 21% and a temperature coefficient of -0.24%, while delivering a maximum continuous output power of 350W. Topsola is also presenting its classic TOPCon modules, including Phoenix-N (585W+), which has high conversion efficiency and excellent lower irradiance performance, and Phoenix-P Perc 210 (680W), which has higher power efficiency and up to 21.89% module efficiency. Topsola will also take part in the Intersolar South America exhibition later in the year, which will take place between August 29 and 31 in São Paulo, Brazil. Announcement • Jun 06
Hongrun Construction Group Co., Ltd. Announces Final Profit Distribution for 2022, Payable on 12 June 2023 Hongrun Construction Group Co., Ltd. announced 2022 final profit distribution plan to be implemented (A shares) as Cash dividend/10 shares (tax included) CNY 1.00000000. Record date is 09 June 2023, Ex-date is 12 June 2023, Payment date is 12 June 2023. Announcement • May 27
Hongrun Construction Group Co., Ltd. Showcases its Full Portfolio of Solar Solutions at the International Photovoltaic Power Generation and Smart Energy Conference and Exhibition Hongrun Construction Group Co., Ltd. is showcasing its full portfolio of solar solutions at the International Photovoltaic Power Generation and Smart Energy Conference and Exhibition (SNEC) 2023. From May 24th to 26th, Topsola's booth (590, Section C, Hall N1) is highlighting its latest products, designed to accelerate the transition to a greener, more sustainable future. As the world's leading photovoltaic (PV) industry exhibition, the SNEC 2023 has attracted over 3,000 companies and attracted nearly 500,000 visitors, providing a platform for global solar players to share insights and expand business networks. The exhibition features the latest innovations in the solar industry, driving the transition to a cleaner, smarter, and low-carbon energy system. Topsola is exhibiting its solar modules powered by TOPCon and heterojunction technology (HJT), offering exceptional performance, power output, and conversion rates. The TOPCon solar modules have a temperature coefficient of -0.3%/degC, ensuring optimal power generation in high-temperature environments, and boast low initial light-induced degradation (iLiD) of 1% and high bifaciality of over 80%. Topsola is showcasing its five top-notch products at this exhibition, including the SolBalcony module, HJT N-Type 210mm, and Phoenix-N dual-glass module, all of which are garnering significant attention. Topsola's SolBalcony module is a versatile and efficient solution for balcony solar panels. It has an output of 400 watts, an efficiency of 22%, and a temperature coefficient of -0".24%. With a 25-year warranty and a 30-year service time guarantee, it provides convenience and peace of mind for homeowners. Topsola's 700-watt HJT N-Type210mm is a dual-glass module that features a temperature coefficient of -0., no light-induced degradation that ensures consistent power generation in hot climates as well as excellent low irradiance performance. This module has a high conversation rate of 22.53% with conversion efficiency reaching up to 22.53%. The Phoenix-N, a dual-glass module with a maximum output of 580 watts and a module efficiency of 22.45%, was another highlight of the show. This model offers a 30- year linear power guarantee and low light-induced degradation, as well as high reliability and durability. Board Change • Mar 14
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 6 non-independent directors. Independent Director Li Ming Zhang was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Jan 18
Hongrun Construction Group Co., Ltd. announced that it expects to receive CNY 1.5194337 billion in funding Hongrun Construction Group Co., Ltd. announced a private placement to issue not more than 330,750,000 A shares for an aggregate gross proceeds of not more than CNY 1,519,433,700 on January 16, 2023. The company shall issue shares at a price not less than 80% of the average price in the 20 trading days before the pricing reference date. The transaction will include participation from no more than 35 (including) specific investors. The shares to be issued shall have a hold period of 6 months from closing of the transaction. The transaction has been reviewed and approved at the tenth meeting of the board of directors. The transaction is still subject to approval from general meeting of shareholders and China Securities Regulatory Commission. 
