New Risk • May 07
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -CN¥128m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. This is currently the only risk that has been identified for the company. Reported Earnings • Apr 30
Full year 2025 earnings released: CN¥0.22 loss per share (vs CN¥0.22 loss in FY 2024) Full year 2025 results: CN¥0.22 loss per share (further deteriorated from CN¥0.22 loss in FY 2024). Revenue: CN¥158.3m (down 52% from FY 2024). Net loss: CN¥136.8m (loss widened 18% from FY 2024). Over the last 3 years on average, earnings per share has increased by 51% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Announcement • Apr 30
Qibu Corporation Limited, Annual General Meeting, May 20, 2026 Qibu Corporation Limited, Annual General Meeting, May 20, 2026, at 14:00 China Standard Time. Location: The Company's Meeting Room, Huzhou, Zhejiang China Announcement • Mar 30
Qibu Corporation Limited to Report Q1, 2026 Results on Apr 30, 2026 Qibu Corporation Limited announced that they will report Q1, 2026 results on Apr 30, 2026 Announcement • Dec 26
Qibu Corporation Limited to Report Fiscal Year 2025 Results on Apr 30, 2026 Qibu Corporation Limited announced that they will report fiscal year 2025 results on Apr 30, 2026 Board Change • Dec 12
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, 1 was an independent director. The company's board is composed of: 5 new directors. 2 experienced directors. No highly experienced directors. 2 independent directors (3 non-independent directors). Independent Director Weidong Chen is the most experienced director on the board, commencing their role in 2022. Independent Director Qiang Xu was the last independent director to join the board, commencing their role in 2024. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. Reported Earnings • Oct 31
Third quarter 2025 earnings released: CN¥0.076 loss per share (vs CN¥0.042 loss in 3Q 2024) Third quarter 2025 results: CN¥0.076 loss per share (further deteriorated from CN¥0.042 loss in 3Q 2024). Revenue: CN¥29.7m (down 40% from 3Q 2024). Net loss: CN¥44.7m (loss widened 79% from 3Q 2024). Over the last 3 years on average, earnings per share has increased by 38% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. Announcement • Sep 30
Qibu Corporation Limited to Report Q3, 2025 Results on Oct 31, 2025 Qibu Corporation Limited announced that they will report Q3, 2025 results on Oct 31, 2025 Announcement • Jun 30
Qibu Corporation Limited to Report First Half, 2025 Results on Aug 30, 2025 Qibu Corporation Limited announced that they will report first half, 2025 results on Aug 30, 2025 Reported Earnings • Apr 30
Full year 2024 earnings released: CN¥0.22 loss per share (vs CN¥1.33 loss in FY 2023) Full year 2024 results: CN¥0.22 loss per share (improved from CN¥1.33 loss in FY 2023). Revenue: CN¥327.3m (up 22% from FY 2023). Net loss: CN¥116.4m (loss narrowed 82% from FY 2023). Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has fallen by 13% per year, which means it is performing significantly worse than earnings. Announcement • Apr 30
Qibu Corporation Limited, Annual General Meeting, May 29, 2025 Qibu Corporation Limited, Annual General Meeting, May 29, 2025, at 14:00 China Standard Time. Location: The Company's Meeting Room, Huzhou, Zhejiang China Announcement • Mar 28
Qibu Corporation Limited to Report Q1, 2025 Results on Apr 30, 2025 Qibu Corporation Limited announced that they will report Q1, 2025 results on Apr 30, 2025 New Risk • Feb 13
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 Risk Earnings have declined by 44% per year over the past 5 years. Minor Risk Shareholders have been diluted in the past year (16% increase in shares outstanding). Announcement • Dec 27
Qibu Corporation Limited to Report Fiscal Year 2024 Results on Apr 30, 2025 Qibu Corporation Limited announced that they will report fiscal year 2024 results on Apr 30, 2025 Reported Earnings • Oct 31
Third quarter 2024 earnings released: CN¥0.047 loss per share (vs CN¥0.19 loss in 3Q 2023) Third quarter 2024 results: CN¥0.047 loss per share (improved from CN¥0.19 loss in 3Q 2023). Revenue: CN¥49.1m (down 25% from 3Q 2023). Net loss: CN¥25.0m (loss narrowed 74% from 3Q 2023). Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has fallen by 27% per year, which means it is performing significantly worse than earnings. Announcement • Sep 30
Qibu Corporation Limited to Report Q3, 2024 Results on Oct 31, 2024 Qibu Corporation Limited announced that they will report Q3, 2024 results on Oct 31, 2024 Reported Earnings • Aug 31
Second quarter 2024 earnings released: CN¥0.05 loss per share (vs CN¥0.31 loss in 2Q 2023) Second quarter 2024 results: CN¥0.05 loss per share (improved from CN¥0.31 loss in 2Q 2023). Revenue: CN¥57.9m (down 9.4% from 2Q 2023). Net loss: CN¥27.3m (loss narrowed 82% from 2Q 2023). Over the last 3 years on average, earnings per share has fallen by 24% per year whereas the company’s share price has fallen by 27% per year. Announcement • Jun 28
Qibu Corporation Limited to Report First Half, 2024 Results on Aug 31, 2024 Qibu Corporation Limited announced that they will report first half, 2024 results on Aug 31, 2024 New Risk • Jun 05
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 106% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Major Risk Revenue has declined by 57% over the past year. Minor Risks High level of debt (106% net debt to equity). Shareholders have been diluted in the past year (9.0% increase in shares outstanding). New Risk • May 14
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended September 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: Major Risk Earnings have declined by 64% per year over the past 5 years. Minor Risks Latest financial reports are more than 6 months old (reported September 2023 fiscal period end). Shareholders have been diluted in the past year (9.0% increase in shares outstanding). Announcement • Apr 29
Qibu Corporation Limited, Annual General Meeting, May 17, 2024 Qibu Corporation Limited, Annual General Meeting, May 17, 2024, at 14:00 China Standard Time. Location: 11F, Husheng Building, Renhuangshan Subdistrict, Wuxing District, Huzhou, Zhejiang China Announcement • Mar 29
Qibu Corporation Limited to Report Q1, 2024 Results on Apr 30, 2024 Qibu Corporation Limited announced that they will report Q1, 2024 results on Apr 30, 2024 New Risk • Feb 08
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: CN¥705.7m (US$99.2m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 64% per year over the past 5 years. Minor Risks Shareholders have been diluted in the past year (9.0% increase in shares outstanding). Market cap is less than US$100m (CN¥705.7m market cap, or US$99.2m). Board Change • Jan 25
High number of new and inexperienced directors There are 6 new directors who have joined the board in the last 3 years. The company's board is composed of: 6 new directors. 1 experienced director. No highly experienced directors. Independent Director Youxing Li is the most experienced director on the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Announcement • Dec 29
Qibu Corporation Limited to Report Fiscal Year 2023 Results on Apr 30, 2024 Qibu Corporation Limited announced that they will report fiscal year 2023 results on Apr 30, 2024 Reported Earnings • Nov 01
Third quarter 2023 earnings released: CN¥0.19 loss per share (vs CN¥0.15 loss in 3Q 2022) Third quarter 2023 results: CN¥0.19 loss per share (further deteriorated from CN¥0.15 loss in 3Q 2022). Revenue: CN¥65.3m (down 59% from 3Q 2022). Net loss: CN¥95.6m (loss widened 25% from 3Q 2022). Over the last 3 years on average, earnings per share has fallen by 48% per year whereas the company’s share price has fallen by 47% per year. Announcement • Sep 30
Qibu Corporation Limited to Report Q3, 2023 Results on Oct 31, 2023 Qibu Corporation Limited announced that they will report Q3, 2023 results on Oct 31, 2023 Reported Earnings • Aug 31
Second quarter 2023 earnings released: CN¥0.31 loss per share (vs CN¥0.062 loss in 2Q 2022) Second quarter 2023 results: CN¥0.31 loss per share (further deteriorated from CN¥0.062 loss in 2Q 2022). Revenue: CN¥63.9m (down 40% from 2Q 2022). Net loss: CN¥154.6m (loss widened 402% from 2Q 2022). Over the last 3 years on average, earnings per share has fallen by 59% per year but the company’s share price has only fallen by 38% per year, which means it has not declined as severely as earnings. Board Change • Aug 04
High number of new and inexperienced directors There are 5 new directors who have joined the board in the last 3 years. The company's board is composed of: 5 new directors. 1 experienced director. No highly experienced directors. Independent Director Youxing Li is the most experienced director on the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Announcement • Jun 28
Qibu Corporation Limited to Report First Half, 2023 Results on Aug 29, 2023 Qibu Corporation Limited announced that they will report first half, 2023 results on Aug 29, 2023 Reported Earnings • Apr 30
First quarter 2023 earnings released: CN¥0.065 loss per share (vs CN¥0.13 loss in 1Q 2022) First quarter 2023 results: CN¥0.065 loss per share (improved from CN¥0.13 loss in 1Q 2022). Revenue: CN¥83.8m (up 23% from 1Q 2022). Net loss: CN¥32.2m (loss narrowed 49% from 1Q 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 38 percentage points per year, which is a significant difference in performance. Reported Earnings • Oct 30
Third quarter 2022 earnings released: CN¥0.15 loss per share (vs CN¥0.12 loss in 3Q 2021) Third quarter 2022 results: CN¥0.15 loss per share (further deteriorated from CN¥0.12 loss in 3Q 2021). Revenue: CN¥158.9m (down 31% from 3Q 2021). Net loss: CN¥76.6m (loss widened 36% from 3Q 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 54 percentage points per year, which is a significant difference in performance. Reported Earnings • Aug 29
Second quarter 2022 earnings released: CN¥0.062 loss per share (vs CN¥0.022 profit in 2Q 2021) Second quarter 2022 results: CN¥0.062 loss per share (down from CN¥0.022 profit in 2Q 2021). Revenue: CN¥106.1m (down 65% from 2Q 2021). Net loss: CN¥30.8m (down 388% from profit in 2Q 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 72 percentage points per year, which is a significant difference in performance. Reported Earnings • May 02
First quarter 2022 earnings released: CN¥0.13 loss per share (vs CN¥0.034 profit in 1Q 2021) First quarter 2022 results: CN¥0.13 loss per share (down from CN¥0.034 profit in 1Q 2021). Revenue: CN¥68.2m (down 79% from 1Q 2021). Net loss: CN¥63.8m (down 483% from profit in 1Q 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 70 percentage points per year, which is a significant difference in performance. Reported Earnings • Oct 31
Third quarter 2021 earnings released: CN¥0.12 loss per share (vs CN¥0.05 profit in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and control over costs. Third quarter 2021 results: Revenue: CN¥231.2m (down 30% from 3Q 2020). Net loss: CN¥56.3m (down 331% from profit in 3Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 89 percentage points per year, which is a significant difference in performance. Reported Earnings • Aug 29
Second quarter 2021 earnings released: EPS CN¥0.022 (vs CN¥0.074 in 2Q 2020) The company reported a poor second quarter result with weaker earnings, revenues and profit margins. Second quarter 2021 results: Revenue: CN¥301.4m (down 1.2% from 2Q 2020). Net income: CN¥10.7m (down 69% from 2Q 2020). Profit margin: 3.5% (down from 11% in 2Q 2020). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 69 percentage points per year, which is a significant difference in performance. Announcement • May 28
Qiyuan Sixiang No. 10 Private Securities Investment Fund cancelled the acquisition of 5.24% stake in Qibu Co.,Ltd. (SHSE:603557) from Hong Kong Qibu International Group LImited. Qiyuan Sixiang No. 10 Private Securities Investment Fund signed Share Transfer Agreement to acquire 5.24% stake in Qibu Co.,Ltd. (SHSE:603557) from Hong Kong Qibu International Group LImited for approximately CNY 150 million on May 13, 2021. As per terms of transaction, Hong Kong Qibu International Group LImited sold 26 million shares. One deposit of CNY 30 million shall be paid within 3 days after signing the agreement. The deposit can be offset against the transfer consideration. The transfer consideration will be paid in 2 installments, the first is to pay CNY 30 million within 3 working days from the completion date of the transfer of the underlying shares, and the second is to pay the remaining transfer consideration within 15 working days from the completion of the transfer of the underlying shares. Post completion, Qiyuan Sixiang No. 10 Private Securities Investment Fund will own 5.4% stake and Hong Kong Qibu International Group LImited will own 33.61% stake.
Qiyuan Sixiang No. 10 Private Securities Investment Fund cancelled the acquisition of 5.24% stake in Qibu Co.,Ltd. (SHSE:603557) from Hong Kong Qibu International Group LImited on May 27, 2021. Announcement • May 22
Qibu Co.,Ltd.(SHSE:603557) dropped from Shanghai Stock Exchange Composite Index Qibu Co.,Ltd. has been removed from Shanghai Stock Exchange Composite Index . Valuation Update With 7 Day Price Move • Mar 22
Investor sentiment improved over the past week After last week's 15% share price gain to CN¥9.35, the stock trades at a trailing P/E ratio of 53.6x. Average trailing P/E is 31x in the Luxury industry in China. Total loss to shareholders of 44% over the past three years. Valuation Update With 7 Day Price Move • Feb 20
Investor sentiment improved over the past week After last week's 17% share price gain to CN¥7.76, the stock is trading at a trailing P/E ratio of 44.5x, up from the previous P/E ratio of 38.2x. This compares to an average P/E of 27x in the Luxury industry in China. Total return to shareholders over the past three years is a loss of 46%. Is New 90 Day High Low • Feb 04
New 90-day low: CN¥6.73 The company is down 55% from its price of CN¥15.00 on 06 November 2020. The Chinese market is up 5.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Luxury industry, which is down 14% over the same period. Is New 90 Day High Low • Jan 11
New 90-day low: CN¥8.06 The company is down 48% from its price of CN¥15.38 on 13 October 2020. The Chinese market is up 5.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Luxury industry, which is down 11% over the same period. Is New 90 Day High Low • Dec 10
New 90-day low: CN¥9.14 The company is down 8.0% from its price of CN¥9.98 on 11 September 2020. The Chinese market is up 5.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Luxury industry, which is up 1.0% over the same period. Valuation Update With 7 Day Price Move • Nov 20
Market pulls back on stock over the past week After last week's 22% share price decline to CN¥11.26, the stock is trading at a trailing P/E ratio of 64.6x, down from the previous P/E ratio of 82.8x. This compares to an average P/E of 32x in the Luxury industry in China. Total return to shareholders over the past three years is a loss of 26%. Announcement • Nov 04
Chen Yu completed the acquisition of 4.82% stake in Qibu Co.,Ltd. (SHSE:603557) from Bang’ao Limited. Chen Yu signed share transfer agreement to acquire 4.82% stake in Qibu Co.,Ltd. (SHSE:603557) from Bang’ao Limited for approximately CNY 200 million on July 29, 2020. Chen Yu will acquire 23.6 million shares at an offer per share of CNY 8.5.
Chen Yu completed the acquisition of 4.82% stake in Qibu Co.,Ltd. (SHSE:603557) from Bang’ao Limited on November 3, 2020. Announcement • Oct 30
Zhang Xiaoshuang acquired 5% stake in Qibu Co.,Ltd. (SHSE:603557) from Hong Kong Qibu International Group LImited. Zhang Xiaoshuang signed a share transfer agreement to acquire 5% stake in Qibu Co.,Ltd. (SHSE:603557) from Hong Kong Qibu International Group LImited on September 15, 2020. Under the terms of the transaction, Zhang Xiaoshuang will acquire 23.6 million shares in Qibu from Hong Kong Qibu International Group LImited. In a related transaction, Guangzhou Xinxuan Investment Co., Ltd. signed an agreement to acquire 5% stake in Qibu Co.,Ltd. (SHSE:603557) from Hong Kong Qibu International Group LImited for approximately CNY 220 million on September 15, 2020. Post-closing, Zhang Xiaoshuang and Hong Kong Qibu International Group LImited will each hold 5% stake in Qibu Co.,Ltd.
Zhang Xiaoshuang completed the acquisition 5% stake in Qibu Co.,Ltd. (SHSE:603557) from Hong Kong Qibu International Group LImited on October 28, 2020. On October 28, 2020, the "Confirmation of Transfer Registration" issued by China Securities Depository and Clearing Co., Ltd., and completion of the transfer registration procedures for the aforementioned shares. Reported Earnings • Oct 29
Third quarter earnings released Over the last 12 months the company has reported total profits of CN¥81.9m, down 56% from the prior year. Total revenue was CN¥1.35b over the last 12 months, down 12% from the prior year. Valuation Update With 7 Day Price Move • Oct 15
Market bids up stock over the past week After last week's 20% share price gain to CN¥16.18, the stock is trading at a trailing P/E ratio of 74.7x, up from the previous P/E ratio of 62.5x. This compares to an average P/E of 29x in the Luxury industry in China. Total return to shareholders over the past three years is a loss of 17%. Announcement • Jul 31
Lishui Fuzhe Jianbu Equity Investment Partnership Enterprise Limited Partnership completed the acquisition of 5.8% stake in Qibu Co.,Ltd. (SHSE:603557) from Bang’ao Limited. Lishui Fuzhe Jianbu Equity Investment Partnership Enterprise Limited Partnership signed an agreement to acquire 5.8% stake in Qibu Co.,Ltd. (SHSE:603557) from Bang’ao Limited for approximately CNY 210 million on December 23, 2019. Bang’ao Limited will transfer 27.6 million shares at a price of CNY 7.65 per share.
Lishui Fuzhe Jianbu Equity Investment Partnership Enterprise Limited Partnership completed the acquisition of 5.8% stake in Qibu Co.,Ltd. (SHSE:603557) from Bang’ao Limited on April 7, 2020. On April 7, 2020, the transfer procedures for the underlying shares were completed, and the “Transfer Registration Confirmation” issued by China Securities Depository and Clearing Corporation Limited was obtained. Announcement • Jul 30
Liu Zhiheng completed the acquisition of 11.4% stake in Shenzhen Zehui Technology Co., Ltd. from Qibu Co.,Ltd. (SHSE:603557). Liu Zhiheng signed an agreement to acquire 11.4% stake in Shenzhen Zehui Technology Co., Ltd. from Qibu Co.,Ltd. (SHSE:603557) for CNY 200 million on August 26, 2019. The board of Qibu Co.,Ltd. approved the transaction in its 2nd directorate’s 8th meeting .
Liu Zhiheng completed the acquisition of 11.4% stake in Shenzhen Zehui Technology Co., Ltd. from Qibu Co.,Ltd. (SHSE:603557) on April 7, 2020. As of September 30, 2019, Shenzhen Zehui Technology Co., Ltd. received the first repayment of CNY 100 million. As of April 7, 2020, Shenzhen Zehui Technology Co., Ltd. received a total of CNY 137 million and has yet to receive the remaining CNY 63 million. Announcement • Jul 17
Qibu Co.,Ltd. to Report First Half, 2020 Results on Aug 28, 2020 Qibu Co.,Ltd. announced that they will report first half, 2020 results on Aug 28, 2020 
