Valuation Update With 7 Day Price Move • Jul 14
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to CN¥7.04, the stock trades at a trailing P/E ratio of 22.9x. Average trailing P/E is 25x in the Oil and Gas industry in China. Total loss to shareholders of 8.6% over the past three years. Announcement • Jun 30
Shanxi Blue Flame Holding Company Limited to Report First Half, 2026 Results on Aug 26, 2026 Shanxi Blue Flame Holding Company Limited announced that they will report first half, 2026 results on Aug 26, 2026 Announcement • Jun 24
Shanxi Blue Flame Holding Company Limited Announces Final Profit Distribution Plan to Be Implemented on A Shares for the Year 2025, Payable on 26 June 2026 Shanxi Blue Flame Holding Company Limited announced final profit distribution plan to be implemented on A shares as cash dividend/10 shares (tax included) of CNY 0.50000000 for the year 2025, payable on 26 June 2026. Record date is 25 June 2026. Ex-date is 26 June 2026. Announcement • Jun 19
Shanxi Blue Flame Holding Company Limited Announces Board Changes Shanxi Blue Flame Holding Company Limited held its 2nd Extraordinary General Meeting of 2026 on June 17, 2026, during which the following proposals were approved: Election of non-independent directors, cumulative voting system applicable. Guo Wenpeng was elected as non-independent director. Wang Yuhong was elected as non-independent director. Board Change • May 20
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Deputy GM & Non-Independent Director Jianbin Feng was the last director to join the board, commencing their role in 2025. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Announcement • Apr 28
Shanxi Blue Flame Holding Company Limited, Annual General Meeting, May 19, 2026 Shanxi Blue Flame Holding Company Limited, Annual General Meeting, May 19, 2026, at 14:20 China Standard Time. Location: The Company's Meeting Room, Jincheng, Shanxi China Announcement • Mar 31
Shanxi Blue Flame Holding Company Limited to Report Q1, 2026 Results on Apr 28, 2026 Shanxi Blue Flame Holding Company Limited announced that they will report Q1, 2026 results on Apr 28, 2026 Announcement • Dec 31
Shanxi Blue Flame Holding Company Limited to Report Fiscal Year 2025 Results on Apr 28, 2026 Shanxi Blue Flame Holding Company Limited announced that they will report fiscal year 2025 results on Apr 28, 2026 Announcement • Sep 30
Shanxi Blue Flame Holding Company Limited to Report Q3, 2025 Results on Oct 28, 2025 Shanxi Blue Flame Holding Company Limited announced that they will report Q3, 2025 results on Oct 28, 2025 Announcement • Jul 02
Shanxi Blue Flame Holding Company Limited to Report First Half, 2025 Results on Aug 26, 2025 Shanxi Blue Flame Holding Company Limited announced that they will report first half, 2025 results on Aug 26, 2025 Announcement • Apr 25
Shanxi Blue Flame Holding Company Limited, Annual General Meeting, May 15, 2025 Shanxi Blue Flame Holding Company Limited, Annual General Meeting, May 15, 2025, at 14:00 China Standard Time. Location: 4F, No. 6, Zhongxin Street, High-tech Development Zone, Taiyuan, Shanxi China Announcement • Mar 31
Shanxi Blue Flame Holding Company Limited to Report Q1, 2025 Results on Apr 25, 2025 Shanxi Blue Flame Holding Company Limited announced that they will report Q1, 2025 results on Apr 25, 2025 Announcement • Dec 31
Shanxi Blue Flame Holding Company Limited to Report Fiscal Year 2024 Results on Apr 25, 2025 Shanxi Blue Flame Holding Company Limited announced that they will report fiscal year 2024 results on Apr 25, 2025 Reported Earnings • Oct 26
Third quarter 2024 earnings released: EPS: CN¥0.08 (vs CN¥0.11 in 3Q 2023) Third quarter 2024 results: EPS: CN¥0.08 (down from CN¥0.11 in 3Q 2023). Revenue: CN¥636.7m (up 11% from 3Q 2023). Net income: CN¥79.2m (down 22% from 3Q 2023). Profit margin: 12% (down from 18% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 5.2% growth forecast for the Oil and Gas industry in China. 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 10% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Sep 30
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to CN¥6.71, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 9x in the Oil and Gas industry in China. Total loss to shareholders of 41% over the past three years. Announcement • Sep 30
Shanxi Blue Flame Holding Company Limited to Report Q3, 2024 Results on Oct 26, 2024 Shanxi Blue Flame Holding Company Limited announced that they will report Q3, 2024 results on Oct 26, 2024 New Risk • Aug 27
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 44% 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: Minor Risks High level of debt (44% net debt to equity). Dividend is not well covered by cash flows (345% cash payout ratio). Reported Earnings • Aug 27
Second quarter 2024 earnings released: EPS: CN¥0.067 (vs CN¥0.088 in 2Q 2023) Second quarter 2024 results: EPS: CN¥0.067 (down from CN¥0.088 in 2Q 2023). Revenue: CN¥588.5m (down 4.4% from 2Q 2023). Net income: CN¥63.0m (down 26% from 2Q 2023). Profit margin: 11% (down from 14% in 2Q 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 4.8% growth forecast for the Oil and Gas industry in China. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. Declared Dividend • Jul 05
Dividend increased to CN¥0.17 Dividend of CN¥0.17 is 183% higher than last year. Ex-date: 11th July 2024 Payment date: 11th July 2024 Dividend yield will be 2.7%, which is lower than the industry average of 8.0%. Sustainability & Growth Dividend is covered by both earnings (36% earnings payout ratio) and cash flows (51% cash payout ratio). The dividend has increased by an average of 11% per year over the past 5 years. However, payments have been volatile during that time. EPS is expected to grow by 68% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Jun 29
Shanxi Blue Flame Holding Company Limited to Report First Half, 2024 Results on Aug 27, 2024 Shanxi Blue Flame Holding Company Limited announced that they will report first half, 2024 results on Aug 27, 2024 Announcement • Apr 27
Shanxi Blue Flame Holding Company Limited Proposes Final Cash Dividend for the Year 2023 Shanxi Blue Flame Holding Company Limited proposed final cash dividend/10 shares (tax included) of CNY 1.70000000 for the year 2023. Announcement • Apr 26
Shanxi Blue Flame Holding Company Limited, Annual General Meeting, May 15, 2024 Shanxi Blue Flame Holding Company Limited, Annual General Meeting, May 15, 2024, at 14:00 China Standard Time. Location: 4F, No. 6, Zhongxin Street, Hi-tech Development Zone, Taiyuan, Shanxi China Reported Earnings • Apr 25
First quarter 2024 earnings released: EPS: CN¥0.16 (vs CN¥0.24 in 1Q 2023) First quarter 2024 results: EPS: CN¥0.16 (down from CN¥0.24 in 1Q 2023). Revenue: CN¥570.6m (flat on 1Q 2023). Net income: CN¥159.5m (down 33% from 1Q 2023). Profit margin: 28% (down from 41% in 1Q 2023). Revenue is forecast to grow 21% p.a. on average during the next 2 years, compared to a 3.9% growth forecast for the Oil and Gas industry in China. Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Announcement • Mar 30
Shanxi Blue Flame Holding Company Limited to Report Q1, 2024 Results on Apr 25, 2024 Shanxi Blue Flame Holding Company Limited announced that they will report Q1, 2024 results on Apr 25, 2024 Announcement • Mar 01
Shanxi Blue Flame Holding Company Limited Announces Board Appointments Shanxi Blue Flame Holding Company Limited announced at the EGM held on 28 February 2024, approved Election of Zhao Lixin and Liu Yijun as independent directors. Valuation Update With 7 Day Price Move • Feb 05
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to CN¥5.47, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 7x in the Oil and Gas industry in China. Total loss to shareholders of 1.9% over the past three years. Announcement • Dec 29
Shanxi Blue Flame Holding Company Limited to Report Fiscal Year 2023 Results on Apr 25, 2024 Shanxi Blue Flame Holding Company Limited announced that they will report fiscal year 2023 results on Apr 25, 2024 Reported Earnings • Oct 26
Third quarter 2023 earnings released: EPS: CN¥0.11 (vs CN¥0.093 in 3Q 2022) Third quarter 2023 results: EPS: CN¥0.11 (up from CN¥0.093 in 3Q 2022). Revenue: CN¥573.9m (down 19% from 3Q 2022). Net income: CN¥100.8m (up 8.1% from 3Q 2022). Profit margin: 18% (up from 13% in 3Q 2022). The increase in margin was driven by lower expenses. Revenue is forecast to grow 19% p.a. on average during the next 3 years, compared to a 2.9% growth forecast for the Oil and Gas industry in China. Over the last 3 years on average, earnings per share has increased by 45% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 25
Second quarter 2023 earnings released: EPS: CN¥0.088 (vs CN¥0.098 in 2Q 2022) Second quarter 2023 results: EPS: CN¥0.088 (down from CN¥0.098 in 2Q 2022). Revenue: CN¥615.6m (up 1.1% from 2Q 2022). Net income: CN¥84.8m (down 9.7% from 2Q 2022). Profit margin: 14% (down from 15% in 2Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 3.0% growth forecast for the Oil and Gas industry in China. Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Announcement • Jul 12
Shanxi Blue Flame Holding Company Limited Announces Final Cash Dividend Implementation of A Shares for 2022 Shanxi Blue Flame Holding Company Limited announced final cash dividend Implementation of A Shares of CNY 0.60000000 per ten shares (tax included) for 2022, payable on 14 July 2023. The record date is 13 July 2023 and the ex-date is 14 July 2023. Announcement • May 23
Shanxi Blue Flame Holding Company Limited Approves Final Cash Dividend for the Year 2022 Shanxi Blue Flame Holding Company Limited at the AGM, the shareholders approved the final cash dividend/10 shares (tax included) of CNY 0.60000000 for the year 2022. Reported Earnings • Apr 17
Full year 2022 earnings released: EPS: CN¥0.58 (vs CN¥0.32 in FY 2021) Full year 2022 results: EPS: CN¥0.58 (up from CN¥0.32 in FY 2021). Revenue: CN¥2.50b (up 27% from FY 2021). Net income: CN¥563.3m (up 85% from FY 2021). Profit margin: 23% (up from 15% in FY 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 17% p.a. on average during the next 2 years, compared to a 5.4% growth forecast for the Oil and Gas industry in China. 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 1% per year, which means it is significantly lagging earnings. Board Change • Nov 16
Less than half of directors are independent There are 7 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: 7 new directors. 4 experienced directors. 1 highly experienced director. 3 independent directors (6 non-independent directors). Director, Deputy GM & Secretary of the Board of Directors Jun Yang is the most experienced director on the board, commencing their role in 2014. Independent Director Baoshan Ding was the last independent director to join the board, commencing their role in 2021. 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 21
Third quarter 2022 earnings released: EPS: CN¥0.093 (vs CN¥0.069 in 3Q 2021) Third quarter 2022 results: EPS: CN¥0.093 (up from CN¥0.069 in 3Q 2021). Revenue: CN¥710.8m (up 39% from 3Q 2021). Net income: CN¥93.3m (up 53% from 3Q 2021). Profit margin: 13% (up from 12% in 3Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. Reported Earnings • Aug 18
Second quarter 2022 earnings released: EPS: CN¥0.098 (vs CN¥0.069 in 2Q 2021) Second quarter 2022 results: EPS: CN¥0.098 (up from CN¥0.069 in 2Q 2021). Revenue: CN¥609.0m (up 36% from 2Q 2021). Net income: CN¥94.0m (up 38% from 2Q 2021). Profit margin: 15% (in line with 2Q 2021). Over the last 3 years on average, earnings per share has fallen by 29% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Jun 09
Investor sentiment improved over the past week After last week's 16% share price gain to CN¥11.97, the stock trades at a trailing P/E ratio of 24.3x. Average trailing P/E is 14x in the Oil and Gas industry in China. Total loss to shareholders of 4.7% over the past three years. Valuation Update With 7 Day Price Move • May 10
Investor sentiment improved over the past week After last week's 18% share price gain to CN¥12.84, the stock trades at a trailing P/E ratio of 26.1x. Average trailing P/E is 12x in the Oil and Gas industry in China. Total returns to shareholders of 16% over the past three years. Board Change • Apr 27
High number of new and inexperienced directors There are 10 new directors who have joined the board in the last 3 years. The company's board is composed of: 10 new directors. 2 experienced directors. No highly experienced directors. Non-Independent Director Jun Yang is the most experienced director on the board, commencing their role in 2014. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Valuation Update With 7 Day Price Move • Apr 16
Investor sentiment improved over the past week After last week's 23% share price gain to CN¥9.35, the stock trades at a trailing P/E ratio of 29.6x. Average trailing P/E is 15x in the Oil and Gas industry in China. Total loss to shareholders of 32% over the past three years. Reported Earnings • Mar 29
Full year 2021 earnings released: EPS: CN¥0.32 (vs CN¥0.13 in FY 2020) Full year 2021 results: EPS: CN¥0.32 (up from CN¥0.13 in FY 2020). Revenue: CN¥1.98b (up 37% from FY 2020). Net income: CN¥305.1m (up 144% from FY 2020). Profit margin: 15% (up from 8.7% in FY 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 55% per year but the company’s share price has only fallen by 16% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Mar 16
Investor sentiment deteriorated over the past week After last week's 18% share price decline to CN¥7.33, the stock trades at a trailing P/E ratio of 56.3x. Average trailing P/E is 13x in the Oil and Gas industry in China. Total loss to shareholders of 44% over the past three years. Valuation Update With 7 Day Price Move • Nov 17
Investor sentiment improved over the past week After last week's 18% share price gain to CN¥9.78, the stock trades at a trailing P/E ratio of 75.1x. Average trailing P/E is 14x in the Oil and Gas industry in China. Total loss to shareholders of 25% over the past three years. Reported Earnings • Oct 21
Third quarter 2021 earnings released: EPS CN¥0.069 (vs CN¥0.02 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: CN¥511.0m (up 68% from 3Q 2020). Net income: CN¥61.0m (up 176% from 3Q 2020). Profit margin: 12% (up from 7.3% in 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 55% per year but the company’s share price has only fallen by 8% per year, which means it has not declined as severely as earnings. Reported Earnings • Aug 19
Second quarter 2021 earnings released: EPS CN¥0.069 (vs CN¥0.11 in 2Q 2020) The company reported a mediocre second quarter result with weaker earnings and profit margins, although revenues improved. Second quarter 2021 results: Revenue: CN¥449.5m (up 34% from 2Q 2020). Net income: CN¥67.9m (down 37% from 2Q 2020). Profit margin: 15% (down from 32% in 2Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 45% per year but the company’s share price has only fallen by 17% per year, which means it has not declined as severely as earnings. Reported Earnings • Apr 17
Full year 2020 earnings released: EPS CN¥0.13 (vs CN¥0.58 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: CN¥1.44b (down 24% from FY 2019). Net income: CN¥124.9m (down 78% from FY 2019). Profit margin: 8.7% (down from 30% in FY 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 19% per year whereas the company’s share price has fallen by 16% per year. Is New 90 Day High Low • Feb 11
New 90-day low: CN¥5.61 The company is down 29% from its price of CN¥7.87 on 13 November 2020. The Chinese market is up 9.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Oil and Gas industry, which is down 3.0% over the same period. Is New 90 Day High Low • Jan 22
New 90-day low: CN¥6.62 The company is down 17% from its price of CN¥8.00 on 23 October 2020. The Chinese market is up 12% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Oil and Gas industry, which is up 9.0% over the same period. Is New 90 Day High Low • Jan 06
New 90-day low: CN¥7.48 The company is down 7.0% from its price of CN¥8.05 on 09 October 2020. The Chinese market is up 11% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Oil and Gas industry, which is up 12% over the same period. Is New 90 Day High Low • Dec 16
New 90-day low: CN¥7.70 The company is down 8.0% from its price of CN¥8.36 on 18 September 2020. The Chinese market is up 3.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Oil and Gas industry, which is up 3.0% over the same period. Reported Earnings • Oct 26
Third quarter earnings released Over the last 12 months the company has reported total profits of CN¥280.3m, down 60% from the prior year. Total revenue was CN¥1.43b over the last 12 months, down 40% from the prior year. Is New 90 Day High Low • Oct 01
New 90-day low: CN¥7.81 The company is down 4.0% from its price of CN¥8.13 on 03 July 2020. The Chinese market is up 5.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Oil and Gas industry, which is up 6.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is CN¥26.06 per share. 
