Board Change • Jul 21
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 5 non-independent directors. President, Financial Director & Non-Independent Director Bo Gao was the last independent director to join the board, commencing their role in 2025. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Jun 30
C&S Paper Co.,Ltd to Report First Half, 2026 Results on Aug 21, 2026 C&S Paper Co.,Ltd announced that they will report first half, 2026 results on Aug 21, 2026 Announcement • Apr 14
C&S Paper Co.,Ltd, Annual General Meeting, May 07, 2026 C&S Paper Co.,Ltd, Annual General Meeting, May 07, 2026, at 14:30 China Standard Time. Location: No. 136, Caihong Avenue, West District, Zhongshan, Guangdong China Announcement • Mar 31
C&S Paper Co.,Ltd to Report Q1, 2026 Results on Apr 28, 2026 C&S Paper Co.,Ltd announced that they will report Q1, 2026 results on Apr 28, 2026 Announcement • Feb 26
C&S Paper Co.,Ltd (SZSE:002511) announces an Equity Buyback for CNY 120 million worth of its shares. C&S Paper Co.,Ltd (SZSE:002511) announces a share repurchase program. Under the program, the company will repurchase up to CNY 120 million worth of class A shares. The shares will be repurchased at a price not exceeding CNY 12.4 per share. The purpose of the share repurchases will be used for equity incentive plans or employee stock ownership plans. The shares will be repurchased from company's own funds. If the company fails to use the repurchased shares for the above purposes within three years from the date of completion of this share repurchase, the unused part of the repurchased shares will be cancelled in accordance with relevant procedures .The program is valid for 12 months i.e February 23, 2027. Announcement • Dec 31
C&S Paper Co.,Ltd to Report Fiscal Year 2025 Results on Apr 22, 2026 C&S Paper Co.,Ltd announced that they will report fiscal year 2025 results on Apr 22, 2026 Announcement • Nov 15
C&S Paper Co.,Ltd Approves Board Appointments C&S Paper Co.,Ltd at its EGM held on 13 November 2025, approved By-election of non-independent directors: Gao Bo, non-independent director; Liang Geyu, non-independent director. Announcement • Sep 30
C&S Paper Co.,Ltd to Report Q3, 2025 Results on Oct 28, 2025 C&S Paper Co.,Ltd announced that they will report Q3, 2025 results on Oct 28, 2025 Announcement • Aug 23
C&S Paper Co.,Ltd Proposes Interim Cash Dividend for the First Half of 2025 C&S Paper Co.,Ltd announced on 20 August 2025 the profit distribution proposal for the first half of 2025 as follows: Interim Cash dividend/10 shares (tax included): CNY 0.63000000. Announcement • Jul 02
C&S Paper Co.,Ltd to Report First Half, 2025 Results on Aug 20, 2025 C&S Paper Co.,Ltd announced that they will report first half, 2025 results on Aug 20, 2025 Announcement • Apr 25
C&S Paper Co.,Ltd, Annual General Meeting, May 19, 2025 C&S Paper Co.,Ltd, Annual General Meeting, May 19, 2025, at 14:30 China Standard Time. Location: The Company's Meeting Room, Zhongshan, Guangdong China Announcement • Apr 04
C&S Paper Co.,Ltd (SZSE:002511) announces an Equity Buyback for CNY 60 million worth of its shares. C&S Paper Co.,Ltd (SZSE:002511) announces a share repurchase program. Under the program, the company will repurchase up to CNY 60 million worth of shares. The shares will be repurchased at a price not exceeding CNY 9.77 per share. The purpose of the share repurchases will be used for equity incentive plans or employee stock ownership plans. The shares will be repurchased from company's own funds. If the company fails to use the repurchased shares for the above purposes within three years from the date of completion of this share repurchase, the unused part of the repurchased shares will be cancelled in accordance with relevant procedures .The program is valid for 12 months. Announcement • Mar 31
C&S Paper Co.,Ltd to Report Q1, 2025 Results on Apr 25, 2025 C&S Paper Co.,Ltd announced that they will report Q1, 2025 results on Apr 25, 2025 Announcement • Dec 31
C&S Paper Co.,Ltd to Report Fiscal Year 2024 Results on Mar 31, 2025 C&S Paper Co.,Ltd announced that they will report fiscal year 2024 results on Mar 31, 2025 Reported Earnings • Oct 29
Third quarter 2024 earnings released: CN¥0.022 loss per share (vs CN¥0.081 profit in 3Q 2023) Third quarter 2024 results: CN¥0.022 loss per share (down from CN¥0.081 profit in 3Q 2023). Revenue: CN¥1.93b (down 9.5% from 3Q 2023). Net loss: CN¥34.0m (down 142% from profit in 3Q 2023). Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Household Products industry in China. Over the last 3 years on average, earnings per share has fallen by 30% per year whereas the company’s share price has fallen by 26% per year. Announcement • Sep 30
C&S Paper Co.,Ltd to Report Q3, 2024 Results on Oct 29, 2024 C&S Paper Co.,Ltd announced that they will report Q3, 2024 results on Oct 29, 2024 Valuation Update With 7 Day Price Move • Sep 28
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to CN¥7.26, the stock trades at a forward P/E ratio of 20x. Average forward P/E is 19x in the Household Products industry in China. Total loss to shareholders of 57% over the past three years. New Risk • Aug 29
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 20% 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 (20% accrual ratio). Minor Risk Paying a dividend despite having no free cash flows. Reported Earnings • Aug 28
Second quarter 2024 earnings released: CN¥0.007 loss per share (vs CN¥0.003 loss in 2Q 2023) Second quarter 2024 results: CN¥0.007 loss per share (further deteriorated from CN¥0.003 loss in 2Q 2023). Revenue: CN¥2.18b (down 17% from 2Q 2023). Net loss: CN¥7.87m (loss widened 59% from 2Q 2023). Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Household Products industry in China. Over the last 3 years on average, earnings per share has fallen by 36% per year but the company’s share price has only fallen by 27% per year, which means it has not declined as severely as earnings. Announcement • Aug 01
C&S Paper Co.,Ltd (SZSE:002511) commences an Equity Buyback Plan for CNY 100 million worth of its shares, under the authorization approved on November 21, 2023. C&S Paper Co.,Ltd (SZSE:002511) commences a share repurchases on July 30, 2024, under the program mandated by the shareholders in the Extraordinary General Meeting held on November 21, 2023. As per the mandate, the company is authorized to repurchase up to CNY 100 million worth of its shares. The shares will be repurchased at a price of CNY 15.5 per share. The repurchased shares will be cancelled and the company's registered capital will be reduced. The authorization will be valid for a period of 12 months. Announcement • Jun 29
C&S Paper Co.,Ltd to Report First Half, 2024 Results on Aug 28, 2024 C&S Paper Co.,Ltd announced that they will report first half, 2024 results on Aug 28, 2024 Declared Dividend • May 30
Dividend reduced to CN¥0.06 Dividend of CN¥0.06 is 3.2% lower than last year. Ex-date: 3rd June 2024 Payment date: 3rd June 2024 Dividend yield will be 0.8%, which is lower than the industry average of 2.5%. Sustainability & Growth Dividend is well covered by both earnings (23% earnings payout ratio) and cash flows (19% cash payout ratio). The dividend has increased by an average of 9.1% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 80% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • May 29
C&S Paper Co.,Ltd Announces Final Cash Dividend Plan on A Shares for 2023, Payable on 3 June 2024 C&S Paper Co.,Ltd announced 2023 final profit distribution plan to be implemented (A shares): Cash dividend/10 shares (tax included): CNY 0.60000000. Record date: 31 May 2024, Ex-date: 3 June 2024, Payment date: 3 June 2024. Announcement • Apr 27
C&S Paper Co.,Ltd Proposes Final Dividend for the Year 2023 C&S Paper Co.,Ltd announced on 25 April 2024 the profit distribution proposal for 2023 as follows: Final Cash dividend/10 shares (tax included): CNY 0.60000000. Announcement • Apr 26
C&S Paper Co.,Ltd, Annual General Meeting, May 20, 2024 C&S Paper Co.,Ltd, Annual General Meeting, May 20, 2024, at 14:30 China Standard Time. Location: The Company's Meeting Room, Zhongshan, Guangdong China Reported Earnings • Apr 25
First quarter 2024 earnings released: EPS: CN¥0.07 (vs CN¥0.07 in 1Q 2023) First quarter 2024 results: EPS: CN¥0.07 (in line with 1Q 2023). Revenue: CN¥1.85b (down 11% from 1Q 2023). Net income: CN¥95.5m (up 6.7% from 1Q 2023). Profit margin: 5.2% (up from 4.3% in 1Q 2023). The increase in margin was driven by lower expenses. Revenue is forecast to grow 12% p.a. on average during the next 2 years, compared to a 14% growth forecast for the Household Products industry in China. Over the last 3 years on average, earnings per share has fallen by 46% per year but the company’s share price has only fallen by 35% per year, which means it has not declined as severely as earnings. Announcement • Mar 30
C&S Paper Co.,Ltd to Report Q1, 2024 Results on Apr 25, 2024 C&S Paper Co.,Ltd announced that they will report Q1, 2024 results on Apr 25, 2024 Announcement • Feb 09
C&S Paper Co.,Ltd Appoints Yue Yong as Non-Independent Director C&S Paper Co.,Ltd appointed Yue Yong as non-independent director at its EGM held on 07 February 2024. Valuation Update With 7 Day Price Move • Feb 08
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to CN¥9.36, the stock trades at a forward P/E ratio of 23x. Average forward P/E is 17x in the Household Products industry in China. Total loss to shareholders of 63% over the past three years. Announcement • Dec 30
C&S Paper Co.,Ltd to Report Fiscal Year 2023 Results on Apr 25, 2024 C&S Paper Co.,Ltd announced that they will report fiscal year 2023 results on Apr 25, 2024 New Risk • Oct 29
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 22% 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. Profit margins are more than 30% lower than last year (2.6% net profit margin). Reported Earnings • Oct 26
Third quarter 2023 earnings released: EPS: CN¥0.081 (vs CN¥0.038 in 3Q 2022) Third quarter 2023 results: EPS: CN¥0.081 (up from CN¥0.038 in 3Q 2022). Revenue: CN¥2.14b (up 22% from 3Q 2022). Net income: CN¥80.9m (up 73% from 3Q 2022). Profit margin: 3.8% (up from 2.7% in 3Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 17% growth forecast for the Household Products industry in China. Over the last 3 years on average, earnings per share has fallen by 48% per year but the company’s share price has only fallen by 21% per year, which means it has not declined as severely as earnings. Reported Earnings • Aug 27
Second quarter 2023 earnings released: CN¥0.003 loss per share (vs CN¥0.07 profit in 2Q 2022) Second quarter 2023 results: CN¥0.003 loss per share (down from CN¥0.07 profit in 2Q 2022). Revenue: CN¥2.62b (up 5.7% from 2Q 2022). Net loss: CN¥4.95m (down 105% from profit in 2Q 2022). Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 18% growth forecast for the Household Products industry in China. Over the last 3 years on average, earnings per share has fallen by 42% per year but the company’s share price has only fallen by 26% per year, which means it has not declined as severely as earnings. Buying Opportunity • Jun 21
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 3.0%. The fair value is estimated to be CN¥14.68, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.5% over the last 3 years. Earnings per share has declined by 32%. Revenue is forecast to grow by 29% in 2 years. Earnings is forecast to grow by 178% in the next 2 years. Buying Opportunity • May 31
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 7.6%. The fair value is estimated to be CN¥14.68, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.5% over the last 3 years. Earnings per share has declined by 32%. Revenue is forecast to grow by 31% in 2 years. Earnings is forecast to grow by 181% in the next 2 years. Announcement • May 26
C&S Paper Co.,Ltd Announces Cash Dividend on A Shares for the Year 2022, Payable on 1 June 2023 C&S Paper Co.,Ltd announced 2022 final profit distribution plan to be implemented (A shares): Cash dividend of CNY 0.62000000 per ten shares (tax included) for the year 2022. Record date is 31 May 2023. Ex-date is 01 June 2023. Payment date is 01 June 2023. Reported Earnings • Apr 23
First quarter 2023 earnings released: EPS: CN¥0.07 (vs CN¥0.10 in 1Q 2022) First quarter 2023 results: EPS: CN¥0.07 (down from CN¥0.10 in 1Q 2022). Revenue: CN¥2.06b (up 9.4% from 1Q 2022). Net income: CN¥89.4m (down 33% from 1Q 2022). Profit margin: 4.3% (down from 7.1% in 1Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 18% growth forecast for the Household Products industry in China. Over the last 3 years on average, earnings per share has fallen by 32% per year but the company’s share price has only fallen by 13% per year, which means it has not declined as severely as earnings. Reported Earnings • Feb 28
Full year 2022 earnings released: EPS: CN¥0.27 (vs CN¥0.45 in FY 2021) Full year 2022 results: EPS: CN¥0.27 (down from CN¥0.45 in FY 2021). Revenue: CN¥8.57b (down 6.3% from FY 2021). Net income: CN¥352.0m (down 39% from FY 2021). Profit margin: 4.1% (down from 6.4% in FY 2021). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 15% p.a. on average during the next 2 years, compared to a 22% growth forecast for the Household Products industry in China. Over the last 3 years on average, earnings per share has fallen by 22% 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. Board Change • Nov 16
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, 2 were independent directors. The company's board is composed of: 3 independent directors. 5 non-independent directors. Independent Director Guoquan He 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. Reported Earnings • Oct 27
Third quarter 2022 earnings released: EPS: CN¥0.038 (vs CN¥0.059 in 3Q 2021) Third quarter 2022 results: EPS: CN¥0.038 (down from CN¥0.059 in 3Q 2021). Revenue: CN¥1.75b (down 14% from 3Q 2021). Net income: CN¥46.9m (down 39% from 3Q 2021). Profit margin: 2.7% (down from 3.8% in 3Q 2021). 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 29% growth forecast for the Household Products industry in China. Over the last 3 years on average, earnings per share has fallen by 13% per year whereas the company’s share price has fallen by 8% per year. Buying Opportunity • Oct 25
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 16%. The fair value is estimated to be CN¥12.38, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 14% over the last 3 years, while earnings per share has been flat. Revenue is forecast to grow by 30% in 2 years. Earnings is forecast to grow by 101% in the next 2 years. Reported Earnings • Sep 04
Second quarter 2022 earnings released: EPS: CN¥0.07 (vs CN¥0.10 in 2Q 2021) Second quarter 2022 results: EPS: CN¥0.07 (down from CN¥0.10 in 2Q 2021). Revenue: CN¥2.48b (up 16% from 2Q 2021). Net income: CN¥94.3m (down 31% from 2Q 2021). Profit margin: 3.8% (down from 6.3% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to grow 17%, compared to a 17% growth forecast for the Household Products industry in China. Over the last 3 years on average, earnings per share has fallen by 2% per year whereas the company’s share price has fallen by 7% per year. Reported Earnings • Apr 28
First quarter 2022 earnings released: EPS: CN¥0.10 (vs CN¥0.21 in 1Q 2021) First quarter 2022 results: EPS: CN¥0.10 (down from CN¥0.21 in 1Q 2021). Revenue: CN¥1.88b (down 10% from 1Q 2021). Net income: CN¥133.3m (down 51% from 1Q 2021). Profit margin: 7.1% (down from 13% in 1Q 2021). The decrease in margin was driven by lower revenue. Over the next year, revenue is forecast to grow 21%, compared to a 8.0% growth forecast for the industry in China. 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. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 5 non-independent directors. Independent Director Guoquan He was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Mar 03
Full year 2021 earnings: EPS in line with analyst expectations despite revenue beat Full year 2021 results: EPS: CN¥0.45 (down from CN¥0.70 in FY 2020). Revenue: CN¥9.19b (up 18% from FY 2020). Net income: CN¥581.5m (down 36% from FY 2020). Profit margin: 6.3% (down from 12% in FY 2020). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 1.9%. Over the next year, revenue is forecast to grow 15%, compared to a 8.8% growth forecast for the industry in China. Over the last 3 years on average, earnings per share has increased by 19% per year and the company’s share price has also increased by 19% per year. Buying Opportunity • Feb 23
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 13%. The fair value is estimated to be CN¥18.64, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 15% per annum over the last 3 years. Earnings per share has grown by 27% per annum over the last 3 years. Buying Opportunity • Jan 28
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 14%. The fair value is estimated to be CN¥18.54, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 15% per annum over the last 3 years. Earnings per share has grown by 27% per annum over the last 3 years. Reported Earnings • Oct 28
Third quarter 2021 earnings released: EPS CN¥0.059 (vs CN¥0.17 in 3Q 2020) The company reported a soft third quarter result with weaker earnings and profit margins, although revenues improved. Third quarter 2021 results: Revenue: CN¥2.03b (up 4.5% from 3Q 2020). Net income: CN¥77.3m (down 65% from 3Q 2020). Profit margin: 3.8% (down from 11% in 3Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 27% per year whereas the company’s share price has increased by 31% per year. Board Change • Sep 17
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 5 non-independent directors. Independent Director Guoquan He was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Sep 06
Investor sentiment deteriorated over the past week After last week's 16% share price decline to CN¥17.18, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 19x in the Household Products industry in Asia. Total returns to shareholders of 134% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CN¥11.41 per share. Reported Earnings • Sep 01
Second quarter 2021 earnings released: EPS CN¥0.10 (vs CN¥0.21 in 2Q 2020) The company reported a soft second quarter result with weaker earnings and profit margins, although revenues improved. Second quarter 2021 results: Revenue: CN¥2.15b (up 10% from 2Q 2020). Net income: CN¥136.0m (down 50% from 2Q 2020). Profit margin: 6.3% (down from 14% in 2Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 32% per year and the company’s share price has also increased by 32% per year. Upcoming Dividend • Jun 14
Upcoming dividend of CN¥0.10 per share Eligible shareholders must have bought the stock before 21 June 2021. Payment date: 21 June 2021. Trailing yield: 0.3%. Lower than top quartile of Chinese dividend payers (1.8%). Lower than average of industry peers (1.5%). Reported Earnings • Apr 30
First quarter 2021 earnings released: EPS CN¥0.21 (vs CN¥0.14 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: CN¥2.10b (up 26% from 1Q 2020). Net income: CN¥271.1m (up 48% from 1Q 2020). Profit margin: 13% (up from 11% in 1Q 2020). The increase in margin was driven by higher revenue. Analyst Estimate Surprise Post Earnings • Mar 04
Revenue beats expectations Revenue exceeded analyst estimates by 0.6%. Over the next year, revenue is forecast to grow 18%, compared to a 12% growth forecast for the Household Products industry in China. Reported Earnings • Mar 04
Full year 2020 earnings released: EPS CN¥0.70 (vs CN¥0.47 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: CN¥7.85b (up 18% from FY 2019). Net income: CN¥904.7m (up 50% from FY 2019). Profit margin: 12% (up from 9.1% in FY 2019). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • Jan 05
Investor sentiment improved over the past week After last week's 18% share price gain to CN¥24.05, the stock is trading at a trailing P/E ratio of 37.2x, up from the previous P/E ratio of 31.5x. This compares to an average P/E of 18x in the Household Products industry in Asia. Total returns to shareholders over the past year are 90%. Reported Earnings • Oct 30
Third quarter earnings released Over the last 12 months the company has reported total profits of CN¥837.7m, up 57% from the prior year. Total revenue was CN¥7.37b over the last 12 months, up 15% from the prior year. Analyst Estimate Surprise Post Earnings • Oct 30
Third-quarter earnings released: Revenue misses expectations Third-quarter revenue missed analyst estimates by 4.3% at CN¥1.94b. Revenue is forecast to grow 21% over the next year, compared to a 5.9% growth forecast for the Household Products industry in China. Announcement • Jul 18
C&S Paper Co.,Ltd to Report First Half, 2020 Results on Aug 07, 2020 C&S Paper Co.,Ltd announced that they will report first half, 2020 results on Aug 07, 2020