New Risk • Apr 27
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. The company is paying a dividend despite having no free cash flows. Dividend yield: 0.9% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. 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 Risk Earnings have declined by 17% per year over the past 5 years. Minor Risks Paying a dividend despite having no free cash flows. Shareholders have been diluted in the past year (23% increase in shares outstanding). Announcement • Apr 20
Xinjiang Baodi Mining Co., Ltd., Annual General Meeting, May 08, 2026 Xinjiang Baodi Mining Co., Ltd., Annual General Meeting, May 08, 2026, at 16:00 China Standard Time. Location: The Company's Meeting Room, Urumqi, Xinjiang China Reported Earnings • Apr 19
Full year 2025 earnings released: EPS: CN¥0.18 (vs CN¥0.17 in FY 2024) Full year 2025 results: EPS: CN¥0.18 (up from CN¥0.17 in FY 2024). Revenue: CN¥1.61b (up 35% from FY 2024). Net income: CN¥140.3m (up 1.5% from FY 2024). Profit margin: 8.7% (down from 12% in FY 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 29% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings. Announcement • Mar 30
Xinjiang Baodi Mining Co., Ltd. to Report Q1, 2026 Results on Apr 25, 2026 Xinjiang Baodi Mining Co., Ltd. announced that they will report Q1, 2026 results on Apr 25, 2026 New Risk • Mar 29
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 23% 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 12% per year over the past 5 years. Minor Risks Profit margins are more than 30% lower than last year (6.1% net profit margin). Shareholders have been diluted in the past year (23% increase in shares outstanding). Announcement • Dec 26
Xinjiang Baodi Mining Co., Ltd. to Report Fiscal Year 2025 Results on Apr 18, 2026 Xinjiang Baodi Mining Co., Ltd. announced that they will report fiscal year 2025 results on Apr 18, 2026 Reported Earnings • Oct 25
Third quarter 2025 earnings released: EPS: CN¥0.058 (vs CN¥0.079 in 3Q 2024) Third quarter 2025 results: EPS: CN¥0.058 (down from CN¥0.079 in 3Q 2024). Revenue: CN¥423.3m (up 8.2% from 3Q 2024). Net income: CN¥54.4m (down 20% from 3Q 2024). Profit margin: 13% (down from 17% in 3Q 2024). The decrease in margin was driven by higher expenses. Announcement • Sep 30
Xinjiang Baodi Mining Co., Ltd. to Report Q3, 2025 Results on Oct 25, 2025 Xinjiang Baodi Mining Co., Ltd. announced that they will report Q3, 2025 results on Oct 25, 2025 Reported Earnings • Aug 17
Second quarter 2025 earnings released: EPS: CN¥0.056 (vs CN¥0.081 in 2Q 2024) Second quarter 2025 results: EPS: CN¥0.056 (down from CN¥0.081 in 2Q 2024). Revenue: CN¥416.8m (up 23% from 2Q 2024). Net income: CN¥41.6m (down 34% from 2Q 2024). Profit margin: 10.0% (down from 18% in 2Q 2024). The decrease in margin was driven by higher expenses. Announcement • Jun 30
Xinjiang Baodi Mining Co., Ltd. to Report First Half, 2025 Results on Aug 15, 2025 Xinjiang Baodi Mining Co., Ltd. announced that they will report first half, 2025 results on Aug 15, 2025 New Risk • Apr 26
New major risk - Revenue and earnings growth Earnings have declined by 5.2% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 5.2% per year over the past 5 years. High level of non-cash earnings (27% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (9.4% net profit margin). Reported Earnings • Mar 30
Full year 2024 earnings released: EPS: CN¥0.17 (vs CN¥0.25 in FY 2023) Full year 2024 results: EPS: CN¥0.17 (down from CN¥0.25 in FY 2023). Revenue: CN¥1.20b (up 38% from FY 2023). Net income: CN¥138.3m (down 26% from FY 2023). Profit margin: 12% (down from 22% in FY 2023). The decrease in margin was driven by higher expenses. Announcement • Mar 29
Xinjiang Baodi Mining Co., Ltd., Annual General Meeting, Apr 18, 2025 Xinjiang Baodi Mining Co., Ltd., Annual General Meeting, Apr 18, 2025, at 12:00 China Standard Time. Location: The Company's Meeting Room, Urumqi, Xinjiang China Announcement • Mar 28
Xinjiang Baodi Mining Co., Ltd. to Report Q1, 2025 Results on Apr 26, 2025 Xinjiang Baodi Mining Co., Ltd. announced that they will report Q1, 2025 results on Apr 26, 2025 Announcement • Jan 13
Xinjiang Baodi Mining Co., Ltd. (SHSE:601121) agreed to acquire remaining 87% stake in Xinjiang Congling Energy Co., Ltd. from JAAN Investments Co., Ltd. and Kezhou Congling Industrial Co., Ltd. Xinjiang Baodi Mining Co., Ltd. (SHSE:601121) agreed to acquire remaining 87% stake in Xinjiang Congling Energy Co., Ltd. from JAAN Investments Co., Ltd. and Kezhou Congling Industrial Co., Ltd. on January 11, 2025. A cash consideration will be paid by Xinjiang Baodi Mining Co., Ltd. The consideration consists of common equity of Xinjiang Baodi Mining Co., Ltd. to be issued for common equity of Xinjiang Congling Energy Co., Ltd. As part of consideration, an undisclosed value is paid towards common equity of Xinjiang Congling Energy Co., Ltd. Upon completion, Xinjiang Baodi Mining Co., Ltd. will own 100% stake in Xinjiang Congling Energy Co., Ltd. As of September 30, 2024, Xinjiang Congling Energy Co., Ltd. reported total assets of CNY 663.26 million and total common equity of CNY 332.84 million. The transaction is subject to approval by the Shanghai Stock Exchange, approval of offer by acquirer board and approval of offer by target shareholders. The deal has been approved by the board. Announcement • Dec 27
Xinjiang Baodi Mining Co., Ltd. to Report Fiscal Year 2024 Results on Mar 29, 2025 Xinjiang Baodi Mining Co., Ltd. announced that they will report fiscal year 2024 results on Mar 29, 2025 Reported Earnings • Oct 25
Third quarter 2024 earnings released: EPS: CN¥0.079 (vs CN¥0.21 in 3Q 2023) Third quarter 2024 results: EPS: CN¥0.079 (down from CN¥0.21 in 3Q 2023). Revenue: CN¥391.0m (up 94% from 3Q 2023). Net income: CN¥67.7m (down 35% from 3Q 2023). Profit margin: 17% (down from 52% in 3Q 2023). The decrease in margin was driven by higher expenses. Announcement • Sep 30
Xinjiang Baodi Mining Co., Ltd. to Report Q3, 2024 Results on Oct 25, 2024 Xinjiang Baodi Mining Co., Ltd. announced that they will report Q3, 2024 results on Oct 25, 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¥6.42, the stock trades at a trailing P/E ratio of 23.1x. Average trailing P/E is 24x in the Metals and Mining industry in China. Total loss to shareholders of 17% over the past year. Reported Earnings • Aug 20
Second quarter 2024 earnings released: EPS: CN¥0.081 (vs CN¥0.04 in 2Q 2023) Second quarter 2024 results: EPS: CN¥0.081 (up from CN¥0.04 in 2Q 2023). Revenue: CN¥339.4m (up 72% from 2Q 2023). Net income: CN¥62.5m (up 75% from 2Q 2023). Profit margin: 18% (in line with 2Q 2023). Announcement • Jun 28
Xinjiang Baodi Mining Co., Ltd. to Report First Half, 2024 Results on Aug 20, 2024 Xinjiang Baodi Mining Co., Ltd. announced that they will report first half, 2024 results on Aug 20, 2024 Reported Earnings • Apr 26
First quarter 2024 earnings released: EPS: CN¥0.05 (vs CN¥0.052 in 1Q 2023) First quarter 2024 results: EPS: CN¥0.05. Revenue: CN¥244.1m (up 66% from 1Q 2023). Net income: CN¥40.3m (up 29% from 1Q 2023). Profit margin: 17% (down from 21% in 1Q 2023). The decrease in margin was driven by higher expenses. Reported Earnings • Apr 14
Full year 2023 earnings released: EPS: CN¥0.25 (vs CN¥0.33 in FY 2022) Full year 2023 results: EPS: CN¥0.25 (down from CN¥0.33 in FY 2022). Revenue: CN¥866.2m (up 14% from FY 2022). Net income: CN¥186.6m (down 6.7% from FY 2022). Profit margin: 22% (down from 26% in FY 2022). The decrease in margin was driven by higher expenses. Announcement • Apr 12
Xinjiang Baodi Mining Co., Ltd., Annual General Meeting, May 08, 2024 Xinjiang Baodi Mining Co., Ltd., Annual General Meeting, May 08, 2024, at 10:30 China Standard Time. Location: 30F, No. 390, Karamay East Street, Saybagh District, Urumqi, Xinjiang China Announcement • Mar 29
Xinjiang Baodi Mining Co., Ltd. to Report Q1, 2024 Results on Apr 26, 2024 Xinjiang Baodi Mining Co., Ltd. announced that they will report Q1, 2024 results on Apr 26, 2024 Valuation Update With 7 Day Price Move • Feb 02
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to CN¥5.68, the stock trades at a trailing P/E ratio of 24.9x. Average trailing P/E is 25x in the Metals and Mining industry in China. Announcement • Dec 29
Xinjiang Baodi Mining Co., Ltd. to Report Fiscal Year 2023 Results on Apr 12, 2024 Xinjiang Baodi Mining Co., Ltd. announced that they will report fiscal year 2023 results on Apr 12, 2024 New Risk • Oct 27
New major risk - Revenue and earnings growth Earnings have declined by 13% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Earnings have declined by 13% per year over the past 5 years. Revenue is less than US$1m. Announcement • Sep 30
Xinjiang Baodi Mining Co., Ltd. to Report Q3, 2023 Results on Oct 27, 2023 Xinjiang Baodi Mining Co., Ltd. announced that they will report Q3, 2023 results on Oct 27, 2023 New Risk • Jul 17
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. The company is paying a dividend despite having no free cash flows. Dividend yield: 1.7% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. For dividend paying companies, any reduction in the dividend can significantly impact the share price. This is currently the only risk that has been identified for the company. 