Announcement • Jul 01
Puyang Refractories Group Co., Ltd. to Report First Half, 2026 Results on Aug 15, 2026 Puyang Refractories Group Co., Ltd. announced that they will report first half, 2026 results on Aug 15, 2026 New Risk • Jun 24
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 Risk Earnings have declined by 13% per year over the past 5 years. Minor Risks Dividend is not well covered by earnings (103% payout ratio). Share price has been volatile over the past 3 months (8.9% average weekly change). Profit margins are more than 30% lower than last year (0.9% net profit margin). Shareholders have been diluted in the past year (16% increase in shares outstanding). Price Target Changed • May 18
Price target decreased by 7.6% to CN¥8.40 Down from CN¥9.09, the current price target is provided by 1 analyst. New target price is 93% above last closing price of CN¥4.36. Stock is down 20% over the past year. The company is forecast to post earnings per share of CN¥0.45 for next year compared to CN¥0.08 last year. New Risk • Apr 28
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 8.0% 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 (8.0% average weekly change). Profit margins are more than 30% lower than last year (1.6% net profit margin). Shareholders have been diluted in the past year (15% increase in shares outstanding). Announcement • Apr 24
Puyang Refractories Group Co., Ltd., Annual General Meeting, May 19, 2026 Puyang Refractories Group Co., Ltd., Annual General Meeting, May 19, 2026, at 14:30 China Standard Time. Location: The Company's Meeting Room, Puyang County, Henan China Reported Earnings • Apr 24
Full year 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2025 results: EPS: CN¥0.08 (down from CN¥0.14 in FY 2024). Revenue: CN¥5.49b (up 5.7% from FY 2024). Net income: CN¥86.6m (down 36% from FY 2024). Profit margin: 1.6% (down from 2.6% in FY 2024). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 5.8%. Earnings per share (EPS) missed analyst estimates by 56%. Revenue is forecast to grow 13% p.a. on average during the next 2 years, compared to a 16% growth forecast for the Chemicals industry in China. Over the last 3 years on average, earnings per share has fallen by 31% per year but the company’s share price has increased by 11% per year, which means it is well ahead of earnings. Announcement • Mar 31
Puyang Refractories Group Co., Ltd. to Report Q1, 2026 Results on Apr 28, 2026 Puyang Refractories Group Co., Ltd. announced that they will report Q1, 2026 results on Apr 28, 2026 Valuation Update With 7 Day Price Move • Mar 23
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to CN¥4.88, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 23x in the Chemicals industry in China. Total returns to shareholders of 21% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CN¥3.57 per share. Valuation Update With 7 Day Price Move • Jan 23
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to CN¥6.82, the stock trades at a forward P/E ratio of 20x. Average forward P/E is 28x in the Chemicals industry in China. Total returns to shareholders of 70% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CN¥3.48 per share. Announcement • Dec 31
Puyang Refractories Group Co., Ltd. to Report Fiscal Year 2025 Results on Apr 24, 2026 Puyang Refractories Group Co., Ltd. announced that they will report fiscal year 2025 results on Apr 24, 2026 Major Estimate Revision • Nov 25
Consensus revenue estimates fall by 11% The consensus outlook for revenues in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from CN¥5.84b to CN¥5.19b. EPS estimate fell from CN¥0.237 to CN¥0.16 per share. Net income forecast to grow 256% next year vs 51% growth forecast for Chemicals industry in China. Consensus price target down from CN¥9.09 to CN¥8.79. Share price fell 5.4% to CN¥5.76 over the past week. Reported Earnings • Oct 27
Third quarter 2025 earnings released: EPS: CN¥0.022 (vs CN¥0.01 loss in 3Q 2024) Third quarter 2025 results: EPS: CN¥0.022 (up from CN¥0.01 loss in 3Q 2024). Revenue: CN¥1.38b (up 5.9% from 3Q 2024). Net income: CN¥26.0m (up CN¥36.2m from 3Q 2024). Profit margin: 1.9% (up from net loss in 3Q 2024). Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Chemicals industry in China. Over the last 3 years on average, earnings per share has fallen by 19% per year but the company’s share price has increased by 14% per year, which means it is well ahead of earnings. New Risk • Oct 09
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 15% 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 Interest payments are not well covered by earnings (0.8x net interest cover). 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 (1.3% net profit margin). Shareholders have been diluted in the past year (15% increase in shares outstanding). Announcement • Sep 30
Puyang Refractories Group Co., Ltd. to Report Q3, 2025 Results on Oct 27, 2025 Puyang Refractories Group Co., Ltd. announced that they will report Q3, 2025 results on Oct 27, 2025 Reported Earnings • Aug 19
Second quarter 2025 earnings released: EPS: CN¥0.016 (vs CN¥0.071 in 2Q 2024) Second quarter 2025 results: EPS: CN¥0.016 (down from CN¥0.071 in 2Q 2024). Revenue: CN¥1.45b (up 3.9% from 2Q 2024). Net income: CN¥14.0m (down 79% from 2Q 2024). Profit margin: 1.0% (down from 4.9% in 2Q 2024). Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Chemicals industry in China. Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. New Risk • Jul 31
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 6.6% 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: Major Risk Interest payments are not well covered by earnings (2.2x net interest cover). 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 (6.6% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (2.4% net profit margin). Valuation Update With 7 Day Price Move • Jul 24
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to CN¥6.74, the stock trades at a forward P/E ratio of 20x. Average forward P/E is 23x in the Chemicals industry in China. Total returns to shareholders of 37% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CN¥12.68 per share. Valuation Update With 7 Day Price Move • Jul 08
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to CN¥5.92, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 22x in the Chemicals industry in China. Total returns to shareholders of 40% over the past three years. Announcement • Jul 02
Puyang Refractories Group Co., Ltd. to Report First Half, 2025 Results on Aug 16, 2025 Puyang Refractories Group Co., Ltd. announced that they will report first half, 2025 results on Aug 16, 2025 New Risk • May 14
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 2.2x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.2x net interest cover). 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 (2.4% net profit margin). Major Estimate Revision • Apr 24
Consensus EPS estimates increase by 24%, revenue downgraded The consensus outlook for fiscal year 2025 has been updated. 2025 revenue forecast fell from CN¥6.38b to CN¥6.00b. EPS estimate rose from CN¥0.245 to CN¥0.305. Net income forecast to grow 127% next year vs 48% growth forecast for Chemicals industry in China. Consensus price target of CN¥6.50 unchanged from last update. Share price rose 4.4% to CN¥5.24 over the past week. New Risk • Apr 22
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 3.0x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (3.0x net interest cover). 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). Announcement • Apr 19
Puyang Refractories Group Co., Ltd. Proposes Final Cash Dividend for the Year 2024 Puyang Refractories Group Co., Ltd. proposed the final cash dividend/10 shares (tax included) of CNY 0.50000000 for the year 2024. Reported Earnings • Apr 18
Full year 2024 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2024 results: EPS: CN¥0.14 (down from CN¥0.25 in FY 2023). Revenue: CN¥5.19b (down 5.1% from FY 2023). Net income: CN¥135.1m (down 46% from FY 2023). Profit margin: 2.6% (down from 4.5% in FY 2023). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 10%. Earnings per share (EPS) exceeded analyst estimates by 2.4%. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Chemicals industry in China. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Announcement • Apr 18
Puyang Refractories Group Co., Ltd., Annual General Meeting, May 14, 2025 Puyang Refractories Group Co., Ltd., Annual General Meeting, May 14, 2025, at 14:30 China Standard Time. Location: The Company's Meeting Room, Puyang County, Henan China New Risk • Apr 03
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 7.7% 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 High level of debt (40% net debt to equity). 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 (7.7% average weekly change). Large one-off items impacting financial results. Announcement • Mar 31
Puyang Refractories Group Co., Ltd. to Report Q1, 2025 Results on Apr 30, 2025 Puyang Refractories Group Co., Ltd. announced that they will report Q1, 2025 results on Apr 30, 2025 New Risk • Feb 24
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 8.2% 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 High level of debt (40% net debt to equity). 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 (8.2% average weekly change). Large one-off items impacting financial results. Valuation Update With 7 Day Price Move • Jan 09
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to CN¥5.70, the stock trades at a forward P/E ratio of 23x. Average forward P/E is 18x in the Chemicals industry in China. Total returns to shareholders of 32% over the past three years. Announcement • Dec 31
Puyang Refractories Group Co., Ltd. to Report Fiscal Year 2024 Results on Apr 18, 2025 Puyang Refractories Group Co., Ltd. announced that they will report fiscal year 2024 results on Apr 18, 2025 Valuation Update With 7 Day Price Move • Dec 02
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to CN¥4.79, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 20x in the Chemicals industry in China. Total returns to shareholders of 12% over the past three years. Valuation Update With 7 Day Price Move • Nov 11
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to CN¥4.40, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 19x in the Chemicals industry in China. Total returns to shareholders of 7.3% over the past three years. Reported Earnings • Oct 29
Third quarter 2024 earnings released: CN¥0.01 loss per share (vs CN¥0.07 profit in 3Q 2023) Third quarter 2024 results: CN¥0.01 loss per share (down from CN¥0.07 profit in 3Q 2023). Revenue: CN¥1.31b (down 8.1% from 3Q 2023). Net loss: CN¥10.3m (down 116% from profit in 3Q 2023). Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Chemicals industry in China. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Announcement • Sep 30
Puyang Refractories Group Co., Ltd. to Report Q3, 2024 Results on Oct 29, 2024 Puyang Refractories Group Co., Ltd. announced that they will report Q3, 2024 results on Oct 29, 2024 Valuation Update With 7 Day Price Move • Sep 27
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to CN¥3.73, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 16x in the Chemicals industry in China. Total loss to shareholders of 16% over the past three years. New Risk • Aug 29
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 42% 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 (42% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Reported Earnings • Aug 18
Second quarter 2024 earnings released: EPS: CN¥0.071 (vs CN¥0.10 in 2Q 2023) Second quarter 2024 results: EPS: CN¥0.071 (down from CN¥0.10 in 2Q 2023). Revenue: CN¥1.40b (flat on 2Q 2023). Net income: CN¥67.9m (down 33% from 2Q 2023). Profit margin: 4.9% (down from 7.2% in 2Q 2023). Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Chemicals industry in China. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. New Risk • Jul 02
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 8.3% 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: Major Risk Debt is not well covered by operating cash flow (16% operating cash flow to total debt). 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 (8.3% average weekly change). Announcement • Jun 29
Puyang Refractories Group Co., Ltd. to Report First Half, 2024 Results on Aug 17, 2024 Puyang Refractories Group Co., Ltd. announced that they will report first half, 2024 results on Aug 17, 2024 Valuation Update With 7 Day Price Move • May 09
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to CN¥4.53, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 18x in the Chemicals industry in China. Total returns to shareholders of 4.0% over the past three years. New Risk • Apr 03
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 21% 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. Reported Earnings • Mar 31
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: EPS: CN¥0.25 (up from CN¥0.23 in FY 2022). Revenue: CN¥5.47b (up 11% from FY 2022). Net income: CN¥247.7m (up 7.9% from FY 2022). Profit margin: 4.5% (down from 4.7% in FY 2022). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 5.8%. Earnings per share (EPS) also missed analyst estimates by 11%. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 17% growth forecast for the Chemicals industry in China. Over the last 3 years on average, earnings per share has fallen by 5% per year whereas the company’s share price has fallen by 9% per year. Valuation Update With 7 Day Price Move • Feb 02
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to CN¥3.02, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 13x in the Chemicals industry in China. Total loss to shareholders of 22% over the past three years. Announcement • Dec 29
Puyang Refractories Group Co., Ltd. to Report Fiscal Year 2023 Results on Mar 30, 2024 Puyang Refractories Group Co., Ltd. announced that they will report fiscal year 2023 results on Mar 30, 2024 Reported Earnings • Oct 21
Third quarter 2023 earnings released: EPS: CN¥0.07 (vs CN¥0.043 in 3Q 2022) Third quarter 2023 results: EPS: CN¥0.07 (up from CN¥0.043 in 3Q 2022). Revenue: CN¥1.42b (up 19% from 3Q 2022). Net income: CN¥62.7m (up 35% from 3Q 2022). Profit margin: 4.4% (up from 3.9% in 3Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 19% growth forecast for the Chemicals industry in China. Over the last 3 years on average, earnings per share has fallen by 15% per year whereas the company’s share price has fallen by 10% per year. Announcement • Sep 30
Puyang Refractories Group Co., Ltd. to Report Q3, 2023 Results on Oct 21, 2023 Puyang Refractories Group Co., Ltd. announced that they will report Q3, 2023 results at 3:00 PM, China Standard Time on Oct 21, 2023 Reported Earnings • Aug 25
Second quarter 2023 earnings released: EPS: CN¥0.10 (vs CN¥0.10 in 2Q 2022) Second quarter 2023 results: EPS: CN¥0.10 (up from CN¥0.10 in 2Q 2022). Revenue: CN¥1.41b (flat on 2Q 2022). Net income: CN¥101.1m (up 6.9% from 2Q 2022). Profit margin: 7.2% (up from 6.8% in 2Q 2022). Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 18% growth forecast for the Chemicals 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 9% per year, which means it has not declined as severely as earnings. Announcement • Jul 04
Puyang Refractories Group Announces 2022 Final Profit Distribution Plan on A Shares, Payable on 10 July 2023 Puyang Refractories Group Co., Ltd. announced a 2022 final profit distribution plan to be implemented (A shares): CNY 0.60000000. Record date: 07 July 2023. Ex-date: 10 July 2023. Payment date: 10 July 2023. Tax on cash dividend/10 shares: CNY 0.06000000 (10% x CNY 0.60000000). Net cash dividend/10 shares after tax: CNY 0.54000000 (CNY 0.60000000 - CNY 0.06000000). Announcement • Jul 01
Puyang Refractories Group Co., Ltd. to Report First Half, 2023 Results on Aug 25, 2023 Puyang Refractories Group Co., Ltd. announced that they will report first half, 2023 results on Aug 25, 2023 Announcement • May 18
Puyang Refractories Group Co., Ltd. Approves Final Cash Dividend for the Year 2022 Puyang Refractories Group Co., Ltd. approved final cash dividend/10 shares (tax included) of CNY 0.60000000 for the year 2022 at its AGM held on 16 May 2023. Reported Earnings • Apr 11
Full year 2022 earnings released: EPS: CN¥0.23 (vs CN¥0.08 in FY 2021) Full year 2022 results: EPS: CN¥0.23 (up from CN¥0.08 in FY 2021). Revenue: CN¥4.94b (up 13% from FY 2021). Net income: CN¥229.6m (up 174% from FY 2021). Profit margin: 4.7% (up from 1.9% in FY 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 27% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Board Change • Nov 16
High number of new directors There are 6 new directors who have joined the board in the last 3 years. Shareholder Supervisor Zheng Hua Zhen was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Oct 28
Third quarter 2022 earnings released: EPS: CN¥0.043 (vs CN¥0.032 in 3Q 2021) Third quarter 2022 results: EPS: CN¥0.043 (up from CN¥0.032 in 3Q 2021). Revenue: CN¥1.19b (up 5.6% from 3Q 2021). Net income: CN¥46.3m (up 28% from 3Q 2021). Profit margin: 3.9% (up from 3.2% in 3Q 2021). 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 18% growth forecast for the Chemicals 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 2% per year, which means it has not declined as severely as earnings. Board Change • Aug 23
High number of new directors There are 6 new directors who have joined the board in the last 3 years. Shareholder Supervisor Zheng Hua Zhen was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Aug 18
Second quarter 2022 earnings released: EPS: CN¥0.10 (vs CN¥0.04 in 2Q 2021) Second quarter 2022 results: EPS: CN¥0.10 (up from CN¥0.04 in 2Q 2021). Revenue: CN¥1.40b (up 21% from 2Q 2021). Net income: CN¥94.5m (up 132% from 2Q 2021). Profit margin: 6.8% (up from 3.5% in 2Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 7.8%, compared to a 41% growth forecast for the Chemicals industry in China. Over the last 3 years on average, earnings per share has fallen by 27% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Jul 14
Investor sentiment improved over the past week After last week's 16% share price gain to CN¥4.81, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 17x in the Chemicals industry in China. Total loss to shareholders of 3.6% over the past three years. Announcement • Jul 02
Puyang Refractories Group Co., Ltd. Announces 2021 Final Cash Dividend Plan on A Shares, Payable on 7 July 2022 Puyang Refractories Group Co., Ltd. announced 2021 final profit distribution plan on A shares. Cash dividend/10 shares (tax included) is CNY 0.50000000. Net cash dividend/10 shares after tax is CNY 0.45000000. The dividend is payable on 7 July 2022 with record date of 6 July 2022 and ex-date of 7 July 2022. Announcement • Jun 11
Puyang Refractories Group Co., Ltd. Approves Election of Independent Directors Puyang Refractories Group Co., Ltd. held its 1st Extraordinary General Meeting of 2022 on 09 June 2022, approved election of Li Yongquan, Liang Yonghe and Wang Guangpeng as independent directors. Announcement • May 21
Puyang Refractories Group Co., Ltd. Approves 2021 Profit Distribution Plan Puyang Refractories Group Co., Ltd. approved 2021 profit distribution plan. The detailed profit distribution plan are as follows: 1) Cash dividend/10 shares (tax included): CNY 0.50000000. Price Target Changed • Apr 27
Price target decreased to CN¥4.60 Down from CN¥9.36, the current price target is provided by 1 analyst. New target price is 33% above last closing price of CN¥3.45. Stock is down 20% over the past year. The company is forecast to post earnings per share of CN¥0.26 for next year compared to CN¥0.08 last year. 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. Non-Independent Director Yang Cao was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Apr 21
Puyang Refractories Group Co., Ltd. Proposes Dividend for 2021 Puyang Refractories Group Co., Ltd. proposed Cash dividend/10 shares (tax included) of CNY 0.50000000 for 2021. Reported Earnings • Apr 20
First quarter 2022 earnings released: EPS: CN¥0.07 (vs CN¥0.08 in 1Q 2021) First quarter 2022 results: EPS: CN¥0.07 (down from CN¥0.08 in 1Q 2021). Revenue: CN¥1.14b (up 9.9% from 1Q 2021). Net income: CN¥74.8m (down 4.9% from 1Q 2021). Profit margin: 6.6% (down from 7.6% in 1Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 21% per year but the company’s share price has only fallen by 11% per year, which means it has not declined as severely as earnings. Announcement • Jan 28
Haicheng Huayu High Temperature Refractory Furnace Charge Co., Ltd. signed share transfer agreement to acquire remaining 51% stake in Haicheng Linli Mining Co., Ltd. from Puyang Refractories Group Co., Ltd. (SZSE:002225) for CNY 59.6 million. Haicheng Huayu High Temperature Refractory Furnace Charge Co., Ltd. signed share transfer agreement to acquire remaining 51% stake in Haicheng Linli Mining Co., Ltd. from Puyang Refractories Group Co., Ltd. (SZSE:002225) for CNY 59.6 million on January 24, 2022. As of December 31, 2021, Haicheng Linli Mining Co., Ltd. generated total asset of CNY 117.1 million, owner’s equity of CNY 106.7 million, revenue of CNY 68.8 million, operating loss of CNY 8.9 million and net loss of CNY 6.8 million. The transaction is approved by board of directors of Puyang Refractories Group Co., Ltd. Reported Earnings • Oct 13
Third quarter 2021 earnings released: EPS CN¥0.032 (vs CN¥0.08 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¥1.13b (up 14% from 3Q 2020). Net income: CN¥36.2m (down 53% from 3Q 2020). Profit margin: 3.2% (down from 7.8% 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 5% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Sep 29
Investor sentiment deteriorated over the past week After last week's 22% share price decline to CN¥4.46, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 20x in the Chemicals industry in China. Negligible returns to shareholders over past three years. Reported Earnings • Aug 20
Second quarter 2021 earnings released: EPS CN¥0.04 (vs CN¥0.091 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¥1.16b (up 5.0% from 2Q 2020). Net income: CN¥40.8m (down 55% from 2Q 2020). Profit margin: 3.5% (down from 8.3% 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 17% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Reported Earnings • Apr 20
First quarter 2021 earnings released: EPS CN¥0.08 (vs CN¥0.07 in 1Q 2020) The company reported a solid first quarter result with improved earnings and revenues, although profit margins were weaker. First quarter 2021 results: Revenue: CN¥1.04b (up 6.0% from 1Q 2020). Net income: CN¥78.6m (up 2.9% from 1Q 2020). Profit margin: 7.6% (down from 7.8% in 1Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Reported Earnings • Mar 23
Full year 2020 earnings released: EPS CN¥0.29 (vs CN¥0.27 in FY 2019) The company reported a solid full year result with improved earnings and profit margins, although revenues were flat. Full year 2020 results: Revenue: CN¥4.17b (flat on FY 2019). Net income: CN¥300.1m (up 19% from FY 2019). Profit margin: 7.2% (up from 6.1% in FY 2019). Over the last 3 years on average, earnings per share has increased by 40% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Announcement • Feb 20
Puyang Refractories Group Co., Ltd. to Report Fiscal Year 2020 Results on Mar 23, 2021 Puyang Refractories Group Co., Ltd. announced that they will report fiscal year 2020 results on Mar 23, 2021 Is New 90 Day High Low • Jan 25
New 90-day low: CN¥4.10 The company is down 18% from its price of CN¥5.00 on 27 October 2020. The Chinese market is up 12% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Chemicals industry, which is up 25% over the same period. Is New 90 Day High Low • Nov 13
New 90-day high: CN¥5.25 The company is up 9.0% from its price of CN¥4.80 on 14 August 2020. The Chinese market is down 1.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Chemicals industry, which is up 5.0% over the same period. Reported Earnings • Oct 22
Third quarter earnings released Over the last 12 months the company has reported total profits of CN¥293.9m, up 14% from the prior year. Total revenue was CN¥4.09b over the last 12 months, down 1.8% from the prior year. Announcement • Oct 16
Puyang Refractories Group Co., Ltd. to Report Q3, 2020 Results on Oct 22, 2020 Puyang Refractories Group Co., Ltd. announced that they will report Q3, 2020 results on Oct 22, 2020 Is New 90 Day High Low • Sep 18
New 90-day high: CN¥5.22 The company is up 21% from its price of CN¥4.31 on 19 June 2020. The Chinese market is up 12% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Chemicals industry, which is up 22% over the same period. Announcement • Jul 25
Puyang Refractories Group Co., Ltd. to Report First Half, 2020 Results on Aug 21, 2020 Puyang Refractories Group Co., Ltd. announced that they will report first half, 2020 results on Aug 21, 2020 
