New Risk • Jul 13
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: 0.4% 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 Risks Debt is not well covered by operating cash flow (5.2% operating cash flow to total debt). Earnings have declined by 10% per year over the past 5 years. Minor Risks Paying a dividend despite having no free cash flows. Large one-off items impacting financial results. Announcement • Jun 30
Miracll Chemicals Co.,Ltd to Report First Half, 2026 Results on Aug 26, 2026 Miracll Chemicals Co.,Ltd announced that they will report first half, 2026 results on Aug 26, 2026 Declared Dividend • May 14
Dividend reduced to CN¥0.05 Dividend of CN¥0.05 is 29% lower than last year. Ex-date: 19th May 2026 Payment date: 19th May 2026 Dividend yield will be 0.3%, which is lower than the industry average of 2.6%. Sustainability & Growth Dividend is covered by earnings (24% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 7.9% per year over the past 5 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to decline by 74% to shift the payout ratio to a potentially unsustainable range, which is more than the 8.0% EPS decline seen over the last 5 years. New Risk • Apr 28
New major risk - Revenue and earnings growth Earnings have declined by 10% 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 Debt is not well covered by operating cash flow (5.2% operating cash flow to total debt). Earnings have declined by 10% per year over the past 5 years. Minor Risk Large one-off items impacting financial results. New Risk • Apr 24
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 5.2% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (5.2% operating cash flow to total debt). Minor Risk Large one-off items impacting financial results. New Risk • Apr 13
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 29% 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. This is currently the only risk that has been identified for the company. Announcement • Mar 31
Miracll Chemicals Co.,Ltd to Report Q1, 2026 Results on Apr 24, 2026 Miracll Chemicals Co.,Ltd announced that they will report Q1, 2026 results on Apr 24, 2026 Reported Earnings • Mar 31
Full year 2025 earnings: EPS and revenues miss analyst expectations Full year 2025 results: EPS: CN¥0.19 (in line with FY 2024). Revenue: CN¥1.75b (up 5.3% from FY 2024). Net income: CN¥81.9m (up 5.6% from FY 2024). Profit margin: 4.7% (in line with FY 2024). Revenue missed analyst estimates by 14%. Earnings per share (EPS) also missed analyst estimates by 60%. Revenue is forecast to grow 36% p.a. on average during the next 2 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 14% 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. Announcement • Mar 31
Miracll Chemicals Co.,Ltd, Annual General Meeting, Apr 20, 2026 Miracll Chemicals Co.,Ltd, Annual General Meeting, Apr 20, 2026, at 14:30 China Standard Time. Location: The Company's Meeting Room, Yantai, Shandong China Announcement • Dec 31
Miracll Chemicals Co.,Ltd to Report Fiscal Year 2025 Results on Mar 31, 2026 Miracll Chemicals Co.,Ltd announced that they will report fiscal year 2025 results on Mar 31, 2026 New Risk • Dec 08
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 7.2% 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 (41% net debt to equity). Dividend is not well covered by cash flows (128% cash payout ratio). Share price has been volatile over the past 3 months (7.2% average weekly change). New Risk • Oct 31
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 41% 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 (41% net debt to equity). Dividend is not well covered by cash flows (128% cash payout ratio). Reported Earnings • Oct 28
Third quarter 2025 earnings released: EPS: CN¥0.05 (vs CN¥0.04 in 3Q 2024) Third quarter 2025 results: EPS: CN¥0.05. Revenue: CN¥471.7m (up 9.2% from 3Q 2024). Net income: CN¥19.2m (flat on 3Q 2024). Profit margin: 4.1% (down from 4.5% in 3Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 33% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Chemicals industry in China. Announcement • Sep 30
Miracll Chemicals Co.,Ltd to Report Q3, 2025 Results on Oct 28, 2025 Miracll Chemicals Co.,Ltd announced that they will report Q3, 2025 results on Oct 28, 2025 New Risk • Sep 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: 0.4% 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 Debt is not well covered by operating cash flow (17% operating cash flow to total debt). Minor Risk Paying a dividend despite having no free cash flows. Reported Earnings • Aug 31
Second quarter 2025 earnings released: EPS: CN¥0.05 (vs CN¥0.05 in 2Q 2024) Second quarter 2025 results: EPS: CN¥0.05 (in line with 2Q 2024). Revenue: CN¥412.9m (flat on 2Q 2024). Net income: CN¥21.0m (up 11% from 2Q 2024). Profit margin: 5.1% (up from 4.6% in 2Q 2024). Revenue is forecast to grow 71% p.a. on average during the next 2 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 22% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. New Risk • Aug 30
New major risk - Revenue and earnings growth Earnings have declined by 8.5% 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 Debt is not well covered by operating cash flow (currently running at an operating cash loss). Earnings have declined by 8.5% per year over the past 5 years. Announcement • Jul 02
Miracll Chemicals Co.,Ltd to Report First Half, 2025 Results on Aug 26, 2025 Miracll Chemicals Co.,Ltd announced that they will report first half, 2025 results on Aug 26, 2025 Declared Dividend • May 24
Dividend of CN¥0.07 announced Shareholders will receive a dividend of CN¥0.07. Ex-date: 29th May 2025 Payment date: 29th May 2025 Dividend yield will be 0.4%, which is lower than the industry average of 2.6%. Sustainability & Growth Dividend is covered by earnings (35% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 20% per year over the past 4 years. However, payments have been volatile during that time. EPS is expected to grow by 85% over the next year, which should provide support to the dividend and adequate earnings cover. New Risk • Apr 24
New major risk - Financial position The company's debt is not well covered by operating cash flow. Currently running at an operating cash loss. This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). High level of non-cash earnings (50% accrual ratio). Announcement • Apr 23
Miracll Chemicals Co.,Ltd Proposes Final Cash Dividend for 2024 Miracll Chemicals Co.,Ltd proposed final cash dividend of CNY 0.70000000 per 10 shares (tax included) for 2024. Reported Earnings • Apr 22
First quarter 2025 earnings released: EPS: CN¥0.04 (vs CN¥0.031 in 1Q 2024) First quarter 2025 results: EPS: CN¥0.04 (up from CN¥0.031 in 1Q 2024). Revenue: CN¥387.8m (flat on 1Q 2024). Net income: CN¥18.1m (up 47% from 1Q 2024). Profit margin: 4.7% (up from 3.2% in 1Q 2024). Revenue is forecast to grow 62% p.a. on average during the next 2 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 22% per year but the company’s share price has increased by 29% per year, which means it is well ahead of earnings. Announcement • Apr 22
Miracll Chemicals Co.,Ltd, Annual General Meeting, May 15, 2025 Miracll Chemicals Co.,Ltd, Annual General Meeting, May 15, 2025, at 14:30 China Standard Time. Location: The Company's Meeting Room, Yantai, Shandong China Announcement • Mar 31
Miracll Chemicals Co.,Ltd to Report Q1, 2025 Results on Apr 22, 2025 Miracll Chemicals Co.,Ltd announced that they will report Q1, 2025 results on Apr 22, 2025 Announcement • Dec 31
Miracll Chemicals Co.,Ltd to Report Fiscal Year 2024 Results on Apr 22, 2025 Miracll Chemicals Co.,Ltd announced that they will report fiscal year 2024 results on Apr 22, 2025 Reported Earnings • Oct 25
Third quarter 2024 earnings released: EPS: CN¥0.04 (vs CN¥0.046 in 3Q 2023) Third quarter 2024 results: EPS: CN¥0.04. Revenue: CN¥432.1m (up 8.6% from 3Q 2023). Net income: CN¥19.4m (up 6.4% from 3Q 2023). Profit margin: 4.5% (down from 4.6% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 59% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Chemicals industry in China. New Risk • Oct 25
New major risk - Financial position The company's debt is not well covered by operating cash flow. Currently running at an operating cash loss. This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). High level of non-cash earnings (63% accrual ratio). Minor Risk Profit margins are more than 30% lower than last year (4.3% net profit margin). Announcement • Sep 30
Miracll Chemicals Co.,Ltd to Report Q3, 2024 Results on Oct 25, 2024 Miracll Chemicals Co.,Ltd announced that they will report Q3, 2024 results on Oct 25, 2024 Reported Earnings • Aug 27
Second quarter 2024 earnings released: EPS: CN¥0.05 (vs CN¥0.069 in 2Q 2023) Second quarter 2024 results: EPS: CN¥0.05 (down from CN¥0.069 in 2Q 2023). Revenue: CN¥414.7m (up 3.3% from 2Q 2023). Net income: CN¥18.9m (down 31% from 2Q 2023). Profit margin: 4.6% (down from 6.9% in 2Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 69% p.a. on average during the next 2 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 15% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Announcement • Jun 29
Miracll Chemicals Co.,Ltd to Report First Half, 2024 Results on Aug 27, 2024 Miracll Chemicals Co.,Ltd announced that they will report first half, 2024 results on Aug 27, 2024 Declared Dividend • May 24
Dividend of CN¥0.10 announced Shareholders will receive a dividend of CN¥0.10. Ex-date: 29th May 2024 Payment date: 29th May 2024 Dividend yield will be 0.5%, which is lower than the industry average of 2.6%. Sustainability & Growth Dividend is covered by earnings (39% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 31% per year over the past 3 years. However, payments have been volatile during that time. EPS is expected to grow by 89% over the next year, which should provide support to the dividend and adequate earnings cover. New Risk • Apr 24
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 5.0% Last year net profit margin: 8.0% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (80% accrual ratio). Minor Risks Profit margins are more than 30% lower than last year (5.0% net profit margin). Shareholders have been diluted in the past year (6.2% increase in shares outstanding). Reported Earnings • Apr 24
First quarter 2024 earnings released: EPS: CN¥0.04 (vs CN¥0.08 in 1Q 2023) First quarter 2024 results: EPS: CN¥0.04 (down from CN¥0.08 in 1Q 2023). Revenue: CN¥385.9m (up 22% from 1Q 2023). Net income: CN¥12.3m (down 48% from 1Q 2023). Profit margin: 3.2% (down from 7.4% in 1Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 63% 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 11% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. Announcement • Apr 23
Miracll Chemicals Co.,Ltd, Annual General Meeting, May 15, 2024 Miracll Chemicals Co.,Ltd, Annual General Meeting, May 15, 2024, at 14:30 China Standard Time. Location: The Company's Meeting Room, Yantai, Shandong China Announcement • Mar 30
Miracll Chemicals Co.,Ltd to Report Q1, 2024 Results on Apr 23, 2024 Miracll Chemicals Co.,Ltd announced that they will report Q1, 2024 results on Apr 23, 2024 Valuation Update With 7 Day Price Move • Mar 14
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to CN¥17.70, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 15x in the Chemicals industry in China. Total returns to shareholders of 3.3% over the past three years. 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¥12.70, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 13x in the Chemicals industry in China. Total returns to shareholders of 8.8% over the past three years. Announcement • Dec 30
Miracll Chemicals Co.,Ltd to Report Fiscal Year 2023 Results on Apr 23, 2024 Miracll Chemicals Co.,Ltd announced that they will report fiscal year 2023 results on Apr 23, 2024 New Risk • Oct 28
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 6.2% 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 High level of non-cash earnings (94% accrual ratio). Minor Risk Shareholders have been diluted in the past year (6.2% increase in shares outstanding). Reported Earnings • Oct 24
Third quarter 2023 earnings released: EPS: CN¥0.06 (vs CN¥0.08 in 3Q 2022) Third quarter 2023 results: EPS: CN¥0.06 (down from CN¥0.08 in 3Q 2022). Revenue: CN¥397.8m (up 6.7% from 3Q 2022). Net income: CN¥18.2m (down 28% from 3Q 2022). Profit margin: 4.6% (down from 6.8% in 3Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 57% 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 8% per year but the company’s share price has increased by 17% per year, which means it is well ahead of earnings. Announcement • Sep 30
Miracll Chemicals Co.,Ltd to Report Q3, 2023 Results on Oct 24, 2023 Miracll Chemicals Co.,Ltd announced that they will report Q3, 2023 results on Oct 24, 2023 Reported Earnings • Aug 29
Second quarter 2023 earnings released: EPS: CN¥0.09 (vs CN¥0.11 in 2Q 2022) Second quarter 2023 results: EPS: CN¥0.09 (down from CN¥0.11 in 2Q 2022). Revenue: CN¥401.4m (flat on 2Q 2022). Net income: CN¥27.6m (down 16% from 2Q 2022). Profit margin: 6.9% (down from 8.2% in 2Q 2022). Revenue is forecast to grow 54% 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 5% per year but the company’s share price has increased by 22% per year, which means it is well ahead of earnings. Announcement • May 20
Miracll Chemicals Co.,Ltd Approves Cash Dividend for the Year 2022 Miracll Chemicals Co.,Ltd at the AGM, the shareholders approved cash dividend per ten shares (tax included): CNY 1.000000 for the year 2022. Reported Earnings • Apr 25
First quarter 2023 earnings released: EPS: CN¥0.12 (vs CN¥0.11 in 1Q 2022) First quarter 2023 results: EPS: CN¥0.12 (up from CN¥0.11 in 1Q 2022). Revenue: CN¥317.7m (down 19% from 1Q 2022). Net income: CN¥23.7m (up 4.7% from 1Q 2022). Profit margin: 7.4% (up from 5.8% in 1Q 2022). The increase in margin was driven by lower expenses. Revenue is forecast to grow 71% p.a. on average during the next 2 years, compared to a 17% growth forecast for the Chemicals industry in China. Valuation Update With 7 Day Price Move • Feb 03
Investor sentiment improves as stock rises 28% After last week's 28% share price gain to CN¥36.19, the stock trades at a forward P/E ratio of 33x. Average forward P/E is 17x in the Chemicals industry in China. Total returns to shareholders of 91% over the past year. Valuation Update With 7 Day Price Move • Dec 05
Investor sentiment improved over the past week After last week's 28% share price gain to CN¥28.34, the stock trades at a forward P/E ratio of 26x. Average forward P/E is 16x in the Chemicals industry in China. Total returns to shareholders of 34% over the past year. Board Change • Nov 16
High number of new and inexperienced directors There are 6 new directors who have joined the board in the last 3 years. The company's board is composed of: 6 new directors. 3 experienced directors. No highly experienced directors. Non-Independent Director Huguang Liu is the most experienced director on the board, commencing their role in 2015. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Announcement • Oct 26
Miracll Chemicals Co.,Ltd announced that it expects to receive CNY 234.999984 million in funding Miracll Chemicals Co.,Ltd announced a private placement of note more than 12,329,485 common shares at an issue price of CNY 19.06 per share for gross proceeds of not more than CNY 234,999,984.10 on October 24, 2022. The shares issued in the transaction will have a hold period of 36 months from the date of issuance. The transaction has been approved by the seventh meeting of the third board of directors and the sixth meeting of the third board of supervisors of the company. Reported Earnings • Oct 25
Third quarter 2022 earnings released: EPS: CN¥0.12 (vs CN¥0.15 in 3Q 2021) Third quarter 2022 results: EPS: CN¥0.12 (down from CN¥0.15 in 3Q 2021). Revenue: CN¥372.8m (down 1.2% from 3Q 2021). Net income: CN¥25.4m (down 17% from 3Q 2021). Profit margin: 6.8% (down from 8.1% in 3Q 2021). Revenue is forecast to grow 59% p.a. on average during the next 3 years, compared to a 18% growth forecast for the Chemicals industry in China. Reported Earnings • Aug 29
Second quarter 2022 earnings released: EPS: CN¥0.17 (vs CN¥0.11 in 2Q 2021) Second quarter 2022 results: EPS: CN¥0.17 (up from CN¥0.11 in 2Q 2021). Revenue: CN¥402.3m (up 59% from 2Q 2021). Net income: CN¥33.0m (up 43% from 2Q 2021). Profit margin: 8.2% (down from 9.1% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to grow 53%, compared to a 40% growth forecast for the Chemicals industry in China. Valuation Update With 7 Day Price Move • Jul 29
Investor sentiment improved over the past week After last week's 29% share price gain to CN¥23.54, the stock trades at a trailing P/E ratio of 39.5x. Average trailing P/E is 29x in the Chemicals industry in China. Total returns to shareholders of 26% over the past year. Valuation Update With 7 Day Price Move • May 24
Investor sentiment improved over the past week After last week's 20% share price gain to CN¥20.76, the stock trades at a trailing P/E ratio of 34.8x. Average trailing P/E is 26x in the Chemicals industry in China. Total returns to shareholders of 9.2% over the past year. Reported Earnings • Apr 27
First quarter 2022 earnings released: EPS: CN¥0.17 (vs CN¥0.11 in 1Q 2021) First quarter 2022 results: EPS: CN¥0.17 (up from CN¥0.11 in 1Q 2021). Revenue: CN¥391.1m (up 43% from 1Q 2021). Net income: CN¥22.6m (flat on 1Q 2021). Profit margin: 5.8% (down from 8.2% in 1Q 2021). The decrease in margin was driven by higher expenses. Board Change • Apr 27
High number of new and inexperienced directors There are 7 new directors who have joined the board in the last 3 years. The company's board is composed of: 7 new directors. 2 experienced directors. No highly experienced directors. Non-Employee Supervisor Tianyan Sun is the most experienced director on the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Announcement • Apr 16
Miracll Chemicals Co.,Ltd Announces Final Profit Distribution for 2021, Payable on 22 April 2022 Miracll Chemicals Co.,Ltd announced the 2021 final profit distribution plan to be implemented (A shares) of CNY 2.00000000 per 10 shares (tax included). The payment date is 22 April 2022 with record date of 21 April 2022. The ex-date is 22 April 2022. The 10% withholding tax on cash dividend will be deducted in CNY within the cash dividend receivable. The tax on cash dividend per 10 shares is CNY 0.20000000 (10% x CNY 2.00000000). The net cash dividend per 10 shares after tax is CNY 1.80000000 (CNY 2.00000000- CNY 0.20000000). Announcement • Apr 12
Miracll Chemicals Co.,Ltd Approves Cash Dividend Miracll Chemicals Co.,Ltd announced that at the Annual General Meeting held on 08 April 2022, approved cash dividend per ten shares (tax included) of CNY 2.00000000. Reported Earnings • Feb 16
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: CN¥0.89 (down from CN¥0.90 in FY 2020). Revenue: CN¥1.30b (up 72% from FY 2020). Net income: CN¥118.6m (up 16% from FY 2020). Profit margin: 9.1% (down from 14% in FY 2020). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Valuation Update With 7 Day Price Move • Nov 17
Investor sentiment improved over the past week After last week's 21% share price gain to CN¥34.80, the stock trades at a trailing P/E ratio of 38.9x. Average trailing P/E is 32x in the Chemicals industry in China. Total returns to shareholders of 22% over the past year. Reported Earnings • Oct 26
Third quarter 2021 earnings released: EPS CN¥0.23 (vs CN¥0.093 loss in 3Q 2020) The company reported a soft third quarter result with weaker revenues and profit margins, although earnings were improved. Third quarter 2021 results: Revenue: CN¥377.4m (down 879% from 3Q 2020). Net income: CN¥30.5m (up CN¥45.7m from 3Q 2020). Profit margin: 8.1% (down from 31% in 3Q 2020). The decrease in margin was driven by lower expenses. Valuation Update With 7 Day Price Move • Aug 18
Investor sentiment improved over the past week After last week's 18% share price gain to CN¥35.00, the stock trades at a trailing P/E ratio of 41.5x. Average trailing P/E is 32x in the Chemicals industry in China. Total returns to shareholders of 41% over the past year. Reported Earnings • Aug 10
Second quarter 2021 earnings released: EPS CN¥0.17 (vs CN¥0.27 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¥253.0m (up 55% from 2Q 2020). Net income: CN¥23.1m (down 15% from 2Q 2020). Profit margin: 9.1% (down from 17% in 2Q 2020). The decrease in margin was driven by higher expenses. Valuation Update With 7 Day Price Move • May 26
Investor sentiment improved over the past week After last week's 17% share price gain to CN¥34.44, the stock trades at a trailing P/E ratio of 36.8x. Average trailing P/E is 29x in the Chemicals industry in China. Valuation Update With 7 Day Price Move • Apr 19
Investor sentiment deteriorated over the past week After last week's 47% share price decline to CN¥37.26, the stock trades at a trailing P/E ratio of 20.8x. Average trailing P/E is 34x in the Chemicals industry in China. Valuation Update With 7 Day Price Move • Mar 22
Investor sentiment improved over the past week After last week's 71% share price gain to CN¥85.00, the stock trades at a trailing P/E ratio of 47.5x. Average trailing P/E is 36x in the Chemicals industry in China. Reported Earnings • Mar 16
Full year 2020 earnings released: EPS CN¥1.79 (vs CN¥1.67 in FY 2019) The company reported a solid full year result with improved earnings and revenues, although profit margins were flat. Full year 2020 results: Revenue: CN¥756.9m (up 17% from FY 2019). Net income: CN¥102.0m (up 22% from FY 2019). Profit margin: 14% (in line with FY 2019). Is New 90 Day High Low • Mar 16
New 90-day high: CN¥59.70 The company is up 10.0% from a price of CN¥54.35 on 16 December 2020. Outperformed the Chinese market which is down 2.0% over the last 90 days. Price trend is similar to the Chemicals industry, which is also up 10.0% over the same period. Announcement • Feb 18
Miracll Chemicals Co.,Ltd to Report Fiscal Year 2020 Results on Mar 16, 2021 Miracll Chemicals Co.,Ltd announced that they will report fiscal year 2020 results on Mar 16, 2021 Is New 90 Day High Low • Jan 13
New 90-day low: CN¥45.94 The company is down 5.0% from its price of CN¥48.40 on 15 October 2020. The Chinese market is up 6.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Chemicals industry, which is up 11% over the same period. Is New 90 Day High Low • Dec 02
New 90-day high: CN¥63.50 The company is up 28% from its price of CN¥49.44 on 03 September 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 4.0% over the same period. Valuation Update With 7 Day Price Move • Oct 26
Market bids up stock over the past week After last week's 22% share price gain to CN¥59.40, the stock is trading at a trailing P/E ratio of 40x, up from the previous P/E ratio of 32.9x. This compares to an average P/E of 38x in the Chemicals industry in China. Reported Earnings • Oct 20
Third quarter earnings released Over the last 12 months the company has reported total profits of CN¥90.2m, up 24% from the prior year. Total revenue was CN¥707.7m over the last 12 months, up 16% from the prior year. Announcement • Oct 16
Miracll Chemicals Co.,Ltd to Report Q3, 2020 Results on Oct 20, 2020 Miracll Chemicals Co.,Ltd announced that they will report Q3, 2020 results on Oct 20, 2020 
