Announcement • Apr 25
North China Pharmaceutical Company.Ltd, Annual General Meeting, May 20, 2026 North China Pharmaceutical Company.Ltd, Annual General Meeting, May 20, 2026, at 10:00 China Standard Time. Location: The Company's Meeting Room, Shijiazhuang, Hebei China Reported Earnings • Apr 21
Full year 2025 earnings released: EPS: CN¥0.11 (vs CN¥0.074 in FY 2024) Full year 2025 results: EPS: CN¥0.11 (up from CN¥0.074 in FY 2024). Revenue: CN¥9.24b (down 6.4% from FY 2024). Net income: CN¥183.1m (up 44% from FY 2024). Profit margin: 2.0% (up from 1.3% in FY 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 121% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Announcement • Mar 30
North China Pharmaceutical Company.Ltd to Report Q1, 2026 Results on Apr 25, 2026 North China Pharmaceutical Company.Ltd announced that they will report Q1, 2026 results on Apr 25, 2026 Announcement • Dec 26
North China Pharmaceutical Company.Ltd to Report Fiscal Year 2025 Results on Apr 18, 2026 North China Pharmaceutical Company.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¥0.02 (vs CN¥0.018 in 3Q 2024) Third quarter 2025 results: EPS: CN¥0.02 (up from CN¥0.018 in 3Q 2024). Revenue: CN¥2.21b (down 5.1% from 3Q 2024). Net income: CN¥35.0m (up 15% from 3Q 2024). Profit margin: 1.6% (up from 1.3% in 3Q 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 100% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. New Risk • Oct 07
New major risk - Revenue and earnings growth Earnings have declined by 10.0% 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 Interest payments are not well covered by earnings (2.1x net interest cover). Earnings have declined by 10.0% per year over the past 5 years. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Announcement • Sep 30
North China Pharmaceutical Company.Ltd to Report Q3, 2025 Results on Oct 25, 2025 North China Pharmaceutical Company.Ltd announced that they will report Q3, 2025 results on Oct 25, 2025 Reported Earnings • Aug 15
Second quarter 2025 earnings released: EPS: CN¥0.038 (vs CN¥0.03 in 2Q 2024) Second quarter 2025 results: EPS: CN¥0.038 (up from CN¥0.03 in 2Q 2024). Revenue: CN¥2.70b (up 1.0% from 2Q 2024). Net income: CN¥66.0m (up 23% from 2Q 2024). Profit margin: 2.4% (up from 2.0% in 2Q 2024). Revenue is forecast to grow 7.3% p.a. on average during the next 2 years, compared to a 13% growth forecast for the Pharmaceuticals industry in China. Over the last 3 years on average, earnings per share has increased by 75% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. New Risk • Aug 14
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 0.5% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining the dividend. 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 Interest payments are not well covered by earnings (1.9x net interest cover). Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Declared Dividend • Jul 23
Dividend increased to CN¥0.03 Dividend of CN¥0.03 is 200% higher than last year. Ex-date: 25th July 2025 Payment date: 25th July 2025 Dividend yield will be 0.4%, which is lower than the industry average of 1.9%. Sustainability & Growth Dividend is well covered by both earnings (31% earnings payout ratio) and cash flows (45% cash payout ratio). The dividend has increased by an average of 4.6% per year over the past 9 years. However, payments have been volatile during that time. EPS is expected to grow by 30% over the next year, which should provide support to the dividend and adequate earnings cover. Announcement • Jun 30
North China Pharmaceutical Company.Ltd to Report First Half, 2025 Results on Aug 14, 2025 North China Pharmaceutical Company.Ltd announced that they will report first half, 2025 results on Aug 14, 2025 Announcement • May 21
North China Pharmaceutical Company.Ltd, Annual General Meeting, Jun 11, 2025 North China Pharmaceutical Company.Ltd, Annual General Meeting, Jun 11, 2025, at 10:00 China Standard Time. Location: 9F, No. 98, Hainan Road, Economic and Technological Development Zone, Shijiazhuang, Hebei China Board Change • May 10
Less than half of directors are independent There are 7 new directors who have joined the board in the last 3 years. Of these new board members, 1 was an independent director. The company's board is composed of: 7 new directors. 5 experienced directors. No highly experienced directors. 4 independent directors (5 non-independent directors). Supervisor Fan Li is the most experienced director on the board, commencing their role in 2018. Independent Director Zhenguo Chai was the last independent director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. Announcement • Mar 28
North China Pharmaceutical Company.Ltd to Report Q1, 2025 Results on Apr 24, 2025 North China Pharmaceutical Company.Ltd announced that they will report Q1, 2025 results on Apr 24, 2025 Reported Earnings • Mar 28
Full year 2024 earnings: EPS exceeds analyst expectations Full year 2024 results: EPS: CN¥0.074 (up from CN¥0.003 in FY 2023). Revenue: CN¥9.87b (down 2.5% from FY 2023). Net income: CN¥127.0m (up CN¥122.1m from FY 2023). Profit margin: 1.3% (up from 0% in FY 2023). The increase in margin was driven by lower expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 5.7%. Revenue is forecast to grow 5.9% p.a. on average during the next 2 years, compared to a 11% growth forecast for the Pharmaceuticals industry in China. 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 7% per year, which means it is significantly lagging earnings. Announcement • Dec 27
North China Pharmaceutical Company.Ltd to Report Fiscal Year 2024 Results on Mar 28, 2025 North China Pharmaceutical Company.Ltd announced that they will report fiscal year 2024 results on Mar 28, 2025 Reported Earnings • Oct 26
Third quarter 2024 earnings released: EPS: CN¥0.018 (vs CN¥0.001 in 3Q 2023) Third quarter 2024 results: EPS: CN¥0.018 (up from CN¥0.001 in 3Q 2023). Revenue: CN¥2.33b (down 15% from 3Q 2023). Net income: CN¥30.5m (up CN¥29.1m from 3Q 2023). Profit margin: 1.3% (up from 0.1% in 3Q 2023). Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has fallen by 15% per year, which means it is performing significantly worse than earnings. Announcement • Sep 30
North China Pharmaceutical Company.Ltd to Report Q3, 2024 Results on Oct 26, 2024 North China Pharmaceutical Company.Ltd announced that they will report Q3, 2024 results on Oct 26, 2024 Reported Earnings • Aug 14
Second quarter 2024 earnings released: EPS: CN¥0.03 (vs CN¥0.012 in 2Q 2023) Second quarter 2024 results: EPS: CN¥0.03 (up from CN¥0.012 in 2Q 2023). Revenue: CN¥2.67b (up 3.9% from 2Q 2023). Net income: CN¥53.8m (up 155% from 2Q 2023). Profit margin: 2.0% (up from 0.8% in 2Q 2023). 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 22% per year, which means it has not declined as severely as earnings. Announcement • Jun 28
North China Pharmaceutical Company.Ltd to Report First Half, 2024 Results on Aug 14, 2024 North China Pharmaceutical Company.Ltd announced that they will report first half, 2024 results on Aug 14, 2024 Announcement • Jun 08
North China Pharmaceutical Company.Ltd, Annual General Meeting, Jun 26, 2024 North China Pharmaceutical Company.Ltd, Annual General Meeting, Jun 26, 2024, at 10:00 China Standard Time. Location: 9F, No. 98, Hainan Road, Economic and Technological Development Zone, Shijiazhuang, Hebei China Reported Earnings • Apr 26
First quarter 2024 earnings released: EPS: CN¥0.011 (vs CN¥0.003 in 1Q 2023) First quarter 2024 results: EPS: CN¥0.011 (up from CN¥0.003 in 1Q 2023). Revenue: CN¥2.56b (down 3.9% from 1Q 2023). Net income: CN¥18.2m (up 235% from 1Q 2023). Profit margin: 0.7% (up from 0.2% in 1Q 2023). Over the last 3 years on average, earnings per share has fallen by 62% per year but the company’s share price has only fallen by 22% per year, which means it has not declined as severely as earnings. New Risk • Apr 07
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 45% 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: Major Risk Interest payments are not well covered by earnings (1.3x net interest cover). Minor Risk Large one-off items impacting financial results. Reported Earnings • Mar 31
Full year 2023 earnings released: EPS: CN¥0.003 (vs CN¥0.40 loss in FY 2022) Full year 2023 results: EPS: CN¥0.003 (up from CN¥0.40 loss in FY 2022). Revenue: CN¥10.1b (down 3.6% from FY 2022). Net income: CN¥4.89m (up CN¥694.1m from FY 2022). Profit margin: 0% (up from net loss in FY 2022). The move to profitability was driven by lower expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 72 percentage points per year, which is a significant difference in performance. Announcement • Mar 29
North China Pharmaceutical Company.Ltd to Report Q1, 2024 Results on Apr 26, 2024 North China Pharmaceutical Company.Ltd announced that they will report Q1, 2024 results on Apr 26, 2024 Buying Opportunity • Jan 05
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 2.5%. The fair value is estimated to be CN¥7.01, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 5.1% over the last 3 years. Meanwhile, the company became loss making. Announcement • Dec 30
North China Pharmaceutical Company.Ltd to Report Fiscal Year 2023 Results on Mar 30, 2024 North China Pharmaceutical Company.Ltd announced that they will report fiscal year 2023 results on Mar 30, 2024 Reported Earnings • Oct 27
Third quarter 2023 earnings released: EPS: CN¥0.001 (vs CN¥0.003 in 3Q 2022) Third quarter 2023 results: EPS: CN¥0.001 (down from CN¥0.003 in 3Q 2022). Revenue: CN¥2.74b (up 5.7% from 3Q 2022). Net income: CN¥1.43m (down 74% from 3Q 2022). Profit margin: 0.1% (down from 0.2% in 3Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 100 percentage points per year, which is a significant difference in performance. Announcement • Sep 30
North China Pharmaceutical Company.Ltd to Report Q3, 2023 Results on Oct 27, 2023 North China Pharmaceutical Company.Ltd announced that they will report Q3, 2023 results on Oct 27, 2023 Reported Earnings • Aug 19
Second quarter 2023 earnings released: EPS: CN¥0.012 (vs CN¥0.011 in 2Q 2022) Second quarter 2023 results: EPS: CN¥0.012 (up from CN¥0.011 in 2Q 2022). Revenue: CN¥2.57b (down 5.9% from 2Q 2022). Net income: CN¥21.1m (up 13% from 2Q 2022). Profit margin: 0.8% (up from 0.7% in 2Q 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 99 percentage points per year, which is a significant difference in performance. Buying Opportunity • Aug 18
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 7.8%. The fair value is estimated to be CN¥7.16, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 5.4% over the last 3 years. Meanwhile, the company became loss making. Announcement • Jun 28
North China Pharmaceutical Company.Ltd to Report First Half, 2023 Results on Aug 19, 2023 North China Pharmaceutical Company.Ltd announced that they will report first half, 2023 results on Aug 19, 2023 Reported Earnings • Apr 28
First quarter 2023 earnings released: EPS: CN¥0.003 (vs CN¥0.008 in 1Q 2022) First quarter 2023 results: EPS: CN¥0.003 (down from CN¥0.008 in 1Q 2022). Revenue: CN¥2.66b (up 4.6% from 1Q 2022). Net income: CN¥5.42m (down 60% from 1Q 2022). Profit margin: 0.2% (down from 0.5% in 1Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 118 percentage points per year, which is a significant difference in performance. Board Change • Nov 16
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 12 experienced directors. No highly experienced directors. 5 independent directors (6 non-independent directors). Independent Director Jiangtao Li was the last independent director to join the board, commencing their role in 2014. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Oct 27
Third quarter 2022 earnings released Third quarter 2022 results: Net income: (down CN¥16.8m from profit in 3Q 2021). Reported Earnings • Apr 29
First quarter 2022 earnings released: EPS: CN¥0.008 (vs CN¥0.035 loss in 1Q 2021) First quarter 2022 results: EPS: CN¥0.008 (up from CN¥0.035 loss in 1Q 2021). Revenue: CN¥2.54b (down 6.3% from 1Q 2021). Net income: CN¥13.7m (up CN¥70.9m from 1Q 2021). Profit margin: 0.5% (up from net loss in 1Q 2021). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 56% per year but the company’s share price has increased by 10% per year, which means it is well ahead of earnings. Board Change • Apr 27
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 12 experienced directors. No highly experienced directors. 5 independent directors (6 non-independent directors). Independent Director Jiangtao Li was the last independent director to join the board, commencing their role in 2014. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Oct 23
Third quarter 2021 earnings released The company reported a poor third quarter result with weaker earnings and revenues, although profit margins were flat. Third quarter 2021 results: Revenue: CN¥2.60b (down 14% from 3Q 2020). Net income: CN¥16.8m (down 10% from 3Q 2020). Profit margin: 0.6% (in line with 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 38% per year but the company’s share price has increased by 28% per year, which means it is well ahead of earnings. Reported Earnings • Aug 26
Second quarter 2021 earnings released: EPS CN¥0.15 (vs CN¥0.028 in 2Q 2020) The company reported a decent second quarter result with improved earnings and profit margins, although revenues were weaker. Second quarter 2021 results: Revenue: CN¥2.87b (down 16% from 2Q 2020). Net income: CN¥58.2m (up 25% from 2Q 2020). Profit margin: 2.0% (up from 1.4% in 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has increased by 25% per year, which means it is well ahead of earnings. Reported Earnings • Apr 30
First quarter 2021 earnings released: CN¥0.035 loss per share (vs CN¥0.039 profit in 1Q 2020) The company reported a soft first quarter result with weaker earnings and weaker control over costs, although revenues improved. First quarter 2021 results: Revenue: CN¥2.71b (up 23% from 1Q 2020). Net loss: CN¥57.2m (down 191% from profit in 1Q 2020). Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has increased by 26% per year, which means it is tracking significantly ahead of earnings growth. Is New 90 Day High Low • Mar 15
New 90-day low: CN¥8.48 The company is down 23% from a price of CN¥11.02 on 15 December 2020. Underperformed the Chinese market, which is flat over the last 90 days. Lagged the Pharmaceuticals industry, which is down 4.0% over the same period. Valuation Update With 7 Day Price Move • Jan 29
Investor sentiment deteriorated over the past week After last week's 15% share price decline to CN¥8.57, the stock is trading at a trailing P/E ratio of 73.2x, down from the previous P/E ratio of 86.4x. This compares to an average P/E of 30x in the Pharmaceuticals industry in China. Total returns to shareholders over the past three years are 91%. Is New 90 Day High Low • Jan 25
New 90-day low: CN¥9.80 The company is down 14% from its price of CN¥11.45 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 Pharmaceuticals industry, which is up 6.0% over the same period. Is New 90 Day High Low • Nov 19
New 90-day low: CN¥10.25 The company is down 29% from its price of CN¥14.46 on 21 August 2020. The Chinese market is down 1.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Pharmaceuticals industry, which is down 9.0% over the same period. Reported Earnings • Oct 26
Third quarter earnings released Over the last 12 months the company has reported total profits of CN¥190.0m, up 15% from the prior year. Total revenue was CN¥11.5b over the last 12 months, up 13% from the prior year. Is New 90 Day High Low • Oct 23
New 90-day low: CN¥11.53 The company is down 23% from its price of CN¥15.07 on 24 July 2020. The Chinese market is up 4.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Pharmaceuticals industry, which is down 3.0% over the same period. Reported Earnings • Oct 23
Third quarter earnings released Over the last 12 months the company has reported total profits of CN¥190.0m, up 15% from the prior year. Total revenue was CN¥11.5b over the last 12 months, up 13% from the prior year. Announcement • Oct 19
North China Pharmaceutical Company. Ltd to Report Q3, 2020 Results on Oct 23, 2020 North China Pharmaceutical Company. Ltd announced that they will report Q3, 2020 results on Oct 23, 2020 
