New Risk • Jun 07
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 17% 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 (17% operating cash flow to total debt). Earnings have declined by 5.2% per year over the past 5 years. Minor Risks Dividend is not well covered by earnings (201% payout ratio). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1.3% net profit margin). Declared Dividend • May 27
Dividend of CN¥0.10 announced Dividend of CN¥0.10 is the same as last year. Ex-date: 1st June 2026 Payment date: 1st June 2026 Dividend yield will be 1.8%, which is about the same as the industry average. Sustainability & Growth Dividend is covered by both earnings (61% earnings payout ratio) and cash flows (80% cash payout ratio). The dividend has increased by an average of 2.3% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to decline by 32% to shift the payout ratio to a potentially unsustainable range, which is more than the 24% EPS decline seen over the last 5 years. Announcement • Apr 29
Jinhe Biotechnology CO., LTD., Annual General Meeting, May 21, 2026 Jinhe Biotechnology CO., LTD., Annual General Meeting, May 21, 2026, at 14:30 China Standard Time. Location: No. 71, Xinping Road, Togtoh County, Inner Mongolia China New Risk • Apr 29
New major risk - Revenue and earnings growth Earnings have declined by 3.3% 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 3.3% per year over the past 5 years. Minor Risks High level of debt (69% 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. Profit margins are more than 30% lower than last year (1.0% net profit margin). Reported Earnings • Apr 29
Full year 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2025 results: EPS: CN¥0.035 (down from CN¥0.13 in FY 2024). Revenue: CN¥2.88b (up 21% from FY 2024). Net income: CN¥27.6m (down 73% from FY 2024). Profit margin: 1.0% (down from 4.2% in FY 2024). Revenue exceeded analyst estimates by 15%. Earnings per share (EPS) missed analyst estimates by 85%. Over the last 3 years on average, earnings per share has increased by 8% per year whereas the company’s share price has increased by 6% per year. Announcement • Mar 31
Jinhe Biotechnology CO., LTD. to Report Q1, 2026 Results on Apr 29, 2026 Jinhe Biotechnology CO., LTD. announced that they will report Q1, 2026 results on Apr 29, 2026 Announcement • Dec 31
Jinhe Biotechnology CO., LTD. to Report Fiscal Year 2025 Results on Apr 29, 2026 Jinhe Biotechnology CO., LTD. announced that they will report fiscal year 2025 results on Apr 29, 2026 Reported Earnings • Oct 30
Third quarter 2025 earnings released: EPS: CN¥0.001 (vs CN¥0.029 in 3Q 2024) Third quarter 2025 results: EPS: CN¥0.001 (down from CN¥0.029 in 3Q 2024). Revenue: CN¥645.9m (up 9.2% from 3Q 2024). Net income: CN¥1.15m (down 95% from 3Q 2024). Profit margin: 0.2% (down from 3.8% in 3Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 2.5% p.a. on average during the next 2 years, compared to a 14% growth forecast for the Pharmaceuticals 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 only increased by 5% per year, which means it is significantly lagging earnings growth. New Risk • Oct 30
New major risk - Revenue and earnings growth Earnings have declined by 3.6% 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 3.6% per year over the past 5 years. Minor Risks High level of debt (65% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Announcement • Sep 30
Jinhe Biotechnology CO., LTD. to Report Q3, 2025 Results on Oct 30, 2025 Jinhe Biotechnology CO., LTD. announced that they will report Q3, 2025 results on Oct 30, 2025 Reported Earnings • Jul 31
Second quarter 2025 earnings released: EPS: CN¥0.11 (vs CN¥0.059 in 2Q 2024) Second quarter 2025 results: EPS: CN¥0.11 (up from CN¥0.059 in 2Q 2024). Revenue: CN¥765.1m (up 40% from 2Q 2024). Net income: CN¥86.8m (up 89% from 2Q 2024). Profit margin: 11% (up from 8.4% in 2Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 2.4% 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 17% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Announcement • Jul 02
Jinhe Biotechnology CO., LTD. to Report First Half, 2025 Results on Jul 31, 2025 Jinhe Biotechnology CO., LTD. announced that they will report first half, 2025 results on Jul 31, 2025 Buy Or Sell Opportunity • Jun 18
Now 20% undervalued Over the last 90 days, the stock has risen 32% to CN¥6.21. The fair value is estimated to be CN¥7.80, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.1% over the last 3 years. Earnings per share has grown by 13%. Revenue is forecast to grow by 3.4% in a year. Earnings are forecast to grow by 86% in the next year. Declared Dividend • May 31
Dividend of CN¥0.10 announced Dividend of CN¥0.10 is the same as last year. Ex-date: 6th June 2025 Payment date: 6th June 2025 Dividend yield will be 1.6%, which is lower than the industry average of 1.9%. Sustainability & Growth Dividend is covered by both earnings (73% earnings payout ratio) and cash flows (57% cash payout ratio). The dividend has increased by an average of 9.6% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 40% over the next year, which should provide support to the dividend and adequate earnings cover. Announcement • May 27
Jinhe Biotechnology Co., Ltd. Approves the Profit Distribution Proposal for 2024 Jinhe Biotechnology CO., LTD. approved the profit distribution proposal for 2024. For the period, the company reported Cash dividend/10 shares (tax included): CNY 1.00000000. New Risk • May 19
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Chinese stocks, typically moving 10% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.8x net interest cover). Share price has been highly volatile over the past 3 months (10% average weekly change). Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. New Risk • May 17
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 2.8x 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 (2.8x 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 (10% average weekly change). Buy Or Sell Opportunity • Apr 30
Now 21% undervalued Over the last 90 days, the stock has risen 40% to CN¥6.09. The fair value is estimated to be CN¥7.75, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.1% over the last 3 years. Earnings per share has grown by 13%. Revenue is forecast to grow by 3.4% in a year. Earnings are forecast to grow by 86% in the next year. New Risk • Apr 26
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 41% 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 High level of debt (67% 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 (9.9% average weekly change). Large one-off items impacting financial results. Reported Earnings • Apr 26
First quarter 2025 earnings released: EPS: CN¥0.066 (vs CN¥0.058 in 1Q 2024) First quarter 2025 results: EPS: CN¥0.066 (up from CN¥0.058 in 1Q 2024). Revenue: CN¥625.1m (up 20% from 1Q 2024). Net income: CN¥51.1m (up 13% from 1Q 2024). Profit margin: 8.2% (down from 8.7% in 1Q 2024). Revenue is forecast to grow 6.2% p.a. on average during the next 2 years, compared to a 12% growth forecast for the Pharmaceuticals industry in China. Over the last 3 years on average, earnings per share has increased by 13% per year whereas the company’s share price has increased by 15% per year. Announcement • Apr 26
Jinhe Biotechnology CO., LTD., Annual General Meeting, May 23, 2025 Jinhe Biotechnology CO., LTD., Annual General Meeting, May 23, 2025, at 14:30 China Standard Time. Location: 3F, No. 71, Xinping Road, Togtoh County, Inner Mongolia China New Risk • Apr 07
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 7.8% 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 (17% 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 (7.8% average weekly change). Valuation Update With 7 Day Price Move • Apr 04
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to CN¥5.94, the stock trades at a forward P/E ratio of 27x. Average forward P/E is 18x in the Pharmaceuticals industry in China. Total returns to shareholders of 20% over the past three years. Announcement • Mar 31
Jinhe Biotechnology CO., LTD. to Report Q1, 2025 Results on Apr 26, 2025 Jinhe Biotechnology CO., LTD. announced that they will report Q1, 2025 results on Apr 26, 2025 Valuation Update With 7 Day Price Move • Jan 20
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to CN¥4.73, the stock trades at a trailing P/E ratio of 36.8x. Average trailing P/E is 28x in the Pharmaceuticals industry in China. Total loss to shareholders of 15% over the past three years. Announcement • Dec 31
Jinhe Biotechnology CO., LTD. to Report Fiscal Year 2024 Results on Apr 26, 2025 Jinhe Biotechnology CO., LTD. announced that they will report fiscal year 2024 results on Apr 26, 2025 Reported Earnings • Oct 28
Third quarter 2024 earnings released: EPS: CN¥0.029 (vs CN¥0.018 in 3Q 2023) Third quarter 2024 results: EPS: CN¥0.029 (up from CN¥0.018 in 3Q 2023). Revenue: CN¥591.5m (up 10% from 3Q 2023). Net income: CN¥22.7m (up 66% from 3Q 2023). Profit margin: 3.8% (up from 2.6% in 3Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 6% per year and the company’s share price has also fallen by 6% per year. Announcement • Sep 30
Jinhe Biotechnology CO., LTD. to Report Q3, 2024 Results on Oct 28, 2024 Jinhe Biotechnology CO., LTD. announced that they will report Q3, 2024 results on Oct 28, 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¥4.21, the stock trades at a trailing P/E ratio of 36.6x. Average trailing P/E is 28x in the Pharmaceuticals industry in China. Total loss to shareholders of 26% over the past three years. Reported Earnings • Aug 29
Second quarter 2024 earnings released: EPS: CN¥0.059 (vs CN¥0.067 in 2Q 2023) Second quarter 2024 results: EPS: CN¥0.059 (down from CN¥0.067 in 2Q 2023). Revenue: CN¥546.3m (up 8.1% from 2Q 2023). Net income: CN¥45.9m (down 13% from 2Q 2023). Profit margin: 8.4% (down from 10% in 2Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 15% per year and the company’s share price has also fallen by 15% per year. Announcement • Jun 29
Jinhe Biotechnology CO., LTD. to Report First Half, 2024 Results on Aug 29, 2024 Jinhe Biotechnology CO., LTD. announced that they will report first half, 2024 results on Aug 29, 2024 Valuation Update With 7 Day Price Move • Jun 03
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to CN¥4.13, the stock trades at a trailing P/E ratio of 33.3x. Average trailing P/E is 30x in the Pharmaceuticals industry in China. Total loss to shareholders of 43% over the past three years. Declared Dividend • May 27
Dividend of CN¥0.10 announced Dividend of CN¥0.10 is the same as last year. Ex-date: 31st May 2024 Payment date: 31st May 2024 Dividend yield will be 2.0%, which is higher than the industry average of 1.9%. Sustainability & Growth Dividend is covered by earnings (82% 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 7.2% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to decline by 8.4% to shift the payout ratio to a potentially unsustainable range, which is less than the 14% EPS decline seen over the last 5 years. Announcement • May 25
Jinhe Biotechnology CO., LTD. Announces Final Cash Dividend on A Shares for the Year 2023, Payable on 31 May 2024 Jinhe Biotechnology CO., LTD. announced final cash dividend of CNY 1.00 per 10 shares (tax included) on A shares for the year 2023. Record date is 30 May 2024, Ex-date is 31 May 2024 and Payment Date is 31 May 2024. Announcement • Apr 30
Jinhe Biotechnology CO., LTD., Annual General Meeting, May 20, 2024 Jinhe Biotechnology CO., LTD., Annual General Meeting, May 20, 2024, at 14:30 China Standard Time. Location: 3F, No. 71, Xinping Road, Togtoh County, Inner Mongolia China Announcement • Mar 30
Jinhe Biotechnology CO., LTD. to Report Q1, 2024 Results on Apr 29, 2024 Jinhe Biotechnology CO., LTD. announced that they will report Q1, 2024 results on Apr 29, 2024 Board Change • Feb 17
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 3 experienced directors. 7 highly experienced directors. 3 independent directors (5 non-independent directors). Independent Director Minpu Yao was the last independent director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Announcement • Feb 08
Jinhe Biotechnology CO., LTD. (SZSE:002688) announces an Equity Buyback for CNY 100 million worth of its shares. Jinhe Biotechnology CO., LTD. (SZSE:002688) announces a share repurchase program. Under the program, the company will repurchase up to CNY 100 million worth of its shares. The repurchase price will not be more than CNY 6.60 per share. The repurchased shares will be used for ESOP or equity incentives. The repurchase period will be not more than 12 months. Announcement • Dec 30
Jinhe Biotechnology CO., LTD. to Report Fiscal Year 2023 Results on Apr 29, 2024 Jinhe Biotechnology CO., LTD. announced that they will report fiscal year 2023 results on Apr 29, 2024 Announcement • Nov 18
Jinhe Biotechnology CO., LTD. Approves Change of Accounting Policies Jinhe Biotechnology CO., LTD. at its 2nd Extraordinary General Meeting of 2023 on 15 November 2023 approved Change of the Company's accounting policies. Reported Earnings • Nov 01
Third quarter 2023 earnings released: EPS: CN¥0.018 (vs CN¥0.02 in 3Q 2022) Third quarter 2023 results: EPS: CN¥0.018 (down from CN¥0.02 in 3Q 2022). Revenue: CN¥537.4m (up 5.9% from 3Q 2022). Net income: CN¥13.7m (down 13% from 3Q 2022). Profit margin: 2.6% (down from 3.1% in 3Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 25% p.a. on average during the next 3 years, compared to a 16% growth forecast for the Pharmaceuticals 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 6% per year, which means it has not declined as severely as earnings. Board Change • Oct 31
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 3 experienced directors. 7 highly experienced directors. 3 independent directors (5 non-independent directors). Independent Director Minpu Yao was the last independent director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Announcement • Sep 30
Jinhe Biotechnology CO., LTD. to Report Q3, 2023 Results on Oct 30, 2023 Jinhe Biotechnology CO., LTD. announced that they will report Q3, 2023 results on Oct 30, 2023 Reported Earnings • Aug 23
Second quarter 2023 earnings released: EPS: CN¥0.067 (vs CN¥0.072 in 2Q 2022) Second quarter 2023 results: EPS: CN¥0.067 (down from CN¥0.072 in 2Q 2022). Revenue: CN¥505.2m (down 17% from 2Q 2022). Net income: CN¥52.4m (down 4.5% from 2Q 2022). Profit margin: 10% (up from 9.1% in 2Q 2022). The increase in margin was driven by lower expenses. Revenue is forecast to grow 24% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Pharmaceuticals industry in China. Over the last 3 years on average, earnings per share has fallen by 36% per year but the company’s share price has only fallen by 15% per year, which means it has not declined as severely as earnings. Announcement • Jul 01
Jinhe Biotechnology CO., LTD. to Report First Half, 2023 Results on Aug 23, 2023 Jinhe Biotechnology CO., LTD. announced that they will report first half, 2023 results on Aug 23, 2023 Announcement • May 31
Jinhe Biotechnology Co., Ltd. Announces Final Cash Dividend on A Shares for the Year 2022, Payable on 05 June 2023 Jinhe Biotechnology CO., LTD. announced final cash dividend of CNY 1.00000000 per 10 shares (tax included) on A shares for the year 2022. Record date is 02 June 2023, Ex-date is 05 June 2023 and Payment date is 05 June 2023. Announcement • May 27
Jinhe Biotechnology CO., LTD. announced that it expects to receive CAD 124.8 million in funding from Jinhe Youben Biological Products Co., Ltd. Jinhe Biotechnology CO., LTD. announced that it will receive CNY 124,800,000 in an round of funding on May 24, 2023. The transaction included participation from new investor Jinhe Youben Biological Products Co., Ltd. The transaction was approved in the 2nd Meeting of the Company’s 6th Directorate. Reported Earnings • Apr 28
First quarter 2023 earnings released: EPS: CN¥0.047 (vs CN¥0.04 in 1Q 2022) First quarter 2023 results: EPS: CN¥0.047 (up from CN¥0.04 in 1Q 2022). Revenue: CN¥527.3m (up 1.4% from 1Q 2022). Net income: CN¥36.9m (up 16% from 1Q 2022). Profit margin: 7.0% (up from 6.1% in 1Q 2022). Over the last 3 years on average, earnings per share has fallen by 40% per year but the company’s share price has only fallen by 12% per year, which means it has not declined as severely as earnings. 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. 3 independent directors (6 non-independent directors). was the last director to join the board, commencing their role in . 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 31
Third quarter 2022 earnings released: EPS: CN¥0.02 (vs CN¥0.012 in 3Q 2021) Third quarter 2022 results: EPS: CN¥0.02 (up from CN¥0.012 in 3Q 2021). Revenue: CN¥507.4m (up 6.2% from 3Q 2021). Net income: CN¥15.8m (up 100% from 3Q 2021). Profit margin: 3.1% (up from 1.6% in 3Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 38% 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. Reported Earnings • Aug 12
Second quarter 2022 earnings released: EPS: CN¥0.072 (vs CN¥0.049 in 2Q 2021) Second quarter 2022 results: EPS: CN¥0.072 (up from CN¥0.049 in 2Q 2021). Revenue: CN¥605.6m (up 21% from 2Q 2021). Net income: CN¥54.9m (up 71% from 2Q 2021). Profit margin: 9.1% (up from 6.4% in 2Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 35% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Announcement • May 27
Jinhe Biotechnology CO., LTD. (SZSE:002688) commences an Equity Buyback Plan for CNY 200 million worth of its shares, under the authorization approved on May 12, 2022. Jinhe Biotechnology CO., LTD. (SZSE:002688) commences share repurchases on May 25, 2022, under the program mandated by the shareholders in the Annual General Meeting held on May 12, 2022. As per the mandate, the company is authorized to repurchase up to CNY 200 million worth of its Class A shares. The repurchased shares will be used for Equity Incentive Plan. 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. 3 independent directors (6 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Announcement • Apr 24
Jinhe Biotechnology CO., LTD., Annual General Meeting, May 12, 2022 Jinhe Biotechnology CO., LTD., Annual General Meeting, May 12, 2022, at 14:30 China Standard Time. Agenda: To consider 2021 work report of the board of directors; to consider 2021 work report of the supervisory committee; to consider 2021 audit report; to consider 2021 annual accounts; to consider 2022 financial budget plan; to consider 2021 profit distribution plan; to consider ; to consider 2021 annual report and its summary; to consider Special report on the deposit and use of raised funds in 2021; and to transact other matters. Reported Earnings • Oct 26
Third quarter 2021 earnings released: EPS CN¥0.012 (vs CN¥0.011 in 3Q 2020) The company reported a solid third quarter result with improved earnings and revenues, although profit margins were weaker. Third quarter 2021 results: Revenue: CN¥477.9m (up 33% from 3Q 2020). Net income: CN¥7.86m (up 13% from 3Q 2020). Profit margin: 1.6% (down from 1.9% in 3Q 2020). The decrease in margin was driven by higher expenses. 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 8% per year, which means it is well ahead of earnings. Reported Earnings • Aug 24
Second quarter 2021 earnings released: EPS CN¥0.049 (vs CN¥0.061 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¥498.8m (up 20% from 2Q 2020). Net income: CN¥32.1m (down 22% from 2Q 2020). Profit margin: 6.4% (down from 9.9% in 2Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • May 28
Investor sentiment improved over the past week After last week's 18% share price gain to CN¥7.12, the stock trades at a trailing P/E ratio of 31.9x. Average trailing P/E is 33x in the Pharmaceuticals industry in China. Total returns to shareholders of 29% over the past three years. Reported Earnings • Apr 20
First quarter 2021 earnings released: EPS CN¥0.13 (vs CN¥0.09 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: CN¥462.2m (up 6.7% from 1Q 2020). Net income: CN¥85.4m (up 58% from 1Q 2020). Profit margin: 19% (up from 13% in 1Q 2020). 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 2% per year, which means it is significantly lagging earnings. Reported Earnings • Apr 01
Full year 2020 earnings released: EPS CN¥0.18 (vs CN¥0.29 in FY 2019) The company reported a soft full year result with weaker earnings and profit margins, although revenues improved. Full year 2020 results: Revenue: CN¥1.81b (up 1.8% from FY 2019). Net income: CN¥117.3m (down 37% from FY 2019). Profit margin: 6.5% (down from 10% in FY 2019). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Mar 09
New 90-day high: CN¥6.48 The company is up 7.0% from its price of CN¥6.07 on 09 December 2020. The Chinese market is down 2.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Pharmaceuticals industry, which is down 4.0% over the same period. Announcement • Feb 25
Jinhe Biotechnology CO., LTD. to Report Fiscal Year 2020 Results on Mar 31, 2021 Jinhe Biotechnology CO., LTD. announced that they will report fiscal year 2020 results on Mar 31, 2021 Valuation Update With 7 Day Price Move • Feb 03
Investor sentiment improved over the past week After last week's 17% share price gain to CN¥5.95, the stock is trading at a trailing P/E ratio of 26.9x, up from the previous P/E ratio of 22.9x. This compares to an average P/E of 30x in the Pharmaceuticals industry in China. Total return to shareholders over the past three years is a loss of 10.0%. Is New 90 Day High Low • Jan 07
New 90-day low: CN¥5.27 The company is down 24% from its price of CN¥6.96 on 09 October 2020. The Chinese market is up 11% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Pharmaceuticals industry, which is up 5.0% over the same period. Is New 90 Day High Low • Dec 22
New 90-day low: CN¥5.71 The company is down 20% from its price of CN¥7.13 on 23 September 2020. The Chinese market is up 5.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Pharmaceuticals industry, which is up 1.0% over the same period. Reported Earnings • Oct 28
Third quarter earnings released Over the last 12 months the company has reported total profits of CN¥143.6m, down 19% from the prior year. Total revenue was CN¥1.74b over the last 12 months, down 1.5% from the prior year. Is New 90 Day High Low • Oct 21
New 90-day low: CN¥6.70 The company is down 20% from its price of CN¥8.41 on 23 July 2020. The Chinese market is flat over the last 90 days, indicating the company underperformed over that time. It also underperformed the Pharmaceuticals industry, which is down 5.0% over the same period. Announcement • Oct 16
Jinhe Biotechnology CO., LTD. to Report Q3, 2020 Results on Oct 20, 2020 Jinhe Biotechnology CO., LTD. announced that they will report Q3, 2020 results on Oct 20, 2020 Is New 90 Day High Low • Sep 29
New 90-day low: CN¥6.84 The company is down 1.0% from its price of CN¥6.90 on 01 July 2020. The Chinese market is up 7.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Pharmaceuticals industry, which is flat over the same period. Announcement • Aug 01
Jinhe Biotechnology CO., LTD. to Report First Half, 2020 Results on Aug 24, 2020 Jinhe Biotechnology CO., LTD. announced that they will report first half, 2020 results on Aug 24, 2020 
