Board Change • May 20
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Director Bo Yang was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Dec 31
Global Top E-Commerce Co., Ltd. to Report Fiscal Year 2025 Results on Mar 31, 2026 Global Top E-Commerce Co., Ltd. announced that they will report fiscal year 2025 results on Mar 31, 2026 Announcement • Sep 30
Global Top E-Commerce Co., Ltd. to Report Q3, 2025 Results on Oct 29, 2025 Global Top E-Commerce Co., Ltd. announced that they will report Q3, 2025 results on Oct 29, 2025 Announcement • Jul 02
Global Top E-Commerce Co., Ltd. to Report First Half, 2025 Results on Aug 30, 2025 Global Top E-Commerce Co., Ltd. announced that they will report first half, 2025 results on Aug 30, 2025 Announcement • Mar 31
Global Top E-Commerce Co., Ltd. to Report Q1, 2025 Results on Apr 30, 2025 Global Top E-Commerce Co., Ltd. announced that they will report Q1, 2025 results on Apr 30, 2025 Announcement • Mar 29
Global Top E-Commerce Co., Ltd., Annual General Meeting, Apr 21, 2025 Global Top E-Commerce Co., Ltd., Annual General Meeting, Apr 21, 2025, at 14:30 China Standard Time. Location: 28F, No. 3, No. 51, Binhe West Road, Wanbolin District, Taiyuan, Shanxi China Announcement • Dec 31
Global Top E-Commerce Co., Ltd. to Report Fiscal Year 2024 Results on Mar 29, 2025 Global Top E-Commerce Co., Ltd. announced that they will report fiscal year 2024 results on Mar 29, 2025 Reported Earnings • Oct 31
Third quarter 2024 earnings released: CN¥0.004 loss per share (vs CN¥0.013 loss in 3Q 2023) Third quarter 2024 results: CN¥0.004 loss per share (improved from CN¥0.013 loss in 3Q 2023). Revenue: CN¥1.28b (down 17% from 3Q 2023). Net loss: CN¥6.38m (loss narrowed 69% from 3Q 2023). Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Announcement • Sep 30
Global Top E-Commerce Co., Ltd. to Report Q3, 2024 Results on Oct 31, 2024 Global Top E-Commerce Co., Ltd. announced that they will report Q3, 2024 results on Oct 31, 2024 Reported Earnings • Aug 29
Second quarter 2024 earnings released: EPS: CN¥0.004 (vs CN¥0.003 in 2Q 2023) Second quarter 2024 results: EPS: CN¥0.004 (up from CN¥0.003 in 2Q 2023). Revenue: CN¥1.64b (down 13% from 2Q 2023). Net income: CN¥6.02m (up 22% from 2Q 2023). Profit margin: 0.4% (up from 0.3% in 2Q 2023). Over the last 3 years on average, earnings per share has increased by 79% per year but the company’s share price has fallen by 18% per year, which means it is significantly lagging earnings. New Risk • Jul 09
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 10.0% 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. This is currently the only risk that has been identified for the company. Announcement • Jun 29
Global Top E-Commerce Co., Ltd. to Report First Half, 2024 Results on Aug 29, 2024 Global Top E-Commerce Co., Ltd. announced that they will report first half, 2024 results on Aug 29, 2024 New Risk • Jun 06
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. This is currently the only risk that has been identified for the company. Reported Earnings • Apr 30
First quarter 2024 earnings released: CN¥0.011 loss per share (vs CN¥0.001 profit in 1Q 2023) First quarter 2024 results: CN¥0.011 loss per share (down from CN¥0.001 profit in 1Q 2023). Revenue: CN¥1.28b (down 20% from 1Q 2023). Net loss: CN¥17.4m (down CN¥18.6m from profit in 1Q 2023). Over the last 3 years on average, earnings per share has increased by 98% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. Reported Earnings • Apr 01
Full year 2023 earnings released: CN¥0.006 loss per share (vs CN¥0.012 profit in FY 2022) Full year 2023 results: CN¥0.006 loss per share (down from CN¥0.012 profit in FY 2022). Revenue: CN¥6.62b (down 8.8% from FY 2022). Net loss: CN¥9.69m (down 154% from profit in FY 2022). Over the last 3 years on average, earnings per share has increased by 102% per year but the company’s share price has fallen by 18% per year, which means it is significantly lagging earnings. Buy Or Sell Opportunity • Jan 25
Now 21% overvalued Over the last 90 days, the stock has fallen 22% to CN¥3.25. The fair value is estimated to be CN¥2.68, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 35% over the last 3 years. Meanwhile, the company became loss making. Announcement • Dec 30
Global Top E-Commerce Co., Ltd. to Report Fiscal Year 2023 Results on Mar 30, 2024 Global Top E-Commerce Co., Ltd. announced that they will report fiscal year 2023 results on Mar 30, 2024 Reported Earnings • Nov 01
Third quarter 2023 earnings released: CN¥0.013 loss per share (vs CN¥0.001 profit in 3Q 2022) Third quarter 2023 results: CN¥0.013 loss per share (down from CN¥0.001 profit in 3Q 2022). Revenue: CN¥1.55b (down 10.0% from 3Q 2022). Net loss: CN¥20.8m (down CN¥22.8m from profit in 3Q 2022). Over the last 3 years on average, earnings per share has increased by 105% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 31
Second quarter 2023 earnings released: EPS: CN¥0.003 (vs CN¥0.009 in 2Q 2022) Second quarter 2023 results: EPS: CN¥0.003 (down from CN¥0.009 in 2Q 2022). Revenue: CN¥1.89b (down 1.8% from 2Q 2022). Net income: CN¥4.96m (down 73% from 2Q 2022). Profit margin: 0.3% (down from 1.0% in 2Q 2022). Over the last 3 years on average, earnings per share has increased by 100% per year but the company’s share price has fallen by 20% per year, which means it is significantly lagging earnings. Reported Earnings • Apr 29
First quarter 2023 earnings released: EPS: CN¥0.001 (vs CN¥0.01 loss in 1Q 2022) First quarter 2023 results: EPS: CN¥0.001 (up from CN¥0.01 loss in 1Q 2022). Revenue: CN¥1.59b (up 8.2% from 1Q 2022). Net income: CN¥1.23m (up CN¥11.4m from 1Q 2022). Profit margin: 0.1% (up from net loss in 1Q 2022). Over the last 3 years on average, earnings per share has increased by 92% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Dec 30
Investor sentiment improved over the past week After last week's 23% share price gain to CN¥5.32, the stock trades at a trailing P/E ratio of 44.3x. Average trailing P/E is 24x in the Online Retail industry in China. Total loss to shareholders of 34% over the past three years. Valuation Update With 7 Day Price Move • Dec 09
Investor sentiment improved over the past week After last week's 17% share price gain to CN¥4.64, the stock trades at a trailing P/E ratio of 38.6x. Average trailing P/E is 28x in the Online Retail industry in China. Total loss to shareholders of 33% over the past three years. Board Change • Nov 16
Less than half of directors are independent There are 9 new directors who have joined the board in the last 3 years. Of these new board members, 3 were independent directors. The company's board is composed of: 9 new directors. 3 experienced directors. No highly experienced directors. 3 independent directors (6 non-independent directors). Director Tingying Zheng is the most experienced director on the board, commencing their role in 2019. Independent Director Bo Yang was the last independent director to join the board, commencing their role in 2021. 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. Reported Earnings • Oct 30
Third quarter 2022 earnings released: EPS: CN¥0.001 (vs CN¥0.042 loss in 3Q 2021) Third quarter 2022 results: EPS: CN¥0.001 (up from CN¥0.042 loss in 3Q 2021). Revenue: CN¥1.72b (down 11% from 3Q 2021). Net income: CN¥2.03m (up CN¥66.5m from 3Q 2021). Profit margin: 0.1% (up from net loss in 3Q 2021). Over the last 3 years on average, earnings per share has increased by 52% per year but the company’s share price has fallen by 17% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Oct 21
Investor sentiment improved over the past week After last week's 20% share price gain to CN¥3.98, the stock trades at a trailing P/E ratio of 51.4x. Average trailing P/E is 25x in the Online Retail industry in China. Total loss to shareholders of 44% over the past three years. Reported Earnings • Sep 03
Second quarter 2022 earnings released: EPS: CN¥0.009 (vs CN¥0.34 in 2Q 2021) Second quarter 2022 results: EPS: CN¥0.009 (down from CN¥0.34 in 2Q 2021). Revenue: CN¥1.93b (down 23% from 2Q 2021). Net income: CN¥18.4m (down 96% from 2Q 2021). Profit margin: 1.0% (down from 21% in 2Q 2021). 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 27% per year, which means it is significantly lagging earnings. Reported Earnings • May 02
First quarter 2022 earnings released: CN¥0.01 loss per share (vs CN¥0.03 profit in 1Q 2021) First quarter 2022 results: CN¥0.01 loss per share (down from CN¥0.03 profit in 1Q 2021). Revenue: CN¥1.47b (down 53% from 1Q 2021). Net loss: CN¥10.2m (down 121% from profit in 1Q 2021). Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has fallen by 33% per year, which means it is performing significantly worse than earnings. Board Change • Apr 27
High number of new and inexperienced directors There are 9 new directors who have joined the board in the last 3 years. The company's board is composed of: 9 new directors. 3 experienced directors. No highly experienced directors. Non Independent Director Tingying Zheng is the most experienced director on the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Board Change • Jan 02
High number of new and inexperienced directors There are 9 new directors who have joined the board in the last 3 years. The company's board is composed of: 9 new directors. 3 experienced directors. No highly experienced directors. Non Independent Director Tingying Zheng is the most experienced director on the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Reported Earnings • Oct 31
Third quarter 2021 earnings released: CN¥0.042 loss per share (vs CN¥0.07 profit in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and control over costs. Third quarter 2021 results: Revenue: CN¥1.93b (down 50% from 3Q 2020). Net loss: CN¥64.4m (down 164% from profit in 3Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 40 percentage points per year, which is a significant difference in performance. Board Change • Sep 27
High number of new directors There are 7 new directors who have joined the board in the last 3 years. Non-Independent Director Jianhui Fang was the last director to join the board, commencing their role in 2020. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Sep 01
Second quarter 2021 earnings released: EPS CN¥0.34 (vs CN¥0.09 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¥2.49b (down 46% from 2Q 2020). Net income: CN¥513.4m (up 267% from 2Q 2020). Profit margin: 21% (up from 3.1% in 2Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 51 percentage points per year, which is a significant difference in performance. Reported Earnings • May 02
Full year 2020 earnings released: CN¥2.17 loss per share (vs CN¥1.74 loss in FY 2019) The company reported a poor full year result with increased losses, weaker revenues and weaker control over costs. Full year 2020 results: Revenue: CN¥17.0b (down 4.8% from FY 2019). Net loss: CN¥3.37b (loss widened 25% from FY 2019). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 64 percentage points per year, which is a significant difference in performance. Is New 90 Day High Low • Jan 29
New 90-day low: CN¥4.20 The company is down 26% from its price of CN¥5.69 on 30 October 2020. The Chinese market is up 9.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Online Retail industry, which is down 19% over the same period. Is New 90 Day High Low • Jan 07
New 90-day low: CN¥4.74 The company is down 25% from its price of CN¥6.36 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 Online Retail industry, which is down 11% over the same period. Is New 90 Day High Low • Dec 14
New 90-day low: CN¥5.61 The company is down 15% from its price of CN¥6.63 on 16 September 2020. The Chinese market is up 1.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Online Retail industry, which is down 11% over the same period. Reported Earnings • Oct 28
Third quarter earnings released Over the last 12 months the company has reported total losses of CN¥3.04b, with earnings decreasing by CN¥3.50b from the prior year. Total revenue was CN¥16.9b over the last 12 months, down 14% from the prior year. Is New 90 Day High Low • Oct 27
New 90-day low: CN¥6.08 The company is down 25% from its price of CN¥8.07 on 29 July 2020. The Chinese market is flat over the last 90 days, indicating the company underperformed over that time. It also underperformed the Online Retail industry, which is down 4.0% over the same period. Is New 90 Day High Low • Sep 28
New 90-day low: CN¥6.16 The company is down 5.0% from its price of CN¥6.49 on 30 June 2020. The Chinese market is up 9.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Online Retail industry, which is down 12% over the same period. 
