New Risk • Jun 06
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 High level of non-cash earnings (52% accrual ratio). Minor Risks High level of debt (78% net debt to equity). Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (9.5% average weekly change). Valuation Update With 7 Day Price Move • Jun 01
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to CN¥149, the stock trades at a trailing P/E ratio of 71.8x. Average trailing P/E is 102x in the Semiconductor industry in China. Total returns to shareholders of 82% over the past three years. Reported Earnings • Apr 30
First quarter 2026 earnings released: EPS: CN¥0.47 (vs CN¥0.17 in 1Q 2025) First quarter 2026 results: EPS: CN¥0.47 (up from CN¥0.17 in 1Q 2025). Revenue: CN¥490.0m (up 72% from 1Q 2025). Net income: CN¥70.9m (up 173% from 1Q 2025). Profit margin: 14% (up from 9.1% in 1Q 2025). The increase in margin was driven by higher revenue. Revenue is forecast to grow 17% p.a. on average during the next 2 years, compared to a 28% growth forecast for the Semiconductor industry in China. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has increased by 34% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Apr 22
Shanghai V-Test Semiconductor Tech. Co., Ltd., Annual General Meeting, May 22, 2026 Shanghai V-Test Semiconductor Tech. Co., Ltd., Annual General Meeting, May 22, 2026, at 14:00 China Standard Time. Location: No. 2, Dianke Road, Xinwu District, Wuxi, Jiangsu China Announcement • Mar 30
Shanghai V-Test Semiconductor Tech. Co., Ltd. to Report Q1, 2026 Results on Apr 29, 2026 Shanghai V-Test Semiconductor Tech. Co., Ltd. announced that they will report Q1, 2026 results on Apr 29, 2026 New Risk • Mar 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 Risk Share price has been highly volatile over the past 3 months (10% average weekly change). Minor Risk High level of debt (55% net debt to equity). Valuation Update With 7 Day Price Move • Mar 10
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to CN¥154, the stock trades at a forward P/E ratio of 78x. Average forward P/E is 54x in the Semiconductor industry in China. Total returns to shareholders of 136% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CN¥152 per share. Reported Earnings • Mar 05
Full year 2025 earnings: EPS and revenues exceed analyst expectations Full year 2025 results: EPS: CN¥2.02 (up from CN¥0.87 in FY 2024). Revenue: CN¥1.57b (up 46% from FY 2024). Net income: CN¥300.1m (up 134% from FY 2024). Profit margin: 19% (up from 12% in FY 2024). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 3.8%. Earnings per share (EPS) also surpassed analyst estimates by 24%. Revenue is forecast to grow 20% p.a. on average during the next 2 years, compared to a 26% growth forecast for the Semiconductor industry in China. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has increased by 31% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Jan 15
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to CN¥132, the stock trades at a forward P/E ratio of 71x. Average forward P/E is 45x in the Semiconductor industry in China. Total returns to shareholders of 90% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CN¥249 per share. Announcement • Dec 26
Shanghai V-Test Semiconductor Tech. Co., Ltd. to Report Fiscal Year 2025 Results on Apr 22, 2026 Shanghai V-Test Semiconductor Tech. Co., Ltd. announced that they will report fiscal year 2025 results on Apr 22, 2026 Reported Earnings • Oct 27
Third quarter 2025 earnings released: EPS: CN¥0.69 (vs CN¥0.33 in 3Q 2024) Third quarter 2025 results: EPS: CN¥0.69 (up from CN¥0.33 in 3Q 2024). Revenue: CN¥448.3m (up 44% from 3Q 2024). Net income: CN¥101.4m (up 98% from 3Q 2024). Profit margin: 23% (up from 17% in 3Q 2024). Revenue is forecast to grow 23% p.a. on average during the next 3 years, compared to a 27% growth forecast for the Semiconductor industry in China. Over the last 3 years on average, earnings per share has fallen by 19% per year but the company’s share price has increased by 16% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Oct 24
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to CN¥88.61, the stock trades at a forward P/E ratio of 53x. Average forward P/E is 42x in the Semiconductor industry in China. Total returns to shareholders of 56% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CN¥164 per share. New Risk • Oct 16
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 7.3% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (35% accrual ratio). Minor Risks High level of debt (73% net debt to equity). Share price has been volatile over the past 3 months (7.3% average weekly change). Announcement • Sep 30
Shanghai V-Test Semiconductor Tech. Co., Ltd. to Report Q3, 2025 Results on Oct 27, 2025 Shanghai V-Test Semiconductor Tech. Co., Ltd. announced that they will report Q3, 2025 results on Oct 27, 2025 Reported Earnings • Aug 23
Second quarter 2025 earnings released: EPS: CN¥0.50 (vs CN¥0.082 in 2Q 2024) Second quarter 2025 results: EPS: CN¥0.50 (up from CN¥0.082 in 2Q 2024). Revenue: CN¥349.0m (up 42% from 2Q 2024). Net income: CN¥75.2m (up CN¥64.0m from 2Q 2024). Profit margin: 22% (up from 4.5% in 2Q 2024). Revenue is forecast to grow 24% p.a. on average during the next 3 years, compared to a 24% growth forecast for the Semiconductor industry in China. Valuation Update With 7 Day Price Move • Aug 18
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to CN¥67.96, the stock trades at a forward P/E ratio of 48x. Average forward P/E is 40x in the Semiconductor industry in China. Total returns to shareholders of 110% over the past year. Announcement • Jun 30
Shanghai V-Test Semiconductor Tech. Co., Ltd. to Report First Half, 2025 Results on Aug 21, 2025 Shanghai V-Test Semiconductor Tech. Co., Ltd. announced that they will report first half, 2025 results on Aug 21, 2025 New Risk • Jun 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: 0.6% 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 High level of non-cash earnings (30% accrual ratio). Minor Risks High level of debt (61% net debt to equity). Paying a dividend despite having no free cash flows. Announcement • Apr 29
Shanghai V-Test Semiconductor Tech. Co., Ltd., Annual General Meeting, May 20, 2025 Shanghai V-Test Semiconductor Tech. Co., Ltd., Annual General Meeting, May 20, 2025, at 14:00 China Standard Time. Announcement • Mar 28
Shanghai V-Test Semiconductor Tech. Co., Ltd. to Report Q1, 2025 Results on Apr 29, 2025 Shanghai V-Test Semiconductor Tech. Co., Ltd. announced that they will report Q1, 2025 results on Apr 29, 2025 Reported Earnings • Mar 02
Full year 2024 earnings: EPS and revenues exceed analyst expectations Full year 2024 results: EPS: CN¥1.13 (up from CN¥1.04 in FY 2023). Revenue: CN¥1.08b (up 46% from FY 2023). Net income: CN¥128.4m (up 8.8% from FY 2023). Profit margin: 12% (down from 16% in FY 2023). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 2.4%. Earnings per share (EPS) also surpassed analyst estimates by 2.4%. Revenue is forecast to grow 20% p.a. on average during the next 2 years, compared to a 24% growth forecast for the Semiconductor industry in China. Announcement • Dec 27
Shanghai V-Test Semiconductor Tech. Co., Ltd. to Report Fiscal Year 2024 Results on Apr 29, 2025 Shanghai V-Test Semiconductor Tech. Co., Ltd. announced that they will report fiscal year 2024 results on Apr 29, 2025 Reported Earnings • Oct 16
Third quarter 2024 earnings released: EPS: CN¥0.42 (vs CN¥0.17 in 3Q 2023) Third quarter 2024 results: EPS: CN¥0.42 (up from CN¥0.17 in 3Q 2023). Revenue: CN¥310.5m (up 53% from 3Q 2023). Net income: CN¥51.2m (up 171% from 3Q 2023). Profit margin: 17% (up from 9.3% in 3Q 2023). Revenue is forecast to grow 22% p.a. on average during the next 3 years, compared to a 23% growth forecast for the Semiconductor industry in China. Announcement • Sep 30
Shanghai V-Test Semiconductor Tech. Co., Ltd. to Report Q3, 2024 Results on Oct 16, 2024 Shanghai V-Test Semiconductor Tech. Co., Ltd. announced that they will report Q3, 2024 results on Oct 16, 2024 Announcement • Jun 28
Shanghai V-Test Semiconductor Tech. Co., Ltd. to Report First Half, 2024 Results on Aug 30, 2024 Shanghai V-Test Semiconductor Tech. Co., Ltd. announced that they will report first half, 2024 results on Aug 30, 2024 Valuation Update With 7 Day Price Move • May 15
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to CN¥46.56, the stock trades at a forward P/E ratio of 27x. Average forward P/E is 31x in the Semiconductor industry in China. Total loss to shareholders of 53% over the past year. Reported Earnings • May 01
First quarter 2024 earnings released: CN¥0.003 loss per share (vs CN¥0.24 profit in 1Q 2023) First quarter 2024 results: CN¥0.003 loss per share (down from CN¥0.24 profit in 1Q 2023). Revenue: CN¥183.6m (up 31% from 1Q 2023). Net loss: CN¥305.7k (down 101% from profit in 1Q 2023). Revenue is forecast to grow 23% p.a. on average during the next 3 years, compared to a 23% growth forecast for the Semiconductor industry in China. Announcement • Mar 29
Shanghai V-Test Semiconductor Tech. Co., Ltd. to Report Q1, 2024 Results on Apr 30, 2024 Shanghai V-Test Semiconductor Tech. Co., Ltd. announced that they will report Q1, 2024 results on Apr 30, 2024 Announcement • Mar 23
Shanghai V-Test Semiconductor Tech. Co., Ltd., Annual General Meeting, Apr 16, 2024 Shanghai V-Test Semiconductor Tech. Co., Ltd., Annual General Meeting, Apr 16, 2024, at 14:00 China Standard Time. Location: No. 19, Yunshi Road, Pukou District, Nanjing, Jiangsu China New Risk • Mar 22
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 9.8% 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: Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (9.8% average weekly change). Profit margins are more than 30% lower than last year (16% net profit margin). Valuation Update With 7 Day Price Move • Mar 22
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to CN¥67.95, the stock trades at a forward P/E ratio of 33x. Average forward P/E is 34x in the Semiconductor industry in China. Total loss to shareholders of 14% over the past year. Reported Earnings • Feb 26
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: EPS: CN¥1.03 (down from CN¥2.71 in FY 2022). Revenue: CN¥736.5m (flat on FY 2022). Net income: CN¥117.0m (down 52% from FY 2022). Profit margin: 16% (down from 33% in FY 2022). Revenue missed analyst estimates by 1.6%. Earnings per share (EPS) also missed analyst estimates by 13%. Revenue is forecast to grow 30% p.a. on average during the next 2 years, compared to a 23% growth forecast for the Semiconductor industry in China. Valuation Update With 7 Day Price Move • Feb 01
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to CN¥50.94, the stock trades at a forward P/E ratio of 28x. Average forward P/E is 25x in the Semiconductor industry in China. Total loss to shareholders of 46% over the past year. Reported Earnings • Nov 02
Third quarter 2023 earnings released: EPS: CN¥0.17 (vs CN¥0.61 in 3Q 2022) Third quarter 2023 results: EPS: CN¥0.17 (down from CN¥0.61 in 3Q 2022). Revenue: CN¥203.6m (up 8.9% from 3Q 2022). Net income: CN¥18.9m (down 64% from 3Q 2022). Profit margin: 9.3% (down from 28% in 3Q 2022). Revenue is forecast to grow 44% p.a. on average during the next 3 years, compared to a 26% growth forecast for the Semiconductor industry in China. Reported Earnings • Aug 30
Second quarter 2023 earnings released: EPS: CN¥0.72 (vs CN¥1.49 in 2Q 2022) Second quarter 2023 results: EPS: CN¥0.72 (down from CN¥1.49 in 2Q 2022). Revenue: CN¥171.8m (down 9.8% from 2Q 2022). Net income: CN¥43.5m (down 37% from 2Q 2022). Profit margin: 25% (down from 36% in 2Q 2022). Revenue is forecast to grow 41% p.a. on average during the next 3 years, compared to a 24% growth forecast for the Semiconductor industry in China. Valuation Update With 7 Day Price Move • Jul 05
Investor sentiment deteriorates as stock falls 26% After last week's 26% share price decline to CN¥111, the stock trades at a forward P/E ratio of 31x. Average forward P/E is 41x in the Semiconductor industry in China. Announcement • Jun 28
Shanghai V-Test Semiconductor Tech. Co., Ltd. to Report First Half, 2023 Results on Aug 30, 2023 Shanghai V-Test Semiconductor Tech. Co., Ltd. announced that they will report first half, 2023 results on Aug 30, 2023 Valuation Update With 7 Day Price Move • May 17
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to CN¥130, the stock trades at a forward P/E ratio of 40x. Average forward P/E is 36x in the Semiconductor industry in China. Valuation Update With 7 Day Price Move • Apr 27
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to CN¥116, the stock trades at a forward P/E ratio of 41x. Average forward P/E is 35x in the Semiconductor industry in China. Reported Earnings • Apr 22
Full year 2022 earnings: EPS exceeds analyst expectations Full year 2022 results: EPS: CN¥3.52 (up from CN¥2.09 in FY 2021). Revenue: CN¥733.0m (up 49% from FY 2021). Net income: CN¥243.3m (up 84% from FY 2021). Profit margin: 33% (up from 27% in FY 2021). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 44%. Revenue is forecast to grow 30% p.a. on average during the next 3 years, compared to a 25% growth forecast for the Semiconductor industry in China. Valuation Update With 7 Day Price Move • Apr 07
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to CN¥123, the stock trades at a forward P/E ratio of 43x. Average forward P/E is 45x in the Semiconductor industry in China. Reported Earnings • Mar 01
Full year 2022 earnings released: EPS: CN¥3.62 (vs CN¥2.09 in FY 2021) Full year 2022 results: EPS: CN¥3.62 (up from CN¥2.09 in FY 2021). Revenue: CN¥733.0m (up 49% from FY 2021). Net income: CN¥250.0m (up 89% from FY 2021). Profit margin: 34% (up from 27% in FY 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 37% p.a. on average during the next 2 years, compared to a 25% growth forecast for the Semiconductor industry in China. Valuation Update With 7 Day Price Move • Jan 19
Investor sentiment improved over the past week After last week's 16% share price gain to CN¥119, the stock trades at a forward P/E ratio of 37x. Average forward P/E is 36x in the Semiconductor industry in China. Valuation Update With 7 Day Price Move • Nov 29
Investor sentiment improved over the past week After last week's 17% share price gain to CN¥116, the stock trades at a trailing P/E ratio of 47.8x. Average trailing P/E is 53x in the Semiconductor industry in China. Valuation Update With 7 Day Price Move • Nov 11
Investor sentiment deteriorated over the past week After last week's 16% share price decline to CN¥89.98, the stock trades at a trailing P/E ratio of 37.1x. Average trailing P/E is 35x in the Electronic industry in China. Reported Earnings • Oct 28
Third quarter 2022 earnings released Third quarter 2022 results: Revenue: CN¥187.1m (up 34% from 3Q 2021). Net income: CN¥52.1m (up 34% from 3Q 2021). Profit margin: 28% (in line with 3Q 2021).