New Risk • Jul 27
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 10% 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 Risks Earnings have declined by 22% per year over the past 5 years. High level of non-cash earnings (21% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (10% average weekly change). Profit margins are more than 30% lower than last year (9.1% net profit margin). Declared Dividend • Jul 13
Dividend increased to CN¥0.049 Dividend of CN¥0.049 is 145% higher than last year. Ex-date: 15th July 2026 Payment date: 15th July 2026 Dividend yield will be 0.1%, which is lower than the industry average of 1.7%. Announcement • Jun 30
Chengdu Sino-Microelectronics Tech. Co., Ltd. to Report First Half, 2026 Results on Aug 29, 2026 Chengdu Sino-Microelectronics Tech. Co., Ltd. announced that they will report first half, 2026 results on Aug 29, 2026 Reported Earnings • May 05
First quarter 2026 earnings released: CN¥0.11 loss per share (vs CN¥0.03 profit in 1Q 2025) First quarter 2026 results: CN¥0.11 loss per share (down from CN¥0.03 profit in 1Q 2025). Revenue: CN¥103.3m (down 34% from 1Q 2025). Net loss: CN¥67.1m (down 407% from profit in 1Q 2025). Announcement • Apr 30
Chengdu Sino-Microelectronics Tech. Co., Ltd., Annual General Meeting, May 29, 2026 Chengdu Sino-Microelectronics Tech. Co., Ltd., Annual General Meeting, May 29, 2026, at 14:00 China Standard Time. Location: The Company's Meeting Room, Chengdu, Sichuan China Announcement • Mar 30
Chengdu Sino-Microelectronics Tech. Co., Ltd. to Report Q1, 2026 Results on Apr 30, 2026 Chengdu Sino-Microelectronics Tech. Co., Ltd. announced that they will report Q1, 2026 results on Apr 30, 2026 Reported Earnings • Mar 02
Full year 2025 earnings released: EPS: CN¥0.37 (vs CN¥0.20 in FY 2024) Full year 2025 results: EPS: CN¥0.37 (up from CN¥0.20 in FY 2024). Revenue: CN¥852.9m (up 41% from FY 2024). Net income: CN¥235.3m (up 93% from FY 2024). Profit margin: 28% (up from 20% in FY 2024). The increase in margin was driven by higher revenue. New Risk • Feb 14
New major risk - Revenue and earnings growth Earnings have declined by 2.7% 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 Earnings have declined by 2.7% per year over the past 5 years. High level of non-cash earnings (27% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (9.1% average weekly change). Profit margins are more than 30% lower than last year (14% net profit margin). Announcement • Dec 26
Chengdu Sino-Microelectronics Tech. Co., Ltd. to Report Fiscal Year 2025 Results on Apr 21, 2026 Chengdu Sino-Microelectronics Tech. Co., Ltd. announced that they will report fiscal year 2025 results on Apr 21, 2026 New Risk • Oct 31
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 27% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (11% average weekly change). High level of non-cash earnings (27% accrual ratio). Minor Risk Profit margins are more than 30% lower than last year (14% net profit margin). Reported Earnings • Oct 31
Third quarter 2025 earnings released: EPS: CN¥0.039 (vs CN¥0.022 in 3Q 2024) Third quarter 2025 results: EPS: CN¥0.039 (up from CN¥0.022 in 3Q 2024). Revenue: CN¥162.7m (up 14% from 3Q 2024). Net income: CN¥26.9m (up 83% from 3Q 2024). Profit margin: 17% (up from 10% in 3Q 2024). Revenue is forecast to grow 48% p.a. on average during the next 2 years, compared to a 26% growth forecast for the Semiconductor industry in China. Announcement • Sep 30
Chengdu Sino-Microelectronics Tech. Co., Ltd. to Report Q3, 2025 Results on Oct 31, 2025 Chengdu Sino-Microelectronics Tech. Co., Ltd. announced that they will report Q3, 2025 results on Oct 31, 2025 New Risk • Aug 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 7.7% 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 Share price has been volatile over the past 3 months (7.7% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (14% net profit margin). Announcement • Jun 30
Chengdu Sino-Microelectronics Tech. Co., Ltd. to Report First Half, 2025 Results on Aug 29, 2025 Chengdu Sino-Microelectronics Tech. Co., Ltd. announced that they will report first half, 2025 results on Aug 29, 2025 Reported Earnings • May 05
First quarter 2025 earnings released: EPS: CN¥0.03 (vs CN¥0.10 in 1Q 2024) First quarter 2025 results: EPS: CN¥0.03. Revenue: CN¥1.56t (up CN¥1.56t from 1Q 2024). Net income: CN¥218.8b (up CN¥218.8b from 1Q 2024). Profit margin: 14% (down from 42% in 1Q 2024). The decrease in margin was driven by higher expenses. Revenue is expected to decline by 158% p.a. on average during the next 2 years, while revenues in the Semiconductor industry in China are expected to grow by 24%. Announcement • Apr 30
Chengdu Sino-Microelectronics Tech. Co., Ltd., Annual General Meeting, May 30, 2025 Chengdu Sino-Microelectronics Tech. Co., Ltd., Annual General Meeting, May 30, 2025, at 13:00 China Standard Time. Location: 22F, Building G1, Area G, No. 1800, Yizhou Avenue Middle Section, Hi-tech Zone, Chengdu, Sichuan China Announcement • Mar 28
Chengdu Sino-Microelectronics Tech. Co., Ltd. to Report Q1, 2025 Results on Apr 30, 2025 Chengdu Sino-Microelectronics Tech. Co., Ltd. announced that they will report Q1, 2025 results on Apr 30, 2025 Reported Earnings • Mar 03
Full year 2024 earnings: EPS and revenues miss analyst expectations Full year 2024 results: EPS: CN¥0.20 (down from CN¥0.57 in FY 2023). Revenue: CN¥603.9m (down 35% from FY 2023). Net income: CN¥121.4m (down 61% from FY 2023). Profit margin: 20% (down from 34% in FY 2023). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 43%. Earnings per share (EPS) also missed analyst estimates by 62%. Revenue is forecast to grow 42% p.a. on average during the next 2 years, compared to a 24% growth forecast for the Semiconductor industry in China. Announcement • Dec 27
Chengdu Sino-Microelectronics Tech. Co., Ltd. to Report Fiscal Year 2024 Results on Apr 30, 2025 Chengdu Sino-Microelectronics Tech. Co., Ltd. announced that they will report fiscal year 2024 results on Apr 30, 2025 New Risk • Dec 06
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 14% 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 Share price has been highly volatile over the past 3 months (14% average weekly change). High level of non-cash earnings (21% accrual ratio). Valuation Update With 7 Day Price Move • Nov 08
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to CN¥24.41, the stock trades at a forward P/E ratio of 36x. Average forward P/E is 38x in the Semiconductor industry in China. Reported Earnings • Oct 31
Third quarter 2024 earnings released: EPS: CN¥0.022 (vs CN¥0.09 in 3Q 2023) Third quarter 2024 results: EPS: CN¥0.022 (down from CN¥0.09 in 3Q 2023). Revenue: CN¥143.1m (down 18% from 3Q 2023). Net income: CN¥14.7m (down 70% from 3Q 2023). Profit margin: 10% (down from 28% in 3Q 2023). The decrease in margin was primarily driven by lower revenue. Revenue is forecast to grow 31% p.a. on average during the next 3 years, compared to a 23% growth forecast for the Semiconductor industry in China. Valuation Update With 7 Day Price Move • Oct 15
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to CN¥18.51, the stock trades at a forward P/E ratio of 29x. Average forward P/E is 32x in the Semiconductor industry in China. Announcement • Sep 30
Chengdu Sino-Microelectronics Tech. Co., Ltd. to Report Q3, 2024 Results on Oct 31, 2024 Chengdu Sino-Microelectronics Tech. Co., Ltd. announced that they will report Q3, 2024 results on Oct 31, 2024 Valuation Update With 7 Day Price Move • Sep 27
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to CN¥16.48, the stock trades at a forward P/E ratio of 26x. Average forward P/E is 27x in the Semiconductor industry in China. New Risk • Sep 22
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 42% 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 Paying a dividend despite having no free cash flows. Large one-off items impacting financial results. New Risk • Aug 31
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: 0.7% 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. This is currently the only risk that has been identified for the company. Reported Earnings • Aug 30
Second quarter 2024 earnings released: EPS: CN¥0.023 (vs CN¥0.09 in 2Q 2023) Second quarter 2024 results: EPS: CN¥0.023 (down from CN¥0.09 in 2Q 2023). Revenue: CN¥140.5m (down 19% from 2Q 2023). Net income: CN¥14.7m (down 70% from 2Q 2023). Profit margin: 10% (down from 28% in 2Q 2023). Revenue is forecast to grow 29% p.a. on average during the next 3 years, compared to a 22% growth forecast for the Semiconductor industry in China. Announcement • Jun 28
Chengdu Sino-Microelectronics Tech. Co., Ltd. to Report First Half, 2024 Results on Aug 30, 2024 Chengdu Sino-Microelectronics Tech. Co., Ltd. announced that they will report first half, 2024 results on Aug 30, 2024 Reported Earnings • Apr 18
Full year 2023 earnings: EPS exceeds analyst expectations Full year 2023 results: EPS: CN¥0.57 (up from CN¥0.52 in FY 2022). Revenue: CN¥926.1m (up 9.6% from FY 2022). Net income: CN¥311.1m (up 11% from FY 2022). Profit margin: 34% (in line with FY 2022). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 14%. Revenue is forecast to grow 17% p.a. on average during the next 2 years, compared to a 23% growth forecast for the Semiconductor industry in China. Announcement • Apr 16
Chengdu Sino-Microelectronics Tech. Co., Ltd., Annual General Meeting, May 10, 2024 Chengdu Sino-Microelectronics Tech. Co., Ltd., Annual General Meeting, May 10, 2024, at 10:00 China Standard Time. Location: No. 198, Century City Road, Hi-tech Zone, Chengdu, Sichuan China Announcement • Mar 30
Chengdu Sino-Microelectronics Tech. Co., Ltd. to Report Q1, 2024 Results on Apr 30, 2024 Chengdu Sino-Microelectronics Tech. Co., Ltd. announced that they will report Q1, 2024 results on Apr 30, 2024 Valuation Update With 7 Day Price Move • Feb 26
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to CN¥25.69, the stock trades at a trailing P/E ratio of 55.5x. Average trailing P/E is 52x in the Semiconductor industry in China. Board Change • Feb 07
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. No experienced directors. 1 highly experienced director. 3 independent directors (4 non-independent directors). Chairman Xiao Shan Huang is the most experienced director on the board, commencing their role in 2013. Independent Director Yue Dong Li 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. 
