Valuation Update With 7 Day Price Move • 5h
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to CN¥5.34, the stock trades at a trailing P/E ratio of 55.4x. Average trailing P/E is 143x in the Semiconductor industry in China. Total returns to shareholders of 4.7% over the past three years. Announcement • Jun 30
Shenzhen Refond Optoelectronics Co.,Ltd. to Report First Half, 2026 Results on Aug 25, 2026 Shenzhen Refond Optoelectronics Co.,Ltd. announced that they will report first half, 2026 results on Aug 25, 2026 Declared Dividend • Jun 28
Dividend increased to CN¥0.03 Dividend of CN¥0.03 is 50% higher than last year. Ex-date: 30th June 2026 Payment date: 30th June 2026 Dividend yield will be 0.4%, which is lower than the industry average of 1.7%. Sustainability & Growth Dividend is covered by earnings (31% 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 12% 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 65% to shift the payout ratio to a potentially unsustainable range, which is more than the 1.5% EPS decline seen over the last 5 years. New Risk • Jun 12
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: 0.5% 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 Earnings have declined by 13% per year over the past 5 years. Minor Risks Paying a dividend despite having no free cash flows. Large one-off items impacting financial results. Valuation Update With 7 Day Price Move • Jun 11
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to CN¥6.59, the stock trades at a trailing P/E ratio of 70x. Average trailing P/E is 106x in the Semiconductor industry in China. Total returns to shareholders of 34% over the past three years. Reported Earnings • Apr 30
Full year 2025 earnings released: EPS: CN¥0.094 (vs CN¥0.046 in FY 2024) Full year 2025 results: EPS: CN¥0.094 (up from CN¥0.046 in FY 2024). Revenue: CN¥1.84b (up 19% from FY 2024). Net income: CN¥65.9m (up 109% from FY 2024). Profit margin: 3.6% (up from 2.0% in FY 2024). Over the last 3 years on average, earnings per share has increased by 86% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Announcement • Apr 29
Shenzhen Refond Optoelectronics Co.,Ltd., Annual General Meeting, May 22, 2026 Shenzhen Refond Optoelectronics Co.,Ltd., Annual General Meeting, May 22, 2026, at 15:00 China Standard Time. Location: The Company's Meeting Room, Shenzhen, Guangdong China Announcement • Mar 31
Shenzhen Refond Optoelectronics Co.,Ltd. to Report Q1, 2026 Results on Apr 29, 2026 Shenzhen Refond Optoelectronics Co.,Ltd. announced that they will report Q1, 2026 results on Apr 29, 2026 New Risk • Mar 19
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 7.9% 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 (7.9% average weekly change). Large one-off items impacting financial results. Announcement • Dec 31
Shenzhen Refond Optoelectronics Co.,Ltd. to Report Fiscal Year 2025 Results on Apr 29, 2026 Shenzhen Refond Optoelectronics Co.,Ltd. announced that they will report fiscal year 2025 results on Apr 29, 2026 New Risk • Nov 10
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 24% 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. This is currently the only risk that has been identified for the company. Reported Earnings • Oct 30
Third quarter 2025 earnings released: EPS: CN¥0.029 (vs CN¥0.031 in 3Q 2024) Third quarter 2025 results: EPS: CN¥0.029 (down from CN¥0.031 in 3Q 2024). Revenue: CN¥479.8m (up 19% from 3Q 2024). Net income: CN¥20.3m (down 4.7% from 3Q 2024). Profit margin: 4.2% (down from 5.3% in 3Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Announcement • Sep 30
Shenzhen Refond Optoelectronics Co.,Ltd. to Report Q3, 2025 Results on Oct 23, 2025 Shenzhen Refond Optoelectronics Co.,Ltd. announced that they will report Q3, 2025 results on Oct 23, 2025 New Risk • Sep 13
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 57% 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. This is currently the only risk that has been identified for the company. Announcement • Jul 02
Shenzhen Refond Optoelectronics Co.,Ltd. to Report First Half, 2025 Results on Aug 27, 2025 Shenzhen Refond Optoelectronics Co.,Ltd. announced that they will report first half, 2025 results on Aug 27, 2025 Reported Earnings • Apr 25
First quarter 2025 earnings released: EPS: CN¥0.04 (vs CN¥0.011 in 1Q 2024) First quarter 2025 results: EPS: CN¥0.04 (up from CN¥0.011 in 1Q 2024). Revenue: CN¥384.8m (up 17% from 1Q 2024). Net income: CN¥27.5m (up 265% from 1Q 2024). Profit margin: 7.1% (up from 2.3% in 1Q 2024). Over the last 3 years on average, earnings per share has fallen by 46% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Announcement • Apr 25
Shenzhen Refond Optoelectronics Co.,Ltd., Annual General Meeting, May 16, 2025 Shenzhen Refond Optoelectronics Co.,Ltd., Annual General Meeting, May 16, 2025, at 14:00 China Standard Time. Location: The Company's Meeting Room, Shenzhen, Guangdong 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 7.7% 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. Announcement • Mar 31
Shenzhen Refond Optoelectronics Co.,Ltd. to Report Q1, 2025 Results on Apr 25, 2025 Shenzhen Refond Optoelectronics Co.,Ltd. announced that they will report Q1, 2025 results on Apr 25, 2025 Announcement • Dec 31
Shenzhen Refond Optoelectronics Co.,Ltd. to Report Fiscal Year 2024 Results on Apr 21, 2025 Shenzhen Refond Optoelectronics Co.,Ltd. announced that they will report fiscal year 2024 results on Apr 21, 2025 Reported Earnings • Oct 28
Third quarter 2024 earnings released: EPS: CN¥0.031 (vs CN¥0.012 loss in 3Q 2023) Third quarter 2024 results: EPS: CN¥0.031 (up from CN¥0.012 loss in 3Q 2023). Revenue: CN¥401.9m (up 9.1% from 3Q 2023). Net income: CN¥21.3m (up CN¥29.5m from 3Q 2023). Profit margin: 5.3% (up from net loss in 3Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 89 percentage points per year, which is a significant difference in performance. Announcement • Sep 30
Shenzhen Refond Optoelectronics Co.,Ltd. to Report Q3, 2024 Results on Oct 28, 2024 Shenzhen Refond Optoelectronics Co.,Ltd. announced that they will report Q3, 2024 results on Oct 28, 2024 Reported Earnings • Aug 28
Second quarter 2024 earnings released: EPS: CN¥0.023 (vs CN¥0.008 in 2Q 2023) Second quarter 2024 results: EPS: CN¥0.023 (up from CN¥0.008 in 2Q 2023). Revenue: CN¥377.7m (up 1.1% from 2Q 2023). Net income: CN¥15.8m (up 192% from 2Q 2023). Profit margin: 4.2% (up from 1.4% in 2Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 78 percentage points per year, which is a significant difference in performance. New Risk • Aug 22
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 9.9% 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
Shenzhen Refond Optoelectronics Co.,Ltd. to Report First Half, 2024 Results on Aug 28, 2024 Shenzhen Refond Optoelectronics Co.,Ltd. announced that they will report first half, 2024 results on Aug 28, 2024 Announcement • Apr 28
Shenzhen Refond Optoelectronics Co.,Ltd., Annual General Meeting, May 17, 2024 Shenzhen Refond Optoelectronics Co.,Ltd., Annual General Meeting, May 17, 2024, at 14:00 China Standard Time. Location: The Company's Meeting Room, Shenzhen, Guangdong China Agenda: To consider 2023 annual report and its summary; to consider 2023 work report of the board of directors; to consider 2023 work report of the supervisory committee; to consider 2023 profit distribution plan; to consider 2023 internal control self-evaluation report; Reappointment of 2024 audit firm; to consider 2024 remuneration for directors; to consider 2024 remuneration for supervisors; to consider Application for comprehensive credit line to banks by the Company and subsidiaries and provision of guarantee for subsidiaries; to consider 2024 estimated continuing connected transactions; to consider Shareholder return plan for the next three years from 2023 to 2025. Reported Earnings • Apr 26
Full year 2023 earnings released: CN¥0.067 loss per share (vs CN¥0.02 profit in FY 2022) Full year 2023 results: CN¥0.067 loss per share (down from CN¥0.02 profit in FY 2022). Revenue: CN¥1.38b (up 3.1% from FY 2022). Net loss: CN¥45.9m (down 435% from profit in FY 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 62 percentage points per year, which is a significant difference in performance. Announcement • Mar 30
Shenzhen Refond Optoelectronics Co.,Ltd. to Report Q1, 2024 Results on Apr 25, 2024 Shenzhen Refond Optoelectronics Co.,Ltd. announced that they will report Q1, 2024 results on Apr 25, 2024 New Risk • Jan 31
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 8.0% 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. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (8.0% average weekly change). Earnings have declined by 2.2% per year over the past 5 years. Announcement • Dec 30
Shenzhen Refond Optoelectronics Co.,Ltd. to Report Fiscal Year 2023 Results on Apr 25, 2024 Shenzhen Refond Optoelectronics Co.,Ltd. announced that they will report fiscal year 2023 results on Apr 25, 2024 New Risk • Nov 28
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 6.6% 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 Earnings have declined by 2.2% per year over the past 5 years. Minor Risk Share price has been volatile over the past 3 months (6.6% average weekly change). Reported Earnings • Oct 26
Third quarter 2023 earnings released: CN¥0.012 loss per share (vs CN¥0.003 loss in 3Q 2022) Third quarter 2023 results: CN¥0.012 loss per share (further deteriorated from CN¥0.003 loss in 3Q 2022). Revenue: CN¥368.5m (up 7.4% from 3Q 2022). Net loss: CN¥8.19m (loss widened 371% from 3Q 2022). Over the last 3 years on average, earnings per share has fallen by 7% per year whereas the company’s share price has fallen by 11% per year. Announcement • Sep 30
Shenzhen Refond Optoelectronics Co.,Ltd. to Report Q3, 2023 Results on Oct 26, 2023 Shenzhen Refond Optoelectronics Co.,Ltd. announced that they will report Q3, 2023 results on Oct 26, 2023 Reported Earnings • Aug 30
Second quarter 2023 earnings released: EPS: CN¥0.008 (vs CN¥0.03 in 2Q 2022) Second quarter 2023 results: EPS: CN¥0.008 (down from CN¥0.03 in 2Q 2022). Revenue: CN¥373.6m (up 9.9% from 2Q 2022). Net income: CN¥5.41m (down 74% from 2Q 2022). Profit margin: 1.4% (down from 6.1% in 2Q 2022). Over the last 3 years on average, earnings per share has increased by 46% per year but the company’s share price has fallen by 17% per year, which means it is significantly lagging earnings. Announcement • May 24
Shenzhen Refond Optoelectronics Announces the Cash Dividend for 2022 Shenzhen Refond Optoelectronics Co.,Ltd. announced the Cash dividend per ten shares (tax included): CNY 0.10000000 for 2022 at the AGM held on May 19, 2023. Reported Earnings • Apr 28
First quarter 2023 earnings released: CN¥0.023 loss per share (vs CN¥0.005 loss in 1Q 2022) First quarter 2023 results: CN¥0.023 loss per share (further deteriorated from CN¥0.005 loss in 1Q 2022). Revenue: CN¥305.5m (down 1.3% from 1Q 2022). Net loss: CN¥15.8m (loss widened 334% from 1Q 2022). Over the last 3 years on average, earnings per share has increased by 75% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Announcement • Jan 07
Shenzhen Refond Optoelectronics Co.,Ltd. Approves Board Changes Shenzhen Refond Optoelectronics Co.,Ltd. held its 1st Extraordinary General Meeting of 2023 on 05 January 2023, approved Xu Zhou and Zhao Kui as non-independent directors, Shao Liyang, Liang Bo and Xiao Guihui as independent directors and Huang Aili as non-employee supervisors. Board Change • Nov 16
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 8 experienced directors. 4 highly experienced directors. Non-Independent Director Zhi Liu was the last director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Reported Earnings • Oct 27
Third quarter 2022 earnings released: EPS: CN¥0.017 (vs CN¥0.029 in 3Q 2021) Third quarter 2022 results: EPS: CN¥0.017 (down from CN¥0.029 in 3Q 2021). Revenue: CN¥383.8m (up 1.1% from 3Q 2021). Net income: CN¥11.5m (down 26% from 3Q 2021). Profit margin: 3.0% (down from 4.1% in 3Q 2021). Over the last 3 years on average, earnings per share has increased by 83% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 26
Second quarter 2022 earnings released: EPS: CN¥0.03 (vs CN¥0.038 in 2Q 2021) Second quarter 2022 results: EPS: CN¥0.03. Revenue: CN¥340.1m (down 17% from 2Q 2021). Net income: CN¥20.8m (up 2.6% from 2Q 2021). Profit margin: 6.1% (up from 4.9% in 2Q 2021). Announcement • Jun 28
Shenzhen Refond Optoelectronics Co.,Ltd. Announces Final Dividend on A Shares for the Year 2021, Payable on July 1, 2022 Shenzhen Refond Optoelectronics Co.,Ltd. announced final cash dividend/10 shares (tax included) of CNY 0.19960100 on A shares for the year 2021. Record date is June 30, 2022. Ex-date is July 1, 2022. Payment date is July 1, 2022. Announcement • May 21
Shenzhen Refond Optoelectronics Co.,Ltd. Approves Final Cash Dividend for the Year 2021 Shenzhen Refond Optoelectronics Co.,Ltd. approved final Cash dividend/10 shares (tax included): CNY0.20000000 for the year 2021, at its Annual General Meeting of 2021 held on 19 May 2022. Reported Earnings • Apr 28
First quarter 2022 earnings: EPS and revenues miss analyst expectations First quarter 2022 results: CN¥0.005 loss per share (down from CN¥0.028 profit in 1Q 2021). Revenue: CN¥309.4m (flat on 1Q 2021). Net loss: CN¥3.63m (down 125% from profit in 1Q 2021). Revenue missed analyst estimates by 26%. Earnings per share (EPS) were also behind analyst expectations. Over the last 3 years on average, earnings per share has increased by 37% per year but the company’s share price has fallen by 16% per year, which means it is significantly lagging earnings. Board Change • Apr 27
High number of new and inexperienced directors There are 7 new directors who have joined the board in the last 3 years. The company's board is composed of: 7 new directors. 1 experienced director. 4 highly experienced directors. Director of Human Resource & Administrative Management Dept, Auditing Dept Manager and Director Qiang Wu is the most experienced director on the board, commencing their role in 2010. 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: EPS CN¥0.029 (vs CN¥0.03 in 3Q 2020) The company reported a soft third quarter result with weaker earnings and profit margins, although revenues improved. Third quarter 2021 results: Revenue: CN¥379.5m (up 4.6% from 3Q 2020). Net income: CN¥15.6m (down 2.7% from 3Q 2020). Profit margin: 4.1% (down from 4.4% in 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 28% per year but the company’s share price has increased by 12% per year, which means it is well ahead of earnings. Reported Earnings • Aug 30
Second quarter 2021 earnings released: EPS CN¥0.038 (vs CN¥0.035 in 2Q 2020) The company reported a solid second quarter result with improved earnings and revenues, although profit margins were weaker. Second quarter 2021 results: Revenue: CN¥410.4m (up 43% from 2Q 2020). Net income: CN¥20.3m (up 7.8% from 2Q 2020). Profit margin: 4.9% (down from 6.6% in 2Q 2020). 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 11% per year, which means it is well ahead of earnings. Reported Earnings • Apr 28
First quarter 2021 earnings released: EPS CN¥0.028 (vs CN¥0.013 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: CN¥308.1m (up 35% from 1Q 2020). Net income: CN¥14.7m (up 104% from 1Q 2020). Profit margin: 4.8% (up from 3.1% in 1Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 66 percentage points per year, which is a significant difference in performance. Announcement • Feb 24
Shenzhen Refond Optoelectronics Co.,Ltd. to Report Fiscal Year 2020 Results on Apr 10, 2021 Shenzhen Refond Optoelectronics Co.,Ltd. announced that they will report fiscal year 2020 results on Apr 10, 2021 Is New 90 Day High Low • Jan 26
New 90-day low: CN¥5.89 The company is down 18% from its price of CN¥7.21 on 28 October 2020. The Chinese market is up 12% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Semiconductor industry, which is up 27% over the same period. Is New 90 Day High Low • Dec 25
New 90-day low: CN¥6.85 The company is down 4.0% from its price of CN¥7.11 on 25 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 Semiconductor industry, which is up 13% over the same period. Reported Earnings • Oct 31
Third quarter earnings released Over the last 12 months the company has reported total losses of CN¥117.5m, with earnings decreasing by CN¥135.6m from the prior year. Total revenue was CN¥1.24b over the last 12 months, down 13% from the prior year. Announcement • Aug 13
Shenzhen Refond Optoelectronics Co.,Ltd. to Report First Half, 2020 Results on Aug 28, 2020 Shenzhen Refond Optoelectronics Co.,Ltd. announced that they will report first half, 2020 results on Aug 28, 2020 
