New Risk • Apr 26
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 51% 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: Major Risk Earnings have declined by 28% per year over the past 5 years. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Reported Earnings • Apr 17
Full year 2025 earnings released: EPS: CN¥0.47 (vs CN¥0.26 in FY 2024) Full year 2025 results: EPS: CN¥0.47 (up from CN¥0.26 in FY 2024). Revenue: CN¥1.74b (up 16% from FY 2024). Net income: CN¥93.3m (up 78% from FY 2024). Profit margin: 5.4% (up from 3.5% in FY 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 22% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Announcement • Apr 17
Ningbo Water Meter (Group) Co.,Ltd., Annual General Meeting, May 08, 2026 Ningbo Water Meter (Group) Co.,Ltd., Annual General Meeting, May 08, 2026, at 14:00 China Standard Time. Location: The Company's Meeting Room, Ningbo, Zhejiang China Announcement • Mar 30
Ningbo Water Meter (Group) Co.,Ltd. to Report Q1, 2026 Results on Apr 29, 2026 Ningbo Water Meter (Group) Co.,Ltd. announced that they will report Q1, 2026 results on Apr 29, 2026 Announcement • Dec 26
Ningbo Water Meter (Group) Co.,Ltd. to Report Fiscal Year 2025 Results on Apr 17, 2026 Ningbo Water Meter (Group) Co.,Ltd. announced that they will report fiscal year 2025 results on Apr 17, 2026 Reported Earnings • Oct 30
Third quarter 2025 earnings released: EPS: CN¥0.11 (vs CN¥0.027 in 3Q 2024) Third quarter 2025 results: EPS: CN¥0.11 (up from CN¥0.027 in 3Q 2024). Revenue: CN¥495.5m (up 33% from 3Q 2024). Net income: CN¥21.7m (up 348% from 3Q 2024). Profit margin: 4.4% (up from 1.3% in 3Q 2024). Over the last 3 years on average, earnings per share has fallen by 23% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings. Announcement • Sep 30
Ningbo Water Meter (Group) Co.,Ltd. to Report Q3, 2025 Results on Oct 30, 2025 Ningbo Water Meter (Group) Co.,Ltd. announced that they will report Q3, 2025 results on Oct 30, 2025 Announcement • Jun 30
Ningbo Water Meter (Group) Co.,Ltd. to Report First Half, 2025 Results on Aug 29, 2025 Ningbo Water Meter (Group) Co.,Ltd. announced that they will report first half, 2025 results on Aug 29, 2025 Declared Dividend • Jun 07
Dividend reduced to CN¥0.20 Dividend of CN¥0.20 is 33% lower than last year. Ex-date: 11th June 2025 Payment date: 11th June 2025 Dividend yield will be 1.7%, which is about the same as the industry average. Sustainability & Growth Dividend is covered by both earnings (59% earnings payout ratio) and cash flows (57% cash payout ratio). The dividend has decreased over the past 66 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to decline by 34% to shift the payout ratio to a potentially unsustainable range, which is more than the 20% EPS decline seen over the last 5 years. New Risk • Apr 15
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 248% 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: Major Risk Earnings have declined by 22% per year over the past 5 years. Minor Risks Dividend is not well covered by cash flows (241% cash payout ratio). Share price has been volatile over the past 3 months (9.8% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (3.5% net profit margin). Reported Earnings • Apr 11
Full year 2024 earnings released: EPS: CN¥0.26 (vs CN¥0.66 in FY 2023) Full year 2024 results: EPS: CN¥0.26 (down from CN¥0.66 in FY 2023). Revenue: CN¥1.50b (down 16% from FY 2023). Net income: CN¥52.4m (down 60% from FY 2023). Profit margin: 3.5% (down from 7.3% in FY 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 29% per year but the company’s share price has only fallen by 14% per year, which means it has not declined as severely as earnings. Announcement • Apr 10
Ningbo Water Meter (Group) Co.,Ltd., Annual General Meeting, May 08, 2025 Ningbo Water Meter (Group) Co.,Ltd., Annual General Meeting, May 08, 2025, at 14:00 China Standard Time. Location: The Company's Meeting Room, Ningbo, Zhejiang China Announcement • Mar 28
Ningbo Water Meter (Group) Co.,Ltd. to Report Q1, 2025 Results on Apr 30, 2025 Ningbo Water Meter (Group) Co.,Ltd. announced that they will report Q1, 2025 results on Apr 30, 2025 New Risk • Mar 09
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 8.3% 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 Earnings have declined by 17% per year over the past 5 years. Minor Risks Dividend is not well covered by cash flows (156% cash payout ratio). Share price has been volatile over the past 3 months (8.3% average weekly change). Profit margins are more than 30% lower than last year (5.5% net profit margin). Valuation Update With 7 Day Price Move • Mar 03
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to CN¥11.77, the stock trades at a trailing P/E ratio of 27.5x. Average trailing P/E is 51x in the Electronic industry in China. Total loss to shareholders of 34% over the past three years. Announcement • Dec 27
Ningbo Water Meter (Group) Co.,Ltd. to Report Fiscal Year 2024 Results on Apr 10, 2025 Ningbo Water Meter (Group) Co.,Ltd. announced that they will report fiscal year 2024 results on Apr 10, 2025 New Risk • Oct 30
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 5.5% Last year net profit margin: 8.1% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 17% per year over the past 5 years. Minor Risks Dividend is not well covered by cash flows (156% cash payout ratio). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (5.5% net profit margin). Reported Earnings • Oct 30
Third quarter 2024 earnings released: EPS: CN¥0.027 (vs CN¥0.16 in 3Q 2023) Third quarter 2024 results: EPS: CN¥0.027 (down from CN¥0.16 in 3Q 2023). Revenue: CN¥373.6m (down 17% from 3Q 2023). Net income: CN¥4.86m (down 84% from 3Q 2023). Profit margin: 1.3% (down from 6.8% in 3Q 2023). Over the last 3 years on average, earnings per share has fallen by 27% per year but the company’s share price has only fallen by 17% per year, which means it has not declined as severely as earnings. Announcement • Sep 30
Ningbo Water Meter (Group) Co.,Ltd. to Report Q3, 2024 Results on Oct 30, 2024 Ningbo Water Meter (Group) Co.,Ltd. announced that they will report Q3, 2024 results on Oct 30, 2024 Valuation Update With 7 Day Price Move • Sep 30
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to CN¥10.72, the stock trades at a trailing P/E ratio of 19.2x. Average trailing P/E is 38x in the Electronic industry in China. Total loss to shareholders of 38% over the past three years. New Risk • Sep 21
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 27% 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: Major Risk Earnings have declined by 13% per year over the past 5 years. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Reported Earnings • Aug 30
Second quarter 2024 earnings released: EPS: CN¥0.089 (vs CN¥0.20 in 2Q 2023) Second quarter 2024 results: EPS: CN¥0.089 (down from CN¥0.20 in 2Q 2023). Revenue: CN¥388.2m (down 22% from 2Q 2023). Net income: CN¥18.6m (down 55% from 2Q 2023). Profit margin: 4.8% (down from 8.2% in 2Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 28% per year but the company’s share price has only fallen by 17% per year, which means it has not declined as severely as earnings. Announcement • Jun 28
Ningbo Water Meter (Group) Co.,Ltd. to Report First Half, 2024 Results on Aug 30, 2024 Ningbo Water Meter (Group) Co.,Ltd. announced that they will report first half, 2024 results on Aug 30, 2024 Reported Earnings • Apr 17
Full year 2023 earnings released: EPS: CN¥0.66 (vs CN¥0.63 in FY 2022) Full year 2023 results: EPS: CN¥0.66 (up from CN¥0.63 in FY 2022). Revenue: CN¥1.79b (up 15% from FY 2022). Net income: CN¥131.3m (up 3.9% from FY 2022). Profit margin: 7.3% (down from 8.1% in FY 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 31% per year whereas the company’s share price has fallen by 27% per year. Announcement • Apr 16
Ningbo Water Meter (Group) Co., LTD., Annual General Meeting, May 08, 2024 Ningbo Water Meter (Group) Co., LTD., Annual General Meeting, May 08, 2024, at 14:00 China Standard Time. Location: The Company's Meeting Room, Ningbo, Zhejiang China Valuation Update With 7 Day Price Move • Apr 16
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to CN¥9.94, the stock trades at a trailing P/E ratio of 13.9x. Average trailing P/E is 37x in the Electronic industry in China. Total loss to shareholders of 61% over the past three years. Announcement • Mar 29
Ningbo Water Meter (Group) Co., LTD. to Report Q1, 2024 Results on Apr 27, 2024 Ningbo Water Meter (Group) Co., LTD. announced that they will report Q1, 2024 results on Apr 27, 2024 Announcement • Feb 09
Ningbo Water Meter (Group) Co., LTD. (SHSE:603700) announces an Equity Buyback for CNY 50 million worth of its shares. Ningbo Water Meter (Group) Co., LTD. (SHSE:603700) announces a share repurchase program. Under the program, the company will repurchase up to CNY 50 million worth of its shares. The shares will be repurchased at a price not more than CNY 18 per share. The purpose of repurchase program is improving quality, increasing efficiency and focusing on returns. The repurchased shares will be used for employee stock ownership plan or equity incentives. The repurchases will be made from company's own funds. The authorization will be valid for a period of 12 months. Valuation Update With 7 Day Price Move • Feb 06
Investor sentiment deteriorates as stock falls 24% After last week's 24% share price decline to CN¥9.08, the stock trades at a trailing P/E ratio of 12.7x. Average trailing P/E is 30x in the Electronic industry in China. Total loss to shareholders of 58% over the past three years. Valuation Update With 7 Day Price Move • Jan 23
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to CN¥12.11, the stock trades at a trailing P/E ratio of 16.9x. Average trailing P/E is 39x in the Electronic industry in China. Total loss to shareholders of 48% over the past three years. Announcement • Dec 29
Ningbo Water Meter (Group) Co., LTD. to Report Fiscal Year 2023 Results on Apr 16, 2024 Ningbo Water Meter (Group) Co., LTD. announced that they will report fiscal year 2023 results on Apr 16, 2024 Reported Earnings • Oct 27
Third quarter 2023 earnings released: EPS: CN¥0.16 (vs CN¥0.12 in 3Q 2022) Third quarter 2023 results: EPS: CN¥0.16 (up from CN¥0.12 in 3Q 2022). Revenue: CN¥447.5m (up 18% from 3Q 2022). Net income: CN¥30.5m (up 30% from 3Q 2022). Profit margin: 6.8% (up from 6.2% in 3Q 2022). Over the last 3 years on average, earnings per share has fallen by 30% per year but the company’s share price has only fallen by 21% per year, which means it has not declined as severely as earnings. Buying Opportunity • Sep 21
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 2.2%. The fair value is estimated to be CN¥17.60, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 27%. Reported Earnings • Aug 25
Second quarter 2023 earnings released: EPS: CN¥0.20 (vs CN¥0.17 in 2Q 2022) Second quarter 2023 results: EPS: CN¥0.20 (up from CN¥0.17 in 2Q 2022). Revenue: CN¥498.9m (up 17% from 2Q 2022). Net income: CN¥41.0m (up 17% from 2Q 2022). Profit margin: 8.2% (in line with 2Q 2022). Over the last 3 years on average, earnings per share has fallen by 27% per year whereas the company’s share price has fallen by 29% per year. Upcoming Dividend • Jun 19
Upcoming dividend of CN¥0.30 per share at 2.1% yield Eligible shareholders must have bought the stock before 26 June 2023. Payment date: 26 June 2023. Payout ratio is a comfortable 46% but the company is not cash flow positive. Trailing yield: 2.1%. Within top quartile of Chinese dividend payers (2.0%). Higher than average of industry peers (1.2%). Reported Earnings • Oct 26
Third quarter 2022 earnings released: EPS: CN¥0.12 (vs CN¥0.23 in 3Q 2021) Third quarter 2022 results: EPS: CN¥0.12 (down from CN¥0.23 in 3Q 2021). Revenue: CN¥378.2m (down 13% from 3Q 2021). Net income: CN¥23.5m (down 50% from 3Q 2021). Profit margin: 6.2% (down from 11% in 3Q 2021). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 19% p.a. on average during the next 3 years, compared to a 20% growth forecast for the Electronic industry in China. 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 8% per year. Reported Earnings • Aug 26
Second quarter 2022 earnings released: EPS: CN¥0.17 (vs CN¥0.37 in 2Q 2021) Second quarter 2022 results: EPS: CN¥0.17 (down from CN¥0.37 in 2Q 2021). Revenue: CN¥425.3m (down 7.0% from 2Q 2021). Net income: CN¥35.1m (down 54% from 2Q 2021). Profit margin: 8.2% (down from 17% in 2Q 2021). The decrease in margin was primarily driven by lower revenue. Over the next year, revenue is forecast to grow 12%, compared to a 25% growth forecast for the Electronic industry in China. Over the last 3 years on average, earnings per share has increased by 2% per year whereas the company’s share price has fallen by 2% per year. Reported Earnings • Apr 30
First quarter 2022 earnings released: EPS: CN¥0.03 (vs CN¥0.21 in 1Q 2021) First quarter 2022 results: EPS: CN¥0.03 (down from CN¥0.21 in 1Q 2021). Revenue: CN¥244.4m (down 14% from 1Q 2021). Net income: CN¥5.97m (down 86% from 1Q 2021). Profit margin: 2.4% (down from 15% in 1Q 2021). 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 11% per year, which means it is significantly lagging earnings. Reported Earnings • Apr 01
Full year 2021 earnings released: EPS: CN¥1.16 (vs CN¥1.34 in FY 2020) Full year 2021 results: EPS: CN¥1.16 (down from CN¥1.34 in FY 2020). Revenue: CN¥1.72b (up 8.0% from FY 2020). Net income: CN¥235.4m (down 14% from FY 2020). Profit margin: 14% (down from 17% in FY 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Mar 03
Investor sentiment improved over the past week After last week's 22% share price gain to CN¥21.87, the stock trades at a trailing P/E ratio of 17.4x. Average trailing P/E is 40x in the Electronic industry in China. Total loss to shareholders of 12% over the past three years. Reported Earnings • Oct 28
Third quarter 2021 earnings released: EPS CN¥0.23 (vs CN¥0.32 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¥435.9m (up 7.3% from 3Q 2020). Net income: CN¥46.9m (down 28% from 3Q 2020). Profit margin: 11% (down from 16% in 3Q 2020). The decrease in margin was driven by higher expenses. Announcement • Sep 09
Ningbo Water Meter (Group) Co., LTD. (SHSE:603700) announces an Equity Buyback for CNY 100 million worth of its shares. Ningbo Water Meter (Group) Co., LTD. (SHSE:603700) announces a share repurchase program. Under the program, the company will repurchase up to no more than CNY 100 million worth of its A shares. The shares will be repurchased at a price of CNY 30 per share. The purpose of the share repurchases is for equity incentive plan. The company will use its own funds. The program is valid for 12 months. Reported Earnings • Aug 18
Second quarter 2021 earnings released: EPS CN¥0.37 (vs CN¥0.42 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¥457.5m (up 9.0% from 2Q 2020). Net income: CN¥75.4m (down 10% from 2Q 2020). Profit margin: 17% (down from 20% in 2Q 2020). The decrease in margin was driven by higher expenses. Reported Earnings • Apr 20
Full year 2020 earnings released: EPS CN¥1.34 (vs CN¥1.07 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: CN¥1.59b (up 16% from FY 2019). Net income: CN¥273.1m (up 29% from FY 2019). Profit margin: 17% (up from 16% in FY 2019). The increase in margin was driven by higher revenue. Is New 90 Day High Low • Jan 25
New 90-day low: CN¥26.52 The company is down 7.0% from its price of CN¥28.58 on 27 October 2020. The Chinese market is up 12% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electronic industry, which is up 9.0% over the same period. Is New 90 Day High Low • Dec 24
New 90-day low: CN¥26.85 The company is down 16% from its price of CN¥31.95 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 Electronic industry, which is up 3.0% over the same period. Is New 90 Day High Low • Nov 17
New 90-day low: CN¥27.20 The company is down 26% from its price of CN¥36.87 on 19 August 2020. The Chinese market is down 3.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electronic industry, which is down 2.0% over the same period. Reported Earnings • Oct 30
Third quarter earnings released Over the last 12 months the company has reported total profits of CN¥260.6m, up 54% from the prior year. Total revenue was CN¥1.52b over the last 12 months, up 25% from the prior year. Announcement • Oct 29
Ningbo Water Meter (Group) Co., LTD. to Report Q3, 2020 Results on Oct 30, 2020 Ningbo Water Meter (Group) Co., LTD. announced that they will report Q3, 2020 results on Oct 30, 2020 Is New 90 Day High Low • Oct 21
New 90-day low: CN¥28.32 The company is down 12% from its price of CN¥32.06 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 Electronic industry, which is down 1.0% over the same period. Announcement • Jul 08
Ningbo Water Meter Group Co., Ltd. to Report First Half, 2020 Results on Aug 18, 2020 Ningbo Water Meter Group Co., Ltd. announced that they will report first half, 2020 results on Aug 18, 2020 
