Valuation Update With 7 Day Price Move • Jul 14
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to CN¥48.16, the stock trades at a forward P/E ratio of 47x. Average forward P/E is 37x in the Electronic industry in China. Total returns to shareholders of 130% over the past three years. Announcement • Jun 30
Shenzhen Qingyi Photomask Limited to Report First Half, 2026 Results on Aug 26, 2026 Shenzhen Qingyi Photomask Limited announced that they will report first half, 2026 results on Aug 26, 2026 New Risk • Jun 29
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 8.7% 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: Major Risk High level of non-cash earnings (41% accrual ratio). Minor Risk Share price has been volatile over the past 3 months (8.7% average weekly change). Valuation Update With 7 Day Price Move • Jun 29
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to CN¥47.05, the stock trades at a forward P/E ratio of 46x. Average forward P/E is 44x in the Electronic industry in China. Total returns to shareholders of 123% over the past three years. Declared Dividend • Jun 22
Dividend of CN¥0.09 announced Shareholders will receive a dividend of CN¥0.09. Ex-date: 23rd June 2026 Payment date: 23rd June 2026 Dividend yield will be 0.5%, which is lower than the industry average of 1.8%. Sustainability & Growth Dividend is covered by earnings (29% 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 14% per year over the past 6 years. However, payments have been volatile during that time. EPS is expected to grow by 37% over the next year, which should provide support to the dividend and adequate earnings cover. Valuation Update With 7 Day Price Move • Jun 11
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to CN¥36.75, the stock trades at a forward P/E ratio of 36x. Average forward P/E is 39x in the Electronic industry in China. Total returns to shareholders of 63% over the past three years. Reported Earnings • Apr 27
Full year 2025 earnings: EPS and revenues miss analyst expectations Full year 2025 results: EPS: CN¥0.63. Revenue: CN¥1.24b (up 12% from FY 2024). Net income: CN¥187.3m (up 8.9% from FY 2024). Profit margin: 15% (in line with FY 2024). Revenue missed analyst estimates by 11%. Earnings per share (EPS) also missed analyst estimates by 15%. Revenue is forecast to grow 23% p.a. on average during the next 2 years, compared to a 23% growth forecast for the Electronic industry in China. Announcement • Apr 27
Shenzhen Qingyi Photomask Limited, Annual General Meeting, May 18, 2026 Shenzhen Qingyi Photomask Limited, Annual General Meeting, May 18, 2026, at 14:00 China Standard Time. Location: The Company's Meeting Room, Shenzhen, Guangdong China Announcement • Mar 30
Shenzhen Qingyi Photomask Limited to Report Q1, 2026 Results on Apr 27, 2026 Shenzhen Qingyi Photomask Limited announced that they will report Q1, 2026 results on Apr 27, 2026 Reported Earnings • Mar 05
Full year 2025 earnings: EPS and revenues miss analyst expectations Full year 2025 results: EPS: CN¥0.63. Revenue: CN¥1.24b (up 12% from FY 2024). Net income: CN¥187.2m (up 8.8% from FY 2024). Profit margin: 15% (in line with FY 2024). Revenue missed analyst estimates by 11%. Earnings per share (EPS) also missed analyst estimates by 15%. Revenue is forecast to grow 25% p.a. on average during the next 2 years, compared to a 24% growth forecast for the Electronic industry in China. Announcement • Dec 26
Shenzhen Qingyi Photomask Limited to Report Fiscal Year 2025 Results on Apr 27, 2026 Shenzhen Qingyi Photomask Limited announced that they will report fiscal year 2025 results on Apr 27, 2026 Reported Earnings • Oct 31
Third quarter 2025 earnings released: EPS: CN¥0.21 (vs CN¥0.12 in 3Q 2024) Third quarter 2025 results: EPS: CN¥0.21 (up from CN¥0.12 in 3Q 2024). Revenue: CN¥306.3m (up 15% from 3Q 2024). Net income: CN¥51.7m (up 64% from 3Q 2024). Profit margin: 17% (up from 12% in 3Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 25% p.a. on average during the next 3 years, compared to a 22% growth forecast for the Electronic industry in China. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Oct 20
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to CN¥28.80, the stock trades at a forward P/E ratio of 31x. Average forward P/E is 30x in the Electronic industry in China. Total returns to shareholders of 37% over the past three years. Upcoming Dividend • Oct 09
Upcoming dividend of CN¥0.09 per share Eligible shareholders must have bought the stock before 16 October 2025. Payment date: 16 October 2025. Payout ratio is a comfortable 43% but the company is not cash flow positive. Trailing yield: 0.5%. Lower than top quartile of Chinese dividend payers (1.9%). Lower than average of industry peers (0.8%). Announcement • Sep 30
Shenzhen Qingyi Photomask Limited to Report Q3, 2025 Results on Oct 31, 2025 Shenzhen Qingyi Photomask Limited announced that they will report Q3, 2025 results on Oct 31, 2025 Announcement • Jun 30
Shenzhen Qingyi Photomask Limited to Report First Half, 2025 Results on Aug 26, 2025 Shenzhen Qingyi Photomask Limited announced that they will report first half, 2025 results on Aug 26, 2025 Declared Dividend • Jun 23
Dividend increased to CN¥0.17 Dividend of CN¥0.17 is 6.3% higher than last year. Ex-date: 25th June 2025 Payment date: 25th June 2025 Dividend yield will be 0.7%, which is lower than the industry average of 1.8%. Sustainability & Growth Dividend is covered by earnings (26% 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 16% per year over the past 5 years. However, payments have been volatile during that time. EPS is expected to grow by 23% over the next year, which should provide support to the dividend and adequate earnings cover. New Risk • May 09
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 17% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Minor Risks Paying a dividend despite having no free cash flows. Shareholders have been diluted in the past year (17% increase in shares outstanding). Announcement • Apr 30
Shenzhen Qingyi Photomask Limited, Annual General Meeting, May 26, 2025 Shenzhen Qingyi Photomask Limited, Annual General Meeting, May 26, 2025, at 14:00 China Standard Time. Location: The Company's Meeting Room, Shenzhen, Guangdong China Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to CN¥22.59, the stock trades at a forward P/E ratio of 31x. Average forward P/E is 23x in the Electronic industry in China. Total returns to shareholders of 72% over the past three years. Announcement • Mar 28
Shenzhen Qingyi Photomask Limited to Report Q1, 2025 Results on Apr 30, 2025 Shenzhen Qingyi Photomask Limited announced that they will report Q1, 2025 results on Apr 30, 2025 New Risk • Mar 18
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 Paying a dividend despite having no free cash flows. Reported Earnings • Feb 27
Full year 2024 earnings released: EPS: CN¥0.65 (vs CN¥0.50 in FY 2023) Full year 2024 results: EPS: CN¥0.65 (up from CN¥0.50 in FY 2023). Revenue: CN¥1.11b (up 20% from FY 2023). Net income: CN¥172.4m (up 29% from FY 2023). Profit margin: 16% (up from 14% in FY 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 41% per year but the company’s share price has only increased by 20% per year, which means it is significantly lagging earnings growth. New Risk • Jan 17
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 9.4% 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 (28% accrual ratio). Minor Risk Share price has been volatile over the past 3 months (9.4% average weekly change). Valuation Update With 7 Day Price Move • Jan 17
Investor sentiment improves as stock rises 35% After last week's 35% share price gain to CN¥28.87, the stock trades at a trailing P/E ratio of 47.9x. Average trailing P/E is 46x in the Electronic industry in China. Total returns to shareholders of 60% over the past three years. Announcement • Dec 27
Shenzhen Qingyi Photomask Limited to Report Fiscal Year 2024 Results on Apr 30, 2025 Shenzhen Qingyi Photomask Limited announced that they will report fiscal year 2024 results on Apr 30, 2025 Valuation Update With 7 Day Price Move • Nov 08
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to CN¥27.98, the stock trades at a forward P/E ratio of 35x. Average forward P/E is 25x in the Electronic industry in China. Total returns to shareholders of 64% over the past three years. Reported Earnings • Oct 31
Third quarter 2024 earnings released: EPS: CN¥0.12 (vs CN¥0.15 in 3Q 2023) Third quarter 2024 results: EPS: CN¥0.12 (down from CN¥0.15 in 3Q 2023). Revenue: CN¥265.9m (up 6.2% from 3Q 2023). Net income: CN¥31.6m (down 24% from 3Q 2023). Profit margin: 12% (down from 17% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 22% p.a. on average during the next 3 years, compared to a 18% growth forecast for the Electronic industry in China. Over the last 3 years on average, earnings per share has increased by 44% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. New Risk • Sep 30
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 6.9% 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: Major Risk High level of non-cash earnings (23% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (6.9% average weekly change). Announcement • Sep 30
Shenzhen Qingyi Photomask Limited to Report Q3, 2024 Results on Oct 31, 2024 Shenzhen Qingyi Photomask Limited announced that they will report Q3, 2024 results on Oct 31, 2024 Valuation Update With 7 Day Price Move • Sep 30
Investor sentiment improves as stock rises 32% After last week's 32% share price gain to CN¥21.79, the stock trades at a forward P/E ratio of 29x. Average forward P/E is 21x in the Electronic industry in China. Total returns to shareholders of 44% over the past three years. Reported Earnings • Aug 31
Second quarter 2024 earnings released: EPS: CN¥0.14 (vs CN¥0.13 in 2Q 2023) Second quarter 2024 results: EPS: CN¥0.14 (up from CN¥0.13 in 2Q 2023). Revenue: CN¥289.1m (up 23% from 2Q 2023). Net income: CN¥39.3m (up 16% from 2Q 2023). Profit margin: 14% (in line with 2Q 2023). Revenue is forecast to grow 21% p.a. on average during the next 3 years, compared to a 18% growth forecast for the Electronic industry in China. Over the last 3 years on average, earnings per share has increased by 45% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. New Risk • Jul 23
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: Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (7.3% average weekly change). Announcement • Jun 29
Shenzhen Qingyi Photomask Limited to Report First Half, 2024 Results on Aug 30, 2024 Shenzhen Qingyi Photomask Limited announced that they will report first half, 2024 results on Aug 30, 2024 Announcement • Apr 30
Shenzhen Qingyi Photomask Limited, Annual General Meeting, May 22, 2024 Shenzhen Qingyi Photomask Limited, Annual General Meeting, May 22, 2024, at 14:00 China Standard Time. Location: The Company's Meeting Room, Shenzhen, Guangdong China Reported Earnings • Apr 28
First quarter 2024 earnings released: EPS: CN¥0.19 (vs CN¥0.07 in 1Q 2023) First quarter 2024 results: EPS: CN¥0.19 (up from CN¥0.07 in 1Q 2023). Revenue: CN¥271.8m (up 49% from 1Q 2023). Net income: CN¥49.6m (up 155% from 1Q 2023). Profit margin: 18% (up from 11% in 1Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 19% p.a. on average during the next 2 years, compared to a 18% growth forecast for the Electronic industry in China. Over the last 3 years on average, earnings per share has increased by 39% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Announcement • Mar 29
Shenzhen Qingyi Photomask Limited to Report Q1, 2024 Results on Apr 27, 2024 Shenzhen Qingyi Photomask Limited announced that they will report Q1, 2024 results on Apr 27, 2024 Announcement • Feb 19
Shenzhen Qingyi Photomask Limited (SHSE:688138) announces an Equity Buyback for CNY 50 million worth of its shares. Shenzhen Qingyi Photomask Limited (SHSE:688138) 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 no more than CNY 26.92 per share. The purpose of the program is to use the repurchased shares for ESOP or equity incentives. The plan will be valid for 12 months. Valuation Update With 7 Day Price Move • Feb 01
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to CN¥15.30, the stock trades at a forward P/E ratio of 23x. Average forward P/E is 17x in the Electronic industry in China. Total loss to shareholders of 15% over the past three years. Valuation Update With 7 Day Price Move • Dec 06
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to CN¥21.00, the stock trades at a forward P/E ratio of 30x. Average forward P/E is 22x in the Electronic industry in China. Total loss to shareholders of 11% over the past three years. New Risk • Nov 06
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 30% 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 Share price has been volatile over the past 3 months (6.9% average weekly change). Large one-off items impacting financial results. Reported Earnings • Oct 27
Third quarter 2023 earnings released: EPS: CN¥0.15 (vs CN¥0.11 in 3Q 2022) Third quarter 2023 results: EPS: CN¥0.15 (up from CN¥0.11 in 3Q 2022). Revenue: CN¥250.4m (up 22% from 3Q 2022). Net income: CN¥41.3m (up 37% from 3Q 2022). Profit margin: 17% (up from 15% in 3Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Sep 08
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to CN¥23.41, the stock trades at a trailing P/E ratio of 55.1x. Average trailing P/E is 44x in the Electronic industry in China. Total loss to shareholders of 10% over the past three years. Reported Earnings • Aug 25
Second quarter 2023 earnings released: EPS: CN¥0.13 (vs CN¥0.10 in 2Q 2022) Second quarter 2023 results: EPS: CN¥0.13 (up from CN¥0.10 in 2Q 2022). Revenue: CN¥234.4m (up 21% from 2Q 2022). Net income: CN¥33.9m (up 32% from 2Q 2022). Profit margin: 14% (up from 13% in 2Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has fallen by 16% per year, which means it is significantly lagging earnings. Reported Earnings • Apr 29
First quarter 2023 earnings released: EPS: CN¥0.07 (vs CN¥0.05 in 1Q 2022) First quarter 2023 results: EPS: CN¥0.07 (up from CN¥0.05 in 1Q 2022). Revenue: CN¥183.0m (up 23% from 1Q 2022). Net income: CN¥19.4m (up 46% from 1Q 2022). Profit margin: 11% (up from 8.9% in 1Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 3% per year whereas the company’s share price has increased by 7% per year. Valuation Update With 7 Day Price Move • Mar 23
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to CN¥24.35, the stock trades at a trailing P/E ratio of 78.6x. Average trailing P/E is 39x in the Electronic industry in China. Total returns to shareholders of 25% over the past three years. Valuation Update With 7 Day Price Move • Oct 26
Investor sentiment improved over the past week After last week's 21% share price gain to CN¥21.54, the stock trades at a trailing P/E ratio of 69.5x. Average trailing P/E is 32x in the Electronic industry in China. Total returns to shareholders of 48% over the past year. Reported Earnings • Oct 21
Third quarter 2022 earnings released: EPS: CN¥0.11 (vs CN¥0.04 in 3Q 2021) Third quarter 2022 results: EPS: CN¥0.11 (up from CN¥0.04 in 3Q 2021). Revenue: CN¥205.6m (up 29% from 3Q 2021). Net income: CN¥30.2m (up 194% from 3Q 2021). Profit margin: 15% (up from 6.4% in 3Q 2021). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • Oct 11
Investor sentiment deteriorated over the past week After last week's 21% share price decline to CN¥15.74, the stock trades at a trailing P/E ratio of 66.9x. Average trailing P/E is 29x in the Electronic industry in China. Total returns to shareholders of 2.3% over the past year. Reported Earnings • Aug 26
Second quarter 2022 earnings released: EPS: CN¥0.10 (vs CN¥0.03 in 2Q 2021) Second quarter 2022 results: EPS: CN¥0.10 (up from CN¥0.03 in 2Q 2021). Revenue: CN¥193.3m (up 65% from 2Q 2021). Net income: CN¥25.7m (up 219% from 2Q 2021). Profit margin: 13% (up from 6.9% in 2Q 2021). The increase in margin was driven by higher revenue. Reported Earnings • Apr 27
Full year 2021 earnings released: EPS: CN¥0.17 (vs CN¥0.29 in FY 2020) Full year 2021 results: EPS: CN¥0.17 (down from CN¥0.29 in FY 2020). Revenue: CN¥543.9m (up 12% from FY 2020). Net income: CN¥44.5m (down 42% from FY 2020). Profit margin: 8.2% (down from 16% in FY 2020). Reported Earnings • Oct 26
Third quarter 2021 earnings released: EPS CN¥0.04 (vs CN¥0.09 in 3Q 2020) The company reported a mediocre third quarter result with weaker earnings and profit margins, although revenues improved. Third quarter 2021 results: Revenue: CN¥159.5m (up 31% from 3Q 2020). Net income: CN¥10.3m (down 56% from 3Q 2020). Profit margin: 6.4% (down from 19% in 3Q 2020). The decrease in margin was driven by higher expenses. Reported Earnings • Aug 27
Second quarter 2021 earnings released: EPS CN¥0.03 (vs CN¥0.092 in 2Q 2020) The company reported a poor second quarter result with weaker earnings, revenues and profit margins. Second quarter 2021 results: Revenue: CN¥116.9m (down 15% from 2Q 2020). Net income: CN¥8.06m (down 65% from 2Q 2020). Profit margin: 6.9% (down from 17% in 2Q 2020). The decrease in margin was driven by lower revenue. Valuation Update With 7 Day Price Move • Jul 23
Investor sentiment improved over the past week After last week's 15% share price gain to CN¥21.80, the stock trades at a trailing P/E ratio of 77.5x. Average trailing P/E is 40x in the Electronic industry in China. Total loss to shareholders of 30% over the past year. Valuation Update With 7 Day Price Move • May 28
Investor sentiment improved over the past week After last week's 17% share price gain to CN¥17.80, the stock trades at a trailing P/E ratio of 63.3x. Average trailing P/E is 36x in the Electronic industry in China. Total loss to shareholders of 26% over the past year. Reported Earnings • Apr 11
Full year 2020 earnings released: EPS CN¥0.29 (vs CN¥0.34 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: CN¥487.2m (up 1.6% from FY 2019). Net income: CN¥76.3m (up 8.5% from FY 2019). Profit margin: 16% (up from 15% in FY 2019). Is New 90 Day High Low • Jan 28
New 90-day low: CN¥19.97 The company is down 28% from its price of CN¥27.76 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 Electronic industry, which is up 5.0% over the same period. Is New 90 Day High Low • Dec 28
New 90-day low: CN¥21.70 The company is down 25% from its price of CN¥29.00 on 29 September 2020. The Chinese market is up 6.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electronic industry, which is up 4.0% over the same period. Is New 90 Day High Low • Dec 07
New 90-day low: CN¥25.34 The company is down 14% from its price of CN¥29.48 on 08 September 2020. The Chinese market is up 3.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electronic industry, which is up 2.0% over the same period. Announcement • Jul 08
Shenzhen Qingyi Photomask Limited to Report First Half, 2020 Results on Aug 20, 2020 Shenzhen Qingyi Photomask Limited announced that they will report first half, 2020 results on Aug 20, 2020 
