Valuation Update With 7 Day Price Move • Jul 16
Investor sentiment deteriorates as stock falls 23% After last week's 23% share price decline to CN¥36.75, the stock trades at a forward P/E ratio of 36x. Average forward P/E is 37x in the Electronic industry in China. Total returns to shareholders of 84% 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 19
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. Board Change • May 20
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 7 experienced directors. 4 highly experienced directors. 4 independent directors (7 non-independent directors). Independent Director Jian Sheng Xu was the last independent director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Announcement • Apr 26
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 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 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 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 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 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 19% over the past year. 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. 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 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. 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. 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¥15.25, the stock trades at a forward P/E ratio of 23x. Average forward P/E is 17x in the Electronic industry in China. 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. New Risk • Nov 05
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 28
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. 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. New Risk • Sep 01
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 Dividend is not well covered by cash flows (114% cash payout ratio). Large one-off items impacting financial results. 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. 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. 
