Valuation Update With 7 Day Price Move • Jul 16
Investor sentiment deteriorates as stock falls 26% After last week's 26% share price decline to CN¥70.79, the stock trades at a trailing P/E ratio of 50.3x. Average trailing P/E is 68x in the Electronic industry in China. Total returns to shareholders of 113% over the past year. Announcement • Jun 30
Shenzhen Newway Photomask Making Co., Ltd to Report First Half, 2026 Results on Aug 26, 2026 Shenzhen Newway Photomask Making Co., Ltd announced that they will report first half, 2026 results on Aug 26, 2026 Valuation Update With 7 Day Price Move • Jun 29
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to CN¥94.56, the stock trades at a trailing P/E ratio of 67.2x. Average trailing P/E is 80x in the Electronic industry in China. Total returns to shareholders of 174% over the past year. Declared Dividend • Jun 06
Dividend increased to CN¥0.40 Dividend of CN¥0.40 is 33% higher than last year. Ex-date: 10th June 2026 Payment date: 10th 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 (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 38% per year over the past 3 years and payments have been stable during that time. Earnings per share has grown by 43% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Valuation Update With 7 Day Price Move • May 28
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to CN¥86.54, the stock trades at a trailing P/E ratio of 61.5x. Average trailing P/E is 78x in the Electronic industry in China. Total returns to shareholders of 176% over the past year. New Risk • May 25
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. Board Change • May 20
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 5 non-independent directors. Independent Director Yuzhou Li was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Apr 16
Shenzhen Newway Photomask Making Co., Ltd, Annual General Meeting, May 08, 2026 Shenzhen Newway Photomask Making Co., Ltd, Annual General Meeting, May 08, 2026, at 14:00 China Standard Time. Location: 9F, Building A, No. 5035, Menghai Avenue, Guiwan Community, Nanshan Subdistrict, Nanshan District, Shenzhen, Guangdong China Announcement • Mar 30
Shenzhen Newway Photomask Making Co., Ltd to Report Q1, 2026 Results on Apr 30, 2026 Shenzhen Newway Photomask Making Co., Ltd announced that they will report Q1, 2026 results on Apr 30, 2026 Announcement • Dec 26
Shenzhen Newway Photomask Making Co., Ltd to Report Fiscal Year 2025 Results on Apr 17, 2026 Shenzhen Newway Photomask Making Co., Ltd announced that they will report fiscal year 2025 results on Apr 17, 2026 Announcement • Sep 30
Shenzhen Newway Photomask Making Co., Ltd to Report Q3, 2025 Results on Oct 31, 2025 Shenzhen Newway Photomask Making Co., Ltd announced that they will report Q3, 2025 results on Oct 31, 2025 Announcement • Jun 30
Shenzhen Newway Photomask Making Co., Ltd to Report First Half, 2025 Results on Aug 29, 2025 Shenzhen Newway Photomask Making Co., Ltd announced that they will report first half, 2025 results on Aug 29, 2025 Announcement • Apr 20
Shenzhen Newway Photomask Making Co., Ltd, Annual General Meeting, May 09, 2025 Shenzhen Newway Photomask Making Co., Ltd, Annual General Meeting, May 09, 2025, at 14:00 China Standard Time. Location: 9F, Building A, No. 5035, Menghai Avenue, Guiwan Community, Nanshan District, Shenzhen, Guangdong China Announcement • Mar 28
Shenzhen Newway Photomask Making Co., Ltd to Report Q1, 2025 Results on Apr 29, 2025 Shenzhen Newway Photomask Making Co., Ltd announced that they will report Q1, 2025 results on Apr 29, 2025 Announcement • Dec 27
Shenzhen Newway Photomask Making Co., Ltd to Report Fiscal Year 2024 Results on Apr 26, 2025 Shenzhen Newway Photomask Making Co., Ltd announced that they will report fiscal year 2024 results on Apr 26, 2025 Valuation Update With 7 Day Price Move • Nov 11
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to CN¥31.20, the stock trades at a forward P/E ratio of 25x. Average forward P/E is 26x in the Electronic industry in China. Total returns to shareholders of 3.9% over the past year. Reported Earnings • Oct 31
Third quarter 2024 earnings released: EPS: CN¥0.20 (vs CN¥0.19 in 3Q 2023) Third quarter 2024 results: EPS: CN¥0.20 (up from CN¥0.19 in 3Q 2023). Revenue: CN¥206.8m (up 19% from 3Q 2023). Net income: CN¥38.6m (up 2.4% from 3Q 2023). Profit margin: 19% (down from 22% in 3Q 2023). Revenue is forecast to grow 28% p.a. on average during the next 3 years, compared to a 18% growth forecast for the Electronic industry in China. Valuation Update With 7 Day Price Move • Oct 15
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to CN¥25.11, the stock trades at a forward P/E ratio of 20x. Average forward P/E is 23x in the Electronic industry in China. Total loss to shareholders of 16% over the past year. Valuation Update With 7 Day Price Move • Sep 30
Investor sentiment improves as stock rises 33% After last week's 33% share price gain to CN¥25.33, the stock trades at a forward P/E ratio of 20x. Average forward P/E is 21x in the Electronic industry in China. Total loss to shareholders of 17% over the past year. Announcement • Sep 30
Shenzhen Newway Photomask Making Co., Ltd to Report Q3, 2024 Results on Oct 26, 2024 Shenzhen Newway Photomask Making Co., Ltd announced that they will report Q3, 2024 results on Oct 26, 2024 New Risk • Sep 15
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. 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. Reported Earnings • Aug 27
Second quarter 2024 earnings released: EPS: CN¥0.22 (vs CN¥0.23 in 2Q 2023) Second quarter 2024 results: EPS: CN¥0.22 (down from CN¥0.23 in 2Q 2023). Revenue: CN¥218.9m (up 27% from 2Q 2023). Net income: CN¥41.3m (down 2.1% from 2Q 2023). Profit margin: 19% (down from 25% in 2Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 27% p.a. on average during the next 3 years, compared to a 18% growth forecast for the Electronic industry in China. Announcement • Jun 28
Shenzhen Newway Photomask Making Co., Ltd to Report First Half, 2024 Results on Aug 27, 2024 Shenzhen Newway Photomask Making Co., Ltd announced that they will report first half, 2024 results on Aug 27, 2024 Reported Earnings • Apr 27
Full year 2023 earnings released: EPS: CN¥0.77 (vs CN¥0.74 in FY 2022) Full year 2023 results: EPS: CN¥0.77 (up from CN¥0.74 in FY 2022). Revenue: CN¥672.4m (up 5.1% from FY 2022). Net income: CN¥148.8m (up 24% from FY 2022). Profit margin: 22% (up from 19% in FY 2022). Revenue is forecast to grow 36% p.a. on average during the next 2 years, compared to a 17% growth forecast for the Electronic industry in China. Announcement • Apr 27
Shenzhen Newway Photomask Making Co., Ltd, Annual General Meeting, May 16, 2024 Shenzhen Newway Photomask Making Co., Ltd, Annual General Meeting, May 16, 2024, at 14:00 China Standard Time. Location: The Company's Meeting Room, Chengdu, Sichuan China Announcement • Mar 30
Shenzhen Newway Photomask Making Co., Ltd to Report Q1, 2024 Results on Apr 29, 2024 Shenzhen Newway Photomask Making Co., Ltd announced that they will report Q1, 2024 results on Apr 29, 2024 Reported Earnings • Feb 01
Full year 2023 earnings released: EPS: CN¥0.78 (vs CN¥0.74 in FY 2022) Full year 2023 results: EPS: CN¥0.78 (up from CN¥0.74 in FY 2022). Revenue: CN¥672.4m (up 5.1% from FY 2022). Net income: CN¥151.5m (up 27% from FY 2022). Profit margin: 23% (up from 19% in FY 2022). Revenue is forecast to grow 36% p.a. on average during the next 2 years, compared to a 19% growth forecast for the Electronic industry in China. Valuation Update With 7 Day Price Move • Dec 12
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to CN¥33.23, the stock trades at a forward P/E ratio of 25x. Average forward P/E is 23x in the Electronic industry in China. Simply Wall St's valuation model estimates the intrinsic value at CN¥24.79 per share. Reported Earnings • Oct 26
Third quarter 2023 earnings released: EPS: CN¥0.19 (vs CN¥0.36 in 3Q 2022) Third quarter 2023 results: EPS: CN¥0.19 (down from CN¥0.36 in 3Q 2022). Revenue: CN¥173.8m (down 13% from 3Q 2022). Net income: CN¥37.7m (down 3.4% from 3Q 2022). Profit margin: 22% (up from 20% in 3Q 2022). The increase in margin was driven by lower expenses. Revenue is forecast to grow 34% p.a. on average during the next 3 years, compared to a 20% growth forecast for the Electronic industry in China. 
