Announcement • Aug 14
Baoye Group Company Limited to Report First Half, 2026 Results on Aug 28, 2026 Baoye Group Company Limited announced that they will report first half, 2026 results on Aug 28, 2026 New Risk • Jul 06
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: 3.0% 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 18% per year over the past 5 years. Minor Risk Paying a dividend despite having no free cash flows. Valuation Update With 7 Day Price Move • May 11
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to HK$4.66, the stock trades at a trailing P/E ratio of 7.3x. Average trailing P/E is 13x in the Construction industry in Hong Kong. Total returns to shareholders of 14% over the past three years. Declared Dividend • Mar 29
Dividend of CN¥0.085 announced Shareholders will receive a dividend of CN¥0.085. Ex-date: 25th June 2026 Payment date: 1st January 1970 Dividend yield will be 2.2%, which is lower than the industry average of 6.2%. Sustainability & Growth Dividend is covered by earnings (35% 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 1.3% 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 61% to shift the payout ratio to a potentially unsustainable range, which is more than the 17% EPS decline seen over the last 5 years. Reported Earnings • Mar 28
Full year 2025 earnings released: EPS: CN¥0.56 (vs CN¥0.79 in FY 2024) Full year 2025 results: EPS: CN¥0.56 (down from CN¥0.79 in FY 2024). Revenue: CN¥19.9b (down 11% from FY 2024). Net income: CN¥289.6m (down 29% from FY 2024). Profit margin: 1.5% (down from 1.8% in FY 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 47% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Announcement • Mar 28
Baoye Group Company Limited, Annual General Meeting, Jun 18, 2026 Baoye Group Company Limited, Annual General Meeting, Jun 18, 2026. Announcement • Mar 13
Baoye Group Company Limited to Report Fiscal Year 2025 Results on Mar 27, 2026 Baoye Group Company Limited announced that they will report fiscal year 2025 results on Mar 27, 2026 Reported Earnings • Sep 02
First half 2025 earnings released: EPS: CN¥0.27 (vs CN¥0.72 in 1H 2024) First half 2025 results: EPS: CN¥0.27 (down from CN¥0.72 in 1H 2024). Revenue: CN¥8.50b (down 33% from 1H 2024). Net income: CN¥141.0m (down 62% from 1H 2024). Profit margin: 1.7% (down from 2.9% in 1H 2024). 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 increased by 4% per year, which means it is well ahead of earnings. Announcement • Aug 15
Baoye Group Company Limited to Report First Half, 2025 Results on Aug 29, 2025 Baoye Group Company Limited announced that they will report first half, 2025 results on Aug 29, 2025 Announcement • Jun 13
Baoye Group Company Limited Approves Final Dividend for the Year Ended 31 December 2024, Payable on or About 14 July 2025 The Board of Baoye Group Company Limited approved the final dividend of RMB 0.12 (tax inclusive) (equivalent to approximately HKD 0.13) per share for the year ended 31 December 2024 will be paid on or about 14 July 2025. Payment will be made to the shareholders whose names appear on the register of members of the Company at the close of business on 24 June 2025. Dividends payable to holders of H Shares will be paid in Hong Kong dollars. The final dividend payable in Hong Kong dollars will be converted from RMB at the average middle rate of RMB to Hong Kong dollars as announced by the People's Bank of China for the period from 9 June 2025 to 13 June 2025, being RMB 0.91506 to HKD 1.00. Accordingly, the amount of final dividend payable for each H Share is HKD 0.13(tax inclusive). Such final dividend will be paid by Bank of China (Hong Kong) Limited, the Company's receiving agent in Hong Kong, and would be mailed by Tricor Investor Services Limited to the holders of H Shares who are entitled to receive the same by ordinary post at their own risk on or about 14 July 2025. Announcement • Mar 31
Baoye Group Company Limited Proposes Ordinary Final Distribution for the Year Ended December 31, 2024 Baoye Group Company Limited proposed ordinary final distribution of RMB 0.12 per share for the year ended December 31, 2024. Date of shareholders' approval is 13 June 2025. Ex-dividend date is 18 June 2025. Record date is 24 June 2025. Reported Earnings • Mar 30
Full year 2024 earnings released: EPS: CN¥0.79 (vs CN¥1.69 in FY 2023) Full year 2024 results: EPS: CN¥0.79 (down from CN¥1.69 in FY 2023). Revenue: CN¥22.3b (down 16% from FY 2023). Net income: CN¥409.9m (down 54% from FY 2023). Profit margin: 1.8% (down from 3.4% 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 8% per year but the company’s share price has increased by 10% per year, which means it is well ahead of earnings. Announcement • Mar 29
Baoye Group Company Limited, Annual General Meeting, Jun 13, 2025 Baoye Group Company Limited, Annual General Meeting, Jun 13, 2025. Announcement • Mar 14
Baoye Group Company Limited to Report Fiscal Year 2024 Results on Mar 28, 2025 Baoye Group Company Limited announced that they will report fiscal year 2024 results on Mar 28, 2025 Reported Earnings • Sep 02
First half 2024 earnings released: EPS: CN¥0.72 (vs CN¥1.34 in 1H 2023) First half 2024 results: EPS: CN¥0.72 (down from CN¥1.34 in 1H 2023). Revenue: CN¥12.8b (down 11% from 1H 2023). Net income: CN¥373.8m (down 47% from 1H 2023). Profit margin: 2.9% (down from 4.9% in 1H 2023). Over the last 3 years on average, earnings per share has increased by 4% per year and the company’s share price has also increased by 4% per year. New Risk • Aug 30
New major risk - Revenue and earnings growth Earnings have declined by 0.4% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 0.4% per year over the past 5 years. Minor Risks Profit margins are more than 30% lower than last year (2.2% net profit margin). Significant insider selling over the past 3 months (HK$3.7m sold). Announcement • Aug 09
Baoye Group Company Limited to Report First Half, 2024 Results on Aug 29, 2024 Baoye Group Company Limited announced that they will report first half, 2024 results on Aug 29, 2024 Recent Insider Transactions • Jun 20
Executive Director recently sold HK$3.7m worth of stock On the 19th of June, Feng Xia sold around 770k shares on-market at roughly HK$4.81 per share. This transaction amounted to 100% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of HK$29m more than they bought in the last 12 months. Reported Earnings • Apr 28
Full year 2023 earnings released: EPS: CN¥1.69 (vs CN¥1.30 in FY 2022) Full year 2023 results: EPS: CN¥1.69 (up from CN¥1.30 in FY 2022). Revenue: CN¥26.5b (up 8.4% from FY 2022). Net income: CN¥889.3m (up 26% from FY 2022). Profit margin: 3.4% (up from 2.9% in FY 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 11% per year whereas the company’s share price has increased by 10% per year. Valuation Update With 7 Day Price Move • Apr 12
Investor sentiment improves as stock rises 25% After last week's 25% share price gain to HK$5.08, the stock trades at a trailing P/E ratio of 2.7x. Average trailing P/E is 8x in the Construction industry in Hong Kong. Total returns to shareholders of 35% over the past three years. Announcement • Mar 29
Baoye Group Company Limited, Annual General Meeting, Jun 14, 2024 Baoye Group Company Limited, Annual General Meeting, Jun 14, 2024. Reported Earnings • Mar 29
Full year 2023 earnings released: EPS: CN¥1.69 (vs CN¥1.30 in FY 2022) Full year 2023 results: EPS: CN¥1.69 (up from CN¥1.30 in FY 2022). Revenue: CN¥26.5b (up 8.4% from FY 2022). Net income: CN¥889.3m (up 26% from FY 2022). Profit margin: 3.4% (up from 2.9% in FY 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Announcement • Mar 12
Baoye Group Company Limited to Report Fiscal Year 2023 Results on Mar 28, 2024 Baoye Group Company Limited announced that they will report fiscal year 2023 results on Mar 28, 2024 Recent Insider Transactions • Dec 07
Executive Director recently sold HK$4.0m worth of stock On the 6th of December, Feng Xia sold around 1m shares on-market at roughly HK$4.04 per share. This transaction amounted to 56% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger sale worth HK$5.1m. Insiders have been net sellers, collectively disposing of HK$26m more than they bought in the last 12 months. Recent Insider Transactions • Nov 08
Executive Director recently sold HK$4.7m worth of stock On the 7th of November, Feng Xia sold around 1m shares on-market at roughly HK$3.90 per share. This transaction amounted to 19% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of HK$8.8m more than they bought in the last 12 months. Reported Earnings • Aug 27
First half 2023 earnings released: EPS: CN¥1.34 (vs CN¥0.44 in 1H 2022) First half 2023 results: EPS: CN¥1.34 (up from CN¥0.44 in 1H 2022). Revenue: CN¥14.3b (up 10% from 1H 2022). Net income: CN¥704.7m (up 191% from 1H 2022). Profit margin: 4.9% (up from 1.9% in 1H 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has fallen by 15% per year, which means it is significantly lagging earnings. Announcement • Aug 19
Baoye Group Company Limited Provides Earnings Guidance for the Six Months Ended 30 June 2023 Baoye Group Company Limited provided earnings guidance for the six months ended 30 June 2023. For the period, the company expects to record an increase in net profit not less than 150% for the six months ended 30 June 2023 (the "Period") as compared to the corresponding period in 2022. The Board believes that the substantial increase in profit is mainly attributable to (1) the Group recognised a compensation income of approximately RMB337 million for the mandatory land and housing storage requisition of a wholly-owned subsidiary for the public rail transportation construction from the local government; and (2) the major properties delivered to purchasers in 2023 has been recognised as revenue in the first half of the year. Announcement • Aug 12
Baoye Group Company Limited to Report First Half, 2023 Results on Aug 25, 2023 Baoye Group Company Limited announced that they will report first half, 2023 results on Aug 25, 2023 Announcement • Aug 08
Baoye Group Company Limited Announces Appointment of Xia Feng as Executive Director Baoye Group Company Limited announced that Mr. Xia Feng the newly appointed executive Director, as follows: Mr. Xia has entered into a service contract with the Company pursuant to which he has been appointed as an executive Director of the Company with effect from 1 August 2023. Announcement • Aug 02
Baoye Group Company Limited Announces Executive Changes Baoye Group Company Limited announced that, due to health reason, Mr. Chan Yin Ming, Dennis resigned as independent non-executive Director, chairman of the Audit Committee, chairman of the Remuneration Committee and chairman of the Environment, Society, and Governance Committee with effect from 1 August 2023. Mr. Chan has confirmed that (i) he has no disagreement with the Board; and (ii) there is no matter relating to his resignation that needs to be brought to the attention of the shareholders. The board announced that Mr. Fung Ching, Simon has been re- designated from a non executive Director to an independent non-executive Director with effect from 1 August 2023. Mr. Fung, born in 1969, is a non-executive Director and a member of the Audit Committee and the ESG Committee of the Company and is currently the chief financial officer of Chow Tai Fook Enterprises Limited. He is also the independent non-executive director of Hainan Meilan International Airport Company Limited, and China Medical System Holdings Limited . Both companies are listed on the Main Board of The Stock Exchange of Hong Kong Limited . Mr. Fung graduated from the Queensland University of Technology in Australia with a Bachelor's degree, majoring in accountancy. He is a fellow member of the Hong Kong Institute of Certified Public Accountants and a fellow member of CPA Australia. Mr. Fung served as the independent non-executive director of China Logistics Property Holdings Co. Ltd. from June 2016 to February 2022, and served as the chief financial officer of Logan Group Company Limited (a company listed on the Main Board of the Stock Exchange, Stock Code: 03380.HK) from January 2020 to March 2021, and served as the chief financial officer and company secretary of Greentown China Holdings Limited served as the chief financial officer and secretary to the Board of Directors of Baoye Group from 2004 to 2010. He worked for PricewaterhouseCoopers from 1994 to 2004. Fung has over 25 years of experience in audit, business consulting, finance and accounting and etc. During his tenure as a non-executive Director, Mr. Fung has not participate in the day-to-day management and operations of the Company or held any other executive or management role or function with the Group, and does not have any relationships with any Directors, senior management or substantial or controlling shareholders of the Company within the past two years. Other than holding the position as a non-executive Director of the Company immediately prior to the re-designation, Mr. Fung confirmed that he has satisfied all factors set out in Rule 3.13 of the Rules Governing the Listing of Securities on the Stock Exchange . Considering that Mr. Fung has gone through more than twelve years' cooling-off period since his resignation as the chief financial officer and secretary to the Board, the Board and the Nomination Committee of the Company confirm that Mr. Fung meets all the independence requirements under. The Board announced that Mr. Xia Feng has been appointed as an executive Director with effect from 1 August 2023. Mr. Xia, born in 1977, holds an undergraduate degree and senior engineer qualification, majoring in construction. Mr. Xia is currently the general manager of Shanghai Zibao Industry Investment Company Limited, a wholly interested subsidiary of the Company, and director of Shanghai Research Institute of Construction Technology Company Limited which is listed on the main board of Shanghai Stock Exchang. Mr. Xia served for Shaoxing County Planning and Construction Bureau and joined the Group in 2002. Mr. Xia is devoted to the property development, research and development of prefabricated and low-carbon energy- saving construction to realize the upgrade of traditional construction industry. Mr. Xia was in charge of the key project of the National 13th five-year plan and was awarded the 1st prize of Huaxia Construction Technology, 1st prize of standard innovation from the China Construction Standards Association and the great contributor of the construction competition in Shanghai. The Board announces that with effect from 1 August 2023, the composition of the committees of the Board has been changed as follows: Following the resignation of Mr. Chan, Mr. Xiao Jianmu has been appointed as the chairman of the Audit Committee; Following the resignation of Mr. Chan, Mr. Li Wangrong has been appointed as the chairman of the Remuneration Committee; Following the resignation of Mr. Chan, Mr. Wang Rongbiao has been appointed as the chairman of the ESG Committee; and Mr. Xiao Jianmu has been appointed as a member of the ESG Committee. Reported Earnings • Mar 29
Full year 2022 earnings released Full year 2022 results: Revenue: CN¥24.4b (down 8.8% from FY 2021). Net income: CN¥704.8m (down 11% from FY 2021). Profit margin: 2.9% (in line with FY 2021). Board Change • Nov 16
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 10 highly experienced directors. 3 independent directors (6 non-independent directors). Independent Non-Executive Director Wangrong Li was the last independent director to join the board, commencing their role in 2014. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Aug 28
First half 2022 earnings released: EPS: CN¥0 (vs CN¥0.60 in 1H 2021) First half 2022 results: EPS: CN¥0 (down from CN¥0.60 in 1H 2021). Revenue: CN¥13.0b (flat on 1H 2021). Net income: CN¥241.8m (down 28% from 1H 2021). Profit margin: 1.9% (down from 2.6% in 1H 2021). Reported Earnings • Aug 28
First half 2022 earnings released: EPS: CN¥0 (vs CN¥0.60 in 1H 2021) First half 2022 results: EPS: CN¥0 (down from CN¥0.60 in 1H 2021). Revenue: CN¥13.0b (flat on 1H 2021). Net income: CN¥241.8m (down 28% from 1H 2021). Profit margin: 1.9% (down from 2.6% in 1H 2021). Reported Earnings • Apr 29
Full year 2021 earnings released: EPS: CN¥1.40 (vs CN¥1.41 in FY 2020) Full year 2021 results: EPS: CN¥1.40 (down from CN¥1.41 in FY 2020). Revenue: CN¥26.8b (up 6.0% from FY 2020). Net income: CN¥788.5m (flat on FY 2020). Profit margin: 2.9% (down from 3.1% in FY 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has fallen by 10% per year, which means it is performing significantly worse than earnings. Board Change • Apr 27
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. 7 highly experienced directors. 3 independent directors (6 non-independent directors). Independent Non-Executive Director Wangrong Li was the last independent director to join the board, commencing their role in 2014. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Mar 28
Full year 2021 earnings released: EPS: CN¥1.40 (vs CN¥1.41 in FY 2020) Full year 2021 results: EPS: CN¥1.40 (down from CN¥1.41 in FY 2020). Revenue: CN¥26.8b (up 6.0% from FY 2020). Net income: CN¥788.5m (flat on FY 2020). Profit margin: 2.9% (down from 3.1% in FY 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has fallen by 10% per year, which means it is performing significantly worse than earnings. Valuation Update With 7 Day Price Move • Mar 22
Investor sentiment improved over the past week After last week's 16% share price gain to HK$3.73, the stock trades at a trailing P/E ratio of 2x. Average trailing P/E is 8x in the Construction industry in Hong Kong. Total loss to shareholders of 27% over the past three years. Reported Earnings • Aug 30
First half 2021 earnings released: EPS CN¥0.60 (vs CN¥0.53 in 1H 2020) The company reported a solid first half result with improved earnings and revenues, although profit margins were weaker. First half 2021 results: Revenue: CN¥13.1b (up 17% from 1H 2020). Net income: CN¥335.5m (up 13% from 1H 2020). Profit margin: 2.6% (down from 2.7% in 1H 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • May 27
Investor sentiment improved over the past week After last week's 18% share price gain to CN¥4.56, the stock trades at a trailing P/E ratio of 2.7x. Average trailing P/E is 10x in the Construction industry in Hong Kong. Total loss to shareholders of 21% over the past three years. Reported Earnings • Apr 25
Full year 2020 earnings released: EPS CN¥1.41 (vs CN¥1.52 in FY 2019) The company reported a soft full year result with weaker earnings and profit margins, although revenues improved. Full year 2020 results: Revenue: CN¥25.3b (up 1.9% from FY 2019). Net income: CN¥794.1m (down 7.3% from FY 2019). Profit margin: 3.1% (down from 3.5% in FY 2019). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Reported Earnings • Mar 28
Full year 2020 earnings released: EPS CN¥1.41 (vs CN¥1.52 in FY 2019) The company reported a soft full year result with weaker earnings and profit margins, although revenues improved. Full year 2020 results: Revenue: CN¥25.3b (up 1.9% from FY 2019). Net income: CN¥794.1m (down 7.3% from FY 2019). Profit margin: 3.1% (down from 3.5% in FY 2019). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Feb 01
New 90-day low: HK$3.64 The company is down 18% from its price of HK$4.43 on 03 November 2020. The Hong Kong market is up 15% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Construction industry, which is down 4.0% over the same period. Is New 90 Day High Low • Dec 17
New 90-day low: HK$3.65 The company is down 33% from its price of HK$5.44 on 18 September 2020. The Hong Kong market is up 7.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Construction industry, which is down 14% over the same period. Is New 90 Day High Low • Nov 20
New 90-day low: HK$3.78 The company is down 43% from its price of HK$6.68 on 21 August 2020. The Hong Kong market is up 5.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Construction industry, which is down 2.0% over the same period. Valuation Update With 7 Day Price Move • Nov 12
Market pulls back on stock over the past week After last week's 16% share price decline to CN¥3.80, the stock is trading at a trailing P/E ratio of 2.2x, down from the previous P/E ratio of 2.6x. This compares to an average P/E of 9x in the Construction industry in Hong Kong. Total return to shareholders over the past three years is a loss of 30%. Is New 90 Day High Low • Nov 02
New 90-day low: HK$4.42 The company is down 30% from its price of HK$6.34 on 04 August 2020. The Hong Kong market is down 1.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Construction industry, which is up 2.0% over the same period. Valuation Update With 7 Day Price Move • Oct 16
Market bids up stock over the past week After last week's 17% share price gain to CN¥5.25, the stock is trading at a trailing P/E ratio of 3.1x, up from the previous P/E ratio of 2.7x. This compares to an average P/E of 9x in the Construction industry in Hong Kong. Total return to shareholders over the past three years is a loss of 5.9%. Is New 90 Day High Low • Sep 30
New 90-day low: HK$4.99 The company is down 19% from its price of HK$6.16 on 02 July 2020. The Hong Kong market is down 1.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Construction industry, which is up 1.0% over the same period. Reported Earnings • Sep 26
First half earnings released Over the last 12 months the company has reported total profits of CN¥823.7m, up 7.3% from the prior year. Total revenue was CN¥24.6b over the last 12 months, up 5.8% from the prior year. 
