New Risk • Aug 02
New major risk - Revenue and earnings growth Earnings have declined by 17% 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 Risks Share price has been highly volatile over the past 3 months (32% average weekly change). Earnings have declined by 17% per year over the past 5 years. Shareholders have been substantially diluted in the past year (400% increase in shares outstanding). Market cap is less than US$10m (HK$74.3m market cap, or US$9.47m). Minor Risk Significant insider selling over the past 3 months (HK$42m sold). Reported Earnings • Aug 02
Full year 2026 earnings released: HK$0.09 loss per share (vs HK$0.017 profit in FY 2025) Full year 2026 results: HK$0.09 loss per share (down from HK$0.017 profit in FY 2025). Revenue: HK$433.4m (up 16% from FY 2025). Net loss: HK$16.5m (down HK$17.1m from profit in FY 2025). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 66 percentage points per year, which is a significant difference in performance. Announcement • Jul 31
Beautiful Life Group Holdings Limited, Annual General Meeting, Oct 23, 2026 Beautiful Life Group Holdings Limited, Annual General Meeting, Oct 23, 2026. Announcement • Jul 15
Beautiful Life Group Holdings Limited to Report Fiscal Year 2026 Results on Jul 31, 2026 Beautiful Life Group Holdings Limited announced that they will report fiscal year 2026 results at 4:00 PM, China Standard Time on Jul 31, 2026 Board Change • Jul 01
High number of new and inexperienced directors There are 6 new directors who have joined the board in the last 3 years. The company's board is composed of: 6 new directors. No experienced directors. 1 highly experienced director. CEO & Executive Director Alexander Li is the most experienced director on the board, commencing their role in 2016. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. New Risk • Jun 23
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: HK$60.5m (US$7.71m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (32% average weekly change). Shareholders have been substantially diluted in the past year (400% increase in shares outstanding). Market cap is less than US$10m (HK$60.5m market cap, or US$7.71m). New Risk • Apr 09
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 Hong Kong stocks, typically moving 15% 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 Risks Share price has been highly volatile over the past 3 months (15% average weekly change). Shareholders have been substantially diluted in the past year (400% increase in shares outstanding). Minor Risk Market cap is less than US$100m (HK$216.0m market cap, or US$27.6m). Reported Earnings • Feb 03
First half 2026 earnings released: HK$0.017 loss per share (vs HK$0.012 profit in 1H 2025) First half 2026 results: HK$0.017 loss per share (down from HK$0.012 profit in 1H 2025). Revenue: HK$268.8m (down 1.0% from 1H 2025). Net loss: HK$2.97m (down 239% from profit in 1H 2025). Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has fallen by 53% per year, which means it is performing significantly worse than earnings. Board Change • Jan 13
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Financial Controller & Executive Director Man Chi Ma was the last director to join the board, commencing their role in 2025. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Jan 03
First half 2026 earnings released: HK$0.017 loss per share (vs HK$0.062 profit in 1H 2025) First half 2026 results: HK$0.017 loss per share (down from HK$0.062 profit in 1H 2025). Revenue: HK$268.8m (down 1.0% from 1H 2025). Net loss: HK$2.97m (down 239% from profit in 1H 2025). Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has fallen by 57% per year, which means it is performing significantly worse than earnings. Announcement • Dec 15
HSC Resources Group Limited to Report First Half, 2026 Results on Dec 31, 2025 HSC Resources Group Limited announced that they will report first half, 2026 results on Dec 31, 2025 Announcement • Nov 22
HSC Resources Group Limited Announces Board and Board Committee Changes HSC Resources Group Limited announced at extraordinary general meeting held on November 21, 2025, duly passed as an ordinary resolution by the Shareholders at the EGM, (i) Mr. Li Junheng has been removed as executive Director and chairman of the Company; (ii) Ms. Chau Ngai Mo has been removed as executive Director, member of remuneration committee of the Company and member of nomination committee of the Company; (iii) Mr. Fu Wing Kwok Ewing has been removed as independent non-executive Director, chairman of the audit committee of the Company, member of the remuneration committee of the Company and chairman of the nomination committee of the Company; (iv) Mr. Ghanshyam Adhikari has been remove as independent non-executive Director and member of the audit committee of the Company; (v) Mr. Zhou Yunhui has been remove as independent non-executive Director; and (vi) Mr. Xuan Chaohui has been remove as independent non-executive Director with immediate effect upon the passing of the relevant Resolutions. The Board announced that Mr. Wang Le ("Mr. Wang") has been appointed as an executive Director with effect from the conclusion of the EGM. Mr. Wang Le, aged 34, he holds a bachelor degree of Computer Science at Huanghuai University. He has over a decade of experience in marketing, business development, and operations management. From 2013 to 2017, he served as the Chairman of Jialian Mining Co. Ltd., followed by his role as Chairman of Dechuang Intelligent Technology Co. Ltd. from 2018 to 2020. Since 2021, he has been the Chairman of Zhongmao Intelligent Technology (Shenzhen) Co. Ltd. The Board announced that Ms. Ye Liping ("Ms. Ye") and Ms. Li Fang (Ms. Li) have been appointed as independent non-executive Directors with effect from the conclusion of the EGM. Both Ms. Ye and Ms. Li have also been appointed as the members of the audit committee, remuneration committee and nomination committee of the Company. Ms. Ye Liping, aged 53, she holds a bachelor's degree in Physics Education from Anhui Anqing Normal University. Ms. Ye is currently the financial controller of Shenzhen Shangji Aviation Technology Co. Ltd. She worked as financial controller and finance director for varies enterprises in the PRC for over 20 years and she has extensive experience in finance and management. Ms. Li Fang, aged 36, she holds a bachelor's degree of Traditional Chinese Medicine from Fujian University. She has over 10 years of extensive experience in finance and auditing. She served as senior finance manager of Shenzhen Lihua Technology Co. Ltd. from September 2023 to September 2025. Prior to that, she was the finance manager at Ruihua (Shenzhen) Comprehensive Smart Energy Co. Ltd. and an audit manager at Guangdong JinXun CPA Firm. The Board announced that Mr. Li Ka Chun Gordon has been appointed as the
chairman of audit committee and chairman of nomination committee of the Company. Mr. Li is a fellow member of Certified Practising Accountant with CPA Australia. Mr. Li has over 8 years of experience in the areas of accounting and financial management in financial institutions and corporations, and led several large audit and financing projects. New Risk • Nov 17
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 Hong Kong stocks, typically moving 15% 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 Risks Share price has been highly volatile over the past 3 months (15% average weekly change). Shareholders have been substantially diluted in the past year (400% increase in shares outstanding). Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.2% net profit margin). Market cap is less than US$100m (HK$108.9m market cap, or US$14.0m). Announcement • Oct 20
HSC Resources Group Limited Announces Board Appointments, Effective October 20, 2025 The board of directors of HSC Resources Group Limited hereby announced that with effect from 20 October 2025, Mr. Zhou Yunhui ("Mr. Zhou") and Mr. Xuan Chaohui ("Mr. Xuan") shall be appointed as Independent Non-executive Directors of the Company. Mr. Zhou, born on 5 March 1988, served in the Xinjiang Armed Police Force headquarters from October 2004 to December 2009. After his discharge, he worked as the assistant to the chairman of Dongbei Zhongxin Logistics and has more than 10 years of working experience in mining logistics. Mr. Xuan, born on 6 December 1982, studied Japanese at the Nippon Institute of Technology in April 2004. He worked in the sales department of Fujitsu Limited (Shanghai branch) from 2006 to 2008, and served as the general manager and mine manager at Yunnan Jujiu Mining Limited from 2013 to 2022. He has extensive operational experience in mining development. New Risk • Oct 03
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 Hong Kong stocks, typically moving 11% 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 Market cap is less than US$10m (HK$25.6m market cap, or US$3.29m). Minor Risks Share price has been volatile over the past 3 months (11% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.2% net profit margin). Reported Earnings • Sep 04
Full year 2025 earnings released: EPS: HK$0.017 (vs HK$0.12 in FY 2024) Full year 2025 results: EPS: HK$0.017 (down from HK$0.12 in FY 2024). Revenue: HK$374.3m (down 5.1% from FY 2024). Net income: HK$568.0k (down 81% from FY 2024). Profit margin: 0.2% (down from 0.7% in FY 2024). Over the last 3 years on average, earnings per share has increased by 75% per year but the company’s share price has fallen by 59% per year, which means it is significantly lagging earnings. Board Change • Aug 19
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Non-executive Director Ghanshyam Adhikari was the last director to join the board, commencing their role in 2024. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Aug 02
Full year 2025 earnings released: EPS: HK$0.003 (vs HK$0.023 in FY 2024) Full year 2025 results: EPS: HK$0.003 (down from HK$0.023 in FY 2024). Revenue: HK$374.3m (down 5.1% from FY 2024). Net income: HK$568.0k (down 81% from FY 2024). Profit margin: 0.2% (down from 0.7% in FY 2024). Over the last 3 years on average, earnings per share has increased by 74% per year but the company’s share price has fallen by 59% per year, which means it is significantly lagging earnings. Announcement • Aug 01
HSC Resources Group Limited, Annual General Meeting, Oct 24, 2025 HSC Resources Group Limited, Annual General Meeting, Oct 24, 2025. Announcement • Jul 14
HSC Resources Group Limited to Report Fiscal Year 2025 Results on Jul 31, 2025 HSC Resources Group Limited announced that they will report fiscal year 2025 results at 4:00 PM, China Standard Time on Jul 31, 2025 Announcement • Feb 05
HSC Resources Group Limited Ordinary Shares to Be Deleted from OTC Equity HSC Resources Group Limited Ordinary Shares will be deleted from OTC Equity effective February 04, 2025, due to Inactive Security. Reported Earnings • Jan 04
First half 2025 earnings released: EPS: HK$0.012 (vs HK$0.018 in 1H 2024) First half 2025 results: EPS: HK$0.012 (down from HK$0.018 in 1H 2024). Revenue: HK$271.5m (up 20% from 1H 2024). Net income: HK$2.13m (down 3.0% from 1H 2024). Profit margin: 0.8% (down from 1.0% in 1H 2024). New Risk • Jan 01
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 Hong Kong stocks, typically moving 13% 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 Market cap is less than US$10m (HK$21.1m market cap, or US$2.71m). Minor Risks Share price has been volatile over the past 3 months (13% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.7% net profit margin). Shareholders have been diluted in the past year (20% increase in shares outstanding). Announcement • Dec 20
HSC Resources Group Limited has filed a Follow-on Equity Offering in the amount of HKD 73.2672 million. HSC Resources Group Limited has filed a Follow-on Equity Offering in the amount of HKD 73.2672 million.
Security Name: Oridnary Shares
Security Type: Common Stock
Securities Offered: 138,240,000
Price\Range: HKD 0.53
Transaction Features: Rights Offering Announcement • Dec 18
HSC Resources Group Limited to Report First Half, 2025 Results on Dec 31, 2024 HSC Resources Group Limited announced that they will report first half, 2025 results on Dec 31, 2024 New Risk • Sep 08
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 56% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (14% average weekly change). Earnings have declined by 3.9% per year over the past 5 years. High level of non-cash earnings (56% accrual ratio). Market cap is less than US$10m (HK$33.4m market cap, or US$4.28m). Minor Risks Profit margins are more than 30% lower than last year (0.7% net profit margin). Shareholders have been diluted in the past year (20% increase in shares outstanding). Reported Earnings • Aug 02
Full year 2024 earnings released: EPS: HK$0.02 (vs HK$0.15 in FY 2023) Full year 2024 results: EPS: HK$0.02 (down from HK$0.15 in FY 2023). Revenue: HK$394.5m (up 42% from FY 2023). Net income: HK$2.93m (down 59% from FY 2023). Profit margin: 0.7% (down from 2.5% in FY 2023). The decrease in margin was driven by higher expenses. Announcement • Aug 01
HSC Resources Group Limited, Annual General Meeting, Oct 25, 2024 HSC Resources Group Limited, Annual General Meeting, Oct 25, 2024. Announcement • Jul 20
HSC Resources Group Limited to Report Fiscal Year 2024 Results on Jul 31, 2024 HSC Resources Group Limited announced that they will report fiscal year 2024 results at 4:00 PM, China Standard Time on Jul 31, 2024 Announcement • Jun 08
HSC Resources Group Limited Appoints Ghanshyam Adhikari as Independent Non-Executive Director The board of directors of HSC Resources Group Limited (the Company and together with its subsidiaries, the Group) hereby announced that with effect from 5 June 2024, Mr. Ghanshyam Adhikari (Mr. Adhikari) shall be appointed as an Independent Non-executive Director of the Company. The biographical details of Mr. Adhikari are set out as follows: Mr. Adhikari, aged 42, obtained his Master Degree in Education from Tribhuvan University and Bachelor's Degree in British Literature from Mahendra Multiple Campus. Mr. Adhikari has over 15 years of experience in corporate management, marketing and public relations management. Mr. Adhikari will enter into a service contract with the Company in his capacity as an Independent Non-executive Director for an initial term of three years which is renewable annually thereafter, subject to retirement by rotation and re-election at annual general meetings of the Company under the articles of association of the Company. New Risk • May 27
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: HK$73.4m (US$9.41m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 35% per year over the past 5 years. High level of non-cash earnings (92% accrual ratio). Shareholders have been substantially diluted in the past year (200% increase in shares outstanding). Market cap is less than US$10m (HK$73.4m market cap, or US$9.41m). Minor Risk Share price has been volatile over the past 3 months (12% average weekly change). Announcement • May 18
HSC Resources Group Limited has completed a Follow-on Equity Offering in the amount of HKD 19.296 million. HSC Resources Group Limited has completed a Follow-on Equity Offering in the amount of HKD 19.296 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 28,800,000
Price\Range: HKD 0.67
Discount Per Security: HKD 0.0201
Transaction Features: Subsequent Direct Listing Board Change • May 01
High number of new and inexperienced directors There are 6 new directors who have joined the board in the last 3 years. The company's board is composed of: 6 new directors. 1 experienced director. No highly experienced directors. CEO & Executive Director Alexander Li is the most experienced director on the board, commencing their role in 2016. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Announcement • Apr 19
HSC Resources Group Limited has filed a Follow-on Equity Offering in the amount of HKD 16.128 million. HSC Resources Group Limited has filed a Follow-on Equity Offering in the amount of HKD 16.128 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 28,800,000
Price\Range: HKD 0.56
Discount Per Security: HKD 0.0168
Transaction Features: Subsequent Direct Listing Reported Earnings • Feb 01
First half 2024 earnings released: EPS: HK$0.018 (vs HK$0.11 in 1H 2023) First half 2024 results: EPS: HK$0.018 (down from HK$0.11 in 1H 2023). Revenue: HK$226.4m (up 104% from 1H 2023). Net income: HK$2.20m (down 60% from 1H 2023). Profit margin: 1.0% (down from 4.9% in 1H 2023). Over the last 3 years on average, earnings per share has increased by 47% per year but the company’s share price has fallen by 48% per year, which means it is significantly lagging earnings. Announcement • Dec 23
HSC Resources Group Limited to Report First Half, 2024 Results on Dec 29, 2023 HSC Resources Group Limited announced that they will report first half, 2024 results on Dec 29, 2023 Announcement • Oct 28
WINDMILL Group Limited Appoints Liu Sicheng Shall as an Independent Non-Executive Director with Effect from 27 October 2023 WINDMILL Group Limited announces that with effect from 27 October 2023, Mr. Liu Sicheng ("Mr. Liu") shall be appointed as an Independent Non-executive Director of the Company. Mr. Liu, aged 29, obtained his bachelor's degree in Arts Majoring in English from Hainan University and master's degree in Arts Majoring in Chinese Cultural from Hong Kong University of Science and Technology. Mr. Liu has over 5 years of experience in the areas of strategy development and human resources management in financial institutions and corporations. Recent Insider Transactions • Oct 22
Executive Chairman of the Board recently bought HK$6.3m worth of stock On the 17th of October, Junheng Li bought around 13m shares on-market at roughly HK$0.50 per share. This transaction increased Junheng's direct individual holding by 3x at the time of the trade. This was the largest purchase by an insider in the last 3 months. Despite this recent buy, Junheng has been a net seller over the last 12 months, reducing personal holdings by HK$24m. New Risk • Oct 13
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: HK$72.0m (US$9.20m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (26% average weekly change). Earnings have declined by 52% per year over the past 5 years. High level of non-cash earnings (59% accrual ratio). Shareholders have been substantially diluted in the past year (200% increase in shares outstanding). Market cap is less than US$10m (HK$72.0m market cap, or US$9.20m). Minor Risk Significant insider selling over the past 3 months (HK$31m sold). New Risk • Oct 10
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 Hong Kong stocks, typically moving 25% 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 Risks Share price has been highly volatile over the past 3 months (25% average weekly change). Earnings have declined by 52% per year over the past 5 years. High level of non-cash earnings (59% accrual ratio). Shareholders have been substantially diluted in the past year (200% increase in shares outstanding). Minor Risks Significant insider selling over the past 3 months (HK$31m sold). Market cap is less than US$100m (HK$122.4m market cap, or US$15.7m). Announcement • Sep 15
WINDMILL Group Limited Re-Designates Wang Ya from Executive Director to Non-Executive Director The board of directors of WINDMILL Group Limited announced that Ms. Wang Ya has been re-designated from executive director to non-executive director of the Company with effect from 14 September 2023. Ms. Wang Ya, aged 53, began her career since 1992 and was awarded the title of Intermediate Accountant by the Ministry of Finance of the People's Republic of China in May 2002. Ms. Wang Ya has nearly 30 years of working experience and has worked as the chief financial officer of various companies, such as Guangzhou Shidu Department Store and Guangzhou Qiaoyi Real Estate Development Company Limited. Since 2015, She has been the chairman of Guangzhou Xiangjing Cemetery Company Limited and has extensive experience in corporate management. Ms. Wang has entered into a letter of appointment with the Company commencing from 14 September 2023 for an initial term of three years, and thereafter from year to year, and may be terminated in accordance with its terms. She is subject to retirement from office and re- election at the annual general meeting of the Company in accordance with the Articles of Association of the Company. Valuation Update With 7 Day Price Move • Sep 13
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to HK$3.50, the stock trades at a trailing P/E ratio of 71.4x. Average trailing P/E is 7x in the Commercial Services industry in Hong Kong. Total loss to shareholders of 31% over the past three years. Reported Earnings • Sep 04
Full year 2023 earnings released: EPS: HK$0.15 (vs HK$0.17 loss in FY 2022) Full year 2023 results: EPS: HK$0.15 (up from HK$0.17 loss in FY 2022). Revenue: HK$277.7m (up 20% from FY 2022). Net income: HK$7.05m (up HK$14.0m from FY 2022). Profit margin: 2.5% (up from net loss in FY 2022). Over the last 3 years on average, earnings per share has increased by 66% per year but the company’s share price has fallen by 21% per year, which means it is significantly lagging earnings. Announcement • Aug 31
WINDMILL Group Limited, Annual General Meeting, Oct 20, 2023 WINDMILL Group Limited, Annual General Meeting, Oct 20, 2023, at 12:00 China Standard Time. Location: Suite 2703, 27th Floor, Shui On Centre 68 Harbour Road, Wanchai, Hong Kong Hong Kong China Agenda: To consider and approve the audited financial statements of the Company and the reports of the directors and auditor of the Company for the year ended 30 April 2023; to consider and approve the re-election of retiring Directors, each a separate resolution, and to authorize the board of Directors to fix the remuneration of the Directors; and to consider other matters. Board Change • Aug 01
High number of new and inexperienced directors There are 5 new directors who have joined the board in the last 3 years. The company's board is composed of: 5 new directors. 1 experienced director. No highly experienced directors. CEO & Executive Director Alexander Li is the most experienced director on the board, commencing their role in 2016. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. New Risk • Jul 31
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 43% 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 Risks Earnings have declined by 52% per year over the past 5 years. Shareholders have been substantially diluted in the past year (200% increase in shares outstanding). Minor Risks Large one-off items impacting financial results. Market cap is less than US$100m (HK$266.4m market cap, or US$34.1m). Reported Earnings • Jul 29
Full year 2023 earnings released: EPS: HK$0.007 (vs HK$0.17 loss in FY 2022) Full year 2023 results: EPS: HK$0.007 (up from HK$0.17 loss in FY 2022). Revenue: HK$277.7m (up 20% from FY 2022). Net income: HK$7.05m (up HK$14.0m from FY 2022). Profit margin: 2.5% (up from net loss in FY 2022). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 59% per year but the company’s share price has fallen by 28% per year, which means it is significantly lagging earnings. Announcement • Jul 27
Windmill Group Limited Announces Board Changes The board of directors of WINDMILL Group Limited announced that with effect from 26 July 2023: Mr. Liu Shihao ("Mr. Liu") shall resign as an Executive Director and cease to act as the chairman of the Board; Mr. Yu Wai Chun ("Mr. Yu") shall resign as an Independent Non-executive Director and cease to act as the chairman of the Audit Committee and a member of the Remuneration Committee and the Nomination Committee of the Company; Mr. Li Junheng shall be appointed as an Executive Director and the chairman of the Board; and Ms. Mak Suet Man shall be appointed as an Independent Non-executive Director and the chairman of the Audit Committee and a member of the Remuneration Committee and the Nomination Committee of the Company. The biographical details of Mr. Li are set out as follows: Mr. Li, aged 58, has over 25 years' experience in corporate investment and business management, particularly comprehensive logistics, port cargo internet and large-sale commodity trading digital platforms in China, Asia and Europe. Mr. Li is currently an executive deputy director of the China Port Logistics Association. He has significant involvements in the countries along the Belt and Road in respect of planning and layout of ports, road and railway and sea transportation network, and planning of warehousing. Mr. Li is currently an executive director of Kazakhstan Potash Corporation Limited which is listed on the Australia Stock Exchange. The biographical details of Ms. Mak are set out as follows: Ms. Mak, aged 36, graduated from The Hong Kong University of Science and Technology with a Bachelor of Business Administration in Marketing and Management of Organisation, is a responsible officer of Type 6 (advising on corporate finance) regulated activity and a fellow member of both the Association of Chartered Certified Accountants and the Hong Kong Institute of Certified Public Accountants. Ms. Mak possesses more than 10 years executive experiences in accounting, corporate finance, risk management and internal controls. Announcement • Jul 15
WINDMILL Group Limited to Report Fiscal Year 2023 Results on Jul 28, 2023 WINDMILL Group Limited announced that they will report fiscal year 2023 results on Jul 28, 2023 New Risk • Jul 06
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 200% This is considered a major 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: Major Risks Earnings have declined by 54% per year over the past 5 years. Shareholders have been substantially diluted in the past year (200% increase in shares outstanding). Minor Risks Latest financial reports are more than 6 months old (reported October 2022 fiscal period end). Market cap is less than US$100m (HK$266.4m market cap, or US$34.1m). New Risk • Jul 02
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended October 2022. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 54% per year over the past 5 years. Minor Risks Latest financial reports are more than 6 months old (reported October 2022 fiscal period end). Market cap is less than US$100m (HK$87.4m market cap, or US$11.1m). Reported Earnings • Dec 22
First half 2023 earnings released: EPS: HK$0.006 (vs HK$0.007 in 1H 2022) First half 2023 results: EPS: HK$0.006 (down from HK$0.007 in 1H 2022). Revenue: HK$111.1m (up 2.0% from 1H 2022). Net income: HK$5.46m (down 2.2% from 1H 2022). Profit margin: 4.9% (down from 5.1% in 1H 2022). Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has fallen by 35% per year, which means it is performing significantly worse than earnings. Announcement • Dec 09
WINDMILL Group Limited to Report First Half, 2023 Results on Dec 21, 2022 WINDMILL Group Limited announced that they will report first half, 2023 results on Dec 21, 2022 Board Change • Nov 16
High number of new and inexperienced directors There are 5 new directors who have joined the board in the last 3 years. The company's board is composed of: 5 new directors. 1 experienced director. No highly experienced directors. CEO & Executive Director Alexander Li is the most experienced director on the board, commencing their role in 2016. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Announcement • Aug 04
WINDMILL Group Limited, Annual General Meeting, Oct 21, 2022 WINDMILL Group Limited, Annual General Meeting, Oct 21, 2022, at 12:00 China Standard Time. Location: Suite 2703, 27th Floor, Shui On Centre, 6-8 Harbour Road, Wanchai Hong Kong Agenda: To consider re-appointment of CL Partners CPA Limited as auditor of the Company; to receive and consider the audited financial statements of the Company and the reports of the directors (the "Directors") and auditor of the Company for the year ended 30 April 2022; and to discuss other matters. Announcement • Aug 02
WINDMILL Group Limited Announces Appointment of Liu Liuqiu as the President of China Business The board of directors of WINDMILL Group Limited (the 'Company') announced that Mr. Liu Liuqiu ('Mr. Liu') has been appointed as the President of China Business with effect from 1 August 2022. Mr. Liu, aged 32, obtained a Bachelor of Laws degree from The Open University of China and an associate degree in Construction Engineering Technology from Southwest University of Science and Technology. Mr. Liu currently serves as a general manager for a number of construction project management companies in China and has many years of experience in engineering construction in Mainland China. Mr. Liu was also involved in the establishment of Hong Kong New Land International Investment Group Limited in 2017 and served as its president for the China region. The Board considers that Mr. Liu's extensive experience in construction projects in Mainland China and his extensive experience in working with government authorities will be useful to the Group in developing its building engineering business in Mainland China. Reported Earnings • Jul 23
Full year 2022 earnings released: HK$0.009 loss per share (vs HK$0.006 profit in FY 2021) Full year 2022 results: HK$0.009 loss per share (down from HK$0.006 profit in FY 2021). Revenue: HK$231.3m (up 17% from FY 2021). Net loss: HK$6.99m (down 243% from profit in FY 2021). Over the last 3 years on average, earnings per share has fallen by 59% per year but the company’s share price has only fallen by 29% per year, which means it has not declined as severely as earnings. Announcement • Jul 12
WINDMILL Group Limited to Report Fiscal Year 2022 Results on Jul 22, 2022 WINDMILL Group Limited announced that they will report fiscal year 2022 results on Jul 22, 2022 Board Change • Jun 02
High number of new and inexperienced directors There are 5 new directors who have joined the board in the last 3 years. The company's board is composed of: 5 new directors. 1 experienced director. No highly experienced directors. CEO & Executive Director Alexander Li is the most experienced director on the board, commencing their role in 2016. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Announcement • May 12
Windmill Group Limited Announces Director Changes WINDMILL Group Limited announced that with effect from 10 May 2022: Mr. Sun Banggui shall resign as Executive Director of the Company; Mr. Pau Ka Tat Patrick shall resign as Independent Non-executive Director, Chairman of the Nomination Committee and a member of the Audit Committee and the Remuneration Committee of the Company; and Mr. Xian Gonghua shall be appointed as Independent Non-executive Director, Chairman of the Nomination Committee and a member of each of the Remuneration Committee and the Audit Committee of the Company. Board Change • Apr 27
Less than half of directors are independent There are 8 new directors who have joined the board in the last 3 years. Of these new board members, 4 were independent directors. The company's board is composed of: 8 new directors. 1 experienced director. No highly experienced directors. 4 independent directors (5 non-independent directors). CEO & Executive Director Alexander Li is the most experienced director on the board, commencing their role in 2016. Independent Non-Executive Director Gordon Li 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. Lack of board continuity. Lack of experienced directors. Announcement • Apr 26
Windmill Group Limited Announces Board Changes WINDMILL Group Limited announces that with effect from 25 April 2022, Ms. Qiao Qiuxian ("Ms. Qiao") shall resign as Executive Director of the Company. Mr. Chan Chi Yeung Nicholas ("Mr. Chan") shall resign as Independent Non-executive Director and cease to act as the chairman of the Remuneration Committee and a member of the Audit Committee and the Nomination Committee of the Company and Mr. Li Ka Chun Gordonn has been appointed as the chairman of the Remuneration Committee. Reported Earnings • Jan 30
First half 2022 earnings: Revenues and EPS in line with analyst expectations First half 2022 results: EPS: HK$0.007 (down from HK$0.019 in 1H 2021). Revenue: HK$108.9m (down 10% from 1H 2021). Net income: HK$5.58m (down 63% from 1H 2021). Profit margin: 5.1% (down from 12% in 1H 2021). Revenue was in line with analyst estimates. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 61 percentage points per year, which is a significant difference in performance. Reported Earnings • Dec 25
First half 2022 earnings: Revenues and EPS in line with analyst expectations First half 2022 results: EPS: HK$0.007 (down from HK$0.019 in 1H 2021). Revenue: HK$108.9m (down 10% from 1H 2021). Net income: HK$5.58m (down 63% from 1H 2021). Profit margin: 5.1% (down from 12% in 1H 2021). Revenue was in line with analyst estimates. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 82 percentage points per year, which is a significant difference in performance. Recent Insider Transactions • Dec 22
Insider recently bought HK$3.4m worth of stock On the 14th of December, Kai Lai Wong bought around 10m shares on-market at roughly HK$0.34 per share. This was the largest purchase by an insider in the last 3 months. Despite this recent purchase, insiders have collectively sold HK$53m more in shares than they bought in the last 12 months. Executive Departure • Dec 01
Independent & Non Executive Director Man Biu Tsang has left the company On the 30th of November, Man Biu Tsang's tenure as Independent & Non Executive Director ended after 4.7 years in the role. We don't have any record of a personal shareholding under Man Biu's name. A total of 3 executives have left over the last 12 months. The current median tenure of the management team is 3.75 years. Executive Departure • Dec 01
Independent & Non Executive Director Kin Wa Pun has left the company On the 30th of November, Kin Wa Pun's tenure as Independent & Non Executive Director ended after 4.7 years in the role. We don't have any record of a personal shareholding under Kin Wa's name. A total of 3 executives have left over the last 12 months. The current median tenure of the management team is 3.75 years. Executive Departure • Dec 01
Independent & Non Executive Director Kwok Tung Lee has left the company On the 30th of November, Kwok Tung Lee's tenure as Independent & Non Executive Director ended after 4.7 years in the role. We don't have any record of a personal shareholding under Kwok Tung's name. A total of 3 executives have left over the last 12 months. The current median tenure of the management team is 3.75 years. Recent Insider Transactions • Nov 27
Insider recently sold HK$2.3m worth of stock On the 24th of November, Lixiong Yu sold around 3m shares on-market at roughly HK$0.90 per share. In the last 3 months, they made an even bigger sale worth HK$27m. Insiders have been net sellers, collectively disposing of HK$29m more than they bought in the last 12 months. Recent Insider Transactions • Nov 17
Insider recently sold HK$27m worth of stock On the 12th of November, Lixiong Yu sold around 32m shares on-market at roughly HK$0.83 per share. This was the largest sale by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Board Change • Oct 15
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. No highly experienced directors. Independent & Non Executive Director Albert Pun was the last director to join the board, commencing their role in 2017. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Sep 05
Full year 2021 earnings released: EPS HK$0.006 (vs HK$0.026 loss in FY 2020) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2021 results: Revenue: HK$197.6m (up 29% from FY 2020). Net income: HK$4.89m (up HK$25.5m from FY 2020). Profit margin: 2.5% (up from net loss in FY 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 115 percentage points per year, which is a significant difference in performance. Reported Earnings • Jul 31
Full year 2021 earnings released: EPS HK$0.006 (vs HK$0.026 loss in FY 2020) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2021 results: Revenue: HK$197.6m (up 29% from FY 2020). Net income: HK$4.89m (up HK$25.5m from FY 2020). Profit margin: 2.5% (up from net loss in FY 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 160 percentage points per year, which is a significant difference in performance. Is New 90 Day High Low • Feb 10
New 90-day high: HK$0.29 The company is up 2.0% from its price of HK$0.29 on 12 November 2020. The Hong Kong market is up 14% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Commercial Services industry, which is up 23% over the same period. Reported Earnings • Dec 20
First half 2021 earnings released: EPS HK$0.019 The company reported a strong first half result with improved earnings, revenues and profit margins. First half 2021 results: Revenue: HK$121.3m (up 45% from 1H 2020). Net income: HK$14.9m (up 270% from 1H 2020). Profit margin: 12% (up from 4.8% in 1H 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 74% 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 • Dec 01
WINDMILL Group Limited to Report First Half, 2021 Results on Dec 16, 2020 WINDMILL Group Limited announced that they will report first half, 2021 results on Dec 16, 2020 Is New 90 Day High Low • Nov 09
New 90-day high: HK$0.28 The company is up 14% from its price of HK$0.24 on 11 August 2020. The Hong Kong market is up 6.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Commercial Services industry, which is down 9.0% over the same period. Announcement • Jul 18
WINDMILL Group Limited to Report Fiscal Year 2020 Results on Jul 29, 2020 WINDMILL Group Limited announced that they will report fiscal year 2020 results on Jul 29, 2020 
