Valuation Update With 7 Day Price Move • May 05
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to HK$2.36, the stock trades at a trailing P/E ratio of 8.1x. Average trailing P/E is 10x in the Real Estate industry in Hong Kong. Total returns to shareholders of 6.0% over the past three years. New Risk • Apr 13
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 10% 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 Earnings have declined by 15% per year over the past 5 years. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (10% average weekly change). Market cap is less than US$100m (HK$309.3m market cap, or US$39.5m). Buy Or Sell Opportunity • Apr 10
Now 21% overvalued Over the last 90 days, the stock has fallen 12% to HK$2.47. The fair value is estimated to be HK$2.03, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 14% over the last 3 years. Earnings per share has declined by 27%. Valuation Update With 7 Day Price Move • Apr 09
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to HK$2.34, the stock trades at a trailing P/E ratio of 8x. Average trailing P/E is 11x in the Real Estate industry in Hong Kong. Total returns to shareholders of 6.9% over the past three years. Declared Dividend • Mar 30
Dividend of CN¥0.0081 announced Shareholders will receive a dividend of CN¥0.0081. Ex-date: 30th June 2026 Payment date: 31st July 2026 Dividend yield will be 0.4%, which is lower than the industry average of 6.6%. Sustainability & Growth The dividend has decreased over the past 36 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to decline by 60% to shift the payout ratio to a potentially unsustainable range, which is more than the 27% EPS decline seen over the last 3 years. Reported Earnings • Mar 28
Full year 2025 earnings released: EPS: CN¥0.25 (vs CN¥0.34 in FY 2024) Full year 2025 results: EPS: CN¥0.25 (down from CN¥0.34 in FY 2024). Revenue: CN¥570.7m (down 6.3% from FY 2024). Net income: CN¥33.9m (down 25% from FY 2024). Profit margin: 5.9% (down from 7.4% 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 27% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings. Announcement • Mar 27
Lushang Life Services Co., Ltd., Annual General Meeting, Jun 26, 2026 Lushang Life Services Co., Ltd., Annual General Meeting, Jun 26, 2026. Announcement • Mar 16
Lushang Life Services Co., Ltd. to Report Fiscal Year 2025 Results on Mar 27, 2026 Lushang Life Services Co., Ltd. announced that they will report fiscal year 2025 results on Mar 27, 2026 Valuation Update With 7 Day Price Move • Mar 13
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to HK$2.39, the stock trades at a trailing P/E ratio of 7.1x. Average trailing P/E is 13x in the Real Estate industry in Hong Kong. Total returns to shareholders of 15% over the past three years. Reported Earnings • Sep 30
First half 2025 earnings released: EPS: CN¥0.12 (vs CN¥0.16 in 1H 2024) First half 2025 results: EPS: CN¥0.12 (down from CN¥0.16 in 1H 2024). Revenue: CN¥293.8m (down 4.8% from 1H 2024). Net income: CN¥16.0m (down 26% from 1H 2024). Profit margin: 5.5% (down from 7.0% 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 34% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. Reported Earnings • Aug 24
First half 2025 earnings released: EPS: CN¥0.12 (vs CN¥0.16 in 1H 2024) First half 2025 results: EPS: CN¥0.12 (down from CN¥0.16 in 1H 2024). Revenue: CN¥293.8m (down 4.8% from 1H 2024). Net income: CN¥16.0m (down 26% from 1H 2024). Profit margin: 5.5% (down from 7.0% 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 35% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Announcement • Aug 12
Lushang Life Services Co., Ltd. to Report First Half, 2025 Results on Aug 22, 2025 Lushang Life Services Co., Ltd. announced that they will report first half, 2025 results on Aug 22, 2025 Valuation Update With 7 Day Price Move • Jul 31
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to HK$3.44, the stock trades at a trailing P/E ratio of 9.3x. Average trailing P/E is 12x in the Real Estate industry in Hong Kong. Total returns to shareholders of 47% over the past three years. Valuation Update With 7 Day Price Move • Jul 16
Investor sentiment improves as stock rises 42% After last week's 42% share price gain to HK$3.17, the stock trades at a trailing P/E ratio of 8.6x. Average trailing P/E is 11x in the Real Estate industry in Hong Kong. Total returns to shareholders of 2.9% over the past three years. New Risk • Jul 10
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 15% 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 Risks Earnings have declined by 2.9% per year over the past 5 years. High level of non-cash earnings (44% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (15% average weekly change). Market cap is less than US$100m (HK$434.7m market cap, or US$55.4m). Buy Or Sell Opportunity • Jul 09
Now 31% overvalued after recent price rise Over the last 90 days, the stock has risen 49% to HK$2.23. The fair value is estimated to be HK$1.70, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 2.7% over the last 3 years. Earnings per share has declined by 37%. Upcoming Dividend • Jun 25
Upcoming dividend of CN¥0.11 per share Eligible shareholders must have bought the stock before 02 July 2025. Payment date: 01 August 2025. Payout ratio is a comfortable 32% but the company is not cash flow positive. Trailing yield: 5.5%. Lower than top quartile of Hong Kong dividend payers (7.4%). Higher than average of industry peers (4.9%). Buy Or Sell Opportunity • Jun 23
Now 26% overvalued after recent price rise Over the last 90 days, the stock has risen 51% to HK$2.15. The fair value is estimated to be HK$1.71, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 2.7% over the last 3 years. Earnings per share has declined by 37%. Board Change • May 08
Less than half of directors are independent There are 7 new directors who have joined the board in the last 3 years. Of these new board members, 3 were independent directors. The company's board is composed of: 7 new directors. 4 experienced directors. No highly experienced directors. 3 independent directors (5 non-independent directors). Supervisor Xiangqian Zhang is the most experienced director on the board, commencing their role in 2021. Independent Non Executive Director Tao Ma 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. New Risk • Mar 23
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: 8.4% 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 3.5% per year over the past 5 years. Minor Risks Paying a dividend despite having no free cash flows. Market cap is less than US$100m (HK$184.0m market cap, or US$23.7m). Reported Earnings • Mar 22
Full year 2024 earnings released Full year 2024 results: Revenue: CN¥608.9m (down 1.9% from FY 2023). Net income: CN¥45.1m (up 14% from FY 2023). Profit margin: 7.4% (up from 6.3% in FY 2023). The increase in margin was driven by lower expenses. Announcement • Mar 22
Lushang Life Services Co., Ltd., Annual General Meeting, Jun 27, 2025 Lushang Life Services Co., Ltd., Annual General Meeting, Jun 27, 2025. Announcement • Mar 11
Lushang Life Services Co., Ltd. to Report Fiscal Year 2024 Results on Mar 21, 2025 Lushang Life Services Co., Ltd. announced that they will report fiscal year 2024 results on Mar 21, 2025 Valuation Update With 7 Day Price Move • Feb 10
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to HK$1.35, the stock trades at a trailing P/E ratio of 4.2x. Average trailing P/E is 7x in the Real Estate industry in Hong Kong. Total loss to shareholders of 29% over the past year. Board Change • Dec 10
Less than half of directors are independent There are 7 new directors who have joined the board in the last 3 years. Of these new board members, 3 were independent directors. The company's board is composed of: 7 new directors. 4 experienced directors. No highly experienced directors. 3 independent directors (5 non-independent directors). Supervisor Xiangqian Zhang is the most experienced director on the board, commencing their role in 2021. Independent Non Executive Director Tao Ma 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 • Nov 22
Lushang Life Services Co., Ltd. Announces Board Changes Lushang Life Services Co., Ltd. approved the appointment of Mr. Ning Daoju ("Mr. Ning") as an executive Director of the first session of the Board and to authorize the Board to fix his remuneration. Reference is also made to the announcement of the Company dated November 1, 2024 in relation to, among others, the resignation of Ms. Li Lu as a non- executive Director with effect from November 22, 2024. Following her resignation, Ms. Li has also ceased to be a member of the audit committee of the Company (the "Audit Committee") and a member of the nomination committee of the Company (the "Nomination Committee"). Valuation Update With 7 Day Price Move • Oct 22
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to HK$1.40, the stock trades at a trailing P/E ratio of 4.3x. Average trailing P/E is 8x in the Real Estate industry in Hong Kong. Total loss to shareholders of 29% over the past year. Valuation Update With 7 Day Price Move • Oct 02
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to HK$1.55, the stock trades at a trailing P/E ratio of 4.7x. Average trailing P/E is 8x in the Real Estate industry in Hong Kong. Total loss to shareholders of 22% over the past year. Reported Earnings • Sep 29
First half 2024 earnings released: EPS: CN¥0.16 (vs CN¥0.16 in 1H 2023) First half 2024 results: EPS: CN¥0.16 (in line with 1H 2023). Revenue: CN¥308.5m (down 51% from 1H 2023). Net income: CN¥21.7m (up 2.1% from 1H 2023). Profit margin: 7.0% (up from 3.4% in 1H 2023). The increase in margin was driven by lower expenses. Reported Earnings • Aug 29
First half 2024 earnings released: EPS: CN¥0.16 (vs CN¥0.23 in 1H 2023) First half 2024 results: EPS: CN¥0.16 (down from CN¥0.23 in 1H 2023). Revenue: CN¥308.5m (down 1.7% from 1H 2023). Net income: CN¥21.7m (down 28% from 1H 2023). Profit margin: 7.0% (down from 9.6% in 1H 2023). The decrease in margin was primarily driven by lower revenue. Announcement • Aug 14
Lushang Life Services Co., Ltd. to Report First Half, 2024 Results on Aug 23, 2024 Lushang Life Services Co., Ltd. announced that they will report first half, 2024 results on Aug 23, 2024 Announcement • Apr 27
Lushang Life Services Co., Ltd. Announces Executive Changes Lushang Life Services Co., Ltd. announced that, on April 26, 2024, the Board received the resignation report from Mr. Wang Zhongwu ("Mr. Wang"), executive Director, Chairman of the Board and general manager of the Company. Due to work arrangements, Mr. Wang ceased to act as general manager of the Company effective from April 26, 2024. After such resignation, Mr. Wang continues to act as executive Director, Chairman of the Board, member of the Remuneration Committee and chairman of the Strategy and ESG Committee under the Board. Mr. Liu Jiapeng, deputy general manager of the Company, will temporarily fulfil the responsibilities of the general manager before the Board appoints a new general manager. The Company will appoint a new general manager in accordance with legal procedures as soon as possible. Announcement • Mar 23
Lushang Life Services Co., Ltd., Annual General Meeting, Jun 21, 2024 Lushang Life Services Co., Ltd., Annual General Meeting, Jun 21, 2024. Reported Earnings • Mar 23
Full year 2023 earnings released: EPS: CN¥0.30 (vs CN¥0.66 in FY 2022) Full year 2023 results: EPS: CN¥0.30 (down from CN¥0.66 in FY 2022). Revenue: CN¥621.0m (down 1.1% from FY 2022). Net income: CN¥39.4m (down 49% from FY 2022). Profit margin: 6.3% (down from 12% in FY 2022). The decrease in margin was primarily driven by higher expenses. Announcement • Mar 13
Lushang Life Services Co., Ltd. to Report Fiscal Year 2023 Results on Mar 22, 2024 Lushang Life Services Co., Ltd. announced that they will report fiscal year 2023 results on Mar 22, 2024 Announcement • Feb 29
Lushang Life Services Co., Ltd. (SEHK:2376) agreed to acquire Shandong Lujian Property Management Limited from Lushang Freda Pharmaceutical Co.,Ltd. (SHSE:600223) for RMB 4.9 million. Lushang Life Services Co., Ltd. (SEHK:2376) entered into equity transfer agreement to acquire Shandong Lujian Property Management Limited from Lushang Freda Pharmaceutical Co.,Ltd. (SHSE:600223) for CNY 4.9 million on February 27, 2024. For the period ended December 31, 2023 Shandong Lujian Property Management Limited reported net profit of 0.028 million and net asset of 4.9 million. Announcement • Feb 28
Zhongchengkai (Shandong) Urban & Rural Development Co., Ltd. conditionally agreed to acquire Shandong HuiBangDa Furbishing Engineering Co., Ltd. from Lushang Life Services Co., Ltd. (SEHK:2376) for CNY 21.9 million. Zhongchengkai (Shandong) Urban & Rural Development Co., Ltd. conditionally agreed to acquire Shandong HuiBangDa Furbishing Engineering Co., Ltd. from Lushang Life Services Co., Ltd. (SEHK:2376) for CNY 21.9 million on February 27, 2024. The consideration consists of CNY 21.86 million in cash. As part of the consideration, CNY 21.86 million was paid towards common equity. The financials for the period ended July 2023 stood at: Revenue- CNY 23.86737 million, Profit after tax- CNY 1.84079 million and Profit before tax- CNY 1.93896 million. The completion is subject to the approval of Board of Directors and the shareholders of Shandong HuiBangDa Furbishing Engineering Co., Ltd. and Lushang Life Services Co., Ltd. and the Registration of Change set out in the Equity Transfer Agreement. Completion shall take place upon completion of the Registration of Change. The use of proceeds will be directed towards strengthening the general working capital. Buy Or Sell Opportunity • Feb 22
Now 26% overvalued after recent price rise Over the last 90 days, the stock has risen 3.2% to HK$1.91. The fair value is estimated to be HK$1.52, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 3.1% over the last year. Earnings per share has declined by 35%. New Risk • Sep 28
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 181% 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 Risk High level of non-cash earnings (181% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Market cap is less than US$100m (HK$273.3m market cap, or US$34.9m). Reported Earnings • Aug 26
First half 2023 earnings released: EPS: CN¥0.23 (vs CN¥0.40 in 1H 2022) First half 2023 results: EPS: CN¥0.23 (down from CN¥0.40 in 1H 2022). Revenue: CN¥314.0m (down 3.2% from 1H 2022). Net income: CN¥30.0m (down 25% from 1H 2022). Profit margin: 9.6% (down from 12% in 1H 2022). Valuation Update With 7 Day Price Move • Aug 22
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to HK$2.45, the stock trades at a trailing P/E ratio of 4x. Average trailing P/E is 7x in the Real Estate industry in Hong Kong. Total loss to shareholders of 13% over the past year. Announcement • Aug 16
Lushang Life Services Co., Ltd. to Report First Half, 2023 Results on Aug 25, 2023 Lushang Life Services Co., Ltd. announced that they will report first half, 2023 results on Aug 25, 2023 Announcement • Jun 02
Lushang Life Services Co., Ltd. Announces Resignation of Yang Yunlong as an Executive Director Lushang Life Services Co., Ltd. announced that Mr. Yang Yunlong has tendered his resignation as an executive Director with effect from the conclusion of the forthcoming annual general meeting of the Company to devote more time to pursue his other business engagements. Valuation Update With 7 Day Price Move • May 08
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to HK$2.82, the stock trades at a trailing P/E ratio of 4.3x. Average trailing P/E is 8x in the Real Estate industry in Hong Kong. Reported Earnings • Apr 01
Full year 2022 earnings released: EPS: CN¥0.66 (vs CN¥0.76 in FY 2021) Full year 2022 results: EPS: CN¥0.66. Revenue: CN¥627.7m (up 7.7% from FY 2021). Net income: CN¥76.7m (up 1.2% from FY 2021). Profit margin: 12% (in line with FY 2021). Valuation Update With 7 Day Price Move • Dec 09
Investor sentiment improved over the past week After last week's 18% share price gain to HK$2.31, the stock trades at a trailing P/E ratio of 3.5x. Average trailing P/E is 7x in the Real Estate industry in Hong Kong. Announcement • Dec 01
Lushang Life Services Co., Ltd. Announces Board Changes Lushang Life Services Co., Ltd. announced at annual general meeting held on November 30, 2022, the shareholders approved appointment of Ms. Luo Ye as a non-executive Director of the first session of the Board. The Board further announced that in order to devote more time to other work arrangements, Mr. Bao Song has tendered his resignation as an executive Director, the chairman of the Board (the "Chairman") and the chairman of the strategy committee of the Company (the "Strategy Committee") with effect from the conclusion of the EGM. Following the resignation of Mr. Bao, the Board announced that during its meeting held immediately upon the conclusion of the EGM, it has further resolved to (i) appoint Mr. Wang Zhongwu, an executive Director, as the Chairman and chairman of the Strategy Committee; and (ii) appoint Mr. Shao Meng, an executive Director, as a member of the Strategy Committee with immediate effect. Board Change • Nov 16
Less than half of directors are independent There are 12 new directors who have joined the board in the last 3 years. Of these new board members, 3 were independent directors. The company's board is composed of: 12 new directors. No experienced directors. No highly experienced directors. 3 independent directors (6 non-independent directors). Employee Representative Supervisor Pin Wang is the most experienced director on the board, commencing their role in 2021. Independent Non Executive Director Tao Ma 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 • Sep 16
Lushang Life Services Co., Ltd. Announces Change of Directors and Chairman of the Board Lushang Life Services Co., Ltd. announced that at its extraordinary general meeting held on September 15, 2022, the ordinary resolutions have been duly passed by the Shareholders at the EGM, Mr. Bao Song and Mr. Yang Yunlong have been appointed as executive Directors of the first session of the Board with effect from September 15, 2022, and shall be eligible for re-election upon the expiry of their term of office. For details, please refer to the Circular and the announcement of the Company dated August 26, 2022. Following the resignation of Mr. Zhao Yanfeng as a non-executive Director, the chairman of the Board and the chairman of the strategy committee of the Board (the "Strategy Committee") with effect from September 15, 2022, the Board announced that during its meeting held immediately upon conclusion of the EGM, it has further resolved to appoint Mr. Bao Song as the chairman of the Board and chairman of the Strategy Committee with effect from the conclusion of the EGM. Reported Earnings • Aug 29
First half 2022 earnings released First half 2022 results: EPS: CN¥0.40. Net income: CN¥40.1m (up CN¥40.1m from 1H 2021). Announcement • Aug 27
Lushang Life Services Co., Ltd. Announces Resignation of Zhao Yanfeng as A Non-Executive Director and the Chairman of the Board Lushang Life Services Co., Ltd. announced that Mr. Zhao Yanfeng ("Mr. Zhao") has tendered his resignation as a non-executive Director and the chairman of the Board with effect from the conclusion of the forthcoming2022 first extraordinary general meeting of the Company (the "EGM") to devote more time to pursue his other business engagements. Mr. Zhao has confirmed that he has no disagreement with the Company and the Board and there are no other matters relating to his resignation that needs to be brought to the attention of the Stock Exchange and the shareholders of the Company (the "Shareholders"). The Board would like to take this opportunity to thank Mr. Zhao for his valuable contributions to the Company. Announcement • Aug 17
Lushang Life Services Co., Ltd. to Report First Half, 2022 Results on Aug 26, 2022 Lushang Life Services Co., Ltd. announced that they will report first half, 2022 results on Aug 26, 2022 Valuation Update With 7 Day Price Move • Aug 02
Investor sentiment deteriorated over the past week After last week's 19% share price decline to HK$2.60, the stock trades at a trailing P/E ratio of 3.9x. Average trailing P/E is 6x in the Real Estate industry in Hong Kong. Board Change • Jul 11
Less than half of directors are independent There are 11 new directors who have joined the board in the last 3 years. Of these new board members, 3 were independent directors. The company's board is composed of: 11 new directors. No experienced directors. No highly experienced directors. 3 independent directors (5 non-independent directors). Employee Representative Supervisor Pin Wang is the most experienced director on the board, commencing their role in 2021. Independent Non Executive Director Tao Ma 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. 
