Reported Earnings • May 12
First quarter 2026 earnings released: NT$0.45 loss per share (vs NT$0.13 profit in 1Q 2025) First quarter 2026 results: NT$0.45 loss per share (down from NT$0.13 profit in 1Q 2025). Revenue: NT$172.9m (up 2.4% from 1Q 2025). Net loss: NT$26.3m (down 432% from profit in 1Q 2025). Revenue is forecast to grow 11% p.a. on average during the next 2 years, compared to a 19% growth forecast for the Biotechs industry in Asia. Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has increased by 44% per year, which means it is well ahead of earnings. Announcement • Apr 23
TCM Biotech Receives FDA Breakthrough Device Designation For CatCHimera Liquid Biopsy MRD Platform For Hepatocellular Carcinoma TCM Biotech has received FDA Breakthrough Device Designation for CatCHimera, a liquid biopsy MRD platform for hepatocellular carcinoma (HCC) that uses HBV–host genome integration junctions — rather than somatic mutations — as tumor-specific circulating biomarkers for post-curative treatment monitoring. This approach is mechanistically distinct from ctDNA MRD assays currently in the BDD pipeline, which rely on somatic SNVs/indels. CatCHimera leverages the fact that HBV integration sites are unique to each patient's tumor clones, enabling a tumor-informed MRD signal using capture-NGS and ddPCR without mutation calling. Published and presented clinical data (Hepatology; Cellular and Molecular Gastroenterology and Hepatology; AASLD 2023) include: vh-DNA detected in 98% of pre-surgical plasma; detection limit ~1.5 cm; 158-day mean lead time over CT for recurrence detection; NPV 92%, PPV 71% for post-operative recurrence; Combined with AFP + PIVKA-II: 95.8% sensitivity, 95.5% specificity; Sensitivity superior to AFP alone for tumors 50% five-year recurrence after resection. Approximately 296 million chronic HBV carriers worldwide define the potential addressable population. The platform was developed in collaboration with Academician Pei-Jer Chen's group at National Taiwan University and is protected by multi-country patents (US, EU, Singapore, China). TCM's molecular diagnostics laboratory operates under Taiwan Food and Drug Administration (TFDA) LDT accreditation. Announcement • Apr 08
TCM Biotech International Corp. has completed a Follow-on Equity Offering in the amount of TWD 974.556 million. TCM Biotech International Corp. has completed a Follow-on Equity Offering in the amount of TWD 974.556 million.
Security Name: Shares
Security Type: Common Stock
Securities Offered: 5,316,000
Price\Range: TWD 143.664786
Security Name: Shares
Security Type: Common Stock
Securities Offered: 2,067,000
Price\Range: TWD 102 New Risk • Mar 31
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 Taiwanese stocks, typically moving 8.4% 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. This is currently the only risk that has been identified for the company. Reported Earnings • Mar 20
Full year 2025 earnings released: EPS: NT$0.32 (vs NT$0.36 in FY 2024) Full year 2025 results: EPS: NT$0.32 (down from NT$0.36 in FY 2024). Revenue: NT$685.5m (up 2.8% from FY 2024). Net income: NT$19.2m (down 8.8% from FY 2024). Profit margin: 2.8% (down from 3.2% in FY 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has increased by 57% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Mar 13
TCM Biotech International Corp., Annual General Meeting, Jun 05, 2026 TCM Biotech International Corp., Annual General Meeting, Jun 05, 2026. Location: 17- floor building. d no,93, sec.1 hsin t`ai 5th rd., sijhih district, new taipei city Taiwan Reported Earnings • Nov 18
Third quarter 2025 earnings released: EPS: NT$0.13 (vs NT$0.23 in 3Q 2024) Third quarter 2025 results: EPS: NT$0.13 (down from NT$0.23 in 3Q 2024). Revenue: NT$172.7m (up 4.8% from 3Q 2024). Net income: NT$7.74m (down 43% from 3Q 2024). Profit margin: 4.5% (down from 8.3% in 3Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has increased by 79% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Oct 14
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 Taiwanese stocks, typically moving 8.4% 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. This is currently the only risk that has been identified for the company. Buy Or Sell Opportunity • Oct 01
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 98% to NT$115. The fair value is estimated to be NT$95.64, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 4.7% over the last 3 years. Earnings per share has grown by 17%. Buy Or Sell Opportunity • Sep 09
Now 24% overvalued after recent price rise Over the last 90 days, the stock has risen 113% to NT$119. The fair value is estimated to be NT$95.64, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 4.7% over the last 3 years. Earnings per share has grown by 17%. Declared Dividend • Aug 14
Dividend increased to NT$0.35 Dividend of NT$0.35 is 23% higher than last year. Ex-date: 28th August 2025 Payment date: 26th September 2025 Dividend yield will be 0.4%, which is lower than the industry average of 2.6%. Payout Ratios Payout ratio: 98%. Cash payout ratio: 13%. New Risk • Aug 04
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 Taiwanese stocks, typically moving 6.4% 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 0.1% per year over the past 5 years. Minor Risk Share price has been volatile over the past 3 months (6.4% average weekly change). New Risk • Apr 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 Taiwanese stocks, typically moving 8.4% 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 1.7% per year over the past 5 years. Minor Risks Latest financial reports are more than 6 months old (reported June 2024 fiscal period end). Share price has been volatile over the past 3 months (8.4% average weekly change). Market cap is less than US$100m (NT$3.14b market cap, or US$95.7m). New Risk • Apr 01
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: NT$3.31b (US$99.5m) This is considered a minor 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 Risk Earnings have declined by 1.7% per year over the past 5 years. Minor Risks Latest financial reports are more than 6 months old (reported June 2024 fiscal period end). Market cap is less than US$100m (NT$3.31b market cap, or US$99.5m). Announcement • Apr 01
TCM Biotech International Corp., Annual General Meeting, Jun 27, 2025 TCM Biotech International Corp., Annual General Meeting, Jun 27, 2025, at 09:30 Taipei Standard Time. Location: 17- floor building. d no,93, sec.1 hsin t`ai 5th rd., sijhih district, new taipei city Taiwan New Risk • Mar 01
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2024. 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 1.7% per year over the past 5 years. Minor Risk Latest financial reports are more than 6 months old (reported June 2024 fiscal period end). Upcoming Dividend • Aug 21
Upcoming dividend of NT$0.28 per share Eligible shareholders must have bought the stock before 28 August 2024. Payment date: 25 September 2024. Payout ratio is on the higher end at 81% but the company is not cash flow positive. Trailing yield: 0.5%. Lower than top quartile of Taiwanese dividend payers (4.3%). Lower than average of industry peers (3.1%). New Risk • Jul 29
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: NT$3.22b (US$98.1m) This is considered a minor 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 Risk Earnings have declined by 10% per year over the past 5 years. Minor Risks Shareholders have been diluted in the past year (20% increase in shares outstanding). Market cap is less than US$100m (NT$3.22b market cap, or US$98.1m). New Risk • Apr 17
New major risk - Revenue and earnings growth Earnings have declined by 10% 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 10% per year over the past 5 years. Minor Risks Shareholders have been diluted in the past year (20% increase in shares outstanding). Market cap is less than US$100m (NT$3.05b market cap, or US$93.8m). Reported Earnings • Apr 17
Full year 2023 earnings released: EPS: NT$0.35 (vs NT$0.37 in FY 2022) Full year 2023 results: EPS: NT$0.35. Revenue: NT$969.6m (up 21% from FY 2022). Net income: NT$18.6m (up 1.7% from FY 2022). Profit margin: 1.9% (down from 2.3% in FY 2022). The decrease in margin was driven by higher expenses. Announcement • Mar 27
TCM Biotech International Corp., Annual General Meeting, Jun 18, 2024 TCM Biotech International Corp., Annual General Meeting, Jun 18, 2024. New Risk • Feb 27
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2023. 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: Minor Risks Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Shareholders have been diluted in the past year (20% increase in shares outstanding). New Risk • Sep 11
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 20% This is considered a minor 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: Minor Risks Share price has been volatile over the past 3 months (6.3% average weekly change). Shareholders have been diluted in the past year (20% increase in shares outstanding). Reported Earnings • Aug 16
First half 2023 earnings released: EPS: NT$0.18 (vs NT$0.27 in 1H 2022) First half 2023 results: EPS: NT$0.18 (down from NT$0.27 in 1H 2022). Revenue: NT$465.2m (up 25% from 1H 2022). Net income: NT$8.42m (down 37% from 1H 2022). Profit margin: 1.8% (down from 3.6% in 1H 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 13% p.a. on average during the next 2 years, compared to a 22% growth forecast for the Biotechs industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 36% per year but the company’s share price has increased by 18% per year, which means it is well ahead of earnings. Upcoming Dividend • Jul 13
Upcoming dividend of NT$0.034 per share Eligible shareholders must have bought the stock before 20 July 2023. Payment date: 28 August 2023. The company last paid an ordinary dividend in April 2013. The average dividend yield among industry peers is 2.7%. Reported Earnings • Apr 22
Full year 2022 earnings released: EPS: NT$0.38 (vs NT$0.04 in FY 2021) Full year 2022 results: EPS: NT$0.38 (up from NT$0.04 in FY 2021). Revenue: NT$802.4m (up 14% from FY 2021). Net income: NT$18.3m (up NT$16.4m from FY 2021). Profit margin: 2.3% (up from 0.3% in FY 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 39% per year but the company’s share price has increased by 22% per year, which means it is well ahead of earnings. Reported Earnings • Aug 16
First half 2022 earnings released: EPS: NT$0.28 (vs NT$0.15 in 1H 2021) First half 2022 results: EPS: NT$0.28 (up from NT$0.15 in 1H 2021). Revenue: NT$373.0m (up 5.2% from 1H 2021). Net income: NT$13.3m (up 92% from 1H 2021). Profit margin: 3.6% (up from 1.9% in 1H 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 41% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. Board Change • Apr 27
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 8 experienced directors. No highly experienced directors. No independent directors (3 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Reported Earnings • Apr 10
Full year 2021 earnings released: EPS: NT$0.04 (vs NT$0.54 in FY 2020) Full year 2021 results: EPS: NT$0.04 (down from NT$0.54 in FY 2020). Revenue: NT$702.0m (down 4.8% from FY 2020). Net income: NT$1.87m (down 93% from FY 2020). Profit margin: 0.3% (down from 3.5% in FY 2020). 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 14% per year, which means it is well ahead of earnings. Upcoming Dividend • Aug 19
Upcoming dividend of NT$0.36 per share Eligible shareholders must have bought the stock before 26 August 2021. Payment date: 24 September 2021. Trailing yield: 1.1%. Lower than top quartile of Taiwanese dividend payers (5.2%). Lower than average of industry peers (4.1%). Reported Earnings • Aug 18
First half 2021 earnings released: EPS NT$0.15 (vs NT$0.80 in 1H 2020) The company reported a poor first half result with weaker earnings, revenues and profit margins. First half 2021 results: Revenue: NT$354.6m (down 13% from 1H 2020). Net income: NT$6.91m (down 82% from 1H 2020). Profit margin: 1.9% (down from 9.3% in 1H 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has increased by 18% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Jul 31
Investor sentiment improved over the past week After last week's 15% share price gain to NT$31.50, the stock trades at a trailing P/E ratio of 58x. Average trailing P/E is 23x in the Biotechs industry in Taiwan. Total returns to shareholders of 55% over the past three years. Reported Earnings • Apr 17
Full year 2020 earnings released: EPS NT$0.54 (vs NT$0.14 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: NT$737.1m (up 30% from FY 2019). Net income: NT$25.5m (up 292% from FY 2019). Profit margin: 3.5% (up from 1.1% in FY 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Mar 31
Investor sentiment improved over the past week After last week's 22% share price gain to NT$36.50, the stock trades at a trailing P/E ratio of 41.2x. Average trailing P/E is 37x in the Biotechs industry in Taiwan. Total returns to shareholders of 78% over the past three years. Is New 90 Day High Low • Feb 03
New 90-day low: NT$29.60 The company is down 18% from its price of NT$36.00 on 05 November 2020. The Taiwanese market is up 19% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Biotechs industry, which is down 9.0% over the same period. Is New 90 Day High Low • Jan 18
New 90-day low: NT$34.80 The company is down 1.0% from its price of NT$35.05 on 21 October 2020. The Taiwanese market is up 20% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Biotechs industry, which is down 5.0% over the same period. Is New 90 Day High Low • Dec 04
New 90-day high: NT$37.50 The company is up 5.0% from its price of NT$35.70 on 04 September 2020. The Taiwanese market is up 10.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Biotechs industry, which is down 2.0% over the same period. Is New 90 Day High Low • Oct 21
New 90-day low: NT$35.05 The company is down 8.0% from its price of NT$38.00 on 23 July 2020. The Taiwanese market is up 3.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Biotechs industry, which is down 10.0% over the same period. 
