Valuation Update With 7 Day Price Move • Jul 08
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to US$1.10, the stock trades at a trailing P/E ratio of 6.3x. Average trailing P/E is 17x in the Food industry in the US. Total loss to shareholders of 13% over the past three years. Valuation Update With 7 Day Price Move • Jun 10
Investor sentiment improves as stock rises 36% After last week's 36% share price gain to US$1.61, the stock trades at a trailing P/E ratio of 9.2x. Average trailing P/E is 17x in the Food industry in the US. Total returns to shareholders of 42% over the past three years. New Risk • May 20
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 American stocks, typically moving 9.3% 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 (US$8.36m market cap). Minor Risks Share price has been volatile over the past 3 months (9.3% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (144% net profit margin). Revenue is less than US$5m (US$1.3m revenue). Valuation Update With 7 Day Price Move • May 20
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to US$1.15, the stock trades at a trailing P/E ratio of 6.6x. Average trailing P/E is 18x in the Food industry in the US. Total loss to shareholders of 8.0% over the past three years. New Risk • May 07
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: US$9.91m 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 Risk Market cap is less than US$10m (US$9.91m market cap). Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (144% net profit margin). Revenue is less than US$5m (US$1.3m revenue). New Risk • Apr 21
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 144% Last year net profit margin: 374% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (144% net profit margin). Revenue is less than US$5m (US$1.3m revenue). Market cap is less than US$100m (US$11.0m market cap). Reported Earnings • Apr 21
Full year 2025 earnings released: EPS: US$0.17 (vs US$0.20 in FY 2024) Full year 2025 results: EPS: US$0.17 (down from US$0.20 in FY 2024). Net income: US$1.80m (down 15% from FY 2024). Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Announcement • Mar 15
TDH Holdings, Inc. Announces Resignation of Qiu Li as from the Board of Directors and Each of the Audit Committee, the Compensation Committee, and the Nominating and Corporate Governance Committee of the Board, Effective March 11, 2026 TDH Holdings, Inc. announced that on March 11, 2026, Ms. Qiu Li, an independent director of TDH Holdings, Inc., resigned from the board of directors, and each of the Audit Committee, the Compensation Committee, and the Nominating and Corporate Governance Committee of the Board, effective March 11, 2026. The company is actively engaged in the process of identifying and evaluating qualified independent director candidates to fill the vacancy on the board, Audit Committee, the Compensation Committee, and the Nominating and Corporate Governance Committee of the Board and remains committed to maintaining strong corporate governance practices. New Risk • Nov 23
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: US$9.98m 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 Risk Market cap is less than US$10m (US$9.98m market cap). Minor Risk Revenue is less than US$5m (US$1.0m revenue). New Risk • Nov 14
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 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 Revenue is less than US$1m (US$564k revenue). Minor Risks Latest financial reports are more than 6 months old (reported December 2024 fiscal period end). Market cap is less than US$100m (US$10.7m market cap). Valuation Update With 7 Day Price Move • Sep 10
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to US$1.20, the stock trades at a trailing P/E ratio of 5.9x. Average trailing P/E is 20x in the Food industry in the US. Total loss to shareholders of 71% over the past three years. Announcement • Sep 06
TDH Holdings, Inc., Annual General Meeting, Oct 28, 2025 TDH Holdings, Inc., Annual General Meeting, Oct 28, 2025, at 09:30 China Standard Time. Location: at room 1104, 9 east 3rd ring middle road, chaoyang district, beijing China New Risk • Jul 10
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: US$9.81m 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 Revenue is less than US$1m (US$564k revenue). Market cap is less than US$10m (US$9.81m market cap). Valuation Update With 7 Day Price Move • Jun 04
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to US$1.11, the stock trades at a trailing P/E ratio of 5.4x. Average trailing P/E is 20x in the Food industry in the US. Total loss to shareholders of 74% over the past three years. New Risk • May 11
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: US$9.56m 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 Revenue is less than US$1m (US$564k revenue). Market cap is less than US$10m (US$9.56m market cap). New Risk • Apr 29
New major risk - Revenue size The company makes less than US$1m in revenue. Total revenue: US$564k This is considered a major risk. Companies with a small amount of revenue 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 Revenue is less than US$1m (US$564k revenue). Minor Risk Market cap is less than US$100m (US$10.7m market cap). New Risk • Feb 26
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 American 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: Minor Risks Share price has been volatile over the past 3 months (11% average weekly change). Revenue is less than US$5m (US$3.3m revenue). Market cap is less than US$100m (US$13.6m market cap). New Risk • Dec 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 American 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: Minor Risks Share price has been volatile over the past 3 months (11% average weekly change). Revenue is less than US$5m (US$3.3m revenue). Market cap is less than US$100m (US$15.0m market cap). Reported Earnings • Dec 19
First half 2024 earnings released: EPS: US$0.17 (vs US$0.008 in 1H 2023) First half 2024 results: EPS: US$0.17 (up from US$0.008 in 1H 2023). Revenue: US$103.4k (down 93% from 1H 2023). Net income: US$1.76m (up US$1.68m from 1H 2023). New Risk • Nov 15
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 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 December 2023 fiscal period end). Revenue is less than US$5m (US$3.2m revenue). Market cap is less than US$100m (US$12.5m market cap). Announcement • Sep 06
TDH Holdings, Inc., Annual General Meeting, Oct 29, 2024 TDH Holdings, Inc., Annual General Meeting, Oct 29, 2024, at 09:30 China Standard Time. Location: room 1104, 9 east 3rd ring middle road, chaoyang district, beijing China Reported Earnings • May 01
Full year 2023 earnings released: US$0.83 loss per share (vs US$0.14 profit in FY 2022) Full year 2023 results: US$0.83 loss per share (down from US$0.14 profit in FY 2022). Revenue: US$3.18m (up 2.5% from FY 2022). Net loss: US$8.53m (down US$9.67m from profit in FY 2022). Valuation Update With 7 Day Price Move • Mar 02
Investor sentiment deteriorates as stock falls 22% After last week's 22% share price decline to US$1.10, the stock trades at a trailing P/E ratio of 7.5x. Average trailing P/E is 15x in the Food industry in the US. Total loss to shareholders of 98% over the past three years. Valuation Update With 7 Day Price Move • Feb 16
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to US$1.28, the stock trades at a trailing P/E ratio of 8.8x. Average trailing P/E is 15x in the Food industry in the US. Total loss to shareholders of 98% over the past three years. Valuation Update With 7 Day Price Move • Jan 04
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to US$1.25, the stock trades at a trailing P/E ratio of 8.5x. Average trailing P/E is 17x in the Food industry in the US. Total loss to shareholders of 97% over the past three years. Valuation Update With 7 Day Price Move • Dec 20
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to US$1.03, the stock trades at a trailing P/E ratio of 7x. Average trailing P/E is 17x in the Food industry in the US. Total loss to shareholders of 97% over the past three years. Announcement • Sep 06
TDH Holdings, Inc., Annual General Meeting, Oct 27, 2023 TDH Holdings, Inc., Annual General Meeting, Oct 27, 2023, at 09:00 China Standard Time. Location: Room 1104, 9 East 3rd Ring Middle Beijijng China Valuation Update With 7 Day Price Move • Aug 25
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to US$1.20, the stock trades at a trailing P/E ratio of 10.8x. Average trailing P/E is 16x in the Food industry in the US. Total loss to shareholders of 95% over the past three years. Valuation Update With 7 Day Price Move • May 02
Investor sentiment improves as stock rises 46% After last week's 46% share price gain to US$1.52, the stock trades at a trailing P/E ratio of 8.4x. Average trailing P/E is 19x in the Food industry in the US. Total loss to shareholders of 92% over the past three years. Reported Earnings • Apr 27
Full year 2022 earnings released: EPS: US$0.14 (vs US$2.07 loss in FY 2021) Full year 2022 results: EPS: US$0.14 (up from US$2.07 loss in FY 2021). Revenue: US$3.10m (up 184% from FY 2021). Net income: US$1.14m (up US$7.26m from FY 2021). Profit margin: 37% (up from net loss in FY 2021). The move to profitability was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 84% per year but the company’s share price has fallen by 59% per year, which means it is significantly lagging earnings. Buying Opportunity • Dec 05
Now 26% undervalued after recent price drop Over the last 90 days, the stock is down 39%. The fair value is estimated to be US$3.08, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 100% over the last 3 years. Earnings per share has grown by 102%. Buying Opportunity • Nov 16
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 43%. The fair value is estimated to be US$3.08, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 100% over the last 3 years. Earnings per share has grown by 102%. Buying Opportunity • Nov 03
Now 24% undervalued after recent price drop Over the last 90 days, the stock is down 4.5%. The fair value is estimated to be US$3.08, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 100% over the last 3 years. Earnings per share has grown by 102%. Reported Earnings • Nov 03
First half 2022 earnings released: US$0.14 loss per share (vs US$0.37 loss in 1H 2021) First half 2022 results: US$0.14 loss per share (improved from US$0.37 loss in 1H 2021). Revenue: US$1.45m (up US$1.32m from 1H 2021). Net loss: US$896.0k (loss narrowed 5.0% from 1H 2021). Over the last 3 years on average, earnings per share has increased by 102% per year but the company’s share price has fallen by 57% per year, which means it is significantly lagging earnings. Board Change • Nov 01
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. 5 experienced directors. No highly experienced directors. Independent Director Caifen Zou was the last director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Board Change • Oct 02
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. 5 experienced directors. No highly experienced directors. Independent Director Caifen Zou was the last director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Announcement • Sep 08
TDH Holdings, Inc., Annual General Meeting, Oct 27, 2022 TDH Holdings, Inc., Annual General Meeting, Oct 27, 2022, at 21:00 US Eastern Standard Time. Location: Room 3303 9 East 3rd Ring Middle Road, Chaoyang District, Beijing Province China Announcement • Aug 19
TDH Holdings, Inc. (NasdaqCM:PETZ) acquired Beijing Wenxin Company., Ltd. from Kargo Services, Inc. TDH Holdings, Inc. (NasdaqCM:PETZ) acquired Beijing Wenxin Company., Ltd. from Kargo Services, Inc. on July 26, 2022. Post completion of the acquisition, TDH Holdings plans to utilize Beijing Wenxin for the strategic acquisition of petfood related businesses.TDH Holdings, Inc. (NasdaqCM:PETZ) completed the acquisition of Beijing Wenxin Company., Ltd. from Kargo Services, Inc. on July 26, 2022. Announcement • Jul 30
TDH Holdings, Inc. announced that it has received $6.04 million in funding On July 29, 2022, TDH Holdings, Inc. closed the transaction. The transaction included participation from eight investors. Announcement • Jul 01
TDH Holdings, Inc. Regains Compliance with NASDAQ Minimum Bid Price Requirement TDH Holdings, Inc. announced that on June 29, 2022, it received notification from The Nasdaq Stock Market LLC ("NASDAQ") confirming the Company has regained compliance with NASDAQ's minimum bid price requirement under Listing Rule 5550(a)(2). NASDAQ noted this matter is now closed. Announcement • Jun 11
TDH Holdings Announces 1-for-20 Reverse Stock Split to Regain Compliance TDH Holdings, Inc. announced that the Company's Board approved to effect a reverse stock split of the Company's common shares at the ratio of one-for-twenty with the market effective date of June 14, 2022. The objective of the reverse stock split is to enable the Company to regain compliance with NASDAQ Marketplace Rule 5550(a)(2) and maintain its listing on Nasdaq. Reported Earnings • May 01
Full year 2021 earnings released: US$0.10 loss per share (vs US$0.019 loss in FY 2020) Full year 2021 results: US$0.10 loss per share (down from US$0.019 loss in FY 2020). Net loss: US$6.12m (loss widened US$5.25m from FY 2020). Over the last 3 years on average, earnings per share has increased by 107% per year but the company’s share price has fallen by 29% per year, which means it is significantly lagging earnings. Announcement • Feb 26
TDH Holdings, Inc. Announces Receipt of Nasdaq Continued Listing Deficiency Notice TDH Holdings, Inc., on February 25, 2022 announced on February 23, 2022, the Company received a notification letter from Nasdaq Listing Qualifications advising the Company that based upon the closing bid price for the Company's common shares for the past 30 consecutive business days, the Company no longer met the minimum $1.00 per share Nasdaq continued listing requirement set forth in Nasdaq Listing Rule 5550(a)(2). The notification also stated that the Company would be provided 180 calendar days, or until August 22, 2022, to regain compliance with the foregoing listing requirement. To do so, the bid price of the Company's common stock must close at or above $1.00 per share for a minimum of 10 consecutive business days prior to that date. If the Company does not regain compliance by the compliance deadline, the Company may be eligible for additional time to regain compliance. To qualify, the Company will be required to meet the continued listing requirement for market value of publicly held shares and all other initial listing standards for The Nasdaq Capital Market, with the exception of the bid price requirement, and will need to provide written notice of its intention to cure the deficiency during the second compliance period, by effecting a reverse stock split, if necessary. If the Company meets these requirements, the Nasdaq staff will inform the Company that it has been granted an additional 180 calendar days. However, if it appears to the Nasdaq staff that the Company will not be able to cure the deficiency, or if the Company is otherwise not eligible, the staff will provide notice that its securities will be subject to delisting. The Company provides no assurance that its common shares will trade at levels necessary to regain and maintain compliance with the above-referenced bid price rule before the compliance deadline. The Company intends to continue to monitor the bid price for its common shares. If the Company's common shares do not trade at a level that is likely to regain compliance with the Nasdaq requirements, the Company's Board of Directors will consider other options that may be available to achieve compliance. Announcement • Feb 01
TDH Holdings, Inc. announced that it has received $0.3392 million in funding On January 31, 2022, TDH Holdings, Inc. closed the transaction. The transaction included participation from eight investors. Recent Insider Transactions • Jan 17
Insider recently sold US$8.0m worth of stock On the 11th of January, Philip Zou sold around 8m shares on-market at roughly US$1.04 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of US$6.5m more than they bought in the last 12 months. Reported Earnings • Dec 15
First half 2021 earnings: Revenues and EPS in line with analyst expectations First half 2021 results: US$0.019 loss per share (down from US$0.013 loss in 1H 2020). Net loss: US$942.8k (loss widened 56% from 1H 2020). Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 80% per year whereas the company’s share price has increased by 79% per year. Reported Earnings • Apr 28
Full year 2020 earnings released: US$0.019 loss per share (vs US$0.41 loss in FY 2019) Full year 2020 results: Net loss: US$874.7k (loss narrowed 90% from FY 2019). Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has fallen by 15% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Feb 05
New 90-day high: US$2.30 The company is up 72% from its price of US$1.34 on 06 November 2020. The American market is up 14% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Food industry, which is up 3.0% over the same period. Is New 90 Day High Low • Jan 13
New 90-day high: US$2.17 The company is up 61% from its price of US$1.35 on 14 October 2020. The American market is up 11% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Food industry, which is down 1.0% over the same period. Is New 90 Day High Low • Dec 01
New 90-day high: US$2.03 The company is up 72% from its price of US$1.18 on 02 September 2020. The American market is up 5.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Food industry, which is flat over the same period. Reported Earnings • Nov 28
First half 2020 earnings released: US$0.013 loss per share The company reported a soft first half result with weaker revenues and control over expenses, though losses reduced. First half 2020 results: Revenue: US$282.5k (down 97% from 1H 2019). Net loss: US$604.0k (loss narrowed 64% from 1H 2019). Over the last 3 years on average, earnings per share has fallen by 30% per year but the company’s share price has fallen by 41% per year, which means it is performing significantly worse than earnings. Is New 90 Day High Low • Oct 20
New 90-day high: US$1.54 The company is up 9.0% from its price of US$1.41 on 22 July 2020. The American market is up 8.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Food industry, which is up 4.0% over the same period. Announcement • Jun 18
TDH Holdings, Inc. Auditor Raises 'Going Concern' Doubt TDH Holdings, Inc. filed its 20-F on Jun 15, 2020 for the period ending Dec 31, 2019. In this report its auditor, Malone & Bailey, PLLC, gave an unqualified opinion expressing doubt that the company can continue as a going concern. 
