Reported Earnings • Apr 25
First quarter 2026 earnings released: EPS: CN¥1.16 (vs CN¥0.62 in 1Q 2025) First quarter 2026 results: EPS: CN¥1.16 (up from CN¥0.62 in 1Q 2025). Revenue: CN¥631.6m (up 62% from 1Q 2025). Net income: CN¥113.9m (up 87% from 1Q 2025). Profit margin: 18% (up from 16% in 1Q 2025). The increase in margin was driven by higher revenue. Revenue is forecast to grow 23% p.a. on average during the next 3 years, compared to a 18% growth forecast for the Electrical industry in China. Over the last 3 years on average, earnings per share has increased by 46% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth. Tillkännagivande • Apr 25
Xi'an Sinofuse Electric Co., Ltd., Annual General Meeting, May 18, 2026 Xi'an Sinofuse Electric Co., Ltd., Annual General Meeting, May 18, 2026, at 14:30 China Standard Time. Location: The Company's Meeting Room, Xi'an, Shaanxi China Tillkännagivande • Mar 31
Xi'an Sinofuse Electric Co., Ltd. to Report Q1, 2026 Results on Apr 25, 2026 Xi'an Sinofuse Electric Co., Ltd. announced that they will report Q1, 2026 results on Apr 25, 2026 New Risk • Jan 21
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 Chinese stocks, typically moving 8.0% 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. Valuation Update With 7 Day Price Move • Jan 21
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to CN¥143, the stock trades at a forward P/E ratio of 32x. Average forward P/E is 27x in the Electrical industry in China. Total returns to shareholders of 30% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CN¥103 per share. Tillkännagivande • Dec 31
Xi'an Sinofuse Electric Co., Ltd. to Report Fiscal Year 2025 Results on Apr 25, 2026 Xi'an Sinofuse Electric Co., Ltd. announced that they will report fiscal year 2025 results on Apr 25, 2026 Buy Or Sell Opportunity • Nov 06
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 46% to CN¥125. The fair value is estimated to be CN¥104, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 32% over the last 3 years. Earnings per share has grown by 28%. Revenue is forecast to grow by 59% in 2 years. Earnings are forecast to grow by 70% in the next 2 years. Reported Earnings • Oct 29
Third quarter 2025 earnings released: EPS: CN¥0.94 (vs CN¥0.51 in 3Q 2024) Third quarter 2025 results: EPS: CN¥0.94 (up from CN¥0.51 in 3Q 2024). Revenue: CN¥595.4m (up 60% from 3Q 2024). Net income: CN¥105.8m (up 94% from 3Q 2024). Profit margin: 18% (up from 15% in 3Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 24% p.a. on average during the next 3 years, compared to a 18% growth forecast for the Electrical industry in China. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. New Risk • Oct 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 Chinese stocks, typically moving 9.2% 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. Valuation Update With 7 Day Price Move • Oct 17
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to CN¥100.00, the stock trades at a forward P/E ratio of 27x. Average forward P/E is 26x in the Electrical industry in China. Total loss to shareholders of 17% over the past three years. Tillkännagivande • Sep 30
Xi'an Sinofuse Electric Co., Ltd. to Report Q3, 2025 Results on Oct 28, 2025 Xi'an Sinofuse Electric Co., Ltd. announced that they will report Q3, 2025 results on Oct 28, 2025 Declared Dividend • Sep 15
First half dividend of CN¥0.07 announced Shareholders will receive a dividend of CN¥0.07. Ex-date: 18th September 2025 Payment date: 18th September 2025 Dividend yield will be 0.7%, which is lower than the industry average of 1.6%. Sustainability & Growth Dividend is covered by both earnings (19% earnings payout ratio) and cash flows (59% cash payout ratio). The dividend has increased by an average of 7.7% per year over the past 3 years and payments have been stable during that time. EPS is expected to grow by 120% over the next 3 years, which should provide support to the dividend and adequate earnings cover. New Risk • Sep 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 Chinese stocks, typically moving 6.8% 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 High level of non-cash earnings (21% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (6.8% average weekly change). Valuation Update With 7 Day Price Move • Sep 01
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to CN¥112, the stock trades at a forward P/E ratio of 32x. Average forward P/E is 22x in the Electrical industry in China. Negligible returns to shareholders over past three years. Tillkännagivande • Jul 02
Xi'an Sinofuse Electric Co., Ltd. to Report First Half, 2025 Results on Aug 28, 2025 Xi'an Sinofuse Electric Co., Ltd. announced that they will report first half, 2025 results on Aug 28, 2025 New Risk • Apr 23
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 21% 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. This is currently the only risk that has been identified for the company. Reported Earnings • Apr 22
Full year 2024 earnings: EPS misses analyst expectations Full year 2024 results: EPS: CN¥2.83 (up from CN¥1.77 in FY 2023). Revenue: CN¥1.42b (up 34% from FY 2023). Net income: CN¥186.9m (up 60% from FY 2023). Profit margin: 13% (up from 11% in FY 2023). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 3.0%. Revenue is forecast to grow 24% p.a. on average during the next 3 years, compared to a 17% growth forecast for the Electrical industry in China. Over the last 3 years on average, earnings per share has increased by 14% per year whereas the company’s share price has increased by 16% per year. Tillkännagivande • Apr 22
Xi'an Sinofuse Electric Co., Ltd. Proposes Final Cash Dividend for the Year 2024 Xi'an Sinofuse Electric Co., Ltd. proposed final cash dividend of CNY 6.50000000 per 10 shares (tax included) for the year 2024. Tillkännagivande • Apr 21
Xi'an Sinofuse Electric Co., Ltd., Annual General Meeting, May 12, 2025 Xi'an Sinofuse Electric Co., Ltd., Annual General Meeting, May 12, 2025, at 14:30 China Standard Time. Location: The Company's Meeting Room, Xi'an, Shaanxi China New Risk • Apr 07
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 Chinese 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: Minor Risks Dividend is not well covered by cash flows (92% cash payout ratio). Share price has been volatile over the past 3 months (8.4% average weekly change). Valuation Update With 7 Day Price Move • Apr 07
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to CN¥101, the stock trades at a forward P/E ratio of 24x. Average forward P/E is 19x in the Electrical industry in China. Total returns to shareholders of 15% over the past three years. Tillkännagivande • Mar 31
Xi'an Sinofuse Electric Co., Ltd. to Report Q1, 2025 Results on Apr 21, 2025 Xi'an Sinofuse Electric Co., Ltd. announced that they will report Q1, 2025 results on Apr 21, 2025 Valuation Update With 7 Day Price Move • Mar 13
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to CN¥135, the stock trades at a forward P/E ratio of 33x. Average forward P/E is 21x in the Electrical industry in China. Total returns to shareholders of 16% over the past three years. Valuation Update With 7 Day Price Move • Jan 24
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to CN¥123, the stock trades at a forward P/E ratio of 30x. Average forward P/E is 19x in the Electrical industry in China. Total loss to shareholders of 9.6% over the past three years. Tillkännagivande • Dec 31
Xi'an Sinofuse Electric Co., Ltd. to Report Fiscal Year 2024 Results on Apr 21, 2025 Xi'an Sinofuse Electric Co., Ltd. announced that they will report fiscal year 2024 results on Apr 21, 2025 Price Target Changed • Oct 25
Price target increased by 32% to CN¥121 Up from CN¥91.71, the current price target is an average from 3 analysts. New target price is 6.7% above last closing price of CN¥113. Stock is down 4.6% over the past year. The company is forecast to post earnings per share of CN¥2.90 for next year compared to CN¥1.77 last year. Reported Earnings • Oct 24
Third quarter 2024 earnings released: EPS: CN¥0.82 (vs CN¥0.43 in 3Q 2023) Third quarter 2024 results: EPS: CN¥0.82 (up from CN¥0.43 in 3Q 2023). Revenue: CN¥371.9m (up 42% from 3Q 2023). Net income: CN¥54.6m (up 91% from 3Q 2023). Profit margin: 15% (up from 11% in 3Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 30% p.a. on average during the next 3 years, compared to a 17% growth forecast for the Electrical industry in China. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Oct 15
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to CN¥89.70, the stock trades at a forward P/E ratio of 23x. Average forward P/E is 18x in the Electrical industry in China. Total loss to shareholders of 41% over the past three years. New Risk • Sep 30
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 Chinese stocks, typically moving 7.3% 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: Minor Risks Share price has been volatile over the past 3 months (7.3% average weekly change). Profit margins are more than 30% lower than last year (11% net profit margin). Tillkännagivande • Sep 30
Xi'an Sinofuse Electric Co., Ltd. to Report Q3, 2024 Results on Oct 24, 2024 Xi'an Sinofuse Electric Co., Ltd. announced that they will report Q3, 2024 results on Oct 24, 2024 Valuation Update With 7 Day Price Move • Sep 27
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to CN¥84.61, the stock trades at a forward P/E ratio of 22x. Average forward P/E is 16x in the Electrical industry in China. Total loss to shareholders of 36% over the past three years. Tillkännagivande • Sep 21
Xi'an Sinofuse Electric Co., Ltd. Announces 2024 Interim Profit Distribution Plan to Be Implemented (A Shares), Payable September 27, 2024 Xi'an Sinofuse Electric Co., Ltd. announced 2024 interim profit distribution plan to be implemented (A shares): Cash dividend per 10 shares (tax included): CNY1.00396200. Record date: 26 September 2024, Ex-date: 27 September 2024, Payment date: 27 September 2024. Declared Dividend • Jul 12
Dividend of CN¥0.60 announced Dividend of CN¥0.60 is the same as last year. Ex-date: 17th July 2024 Payment date: 17th July 2024 Dividend yield will be 0.8%, which is lower than the industry average of 1.6%. Sustainability & Growth Dividend is covered by earnings (36% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has not increased over the past 2 years but payments have been stable during that time. EPS is expected to grow by 193% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Tillkännagivande • Jun 29
Xi'an Sinofuse Electric Co., Ltd. to Report First Half, 2024 Results on Aug 28, 2024 Xi'an Sinofuse Electric Co., Ltd. announced that they will report first half, 2024 results on Aug 28, 2024 New Risk • May 29
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 Chinese 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 High level of non-cash earnings (23% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (8.4% average weekly change). Profit margins are more than 30% lower than last year (10% net profit margin). Price Target Changed • May 02
Price target decreased by 20% to CN¥104 Down from CN¥129, the current price target is an average from 2 analysts. New target price is 23% above last closing price of CN¥84.65. Stock is down 34% over the past year. The company is forecast to post earnings per share of CN¥3.30 for next year compared to CN¥1.77 last year. Major Estimate Revision • Apr 30
Consensus revenue estimates fall by 12% The consensus outlook for revenues in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from CN¥1.70b to CN¥1.50b. EPS estimate fell from CN¥4.77 to CN¥4.16 per share. Net income forecast to grow 175% next year vs 46% growth forecast for Electrical industry in China. Consensus price target down from CN¥129 to CN¥121. Share price fell 7.3% to CN¥84.65 over the past week. Tillkännagivande • Apr 24
Xi'an Sinofuse Electric Co., Ltd., Annual General Meeting, May 22, 2024 Xi'an Sinofuse Electric Co., Ltd., Annual General Meeting, May 22, 2024, at 14:30 China Standard Time. Location: The Company's Meeting Room, Xi'an, Shaanxi China New Risk • Apr 24
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: 11% Last year net profit margin: 20% 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: Major Risk High level of non-cash earnings (28% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (11% net profit margin). Reported Earnings • Apr 24
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: EPS: CN¥1.77 (down from CN¥2.32 in FY 2022). Revenue: CN¥1.06b (up 40% from FY 2022). Net income: CN¥117.0m (down 24% from FY 2022). Profit margin: 11% (down from 20% in FY 2022). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 7.6%. Earnings per share (EPS) also missed analyst estimates by 31%. Revenue is forecast to grow 39% p.a. on average during the next 2 years, compared to a 18% growth forecast for the Electrical industry in China. Tillkännagivande • Mar 30
Xi'an Sinofuse Electric Co., Ltd. to Report Q1, 2024 Results on Apr 24, 2024 Xi'an Sinofuse Electric Co., Ltd. announced that they will report Q1, 2024 results on Apr 24, 2024 Valuation Update With 7 Day Price Move • Mar 28
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to CN¥90.05, the stock trades at a forward P/E ratio of 21x. Average forward P/E is 15x in the Electrical industry in China. Total loss to shareholders of 33% over the past year. Valuation Update With 7 Day Price Move • Feb 08
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to CN¥116, the stock trades at a forward P/E ratio of 27x. Average forward P/E is 13x in the Electrical industry in China. Total loss to shareholders of 37% over the past year. Price Target Changed • Feb 05
Price target decreased by 12% to CN¥141 Down from CN¥160, the current price target is an average from 3 analysts. New target price is 49% above last closing price of CN¥94.34. Stock is down 47% over the past year. The company is forecast to post earnings per share of CN¥2.30 for next year compared to CN¥2.32 last year. Tillkännagivande • Dec 30
Xi'an Sinofuse Electric Co., Ltd. to Report Fiscal Year 2023 Results on Apr 24, 2024 Xi'an Sinofuse Electric Co., Ltd. announced that they will report fiscal year 2023 results on Apr 24, 2024 Reported Earnings • Oct 23
Third quarter 2023 earnings released: EPS: CN¥0.43 (vs CN¥0.47 in 3Q 2022) Third quarter 2023 results: EPS: CN¥0.43 (down from CN¥0.47 in 3Q 2022). Revenue: CN¥262.7m (up 47% from 3Q 2022). Net income: CN¥28.6m (down 8.1% from 3Q 2022). Profit margin: 11% (down from 17% in 3Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 43% p.a. on average during the next 3 years, compared to a 22% growth forecast for the Electrical industry in China. Reported Earnings • Aug 25
Second quarter 2023 earnings released: EPS: CN¥0.37 (vs CN¥0.46 in 2Q 2022) Second quarter 2023 results: EPS: CN¥0.37 (down from CN¥0.46 in 2Q 2022). Revenue: CN¥263.3m (up 65% from 2Q 2022). Net income: CN¥24.3m (down 20% from 2Q 2022). Profit margin: 9.2% (down from 19% in 2Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 38% p.a. on average during the next 3 years, compared to a 22% growth forecast for the Electrical industry in China. New Risk • Jul 07
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 Chinese stocks, typically moving 6.9% 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 High level of non-cash earnings (50% accrual ratio). Minor Risk Share price has been volatile over the past 3 months (6.9% average weekly change). Tillkännagivande • Jul 04
Xi'an Sinofuse Electric Co., Ltd. Announces 2022 Final Profit Distribution Plan to Be Implemented (A Shares), Payment Date Is 10 July 2023 Xi'an Sinofuse Electric Co., Ltd. announced 2022 final profit distribution plan to be implemented (A shares): Cash dividend/10 shares (tax included) of CNY 6.00000000. Record date is 07 July 2023. Ex-date is 10 July 2023. Payment date is 10 July 2023. Valuation Update With 7 Day Price Move • Jun 30
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to CN¥136, the stock trades at a forward P/E ratio of 35x. Average forward P/E is 20x in the Electrical industry in China. Total loss to shareholders of 4.8% over the past year. Tillkännagivande • May 19
Xi'an Sinofuse Electric Co., Ltd. Approves the Cash Dividend for the Year 2022 Xi'an Sinofuse Electric Co., Ltd. approved the cash dividend of CNY 6.00 (tax included) per 10 shares for the year 2022, at the AGM held on May 17, 2023. Reported Earnings • Apr 26
Full year 2022 earnings: EPS and revenues exceed analyst expectations Full year 2022 results: EPS: CN¥2.32 (up from CN¥1.36 in FY 2021). Revenue: CN¥754.6m (up 96% from FY 2021). Net income: CN¥153.8m (up 91% from FY 2021). Profit margin: 20% (in line with FY 2021). Revenue exceeded analyst estimates by 7.4%. Earnings per share (EPS) also surpassed analyst estimates by 6.0%. Revenue is forecast to grow 39% p.a. on average during the next 2 years, compared to a 22% growth forecast for the Electrical industry in China. Board Change • Nov 16
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 7 experienced directors. No highly experienced directors. 1 independent director (5 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: Minority of independent directors. Insufficient board refreshment. Tillkännagivande • May 26
Xi'an Sinofuse Electric Co., Ltd. Announces 2021 Final Distribution Plan to Be Implemented (A Shares), Payable on 31 May 2022 Xi'an Sinofuse Electric Co., Ltd. announced 2021 final distribution plan to be implemented (A shares) of CNY 6.00000000 per 10 shares (tax included) with Record date: 30 May 2022; Ex-date: 31 May 2022; and Payment date: 31 May 2022. Tillkännagivande • May 19
Xi'an Sinofuse Electric Co., Ltd. Approves Cash Dividend Xi'an Sinofuse Electric Co., Ltd. held its Annual General Meeting of 2021 on 16 May 2022, during which the it approved: Cash dividend/10 shares (tax included): CNY 6.00000000. Tillkännagivande • Apr 27
Xi'an Sinofuse Electric Co., Ltd. Proposes Final Dividend for the Year 2021 Xi'an Sinofuse Electric Co., Ltd. announced on 25 April 2022 the profit distribution proposal for 2021 as cash dividend/10 shares (tax included) of CNY6.00000000. 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. 5 experienced directors. No highly experienced directors. No independent directors (5 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 • Oct 27
Third quarter 2021 earnings released: EPS CN¥0.33 (vs CN¥0.39 in 3Q 2020) The company reported a solid third quarter result with improved earnings and revenues, although profit margins were weaker. Third quarter 2021 results: Revenue: CN¥100.9m (up 44% from 3Q 2020). Net income: CN¥20.1m (up 3.7% from 3Q 2020). Profit margin: 20% (down from 28% in 3Q 2020). The decrease in margin was driven by higher expenses. Reported Earnings • Aug 31
Second quarter 2021 earnings released: EPS CN¥0.36 (vs CN¥0.31 in 2Q 2020) The company reported a solid second quarter result with improved earnings and revenues, although profit margins were weaker. Second quarter 2021 results: Revenue: CN¥93.3m (up 49% from 2Q 2020). Net income: CN¥18.1m (up 24% from 2Q 2020). Profit margin: 19% (down from 23% in 2Q 2020). The decrease in margin was driven by higher expenses.