Valuation Update With 7 Day Price Move • Jul 15
Investor sentiment deteriorates as stock falls 21% After last week's 21% share price decline to CN¥148, the stock trades at a trailing P/E ratio of 71.5x. Average trailing P/E is 133x in the Semiconductor industry in China. Total returns to shareholders of 160% over the past year. Tillkännagivande • Jun 30
Shanghai V-Test Semiconductor Tech. Co., Ltd. to Report First Half, 2026 Results on Aug 29, 2026 Shanghai V-Test Semiconductor Tech. Co., Ltd. announced that they will report first half, 2026 results on Aug 29, 2026 Declared Dividend • Jun 19
Dividend of CN¥0.55 announced Shareholders will receive a dividend of CN¥0.55. Ex-date: 24th June 2026 Payment date: 24th June 2026 Dividend yield will be 0.3%, which is lower than the industry average of 1.7%. Sustainability & Growth Dividend is covered by earnings (26% 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 increased by an average of 3.0% per year over the past 3 years. However, payments have been volatile during that time. Earnings per share has grown by 39% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. New Risk • Jun 06
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: 0.4% 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 High level of non-cash earnings (52% accrual ratio). Minor Risks High level of debt (78% net debt to equity). Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (9.5% average weekly change). Valuation Update With 7 Day Price Move • Jun 01
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to CN¥149, the stock trades at a trailing P/E ratio of 71.8x. Average trailing P/E is 102x in the Semiconductor industry in China. Total returns to shareholders of 196% over the past year. Board Change • May 20
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was an independent director. The company's board is composed of: 1 new director. 6 experienced directors. 3 highly experienced directors. 3 independent directors (4 non-independent directors). Independent Director Haiyan Song was the last independent director to join the board, commencing their role in 2023. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Tillkännagivande • Apr 22
Shanghai V-Test Semiconductor Tech. Co., Ltd., Annual General Meeting, May 22, 2026 Shanghai V-Test Semiconductor Tech. Co., Ltd., Annual General Meeting, May 22, 2026, at 14:00 China Standard Time. Location: No. 2, Dianke Road, Xinwu District, Wuxi, Jiangsu China Tillkännagivande • Mar 30
Shanghai V-Test Semiconductor Tech. Co., Ltd. to Report Q1, 2026 Results on Apr 29, 2026 Shanghai V-Test Semiconductor Tech. Co., Ltd. announced that they will report Q1, 2026 results on Apr 29, 2026 Tillkännagivande • Dec 26
Shanghai V-Test Semiconductor Tech. Co., Ltd. to Report Fiscal Year 2025 Results on Apr 22, 2026 Shanghai V-Test Semiconductor Tech. Co., Ltd. announced that they will report fiscal year 2025 results on Apr 22, 2026 Tillkännagivande • Sep 30
Shanghai V-Test Semiconductor Tech. Co., Ltd. to Report Q3, 2025 Results on Oct 27, 2025 Shanghai V-Test Semiconductor Tech. Co., Ltd. announced that they will report Q3, 2025 results on Oct 27, 2025 Tillkännagivande • Jun 30
Shanghai V-Test Semiconductor Tech. Co., Ltd. to Report First Half, 2025 Results on Aug 21, 2025 Shanghai V-Test Semiconductor Tech. Co., Ltd. announced that they will report first half, 2025 results on Aug 21, 2025 Tillkännagivande • Apr 29
Shanghai V-Test Semiconductor Tech. Co., Ltd., Annual General Meeting, May 20, 2025 Shanghai V-Test Semiconductor Tech. Co., Ltd., Annual General Meeting, May 20, 2025, at 14:00 China Standard Time. Tillkännagivande • Mar 28
Shanghai V-Test Semiconductor Tech. Co., Ltd. to Report Q1, 2025 Results on Apr 29, 2025 Shanghai V-Test Semiconductor Tech. Co., Ltd. announced that they will report Q1, 2025 results on Apr 29, 2025 Tillkännagivande • Dec 27
Shanghai V-Test Semiconductor Tech. Co., Ltd. to Report Fiscal Year 2024 Results on Apr 29, 2025 Shanghai V-Test Semiconductor Tech. Co., Ltd. announced that they will report fiscal year 2024 results on Apr 29, 2025 Reported Earnings • Oct 16
Third quarter 2024 earnings released: EPS: CN¥0.42 (vs CN¥0.17 in 3Q 2023) Third quarter 2024 results: EPS: CN¥0.42 (up from CN¥0.17 in 3Q 2023). Revenue: CN¥310.5m (up 53% from 3Q 2023). Net income: CN¥51.2m (up 171% from 3Q 2023). Profit margin: 17% (up from 9.3% in 3Q 2023). Revenue is forecast to grow 22% p.a. on average during the next 3 years, compared to a 23% growth forecast for the Semiconductor industry in China. Tillkännagivande • Sep 30
Shanghai V-Test Semiconductor Tech. Co., Ltd. to Report Q3, 2024 Results on Oct 16, 2024 Shanghai V-Test Semiconductor Tech. Co., Ltd. announced that they will report Q3, 2024 results on Oct 16, 2024 Tillkännagivande • Jun 28
Shanghai V-Test Semiconductor Tech. Co., Ltd. to Report First Half, 2024 Results on Aug 30, 2024 Shanghai V-Test Semiconductor Tech. Co., Ltd. announced that they will report first half, 2024 results on Aug 30, 2024 Valuation Update With 7 Day Price Move • May 15
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to CN¥46.43, the stock trades at a forward P/E ratio of 27x. Average forward P/E is 31x in the Semiconductor industry in China. Reported Earnings • May 01
First quarter 2024 earnings released: CN¥0.003 loss per share (vs CN¥0.24 profit in 1Q 2023) First quarter 2024 results: CN¥0.003 loss per share (down from CN¥0.24 profit in 1Q 2023). Revenue: CN¥183.6m (up 31% from 1Q 2023). Net loss: CN¥305.7k (down 101% from profit in 1Q 2023). Revenue is forecast to grow 23% p.a. on average during the next 3 years, compared to a 23% growth forecast for the Semiconductor industry in China. Tillkännagivande • Mar 29
Shanghai V-Test Semiconductor Tech. Co., Ltd. to Report Q1, 2024 Results on Apr 30, 2024 Shanghai V-Test Semiconductor Tech. Co., Ltd. announced that they will report Q1, 2024 results on Apr 30, 2024 Tillkännagivande • Mar 23
Shanghai V-Test Semiconductor Tech. Co., Ltd., Annual General Meeting, Apr 16, 2024 Shanghai V-Test Semiconductor Tech. Co., Ltd., Annual General Meeting, Apr 16, 2024, at 14:00 China Standard Time. Location: No. 19, Yunshi Road, Pukou District, Nanjing, Jiangsu China New Risk • Mar 22
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 9.8% 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: Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (9.8% average weekly change). Profit margins are more than 30% lower than last year (16% net profit margin). Valuation Update With 7 Day Price Move • Mar 22
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to CN¥67.95, the stock trades at a forward P/E ratio of 48x. Average forward P/E is 34x in the Semiconductor industry in China. Reported Earnings • Feb 26
Full year 2023 earnings released: EPS: CN¥1.03 (vs CN¥2.71 in FY 2022) Full year 2023 results: EPS: CN¥1.03 (down from CN¥2.71 in FY 2022). Revenue: CN¥736.5m (flat on FY 2022). Net income: CN¥117.0m (down 52% from FY 2022). Profit margin: 16% (down from 33% in FY 2022). Revenue is forecast to grow 30% p.a. on average during the next 2 years, compared to a 23% growth forecast for the Semiconductor industry in China. New Risk • Feb 08
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 7.5% 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 (39% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (7.5% average weekly change). Valuation Update With 7 Day Price Move • Feb 01
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to CN¥51.58, the stock trades at a forward P/E ratio of 28x. Average forward P/E is 25x in the Semiconductor industry in China. Board Change • Nov 17
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. 8 experienced directors. No highly experienced directors. 3 independent directors (5 non-independent directors). Independent Director Xiu Qiang Lin was the last independent director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. 
