New Risk • Apr 25
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 25% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (8.4% operating cash flow to total debt). Minor Risks Paying a dividend despite having no free cash flows. Large one-off items impacting financial results. Reported Earnings • Apr 17
Full year 2025 earnings released: EPS: CN¥0.43 (vs CN¥0.43 in FY 2024) Full year 2025 results: EPS: CN¥0.43 (in line with FY 2024). Revenue: CN¥2.55b (up 10.0% from FY 2024). Net income: CN¥216.1m (flat on FY 2024). Profit margin: 8.5% (down from 9.3% 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 5% per year whereas the company’s share price has increased by 1% per year. Tillkännagivande • Apr 16
Qian Jiang Water Resources Development Co.,Ltd, Annual General Meeting, May 12, 2026 Qian Jiang Water Resources Development Co.,Ltd, Annual General Meeting, May 12, 2026, at 09:30 China Standard Time. Location: No. 3, Santaishan Road, Hangzhou, Zhejiang China Tillkännagivande • Mar 30
Qian Jiang Water Resources Development Co.,Ltd to Report Q1, 2026 Results on Apr 29, 2026 Qian Jiang Water Resources Development Co.,Ltd announced that they will report Q1, 2026 results on Apr 29, 2026 Tillkännagivande • Dec 26
Qian Jiang Water Resources Development Co.,Ltd to Report Fiscal Year 2025 Results on Apr 16, 2026 Qian Jiang Water Resources Development Co.,Ltd announced that they will report fiscal year 2025 results on Apr 16, 2026 New Risk • Nov 13
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 119% The company is paying a dividend despite having no free cash flows. Dividend yield: 2.5% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. 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 Risks Debt is not well covered by operating cash flow (16% operating cash flow to total debt). Dividend is not well covered by earnings and cash flows. Payout ratio: 119% Paying a dividend despite having no free cash flows. Minor Risk Large one-off items impacting financial results. Reported Earnings • Oct 31
Third quarter 2025 earnings released: EPS: CN¥0.14 (vs CN¥0.16 in 3Q 2024) Third quarter 2025 results: EPS: CN¥0.14 (down from CN¥0.16 in 3Q 2024). Revenue: CN¥626.3m (up 14% from 3Q 2024). Net income: CN¥78.1m (down 2.8% from 3Q 2024). Profit margin: 13% (down from 15% in 3Q 2024). Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Tillkännagivande • Sep 30
Qian Jiang Water Resources Development Co.,Ltd to Report Q3, 2025 Results on Oct 31, 2025 Qian Jiang Water Resources Development Co.,Ltd announced that they will report Q3, 2025 results on Oct 31, 2025 Tillkännagivande • Jun 30
Qian Jiang Water Resources Development Co.,Ltd to Report First Half, 2025 Results on Aug 29, 2025 Qian Jiang Water Resources Development Co.,Ltd announced that they will report first half, 2025 results on Aug 29, 2025 Board Change • May 14
High number of new and inexperienced directors There are 7 new directors who have joined the board in the last 3 years. The company's board is composed of: 7 new directors. 2 experienced directors. No highly experienced directors. Independent Director Jianguo Du is the most experienced director on the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. New Risk • Apr 21
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 22% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (14% operating cash flow to total debt). Minor Risks Paying a dividend despite having no free cash flows. Large one-off items impacting financial results. Reported Earnings • Apr 17
Full year 2024 earnings released: EPS: CN¥0.43 (vs CN¥0.42 in FY 2023) Full year 2024 results: EPS: CN¥0.43 (up from CN¥0.42 in FY 2023). Revenue: CN¥2.32b (up 4.5% from FY 2023). Net income: CN¥215.2m (up 4.7% from FY 2023). Profit margin: 9.3% (in line with FY 2023). Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Tillkännagivande • Apr 17
Qian Jiang Water Resources Development Co.,Ltd, Annual General Meeting, May 13, 2025 Qian Jiang Water Resources Development Co.,Ltd, Annual General Meeting, May 13, 2025, at 09:30 China Standard Time. Location: No. 3, Santaishan Road, Hangzhou, Zhejiang China Tillkännagivande • Mar 28
Qian Jiang Water Resources Development Co.,Ltd to Report Q1, 2025 Results on Apr 29, 2025 Qian Jiang Water Resources Development Co.,Ltd announced that they will report Q1, 2025 results on Apr 29, 2025 Tillkännagivande • Dec 27
Qian Jiang Water Resources Development Co.,Ltd to Report Fiscal Year 2024 Results on Apr 17, 2025 Qian Jiang Water Resources Development Co.,Ltd announced that they will report fiscal year 2024 results on Apr 17, 2025 Valuation Update With 7 Day Price Move • Nov 25
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to CN¥10.77, the stock trades at a trailing P/E ratio of 25.4x. Average trailing P/E is 23x in the Water Utilities industry in China. Total returns to shareholders of 46% over the past three years. Reported Earnings • Oct 30
Third quarter 2024 earnings released: EPS: CN¥0.16 (vs CN¥0.13 in 3Q 2023) Third quarter 2024 results: EPS: CN¥0.16 (up from CN¥0.13 in 3Q 2023). Revenue: CN¥547.7m (down 3.0% from 3Q 2023). Net income: CN¥80.4m (up 28% from 3Q 2023). Profit margin: 15% (up from 11% in 3Q 2023). Over the last 3 years on average, earnings per share has increased by 9% per year whereas the company’s share price has increased by 8% per year. Tillkännagivande • Sep 30
Qian Jiang Water Resources Development Co.,Ltd to Report Q3, 2024 Results on Oct 30, 2024 Qian Jiang Water Resources Development Co.,Ltd announced that they will report Q3, 2024 results on Oct 30, 2024 Valuation Update With 7 Day Price Move • Sep 30
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to CN¥9.10, the stock trades at a trailing P/E ratio of 23.4x. Average trailing P/E is 22x in the Water Utilities industry in China. Total returns to shareholders of 14% over the past three years. New Risk • Sep 18
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 36% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (14% operating cash flow to total debt). Minor Risks Paying a dividend despite having no free cash flows. Large one-off items impacting financial results. Tillkännagivande • Aug 22
Qian Jiang Water Resources Development Co.,Ltd (SHSE:600283) Completed the acquisition of Zhejiang Zheneng Yuhuan Environmental Protection Water/Kaihua Tianhui Environmental Protection from Zhejiang Zhe Neng Xing Yuan Energy Saving Technology Co., Ltd. Qian Jiang Water Resources Development Co.,Ltd (SHSE:600283) agreed to acquire Zhejiang Zheneng Yuhuan Environmental Protection Water/Kaihua Tianhui Environmental Protection from Zhejiang Zhe Neng Xing Yuan Energy Saving Technology Co., Ltd. for approximately CNY 320 million on June 3, 2024. Qian Jiang Water Resources Development Co.,Ltd (SHSE:600283) entered into an agreement to acquire Zhejiang Zheneng Yuhuan Environmental Protection Water/Kaihua Tianhui Environmental Protection from Zhejiang Zhe Neng Xing Yuan Energy Saving Technology Co., Ltd. on June 25, 2024. The transaction was approved by the board of Qian Jiang Water Resources Development on June 3, 2024. Qian Jiang Water Resources Development Co.,Ltd also held the 2023 annual shareholders' meeting of the company on June 25, 2024 to review and approve the proposal.
Qian Jiang Water Resources Development Co.,Ltd (SHSE:600283) Completed the acquisition of Zhejiang Zheneng Yuhuan Environmental Protection Water/Kaihua Tianhui Environmental Protection from Zhejiang Zhe Neng Xing Yuan Energy Saving Technology Co., Ltd. on on August 20, 2024. Valuation Update With 7 Day Price Move • Aug 15
Investor sentiment deteriorates as stock falls 27% After last week's 27% share price decline to CN¥8.49, the stock trades at a trailing P/E ratio of 17x. Average trailing P/E is 18x in the Water Utilities industry in China. Total loss to shareholders of 15% over the past three years. Tillkännagivande • Jun 28
Qian Jiang Water Resources Development Co.,Ltd to Report First Half, 2024 Results on Aug 29, 2024 Qian Jiang Water Resources Development Co.,Ltd announced that they will report first half, 2024 results on Aug 29, 2024 Tillkännagivande • Jun 05
Qian Jiang Water Resources Development Co.,Ltd, Annual General Meeting, Jun 25, 2024 Qian Jiang Water Resources Development Co.,Ltd, Annual General Meeting, Jun 25, 2024, at 09:30 China Standard Time. Location: No. 3, Santaishan Road, Hangzhou, Zhejiang China Reported Earnings • Apr 14
Full year 2023 earnings released: EPS: CN¥0.58 (vs CN¥0.49 in FY 2022) Full year 2023 results: EPS: CN¥0.58 (up from CN¥0.49 in FY 2022). Revenue: CN¥2.22b (up 22% from FY 2022). Net income: CN¥205.6m (up 19% from FY 2022). Profit margin: 9.3% (down from 9.4% in FY 2022). Over the last 3 years on average, earnings per share has increased by 8% per year whereas the company’s share price has increased by 5% per year. Tillkännagivande • Mar 29
Qian Jiang Water Resources Development Co.,Ltd to Report Q1, 2024 Results on Apr 30, 2024 Qian Jiang Water Resources Development Co.,Ltd announced that they will report Q1, 2024 results on Apr 30, 2024 Valuation Update With 7 Day Price Move • Feb 05
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to CN¥9.74, the stock trades at a trailing P/E ratio of 16.7x. Average trailing P/E is 17x in the Water Utilities industry in China. Total loss to shareholders of 2.1% over the past three years. Tillkännagivande • Dec 30
Qian Jiang Water Resources Development Co.,Ltd to Report Fiscal Year 2023 Results on Apr 12, 2024 Qian Jiang Water Resources Development Co.,Ltd announced that they will report fiscal year 2023 results on Apr 12, 2024 Reported Earnings • Oct 31
Third quarter 2023 earnings released: EPS: CN¥0.18 (vs CN¥0.13 in 3Q 2022) Third quarter 2023 results: EPS: CN¥0.18 (up from CN¥0.13 in 3Q 2022). Revenue: CN¥564.9m (up 21% from 3Q 2022). Net income: CN¥63.0m (up 39% from 3Q 2022). Profit margin: 11% (up from 9.7% in 3Q 2022). Over the last 3 years on average, earnings per share has increased by 10% per year whereas the company’s share price has increased by 8% per year. 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. 1 highly experienced director. Chairman of the Supervisory Board Minna Zhang was the last 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: Insufficient board refreshment. Tillkännagivande • Sep 30
Qian Jiang Water Resources Development Co.,Ltd to Report Q3, 2023 Results on Oct 28, 2023 Qian Jiang Water Resources Development Co.,Ltd announced that they will report Q3, 2023 results on Oct 28, 2023 Reported Earnings • Aug 30
Second quarter 2023 earnings released: EPS: CN¥0.11 (vs CN¥0.14 in 2Q 2022) Second quarter 2023 results: EPS: CN¥0.11 (down from CN¥0.14 in 2Q 2022). Revenue: CN¥509.7m (up 22% from 2Q 2022). Net income: CN¥38.6m (down 22% from 2Q 2022). Profit margin: 7.6% (down from 12% in 2Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 9% per year whereas the company’s share price has increased by 5% per year. 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 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: 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 (6.9% average weekly change). Large one-off items impacting financial results. Tillkännagivande • Jun 28
Qian Jiang Water Resources Development Co.,Ltd to Report First Half, 2023 Results on Aug 30, 2023 Qian Jiang Water Resources Development Co.,Ltd announced that they will report first half, 2023 results on Aug 30, 2023 Valuation Update With 7 Day Price Move • May 29
Investor sentiment improves as stock rises 25% After last week's 25% share price gain to CN¥16.60, the stock trades at a trailing P/E ratio of 29.3x. Average trailing P/E is 22x in the Water Utilities industry in China. Total returns to shareholders of 81% over the past three years. Reported Earnings • Apr 17
Full year 2022 earnings released: EPS: CN¥0.49 (vs CN¥0.43 in FY 2021) Full year 2022 results: EPS: CN¥0.49 (up from CN¥0.43 in FY 2021). Revenue: CN¥1.83b (up 19% from FY 2021). Net income: CN¥172.4m (up 14% from FY 2021). Profit margin: 9.4% (in line with FY 2021). Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Reported Earnings • Oct 29
Third quarter 2022 earnings released: EPS: CN¥0.13 (vs CN¥0.16 in 3Q 2021) Third quarter 2022 results: EPS: CN¥0.13 (down from CN¥0.16 in 3Q 2021). Revenue: CN¥468.1m (up 20% from 3Q 2021). Net income: CN¥45.4m (down 16% from 3Q 2021). Profit margin: 9.7% (down from 14% in 3Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 38% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 14
Second quarter 2022 earnings released: EPS: CN¥0.14 (vs CN¥0.15 in 2Q 2021) Second quarter 2022 results: EPS: CN¥0.14 (down from CN¥0.15 in 2Q 2021). Revenue: CN¥419.3m (up 7.5% from 2Q 2021). Net income: CN¥49.7m (down 8.6% from 2Q 2021). Profit margin: 12% (down from 14% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 56% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jun 15
Investor sentiment improved over the past week After last week's 16% share price gain to CN¥19.01, the stock trades at a trailing P/E ratio of 46.5x. Average trailing P/E is 16x in the Water Utilities industry in China. Total returns to shareholders of 75% over the past three years. Valuation Update With 7 Day Price Move • May 26
Investor sentiment improved over the past week After last week's 22% share price gain to CN¥16.47, the stock trades at a trailing P/E ratio of 40.3x. Average trailing P/E is 16x in the Water Utilities industry in China. Total returns to shareholders of 47% over the past three years. Reported Earnings • May 02
First quarter 2022 earnings: EPS exceeds analyst expectations while revenues lag behind First quarter 2022 results: EPS: CN¥0.09 (down from CN¥0.11 in 1Q 2021). Revenue: CN¥371.5m (up 20% from 1Q 2021). Net income: CN¥32.4m (down 17% from 1Q 2021). Profit margin: 8.7% (down from 13% in 1Q 2021). Revenue missed analyst estimates by 5.7%. Earnings per share (EPS) exceeded analyst estimates by 6.2%. Over the last 3 years on average, earnings per share has increased by 63% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Reported Earnings • Apr 21
Full year 2021 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2021 results: EPS: CN¥0.43 (up from CN¥0.39 in FY 2020). Revenue: CN¥1.54b (up 17% from FY 2020). Net income: CN¥150.8m (up 8.8% from FY 2020). Profit margin: 9.8% (in line with FY 2020). Revenue missed analyst estimates by 5.7%. Earnings per share (EPS) exceeded analyst estimates by 6.2%. Over the last 3 years on average, earnings per share has increased by 67% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Feb 24
Investor sentiment deteriorated over the past week After last week's 16% share price decline to CN¥12.86, the stock trades at a trailing P/E ratio of 23.2x. Average trailing P/E is 22x in the Water Utilities industry in China. Total returns to shareholders of 4.8% over the past three years. Buying Opportunity • Feb 18
Now 22% undervalued Over the last 90 days, the stock is up 37%. The fair value is estimated to be CN¥18.92, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% per annum over the last 3 years. Earnings per share has grown by 59% per annum over the last 3 years. Valuation Update With 7 Day Price Move • Jan 04
Investor sentiment improved over the past week After last week's 24% share price gain to CN¥13.92, the stock trades at a trailing P/E ratio of 25.1x. Average trailing P/E is 23x in the Water Utilities industry in China. Total returns to shareholders of 27% over the past three years. Reported Earnings • Oct 31
Third quarter 2021 earnings released: EPS CN¥0.16 (vs CN¥0.12 in 3Q 2020) The company reported a solid third quarter result with improved earnings and revenues, although profit margins were flat. Third quarter 2021 results: Revenue: CN¥390.4m (up 16% from 3Q 2020). Net income: CN¥53.8m (up 19% from 3Q 2020). Profit margin: 14% (in line with 3Q 2020). Over the last 3 years on average, earnings per share has increased by 58% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 26
Second quarter 2021 earnings released: EPS CN¥0.15 (vs CN¥0.11 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: CN¥390.0m (up 27% from 2Q 2020). Net income: CN¥54.4m (up 67% from 2Q 2020). Profit margin: 14% (up from 11% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 42% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Jul 30
Investor sentiment deteriorated over the past week After last week's 18% share price decline to CN¥10.42, the stock trades at a trailing P/E ratio of 21.4x. Average trailing P/E is 15x in the Water Utilities industry in China. Total loss to shareholders of 3.2% over the past three years. Reported Earnings • Apr 11
Full year 2020 earnings released: EPS CN¥0.39 (vs CN¥0.12 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: CN¥1.32b (up 12% from FY 2019). Net income: CN¥138.6m (up 221% from FY 2019). Profit margin: 11% (up from 3.7% 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 8% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Feb 26
New 90-day high: CN¥10.99 The company is up 3.0% from its price of CN¥10.64 on 27 November 2020. The Chinese market is up 5.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Water Utilities industry, which is down 10.0% over the same period. Is New 90 Day High Low • Jan 07
New 90-day low: CN¥9.88 The company is down 6.0% from its price of CN¥10.54 on 09 October 2020. The Chinese market is up 11% over the last 90 days, indicating the company underperformed over that time. However, its price trend is similar to the Water Utilities industry, which is also down 6.0% over the same period. Is New 90 Day High Low • Dec 14
New 90-day low: CN¥10.24 The company is down 6.0% from its price of CN¥10.88 on 15 September 2020. The Chinese market is up 1.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Water Utilities industry, which is down 8.0% over the same period. Tillkännagivande • Oct 27
Qian Jiang Water Resources Development Co;Ltd to Report Q3, 2020 Results on Oct 30, 2020 Qian Jiang Water Resources Development Co;Ltd announced that they will report Q3, 2020 results on Oct 30, 2020 Is New 90 Day High Low • Sep 30
New 90-day low: CN¥10.27 The company is down 3.0% from its price of CN¥10.55 on 02 July 2020. The Chinese market is up 7.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Water Utilities industry, which is up 4.0% over the same period. Tillkännagivande • Jul 10
Qian Jiang Water Resources Development Co;Ltd to Report First Half, 2020 Results on Aug 27, 2020 Qian Jiang Water Resources Development Co;Ltd announced that they will report first half, 2020 results on Aug 27, 2020 