Declared Dividend • Jun 08
Dividend of CN¥0.015 announced Shareholders will receive a dividend of CN¥0.015. Ex-date: 10th July 2026 Payment date: 31st July 2026 Dividend yield will be 18%, which is higher than the industry average of 2.7%. Sustainability & Growth Dividend is covered by earnings (32% 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 1.6% per year over the past 7 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to decline by 65% to shift the payout ratio to a potentially unsustainable range, which is more than the 9.9% EPS decline seen over the last 5 years. Tillkännagivande • Jun 05
COSCO SHIPPING Development Co., Ltd., Annual General Meeting, Jun 30, 2026 COSCO SHIPPING Development Co., Ltd., Annual General Meeting, Jun 30, 2026, at 13:30 China Standard Time. Board Change • May 21
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 5 non-independent directors. Independent Non-Executive Director Daqi Wu was the last independent director to join the board, commencing their role in 2024. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Tillkännagivande • Apr 02
COSCO Shipping Development Co., Ltd. Proposes Final Cash Dividend for the Year Ended 31 December 2025 COSCO SHIPPING Development Co., Ltd. at its AGM, to be held, proposed the payment of a final dividend of RMB 0.015 per ordinary share (inclusive of applicable tax) for the year ended 31 December 2025 (2024: RMB 0.019). The final cash dividend for 2025 is approximately RMB 197,437,000 (inclusive of applicable taxes) (2024: RMB 253,382,000). The proposed dividend has not been recognized as a liability in the consolidated financial statements for the year ended 31 December 2025, but will be reflected as an appropriation of retained profits for the year ending 31 December 2026. Tillkännagivande • Mar 30
COSCO SHIPPING Development Co., Ltd. to Report Q1, 2026 Results on Apr 30, 2026 COSCO SHIPPING Development Co., Ltd. announced that they will report Q1, 2026 results on Apr 30, 2026 Tillkännagivande • Feb 14
COSCO SHIPPING Development Co., Ltd. Appoints Zheng Xiaozhe as Member of the Investment Strategy Committee, Effective 13 February 2026 COSCO SHIPPING Development Co., Ltd. announced that Mr. Zheng Xiaozhe, a non-executive Director, has been appointed as a member of the investment strategy committee of the Board with effect from February 13, 2026. Tillkännagivande • Dec 26
COSCO SHIPPING Development Co., Ltd. to Report Fiscal Year 2025 Results on Mar 31, 2026 COSCO SHIPPING Development Co., Ltd. announced that they will report fiscal year 2025 results on Mar 31, 2026 Tillkännagivande • Oct 14
COSCO SHIPPING Development Co., Ltd. Approves the Appointment of Wang Kunhui as an Executive Director COSCO SHIPPING Development Co., Ltd. at the EGM held on 13 October 2025, approved the appointment of Mr. Wang Kunhui as an executive Director. Tillkännagivande • Sep 30
COSCO SHIPPING Development Co., Ltd. to Report Q3, 2025 Results on Oct 31, 2025 COSCO SHIPPING Development Co., Ltd. announced that they will report Q3, 2025 results on Oct 31, 2025 Tillkännagivande • Jun 30
COSCO SHIPPING Development Co., Ltd. to Report First Half, 2025 Results on Aug 30, 2025 COSCO SHIPPING Development Co., Ltd. announced that they will report first half, 2025 results on Aug 30, 2025 Tillkännagivande • Jun 04
COSCO SHIPPING Development Co., Ltd., Annual General Meeting, Jun 26, 2025 COSCO SHIPPING Development Co., Ltd., Annual General Meeting, Jun 26, 2025, at 13:30 China Standard Time. Location: 3rd floor, ocean hotel, no. 1171 dong da ming road, hongkou district, shanghai China Tillkännagivande • Apr 10
COSCO SHIPPING Development Co., Ltd. Provides Preliminary Earnings Guidance for the Three Months Ended 31 March 2025 COSCO SHIPPING Development Co., Ltd. provided preliminary earnings guidance for the three months ended 31 March 2025. The Board informed the Shareholders and potential investors that the Company expects (i) the net profit attributable to the owners of the Company for the three months ended 31 March 2025 to be approximately RMB480 million, representing an increase of approximately 7.38% as compared to the corresponding figure of approximately RMB 447 million for the three months ended 31 March 2024, and an increase of approximately 57.38% as compared to the corresponding figure of approximately RMB 305 million for the three months ended 31 December 2024; and (ii) the net profit attributable to the owners of the Company after deduction of non-recurring profit or loss for the three months ended 31 March 2025 to be approximately RMB 466 million, representing an increase of approximately 102.61% as compared to the corresponding figure of approximately RMB 230 million for the three months ended 31 March 2024, and an increase of approximately 74.53% as compared to the corresponding figure of approximately RMB 267 million for the three months ended 31 December 2024. Based on the Accounting Standards for Business Enterprises of the People's Republic of China, the total profit, the net profit attributable to the owners of the Company and the net profit attributable to the owners of the Company after deduction of non-recurring profit or loss for the three months ended 31 March 2024 were approximately RMB 494 million, RMB 447 million and RMB 230 million, respectively. The earnings per share for the three months ended 31 March 2024 was RMB 0.0330. The Board considers that the expected increase in the net profit attributable to the owners of the Company and the net profit attributable to the owners of the Company after deduction of non- recurring profit or loss for the three months ended 31 March 2025 is mainly due to the following reasons: Since the beginning of this year, global trade has shown a complex and volatile trends, with moderate growth in market demand. The Company has adhered to reform and innovation, centering on the theme of "stronger, better and bigger, and realizing high-quality development", focusing on cultivating shipping genes, effectively integrating scientific and technological resources, researching and developing high-value-added products, and promoting the development of intellectualization and low-carbonization of container manufacturing. The Company effectively realized the unique advantages of leasing-manufacturing synergy, and the scale of container leasing has stepped up to a new level. The ship leasing business of the Company has been effectively expanded, with improvements in both quality and efficiency. The Company's industrial-financial service capabilities have significantly enhanced, leading to a strong start for the Company's production and operation in the first quarter of 2025. Tillkännagivande • Apr 09
COSCO SHIPPING Development Co., Ltd. (SEHK:2866) announces an Equity Buyback for 80,000,000 shares. COSCO SHIPPING Development Co., Ltd. (SEHK:2866) announces a share repurchase program. Under the program, the company will repurchase up to 80,000,000 Class A shares. The shares will be repurchased at CNY 3.53 per share. The purpose of program is maintaining the company’s value and shareholders’ interest. The repurchases will be funded from company's own funds or self-raised funds. The program is valid till June 26, 2025. Tillkännagivande • Mar 28
COSCO SHIPPING Development Co., Ltd. to Report Q1, 2025 Results on Apr 30, 2025 COSCO SHIPPING Development Co., Ltd. announced that they will report Q1, 2025 results on Apr 30, 2025 Tillkännagivande • Dec 27
COSCO SHIPPING Development Co., Ltd. to Report Fiscal Year 2024 Results on Mar 29, 2025 COSCO SHIPPING Development Co., Ltd. announced that they will report fiscal year 2024 results on Mar 29, 2025 Reported Earnings • Nov 01
Third quarter 2024 earnings released: EPS: CN¥0.036 (vs CN¥0.008 in 3Q 2023) Third quarter 2024 results: EPS: CN¥0.036 (up from CN¥0.008 in 3Q 2023). Revenue: CN¥8.11b (up 68% from 3Q 2023). Net income: CN¥485.5m (up 369% from 3Q 2023). Profit margin: 6.0% (up from 2.1% in 3Q 2023). The increase in margin was driven by higher revenue. Revenue is expected to decline by 2.5% p.a. on average during the next 3 years, while revenues in the Trade Distributors industry in Europe are expected to grow by 4.1%. Over the last 3 years on average, earnings per share has fallen by 62% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. Tillkännagivande • Oct 31
COSCO SHIPPING Development Co., Ltd. Announces Change of Composition of Board Committees The board of directors of COSCO SHIPPING Development Co., Ltd. (the Company) announced that (i) Ms. Zhang Xueyan, a non-executive Director, has been appointed as a member of the audit committee of the Board (the Audit Committee) and a member of the investment strategy committee of the Board with effect from 30 October 2024; and (ii) Mr. Wu Daqi, an independent non-executive Director, has been appointed as the chairman of the risk and compliance management committee of the Board and a member of the remuneration committee of the Board with effect from 30 October 2024. Following the appointment of Ms. Zhang Xueyan as a member of the Audit Committee, the Audit Committee comprises three members, and therefore the Company has complied with the requirements under Rule 3.21 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited with regard to the minimum number of members of the audit committee. Board Change • Oct 27
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Non-Executive Director Daqi Wu was the last independent director to join the board, commencing their role in 2024. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Tillkännagivande • Oct 24
COSCO SHIPPING Development Co., Ltd. Announces Executive Changes COSCO SHIPPING Development Co., Ltd. announced that (i) Ms. Zhang Xueyan has been appointed as a non- executive Director, and the term of office shall commence from the conclusion of the EGM and expire on the date on which the term of office of the seventh session of the Board of the Company expires; and (ii) Mr. Wu Daqi has been appointed as an independent non-executive Director, and the term of office shall commence from the conclusion of the EGM and expire on the date on which the term of office of the seventh session of the Board expires. Ms. Zhang Weihua has resigned as an independent non-executive Director, the chairman of the risk and compliance management committee of the Board and a member of the remuneration committee of the Board with effect from the conclusion of the EGM. The Board announced that Mr. Zuo Zhenyong has been elected as a Shareholder representative Supervisor, the term of office shall commence from the conclusion of the EGM and expire on the date on which the term of office of the seventh session of the Supervisory Committee expires. Ms. Zhu Mei will cease to be a Shareholder representative Supervisor with effect from the conclusion of the EGM. Tillkännagivande • Oct 21
COSCO SHIPPING Development Co., Ltd. (SEHK:2866) announces an Equity Buyback for 80,000,000 shares, representing 0.59% for CNY 287.2 million. COSCO SHIPPING Development Co., Ltd. (SEHK:2866) announces a share repurchase program. Under the program, the company will repurchase up to 80,000,000 Class A shares, representing 0.59% of its share capital for CNY 287.2 million. The shares will be repurchased at CNY 3.59 per share. The purpose of the program is to enhance the investors’ confidence and to reduce registered share capital of the company. The repurchased shares will be cancelled. The program will be funded from loan and company's own funds. The program is subject to approval from Shareholders' General Meeting. The program will be valid for 6 months from the approval of General Meeting or it will expire at the earliest of the conclusion of the 2024 annual general meeting of the Company; or on the date the General Mandate to Repurchase A Shares being revoked or amended by special resolution at any general meeting or H Share or A Share class meetings of the Company. As of September 30, 2024, the company had 13,575,938,612 shares, of which 9,899,938,612 were A shares and 3,676,000,000 were H shares. Upcoming Dividend • Oct 01
Upcoming dividend of HK$0.021 per share Eligible shareholders must have bought the stock before 08 October 2024. Payment date: 28 October 2024. Payout ratio is a comfortable 57% but the company is not cash flow positive. Trailing yield: 4.0%. Lower than top quartile of German dividend payers (4.7%). Higher than average of industry peers (2.1%). Tillkännagivande • Sep 30
COSCO SHIPPING Development Co., Ltd. to Report Q3, 2024 Results on Oct 31, 2024 COSCO SHIPPING Development Co., Ltd. announced that they will report Q3, 2024 results on Oct 31, 2024 Tillkännagivande • Sep 29
Cosco Shipping Development Co., Ltd. Announces Board Resignations The board of directors of COSCO SHIPPING Development Co., Ltd. announced that the Board received a written resignation from Mr. Huang Jian (Mr. Huang), a non-executive Director, on 29 September 2024. Mr. Huang has tendered his resignation as a non-executive Director, a member of the investment strategy committee (the "Investment Strategy Committee") of the Board and a member of the audit committee (the "Audit Committee") of the Board of the Company due to adjustment of work arrangements with effect from 29 September 2024. Following his resignation, Mr. Huang will cease to hold any position in the Company and all of its subsidiaries. Mr. Huang confirmed that he has no disagreement with the Board and there are no other matters relating to his resignation that need to be brought to the attention of the shareholders (the "Shareholders") and creditors of the Company or The Stock Exchange of Hong Kong Limited. The supervisory committee of the Company (the "Supervisory Committee") received a written resignation from Ms. Zhu Mei, a shareholder representative supervisor of the Company (the "Supervisor"), on 29 September 2024. Ms. Zhu has tendered her resignation as a shareholder representative Supervisor due to reaching her retirement age. Prior to the effective date of her proposed resignation, Ms. Zhu shall continue to perform her duties as a shareholder representative Supervisor. Following her resignation, Ms. Zhu will cease to hold any position in the Company and all of its subsidiaries. Ms. Zhu confirmed that she has no disagreement with the Board and the Supervisory Committee and there are no other matters in relation to her resignation that need to be brought to the attention of the Shareholders and creditors of the Company or the Stock Exchange. Reported Earnings • Sep 01
Second quarter 2024 earnings released: EPS: CN¥0.033 (vs CN¥0.052 in 2Q 2023) Second quarter 2024 results: EPS: CN¥0.033 (down from CN¥0.052 in 2Q 2023). Revenue: CN¥6.82b (up 213% from 2Q 2023). Net income: CN¥448.8m (down 36% from 2Q 2023). Profit margin: 6.6% (down from 32% in 2Q 2023). Revenue is forecast to grow 2.0% p.a. on average during the next 3 years, compared to a 4.1% growth forecast for the Trade Distributors industry in Europe. Over the last 3 years on average, earnings per share has fallen by 54% per year but the company’s share price has only fallen by 16% per year, which means it has not declined as severely as earnings. Board Change • Jul 24
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Non Executive Director Andy Chan was the last independent director to join the board, commencing their role in 2023. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Tillkännagivande • Jul 17
COSCO SHIPPING Development Co., Ltd. Announces Board and Committee Changes The board of directors of COSCO SHIPPING Development Co., Ltd. announced that Mr. Lu Jianzhong, having served as an independent non-executive Director for six consecutive years, has recently tendered his resignation as an independent non-executive Director, the chairman of the audit committee of the Board and a member of the risk and compliance management committee of the Board, pursuant to the Administrative Measures for Independent Directors of Listed Companies promulgated by the China Securities Regulatory Commission which stipulates the consecutive term of an independent director serving in the same listed company shall not exceed six years. Upon his resignation taking effect, Mr. Lu will no longer hold any position in the Company and all its subsidiaries. On 16 July 2024, the Board has approved that Mr. Shao Ruiqing, an independent non-executive Director, has been appointed as the chairman of the Audit Committee and a member of the Risk and Compliance Management Committee with effect from 16 July 2024. Following the aforementioned Board approval of the change of composition of Board committees, the resignation of Mr. Lu as an independent non-executive Director, the chairman of the Audit Committee and a member of the Risk and Compliance Management Committee has taken effect on the same date. Declared Dividend • Jun 09
Dividend of CN¥0.032 announced Shareholders will receive a dividend of CN¥0.032. Ex-date: 8th July 2024 Payment date: 30th July 2024 Dividend yield will be 25%, which is higher than the industry average of 2.7%. Sustainability & Growth Dividend is covered by earnings (30% 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 decreased over the past 56 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to decline by 67% to shift the payout ratio to a potentially unsustainable range, which is more than the 5.9% EPS decline seen over the last 5 years. Tillkännagivande • Jun 08
COSCO SHIPPING Development Co., Ltd., Annual General Meeting, Jun 28, 2024 COSCO SHIPPING Development Co., Ltd., Annual General Meeting, Jun 28, 2024, at 13:30 China Standard Time. Location: 3rd floor, ocean hotel, no. 1171 dong da ming road, hongkou district, shanghai China Reported Earnings • Apr 30
First quarter 2024 earnings released: EPS: CN¥0.033 (vs CN¥0.029 in 1Q 2023) First quarter 2024 results: EPS: CN¥0.033 (up from CN¥0.029 in 1Q 2023). Revenue: CN¥4.94b (up 39% from 1Q 2023). Net income: CN¥446.7m (up 12% from 1Q 2023). Profit margin: 9.0% (down from 11% in 1Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 38% per year but the company’s share price has only fallen by 15% per year, which means it has not declined as severely as earnings. Tillkännagivande • Apr 30
COSCO SHIPPING Development Co., Ltd. Announces Board and Committee Appointments The board of directors of COSCO SHIPPING Development Co., Ltd. announced that Mr. Zhang Mingwen, an executive Director, has been appointed as the chairman of the seventh session of the Board, with effect from 29 April 2024. Subsequent to the appointment of Mr. Zhang as the Chairman, Mr. Zhang has also been appointed as the chairman of the executive committee of the Board, the chairman of the investment and strategy committee of the Board and a member of the nomination committee of the Board, each with effect from 29 April 2024. Board Change • Apr 21
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 5 non-independent directors. Independent Non Executive Director Andy Chan was the last independent director to join the board, commencing their role in 2023. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Mar 30
Full year 2023 earnings released: EPS: CN¥0.10 (vs CN¥0.29 in FY 2022) Full year 2023 results: EPS: CN¥0.10 (down from CN¥0.29 in FY 2022). Revenue: CN¥15.7b (down 39% from FY 2022). Net income: CN¥1.41b (down 64% from FY 2022). Profit margin: 9.0% (down from 15% in FY 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 22% per year but the company’s share price has only fallen by 15% per year, which means it has not declined as severely as earnings. Buy Or Sell Opportunity • Mar 05
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 5.3% to €0.09. The fair value is estimated to be €0.074, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 2.9% over the last 3 years. Earnings per share has declined by 4.6%. Buy Or Sell Opportunity • Feb 17
Now 21% overvalued The stock has been flat over the last 90 days, currently trading at €0.087. The fair value is estimated to be €0.072, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 2.9% over the last 3 years. Earnings per share has declined by 4.6%. Buy Or Sell Opportunity • Jan 25
Now 26% overvalued Over the last 90 days, the stock has fallen 4.4% to €0.087. The fair value is estimated to be €0.069, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 2.9% over the last 3 years. Earnings per share has declined by 4.6%. Tillkännagivande • Dec 29
COSCO SHIPPING Development Co., Ltd. to Report Fiscal Year 2023 Results on Mar 29, 2024 COSCO SHIPPING Development Co., Ltd. announced that they will report fiscal year 2023 results on Mar 29, 2024 Tillkännagivande • Nov 22
COSCO SHIPPING Development Co., Ltd. Announces Resignation of Liu Chong as Chairman and Executive Director The board of directors of COSCO SHIPPING Development Co., Ltd. announced that the Board recently received the written resignation from Mr. LIU Chong (Mr. Liu). Mr. Liu has tendered his resignation as the chairman of the Board of the company (Chairman), an executive Director, the legal representative of the Company and the chairman of the Executive Committee, the chairman of the Investment Strategy Committee and a member of the Nomination Committee of the Board with effect from 20 November 2023 due to his being unable to devote sufficient time to perform duties by reason of personal affairs. Mr. Liu will no longer hold any position in the Company and all its subsidiaries upon his resignation. To ensure the smooth progress of relevant works of the Board, in accordance with the relevant requirements of the Articles of Association, as elected by all the Directors, Mr. Zhang Mingwen, an executive Director and general manager of the Company, will perform the duties of the Chairman and the legal representative of the Company during the vacancy of the Chairman, whose term of acting duties shall commence on the date of election and end on the date of election of the new Chairman and the legal representative by the Company. Reported Earnings • Oct 31
Third quarter 2023 earnings released: EPS: CN¥0.008 (vs CN¥0.079 in 3Q 2022) Third quarter 2023 results: EPS: CN¥0.008 (down from CN¥0.079 in 3Q 2022). Revenue: CN¥4.82b (down 17% from 3Q 2022). Net income: CN¥103.6m (down 90% from 3Q 2022). Profit margin: 2.1% (down from 18% in 3Q 2022). Over the last 3 years on average, earnings per share has fallen by 5% per year whereas the company’s share price has remained flat. Tillkännagivande • Sep 30
COSCO SHIPPING Development Co., Ltd. to Report Q3, 2023 Results on Oct 31, 2023 COSCO SHIPPING Development Co., Ltd. announced that they will report Q3, 2023 results on Oct 31, 2023 Reported Earnings • Aug 31
Second quarter 2023 earnings released: EPS: CN¥0.052 (vs CN¥0.096 in 2Q 2022) Second quarter 2023 results: EPS: CN¥0.052 (down from CN¥0.096 in 2Q 2022). Revenue: CN¥2.18b (down 69% from 2Q 2022). Net income: CN¥702.8m (down 47% from 2Q 2022). Profit margin: 32% (up from 19% in 2Q 2022). Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Tillkännagivande • Jul 15
COSCO SHIPPING Development Co., Ltd. Provides Earnings Guidance for the Second Quarter and Six Months Ended June 30, 2023 COSCO SHIPPING Development Co., Ltd. provided earnings guidance for the second quarter and six months ended June 30, 2023. For the second quarter, Company expects to record a net profit attributable to the Shareholders in the range of RMB 600 million to RMB 800 million, representing an increase of approximately 50% to 100% quarter-over-quarter.For the six months, Company expects to record a net profit attributable to the Shareholders in the range of RMB 1.0 billion to RMB 1.2 billion, representing a decrease of RMB 1.49 billion to RMB 1.69 billion, or a decrease of approximately 55.4% to 62.8%, over the same period last year. 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 German stocks, typically moving 6.7% 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 Debt is not well covered by operating cash flow (8.6% operating cash flow to total debt). Minor Risks Dividend is not well covered by cash flows (dividend per share is over 92x cash flows per share). Share price has been volatile over the past 3 months (6.7% average weekly change). Large one-off items impacting financial results. Upcoming Dividend • Jun 29
Upcoming dividend of CN¥0.087 per share at 9.7% yield Eligible shareholders must have bought the stock before 06 July 2023. Payment date: 28 July 2023. Payout ratio is a comfortable 40% but the company is paying out more than the cash it is generating. Trailing yield: 9.7%. Within top quartile of German dividend payers (4.8%). Higher than average of industry peers (2.9%). Tillkännagivande • Jun 28
COSCO SHIPPING Development Co., Ltd. to Report First Half, 2023 Results on Aug 31, 2023 COSCO SHIPPING Development Co., Ltd. announced that they will report first half, 2023 results on Aug 31, 2023 Reported Earnings • Apr 30
First quarter 2023 earnings released: EPS: CN¥0.029 (vs CN¥0.10 in 1Q 2022) First quarter 2023 results: EPS: CN¥0.029 (down from CN¥0.10 in 1Q 2022). Revenue: CN¥3.56b (down 43% from 1Q 2022). Net income: CN¥398.0m (down 71% from 1Q 2022). Profit margin: 11% (down from 22% in 1Q 2022). Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Buying Opportunity • Feb 14
Now 28% undervalued Over the last 90 days, the stock is up 2.8%. The fair value is estimated to be €0.17, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 35% over the last 3 years. Earnings per share has grown by 49%. Board Change • Nov 16
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, 1 was an independent director. The company's board is composed of: 4 independent directors. 5 non-independent directors. Independent Non-Executive Director Ruiqing Shao was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Reported Earnings • Oct 30
Third quarter 2022 earnings released: EPS: CN¥0.079 (vs CN¥0.22 in 3Q 2021) Third quarter 2022 results: EPS: CN¥0.079 (down from CN¥0.22 in 3Q 2021). Revenue: CN¥5.79b (down 50% from 3Q 2021). Net income: CN¥1.03b (down 60% from 3Q 2021). Profit margin: 18% (down from 22% in 3Q 2021). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 49% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Reported Earnings • Sep 02
Second quarter 2022 earnings released: EPS: CN¥0.096 (vs CN¥0.13 in 2Q 2021) Second quarter 2022 results: EPS: CN¥0.096 (down from CN¥0.13 in 2Q 2021). Revenue: CN¥7.01b (down 23% from 2Q 2021). Net income: CN¥1.31b (down 18% from 2Q 2021). Profit margin: 19% (up from 18% in 2Q 2021). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 55% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jul 21
Upcoming dividend of HK$0.26 per share Eligible shareholders must have bought the stock before 28 July 2022. Payment date: 18 August 2022. Payout ratio is a comfortable 43% but the company is not cash flow positive. Trailing yield: 17%. Within top quartile of German dividend payers (4.5%). Higher than average of industry peers (2.9%). Board Change • Jul 13
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, 1 was an independent director. The company's board is composed of: 4 independent directors. 5 non-independent directors. Independent Non-Executive Director Ruiqing Shao was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Reported Earnings • May 01
First quarter 2022 earnings released: EPS: CN¥0.10 (vs CN¥0.067 in 1Q 2021) First quarter 2022 results: EPS: CN¥0.10 (up from CN¥0.067 in 1Q 2021). Revenue: CN¥6.21b (up 18% from 1Q 2021). Net income: CN¥1.38b (up 66% from 1Q 2021). Profit margin: 22% (up from 16% in 1Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 52% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 6 non-independent directors. Independent Non-Executive Director Ruiqing Shao was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Apr 02
Full year 2021 earnings released: EPS: CN¥0.50 (vs CN¥0.16 in FY 2020) Full year 2021 results: EPS: CN¥0.50 (up from CN¥0.16 in FY 2020). Revenue: CN¥37.2b (up 96% from FY 2020). Net income: CN¥6.09b (up 186% from FY 2020). Profit margin: 16% (up from 11% in FY 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 44% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Reported Earnings • Oct 30
Third quarter 2021 earnings released: EPS CN¥0.13 (vs CN¥0.064 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¥10.6b (up 117% from 3Q 2020). Net income: CN¥1.57b (up 91% from 3Q 2020). Profit margin: 15% (down from 17% in 3Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has only increased by 21% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 31
Second quarter 2021 earnings released: EPS CN¥0.13 (vs CN¥0.034 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: CN¥9.10b (up 108% from 2Q 2020). Net income: CN¥1.59b (up 212% from 2Q 2020). Profit margin: 18% (up from 12% 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 28% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jul 21
Upcoming dividend of HK$0.067 per share Eligible shareholders must have bought the stock before 28 July 2021. Payment date: 18 August 2021. Trailing yield: 4.4%. Within top quartile of German dividend payers (3.2%). Higher than average of industry peers (1.3%). Executive Departure • Jul 06
Independent Non-Executive Director Chi Yuet Hai has left the company On the 29th of June, Chi Yuet Hai's tenure as Independent Non-Executive Director ended after 6.1 years in the role. We don't have any record of a personal shareholding under Chi Yuet's name. A total of 4 executives have left over the last 12 months. The current median tenure of the management team is 2.83 years. Executive Departure • Jul 06
Independent Non-Executive Director Graeme Allan Jack has left the company On the 29th of June, Graeme Allan Jack's tenure as Independent Non-Executive Director ended after 6.0 years in the role. We don't have any record of a personal shareholding under Graeme Allan's name. A total of 4 executives have left over the last 12 months. The current median tenure of the management team is 2.83 years. Reported Earnings • May 01
First quarter 2021 earnings released The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: CN¥5.28b (up 53% from 1Q 2020). Net income: CN¥827.5m (up 142% from 1Q 2020). Profit margin: 16% (up from 9.9% in 1Q 2020). The increase in margin was driven by higher revenue. 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 2% per year, which means it is significantly lagging earnings. Reported Earnings • Nov 01
Third quarter earnings released Over the last 12 months the company has reported total profits of CN¥2.12b, up 14% from the prior year. Total revenue was CN¥16.8b over the last 12 months, up 25% from the prior year. 