New Risk • Aug 20
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 417% The company is paying a dividend despite having no free cash flows. Dividend yield: 4.4% 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 Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 417% Paying a dividend despite having no free cash flows. Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.2% net profit margin). Valuation Update With 7 Day Price Move • Jul 02
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to CN¥5.87, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 15x in the Consumer Durables industry in China. Total loss to shareholders of 14% over the past year. Simply Wall St's valuation model estimates the intrinsic value at CN¥7.71 per share. Duyuru • Jun 30
Changhong Meiling Co., Ltd. to Report First Half, 2026 Results on Aug 20, 2026 Changhong Meiling Co., Ltd. announced that they will report first half, 2026 results on Aug 20, 2026 Declared Dividend • Jun 19
Dividend reduced to CN¥0.21 Dividend of CN¥0.21 is 36% lower than last year. Ex-date: 23rd June 2026 Payment date: 23rd June 2026 Dividend yield will be 3.8%, which is about the same as the industry average. Sustainability & Growth Dividend is covered by both earnings (72% earnings payout ratio) and cash flows (24% cash payout ratio). The dividend has increased by an average of 13% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 65% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Duyuru • Jun 17
Changhong Meiling Co., Ltd. Declares 2025 Final Dividend for B Shares, Payable on 25 June 2026 Changhong Meiling Co., Ltd. declared 2025 final profit distribution plan to be implemented (B shares): Cash dividend/10 shares: CNY 2.10000000. Record date: 25 June 2026; Ex-date: 23 June 2026; Payment date: 25 June 2026. Duyuru • Jun 10
Changhong Meiling Co., Ltd. Approves Cash Dividend for the Year 2025 Changhong Meiling Co., Ltd. announced that at the AGM held on 08 June 2026, approved cash dividend/10 shares (tax included): CNY 2.10000000 for 2025. Board Change • May 20
High number of new and inexperienced directors There are 8 new directors who have joined the board in the last 3 years. The company's board is composed of: 8 new directors. 3 experienced directors. 1 highly experienced director. Director of Legal Department & Staff supervisor Ge Ji is the most experienced director on the board, commencing their role in 2017. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Duyuru • May 19
Changhong Meiling Co., Ltd., Annual General Meeting, Jun 08, 2026 Changhong Meiling Co., Ltd., Annual General Meeting, Jun 08, 2026, at 14:30 China Standard Time. Location: No. 2163, Lianhua Road, Economic and Technological Development Zone, Hefei, Anhui China Duyuru • Mar 31
Changhong Meiling Co., Ltd. to Report Q1, 2026 Results on Apr 22, 2026 Changhong Meiling Co., Ltd. announced that they will report Q1, 2026 results on Apr 22, 2026 Duyuru • Dec 31
Changhong Meiling Co., Ltd. to Report Fiscal Year 2025 Results on Apr 03, 2026 Changhong Meiling Co., Ltd. announced that they will report fiscal year 2025 results on Apr 03, 2026 Duyuru • Sep 30
Changhong Meiling Co., Ltd. to Report Q3, 2025 Results on Oct 23, 2025 Changhong Meiling Co., Ltd. announced that they will report Q3, 2025 results on Oct 23, 2025 Duyuru • Jul 02
Changhong Meiling Co., Ltd. to Report First Half, 2025 Results on Aug 21, 2025 Changhong Meiling Co., Ltd. announced that they will report first half, 2025 results on Aug 21, 2025 Duyuru • May 10
Changhong Meiling Co., Ltd. (SZSE:000521) announces an Equity Buyback for CNY 300 million worth of its shares. Changhong Meiling Co., Ltd. (SZSE:000521) announces a share repurchase program. Under the program, the company will repurchase up to CNY 300 million worth of its shares. The shares will be repurchased at no more than CNY 11 per share. The purpose of the program is to use the repurchased shares for equity incentives. The program will be funded from company's own funds. The program will be valid for 12 months. Duyuru • Apr 03
Changhong Meiling Co., Ltd., Annual General Meeting, Apr 25, 2025 Changhong Meiling Co., Ltd., Annual General Meeting, Apr 25, 2025, at 13:30 China Standard Time. Location: No. 2163, Lianhua Road, Economic and Technological Development Zone, Hefei, Anhui China Duyuru • Mar 31
Changhong Meiling Co., Ltd. to Report Q1, 2025 Results on Apr 22, 2025 Changhong Meiling Co., Ltd. announced that they will report Q1, 2025 results on Apr 22, 2025 Duyuru • Dec 31
Changhong Meiling Co., Ltd. to Report Fiscal Year 2024 Results on Apr 03, 2025 Changhong Meiling Co., Ltd. announced that they will report fiscal year 2024 results on Apr 03, 2025 Reported Earnings • Oct 23
Third quarter 2024 earnings released: EPS: CN¥0.11 (vs CN¥0.14 in 3Q 2023) Third quarter 2024 results: EPS: CN¥0.11 (down from CN¥0.14 in 3Q 2023). Revenue: CN¥7.81b (up 23% from 3Q 2023). Net income: CN¥115.4m (down 18% from 3Q 2023). Profit margin: 1.5% (down from 2.2% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 9.1% p.a. on average during the next 3 years, compared to a 8.1% growth forecast for the Consumer Durables industry in China. Valuation Update With 7 Day Price Move • Sep 30
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to CN¥10.90, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 14x in the Consumer Durables industry in China. Duyuru • Sep 30
Changhong Meiling Co., Ltd. to Report Q3, 2024 Results on Oct 23, 2024 Changhong Meiling Co., Ltd. announced that they will report Q3, 2024 results on Oct 23, 2024 Reported Earnings • Aug 17
Second quarter 2024 earnings released: EPS: CN¥0.25 (vs CN¥0.23 in 2Q 2023) Second quarter 2024 results: EPS: CN¥0.25 (up from CN¥0.23 in 2Q 2023). Revenue: CN¥9.01b (up 15% from 2Q 2023). Net income: CN¥259.5m (up 10% from 2Q 2023). Profit margin: 2.9% (in line with 2Q 2023). Revenue is forecast to grow 9.2% p.a. on average during the next 3 years, compared to a 8.6% growth forecast for the Consumer Durables industry in China. Valuation Update With 7 Day Price Move • Jul 31
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to CN¥8.25, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 13x in the Consumer Durables industry in China. New Risk • Jul 18
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 7.4% 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. This is currently the only risk that has been identified for the company. Duyuru • Jun 29
Changhong Meiling Co., Ltd. to Report First Half, 2024 Results on Aug 17, 2024 Changhong Meiling Co., Ltd. announced that they will report first half, 2024 results on Aug 17, 2024 Duyuru • Jun 20
Changhong Meiling Co., Ltd. Approves Management Appointments Changhong Meiling Co., Ltd. at its Extraordinary General Meeting held on 18 June 2024, approved election of Yi Suqin, Cheng Ping and Fang Wei as non-independent directors; election of Cheng Wenlong as independent director and election of Qiu Jin and Ma Yu as shareholder supervisors. Duyuru • Jun 08
Changhong Meiling Co., Ltd. Announces Final Cash Dividend on B Shares for the Year 2023, Payable on 17 June 2024 Changhong Meiling Co., Ltd. announced final cash dividend of CNY 3.00 per 10 shares on B shares for the year 2023. Record date: 17 June 2024, Ex-date: 13 June 2024 and Payment date: 17 June 2024. Duyuru • Jun 06
Changhong Meiling Co., Ltd. Announces Final Cash Dividend on A Shares for the Year 2023, Payable on 13 June 2024 Changhong Meiling Co., Ltd. announced final cash dividend of CNY 3.00 per 10 shares on A shares (tax included) for the year 2023. Record date: 12 June 2024, Ex-date: 13 June 2024 and Payment date: 13 June 2024. Valuation Update With 7 Day Price Move • May 06
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to CN¥10.81, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 15x in the Consumer Durables industry in China. Valuation Update With 7 Day Price Move • Apr 17
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to CN¥9.85, the stock trades at a trailing P/E ratio of 13.7x. Average trailing P/E is 22x in the Consumer Durables industry in China. Reported Earnings • Mar 31
Full year 2023 earnings released Full year 2023 results: Revenue: CN¥24.2b (up 20% from FY 2022). Net income: CN¥741.0m (up 203% from FY 2022). Profit margin: 3.1% (up from 1.2% in FY 2022). The increase in margin was driven by higher revenue. New Risk • Mar 04
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. This is currently the only risk that has been identified for the company. Valuation Update With 7 Day Price Move • Jan 29
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to CN¥7.62, the stock trades at a trailing P/E ratio of 13.9x. Average trailing P/E is 22x in the Consumer Durables industry in China. Duyuru • Dec 29
Changhong Meiling Co., Ltd. to Report Fiscal Year 2023 Results on Mar 30, 2024 Changhong Meiling Co., Ltd. announced that they will report fiscal year 2023 results on Mar 30, 2024 
