Major Estimate Revision • May 04
Consensus EPS estimates increase by 15% The consensus outlook for earnings per share (EPS) in fiscal year 2026 has improved. 2026 revenue forecast increased from CN¥2.82b to CN¥2.95b. EPS estimate increased from CN¥2.39 to CN¥2.76 per share. Net income forecast to grow 61% next year vs 55% growth forecast for Semiconductor industry in China. Consensus price target of CN¥263 unchanged from last update. Share price rose 21% to CN¥268 over the past week. Reported Earnings • Apr 28
First quarter 2026 earnings released: EPS: CN¥0.77 (vs CN¥0.12 in 1Q 2025) First quarter 2026 results: EPS: CN¥0.77 (up from CN¥0.12 in 1Q 2025). Revenue: CN¥702.3m (up 67% from 1Q 2025). Net income: CN¥105.4m (up CN¥89.8m from 1Q 2025). Profit margin: 15% (up from 3.7% in 1Q 2025). The increase in margin was driven by higher revenue. Revenue is forecast to grow 22% p.a. on average during the next 3 years, compared to a 27% growth forecast for the Semiconductor industry in China. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Duyuru • Mar 31
3Peak Incorporated, Annual General Meeting, Apr 21, 2026 3Peak Incorporated, Annual General Meeting, Apr 21, 2026, at 14:30 China Standard Time. Location: 4F, Building 2, No. 1761, Zhangdong Road, Pudong New Area, Shanghai China Duyuru • Mar 30
3Peak Incorporated to Report Q1, 2026 Results on Apr 28, 2026 3Peak Incorporated announced that they will report Q1, 2026 results on Apr 28, 2026 Reported Earnings • Mar 02
Full year 2025 earnings: EPS in line with analyst expectations despite revenue beat Full year 2025 results: EPS: CN¥1.30 (up from CN¥1.50 loss in FY 2024). Revenue: CN¥2.14b (up 76% from FY 2024). Net income: CN¥173.0m (up CN¥370.2m from FY 2024). Profit margin: 8.1% (up from net loss in FY 2024). The move to profitability was driven by higher revenue. Revenue exceeded analyst estimates by 5.9%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is forecast to grow 24% p.a. on average during the next 2 years, compared to a 26% growth forecast for the Semiconductor industry in China. Over the last 3 years on average, earnings per share has fallen by 52% per year but the company’s share price has only fallen by 13% per year, which means it has not declined as severely as earnings. Duyuru • Dec 26
3Peak Incorporated to Report Fiscal Year 2025 Results on Mar 31, 2026 3Peak Incorporated announced that they will report fiscal year 2025 results on Mar 31, 2026 Board Change • Dec 10
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. 6 non-independent directors. Independent Director Fei Pan was the last independent director to join the board, commencing their role in 2025. 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 29
Third quarter 2025 earnings released: EPS: CN¥0.45 (vs CN¥0.25 loss in 3Q 2024) Third quarter 2025 results: EPS: CN¥0.45 (up from CN¥0.25 loss in 3Q 2024). Revenue: CN¥581.6m (up 70% from 3Q 2024). Net income: CN¥60.3m (up CN¥93.4m from 3Q 2024). Profit margin: 10% (up from net loss in 3Q 2024). Revenue is forecast to grow 26% p.a. on average during the next 3 years, compared to a 27% growth forecast for the Semiconductor industry in China. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 94 percentage points per year, which is a significant difference in performance. Duyuru • Sep 30
3Peak Incorporated to Report Q3, 2025 Results on Oct 29, 2025 3Peak Incorporated announced that they will report Q3, 2025 results on Oct 29, 2025 New Risk • Sep 15
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 7.0% 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. Reported Earnings • Aug 26
Second quarter 2025 earnings released: EPS: CN¥0.38 (vs CN¥0.13 loss in 2Q 2024) Second quarter 2025 results: EPS: CN¥0.38 (up from CN¥0.13 loss in 2Q 2024). Revenue: CN¥527.4m (up 72% from 2Q 2024). Net income: CN¥50.1m (up CN¥66.6m from 2Q 2024). Profit margin: 9.5% (up from net loss in 2Q 2024). The move to profitability was driven by higher revenue. Revenue is forecast to grow 25% p.a. on average during the next 3 years, compared to a 25% growth forecast for the Semiconductor industry in China. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 100 percentage points per year, which is a significant difference in performance. Duyuru • Jun 30
3Peak Incorporated to Report First Half, 2025 Results on Aug 26, 2025 3Peak Incorporated announced that they will report first half, 2025 results on Aug 26, 2025 Reported Earnings • May 03
First quarter 2025 earnings released: EPS: CN¥0.12 (vs CN¥0.37 loss in 1Q 2024) First quarter 2025 results: EPS: CN¥0.12 (up from CN¥0.37 loss in 1Q 2024). Revenue: CN¥421.8m (up 111% from 1Q 2024). Net income: CN¥15.6m (up CN¥64.7m from 1Q 2024). Profit margin: 3.7% (up from net loss in 1Q 2024). The move to profitability was driven by higher revenue. Revenue is forecast to grow 27% p.a. on average during the next 3 years, compared to a 24% growth forecast for the Semiconductor industry in China. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 103 percentage points per year, which is a significant difference in performance. Duyuru • Apr 29
3Peak Incorporated, Annual General Meeting, May 30, 2025 3Peak Incorporated, Annual General Meeting, May 30, 2025, at 14:30 China Standard Time. Duyuru • Mar 28
3Peak Incorporated to Report Q1, 2025 Results on Apr 29, 2025 3Peak Incorporated announced that they will report Q1, 2025 results on Apr 29, 2025 New Risk • Feb 28
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. This is currently the only risk that has been identified for the company. Duyuru • Dec 27
3Peak Incorporated to Report Fiscal Year 2024 Results on Apr 29, 2025 3Peak Incorporated announced that they will report fiscal year 2024 results on Apr 29, 2025 Price Target Changed • Dec 17
Price target increased by 11% to CN¥127 Up from CN¥114, the current price target is an average from 3 analysts. New target price is 26% above last closing price of CN¥101. Stock is down 33% over the past year. The company is forecast to post earnings per share of CN¥0.60 next year compared to a net loss per share of CN¥0.28 last year. Reported Earnings • Oct 30
Third quarter 2024 earnings released: CN¥0.25 loss per share (vs CN¥0.019 profit in 3Q 2023) Third quarter 2024 results: CN¥0.25 loss per share (down from CN¥0.019 profit in 3Q 2023). Revenue: CN¥341.5m (up 70% from 3Q 2023). Net loss: CN¥33.1m (down CN¥35.3m from profit in 3Q 2023). Revenue is forecast to grow 39% p.a. on average during the next 3 years, compared to a 23% growth forecast for the Semiconductor industry in China. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 59 percentage points per year, which is a significant difference in performance. Duyuru • Sep 30
3Peak Incorporated to Report Q3, 2024 Results on Oct 30, 2024 3Peak Incorporated announced that they will report Q3, 2024 results on Oct 30, 2024 Reported Earnings • Aug 22
Second quarter 2024 earnings released: CN¥0.13 loss per share (vs CN¥0.18 profit in 2Q 2023) Second quarter 2024 results: CN¥0.13 loss per share (down from CN¥0.18 profit in 2Q 2023). Revenue: CN¥306.7m (flat on 2Q 2023). Net loss: CN¥16.5m (down 232% from profit in 2Q 2023). Revenue is forecast to grow 38% p.a. on average during the next 3 years, compared to a 22% growth forecast for the Semiconductor industry in China. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 37 percentage points per year, which is a significant difference in performance. New Risk • Jul 19
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). Shareholders have been diluted in the past year (10% increase in shares outstanding). Buy Or Sell Opportunity • Jul 01
Now 37% undervalued after recent price drop Over the last 90 days, the stock has fallen 9.9% to CN¥92.38. The fair value is estimated to be CN¥147, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.0% over the last 3 years. Meanwhile, the company became loss making. Duyuru • Jun 28
3Peak Incorporated to Report First Half, 2024 Results on Aug 17, 2024 3Peak Incorporated announced that they will report first half, 2024 results on Aug 17, 2024 Buy Or Sell Opportunity • Jun 19
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 12% to CN¥102. The fair value is estimated to be CN¥131, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.0% over the last 3 years. Meanwhile, the company became loss making. Reported Earnings • Apr 30
First quarter 2024 earnings released: CN¥0.37 loss per share (vs CN¥0.01 profit in 1Q 2023) First quarter 2024 results: CN¥0.37 loss per share (down from CN¥0.01 profit in 1Q 2023). Revenue: CN¥200.0m (down 35% from 1Q 2023). Net loss: CN¥49.2m (down CN¥50.8m from profit in 1Q 2023). Revenue is forecast to grow 35% p.a. on average during the next 3 years, compared to a 23% growth forecast for the Semiconductor industry in China. Over the last 3 years on average, earnings per share has fallen by 57% per year but the company’s share price has only fallen by 31% per year, which means it has not declined as severely as earnings. Reported Earnings • Apr 03
Full year 2023 earnings: EPS misses analyst expectations Full year 2023 results: CN¥0.28 loss per share (down from CN¥2.23 profit in FY 2022). Revenue: CN¥1.09b (down 39% from FY 2022). Net loss: CN¥34.7m (down 113% from profit in FY 2022). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates. Revenue is forecast to grow 31% p.a. on average during the next 3 years, compared to a 23% growth forecast for the Semiconductor industry in China. Over the last 3 years on average, earnings per share has fallen by 36% per year but the company’s share price has only fallen by 29% per year, which means it has not declined as severely as earnings. Duyuru • Mar 30
3Peak Incorporated, Annual General Meeting, Apr 19, 2024 3Peak Incorporated, Annual General Meeting, Apr 19, 2024, at 14:30 China Standard Time. Location: 4F, Building 2, No. 1761, Zhangdong Road, Pudong New Area, Shanghai China Duyuru • Mar 29
3Peak Incorporated to Report Q1, 2024 Results on Apr 30, 2024 3Peak Incorporated announced that they will report Q1, 2024 results on Apr 30, 2024 Reported Earnings • Feb 24
Full year 2023 earnings: EPS misses analyst expectations Full year 2023 results: CN¥0.28 loss per share (down from CN¥2.23 profit in FY 2022). Revenue: CN¥1.09b (down 39% from FY 2022). Net loss: CN¥34.7m (down 113% from profit in FY 2022). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates. Revenue is forecast to grow 34% p.a. on average during the next 2 years, compared to a 24% growth forecast for the Semiconductor industry in China. Over the last 3 years on average, earnings per share has fallen by 36% per year but the company’s share price has only fallen by 27% per year, which means it has not declined as severely as earnings. New Risk • Feb 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 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: Major Risk High level of non-cash earnings (28% accrual ratio). 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 (0.5% net profit margin). Shareholders have been diluted in the past year (10% increase in shares outstanding). Major Estimate Revision • Feb 02
Consensus EPS estimates increase by 40%, revenue downgraded The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast fell from CN¥1.11b to CN¥1.09b. EPS estimate rose from CN¥1.42 to CN¥1.99. Net income forecast to grow 4,488% next year vs 64% growth forecast for Semiconductor industry in China. Consensus price target of CN¥134 unchanged from last update. Share price fell 16% to CN¥91.49 over the past week. Duyuru • Feb 01
3Peak Incorporated (SHSE:688536) announces an Equity Buyback for CNY 200 million worth of its shares. 3Peak Incorporated (SHSE:688536) announces a share repurchase program. Under the program, the company will repurchase up to CNY 200 million worth of its A shares. The shares will be purchased at a price not exceeding CNY 150 per share. The repurchased shares will be used for the implementation of ESOP or equity incentive plan. The program will be valid for 6 months. New Risk • Dec 02
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 11% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (28% accrual ratio). Minor Risks Profit margins are more than 30% lower than last year (0.5% net profit margin). Shareholders have been diluted in the past year (11% increase in shares outstanding). Major Estimate Revision • Nov 03
Consensus revenue estimates fall by 32% The consensus outlook for revenues in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from CN¥1.62b to CN¥1.10b. EPS estimate fell from CN¥1.42 to CN¥0.38 per share. Net income forecast to grow 5,858% next year vs 73% growth forecast for Semiconductor industry in China. Consensus price target down from CN¥268 to CN¥247. Share price rose 5.5% to CN¥160 over the past week. Reported Earnings • Nov 01
Third quarter 2023 earnings: EPS and revenues miss analyst expectations Third quarter 2023 results: EPS: CN¥0.019 (down from CN¥0.35 in 3Q 2022). Revenue: CN¥201.2m (down 57% from 3Q 2022). Net income: CN¥2.22m (down 95% from 3Q 2022). Profit margin: 1.1% (down from 8.9% in 3Q 2022). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 61%. Earnings per share (EPS) also missed analyst estimates by 95%. Revenue is forecast to grow 42% p.a. on average during the next 3 years, compared to a 25% growth forecast for the Semiconductor industry in China. Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has only fallen by 9% per year, which means it has not declined as severely as earnings. New Risk • Oct 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 6.0% 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. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (6.0% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (3.3% net profit margin). Major Estimate Revision • Aug 17
Consensus revenue estimates fall by 22% The consensus outlook for revenues in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from CN¥2.08b to CN¥1.62b. EPS estimate fell from CN¥3.77 to CN¥1.60 per share. Net income forecast to grow 666% next year vs 62% growth forecast for Semiconductor industry in China. Consensus price target down from CN¥298 to CN¥268. Share price fell 19% to CN¥183 over the past week. Price Target Changed • Aug 12
Price target decreased by 10% to CN¥268 Down from CN¥298, the current price target is an average from 4 analysts. New target price is 23% above last closing price of CN¥218. Stock is down 41% over the past year. The company is forecast to post earnings per share of CN¥3.48 for next year compared to CN¥2.23 last year. New Risk • Aug 11
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 107% 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: Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (3.3% net profit margin). Reported Earnings • Aug 11
Second quarter 2023 earnings: EPS and revenues miss analyst expectations Second quarter 2023 results: EPS: CN¥0.18 (down from CN¥1.20 in 2Q 2022). Revenue: CN¥304.7m (down 45% from 2Q 2022). Net income: CN¥12.4m (down 91% from 2Q 2022). Profit margin: 4.1% (down from 26% in 2Q 2022). Revenue missed analyst estimates by 25%. Earnings per share (EPS) also missed analyst estimates by 86%. Revenue is forecast to grow 36% p.a. on average during the next 3 years, compared to a 24% growth forecast for the Semiconductor industry in China. Duyuru • Jun 28
3Peak Incorporated to Report First Half, 2023 Results on Aug 04, 2023 3Peak Incorporated announced that they will report first half, 2023 results on Aug 04, 2023 Board Change • Jun 12
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: 3 independent directors. 6 non-independent directors. Independent Director Guangwei Zhu was the last independent director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Major Estimate Revision • May 08
Consensus EPS estimates fall by 20% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate fell from CN¥3.65 to CN¥2.94 per share. Revenue forecast steady at CN¥2.22b. Net income forecast to grow 145% next year vs 65% growth forecast for Semiconductor industry in China. Consensus price target down from CN¥315 to CN¥306. Share price fell 2.0% to CN¥228 over the past week. Reported Earnings • Apr 15
Full year 2022 earnings: EPS and revenues miss analyst expectations Full year 2022 results: EPS: CN¥2.23 (down from CN¥3.72 in FY 2021). Revenue: CN¥1.78b (up 35% from FY 2021). Net income: CN¥266.8m (down 40% from FY 2021). Profit margin: 15% (down from 34% in FY 2021). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 7.3%. Earnings per share (EPS) also missed analyst estimates by 19%. Revenue is forecast to grow 32% p.a. on average during the next 2 years, compared to a 26% growth forecast for the Semiconductor industry in China. Price Target Changed • Mar 24
Price target decreased by 9.2% to CN¥328 Down from CN¥361, the current price target is an average from 4 analysts. New target price is 29% above last closing price of CN¥255. Stock is down 43% over the past year. The company is forecast to post earnings per share of CN¥3.94 for next year compared to CN¥2.23 last year. Price Target Changed • Nov 16
Price target decreased to CN¥349 Down from CN¥427, the current price target is an average from 5 analysts. New target price is 17% above last closing price of CN¥298. Stock is down 45% over the past year. The company is forecast to post earnings per share of CN¥3.01 for next year compared to CN¥3.72 last year. Board Change • Nov 16
Less than half of directors are independent There are 8 new directors who have joined the board in the last 3 years. Of these new board members, 3 were independent directors. The company's board is composed of: 8 new directors. 1 experienced director. 3 highly experienced directors. 3 independent directors (6 non-independent directors). Director Xiaojun Zhang is the most experienced director on the board, commencing their role in 2012. Independent Director Guangwei Zhu was the last independent director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. Major Estimate Revision • Nov 04
Consensus revenue estimates fall by 11% The consensus outlook for revenues in 2022 has deteriorated. 2022 revenue forecast decreased from CN¥2.18b to CN¥1.95b. EPS estimate fell from CN¥4.38 to CN¥2.89 per share. Net income forecast to grow 52% next year vs 52% growth forecast for Semiconductor industry in China. Consensus price target down from CN¥427 to CN¥349. Share price rose 5.7% to CN¥277 over the past week. Reported Earnings • Oct 30
Third quarter 2022 earnings: EPS and revenues miss analyst expectations Third quarter 2022 results: EPS: CN¥0.35 (down from CN¥1.33 in 3Q 2021). Revenue: CN¥470.6m (up 16% from 3Q 2021). Net income: CN¥41.9m (down 73% from 3Q 2021). Profit margin: 8.9% (down from 39% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 20%. Earnings per share (EPS) also missed analyst estimates by 70%. Revenue is forecast to grow 36% p.a. on average during the next 3 years, compared to a 26% growth forecast for the Semiconductor industry in China. Valuation Update With 7 Day Price Move • Oct 18
Investor sentiment improved over the past week After last week's 17% share price gain to CN¥256, the stock trades at a forward P/E ratio of 45x. Average forward P/E is 31x in the Semiconductor industry in China. Total loss to shareholders of 38% over the past year. Simply Wall St's valuation model estimates the intrinsic value at CN¥148 per share. Price Target Changed • Oct 15
Price target decreased to CN¥427 Down from CN¥459, the current price target is an average from 5 analysts. New target price is 69% above last closing price of CN¥252. Stock is down 41% over the past year. The company is forecast to post earnings per share of CN¥4.38 for next year compared to CN¥3.72 last year. Price Target Changed • Sep 20
Price target decreased to CN¥436 Down from CN¥473, the current price target is an average from 8 analysts. New target price is 58% above last closing price of CN¥277. Stock is down 25% over the past year. The company is forecast to post earnings per share of CN¥4.38 for next year compared to CN¥3.72 last year. Duyuru • Sep 10
3Peak Incorporated announced that it expects to receive CNY 4.0185325 billion in funding 3Peak Incorporated announced a private placement of not more than 24,070,754 A shares for gross proceeds of not more than CNY 4,018,532,500 on September 8, 2022. The transaction will include participation from no more than 35 securities investment fund management companies, securities companies, trust investment companies, finance companies, insurance institutional investors, qualified foreign institutional investors (QFII), other domestic investors that meet the conditions stipulated by the China Securities Regulatory Commission for registration. Certain investors such as legal person investors and natural persons. Securities investment fund management companies, securities companies, qualified foreign institutional investors, and RMB qualified foreign institutional investors who subscribe for two or more products under their management shall be regarded as one issuer. The number of shares to be issued shall not exceed 30% of the company's total share capital before the issuance at the issue price shall not be lower than the average stock trading price of the company in the 20 trading days before the pricing benchmark date. The transaction has been reviewed and approved at the eighth meeting of the third board of directors of the company. The transaction is subject to approval from company's general meeting of shareholders, the Shanghai Stock Exchange, and China Securities Regulatory Commission for registration. The shares shall not be transferred within 6 months from the date of the end of this offering. Reported Earnings • Aug 20
Second quarter 2022 earnings released: EPS: CN¥1.79 (vs CN¥1.54 in 2Q 2021) Second quarter 2022 results: EPS: CN¥1.79 (up from CN¥1.54 in 2Q 2021). Revenue: CN¥555.7m (up 75% from 2Q 2021). Net income: CN¥143.6m (up 16% from 2Q 2021). Profit margin: 26% (down from 39% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to grow 42%, compared to a 49% growth forecast for the Semiconductor industry in China. Price Target Changed • Jun 27
Price target decreased to CN¥734 Down from CN¥820, the current price target is an average from 7 analysts. New target price is 40% above last closing price of CN¥525. Stock is up 0.6% over the past year. The company is forecast to post earnings per share of CN¥6.31 for next year compared to CN¥5.54 last year. Price Target Changed • Jun 16
Price target decreased to CN¥734 Down from CN¥820, the current price target is an average from 7 analysts. New target price is 33% above last closing price of CN¥551. Stock is down 1.7% over the past year. The company is forecast to post earnings per share of CN¥6.31 for next year compared to CN¥5.54 last year. Price Target Changed • Apr 27
Price target decreased to CN¥734 Down from CN¥820, the current price target is an average from 6 analysts. New target price is 43% above last closing price of CN¥513. Stock is up 31% over the past year. The company is forecast to post earnings per share of CN¥6.32 for next year compared to CN¥5.54 last year. Board Change • Apr 27
Less than half of directors are independent There are 8 new directors who have joined the board in the last 3 years. Of these new board members, 3 were independent directors. The company's board is composed of: 8 new directors. 1 experienced director. 3 highly experienced directors. 3 independent directors (6 non-independent directors). Director Xiaojun Zhang is the most experienced director on the board, commencing their role in 2012. Independent Director Guangwei Zhu was the last independent director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. Reported Earnings • Apr 21
First quarter 2022 earnings: EPS and revenues exceed analyst expectations First quarter 2022 results: EPS: CN¥1.14 (up from CN¥0.39 in 1Q 2021). Revenue: CN¥442.4m (up 165% from 1Q 2021). Net income: CN¥91.5m (up 194% from 1Q 2021). Profit margin: 21% (up from 19% in 1Q 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 4.8%. Earnings per share (EPS) also surpassed analyst estimates by 4.5%. Over the next year, revenue is forecast to grow 47%, compared to a 46% growth forecast for the industry in China. Major Estimate Revision • Mar 21
Consensus EPS estimates fall by 21% The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from CN¥2.17b to CN¥2.06b. EPS estimate also fell from CN¥8.76 per share to CN¥6.89 per share. Net income forecast to grow 25% next year vs 44% growth forecast for Semiconductor industry in China. Consensus price target broadly unchanged at CN¥820. Share price rose 13% to CN¥701 over the past week. Reported Earnings • Feb 28
Full year 2021 earnings: EPS and revenues exceed analyst expectations Full year 2021 results: EPS: CN¥5.54 (up from CN¥2.83 in FY 2020). Revenue: CN¥1.33b (up 134% from FY 2020). Net income: CN¥443.5m (up 141% from FY 2020). Profit margin: 34% (up from 32% in FY 2020). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 4.2%. Earnings per share (EPS) also surpassed analyst estimates by 4.5%. Over the next year, revenue is forecast to grow 44%, compared to a 55% growth forecast for the industry in China. Reported Earnings • Oct 31
Third quarter 2021 earnings released: EPS CN¥1.98 (vs CN¥0.68 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: CN¥406.3m (up 165% from 3Q 2020). Net income: CN¥157.0m (up 285% from 3Q 2020). Profit margin: 39% (up from 27% in 3Q 2020). The increase in margin was driven by higher revenue. Reported Earnings • Apr 30
First quarter 2021 earnings released: EPS CN¥0.39 (vs CN¥1.02 in 1Q 2020) The company reported a soft first quarter result with weaker earnings and profit margins, although revenues improved. First quarter 2021 results: Revenue: CN¥167.1m (up 11% from 1Q 2020). Net income: CN¥31.1m (down 49% from 1Q 2020). Profit margin: 19% (down from 40% in 1Q 2020). The decrease in margin was driven by higher expenses. Is New 90 Day High Low • Mar 08
New 90-day low: CN¥380 The company is down 8.0% from its price of CN¥411 on 08 December 2020. The Chinese market is up 1.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Semiconductor industry, which is flat over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is CN¥40.76 per share. Is New 90 Day High Low • Feb 09
New 90-day high: CN¥588 The company is up 81% from its price of CN¥324 on 11 November 2020. The Chinese market is up 4.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Semiconductor industry, which is up 1.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is CN¥226 per share. Is New 90 Day High Low • Jan 15
New 90-day high: CN¥458 The company is up 57% from its price of CN¥292 on 16 October 2020. The Chinese market is up 6.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Semiconductor industry, which is up 17% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is CN¥222 per share. 
