Reported Earnings • May 16
First quarter 2026 earnings released: NT$0.28 loss per share (vs NT$0.92 loss in 1Q 2025) First quarter 2026 results: NT$0.28 loss per share (improved from NT$0.92 loss in 1Q 2025). Revenue: NT$198.1m (down 63% from 1Q 2025). Net loss: NT$23.3m (loss narrowed 69% from 1Q 2025). Over the last 3 years on average, earnings per share has increased by 44% per year but the company’s share price has fallen by 26% per year, which means it is significantly lagging earnings. New Risk • Mar 31
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 13% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (13% operating cash flow to total debt). Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Cash payout ratio: 158% Earnings have declined by 64% per year over the past 5 years. Minor Risk Market cap is less than US$100m (NT$1.35b market cap, or US$42.0m). Reported Earnings • Mar 28
Full year 2025 earnings released: NT$2.13 loss per share (vs NT$0.17 profit in FY 2024) Full year 2025 results: NT$2.13 loss per share (down from NT$0.17 profit in FY 2024). Revenue: NT$1.95b (down 31% from FY 2024). Net loss: NT$175.4m (down NT$189.1m from profit in FY 2024). Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has fallen by 25% per year, which means it is significantly lagging earnings. Duyuru • Mar 16
Yonggu Group Inc., Annual General Meeting, Jun 26, 2026 Yonggu Group Inc., Annual General Meeting, Jun 26, 2026. Location: 15 floor no,99, fu hsing n. rd., songshan district, taipei city Taiwan New Risk • Nov 29
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 0.1x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (0.1x net interest cover). Earnings have declined by 65% per year over the past 5 years. Minor Risks Paying a dividend despite being loss-making. Market cap is less than US$100m (NT$1.82b market cap, or US$57.8m). Reported Earnings • Nov 14
Third quarter 2025 earnings released: NT$0.04 loss per share (vs NT$0.26 profit in 3Q 2024) Third quarter 2025 results: NT$0.04 loss per share (down from NT$0.26 profit in 3Q 2024). Revenue: NT$398.0m (down 32% from 3Q 2024). Net loss: NT$2.92m (down 114% from profit in 3Q 2024). Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has fallen by 21% per year, which means it is significantly lagging earnings. New Risk • Sep 17
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 1.1x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.1x net interest cover). Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Cash payout ratio: 117% Earnings have declined by 65% per year over the past 5 years. Minor Risk Market cap is less than US$100m (NT$2.16b market cap, or US$71.8m). Reported Earnings • Aug 31
Second quarter 2025 earnings released: NT$0.099 loss per share (vs NT$0.036 profit in 2Q 2024) Second quarter 2025 results: NT$0.099 loss per share (down from NT$0.036 profit in 2Q 2024). Revenue: NT$665.6m (down 7.0% from 2Q 2024). Net loss: NT$8.12m (down 371% from profit in 2Q 2024). Over the last 3 years on average, earnings per share has fallen by 28% per year but the company’s share price has only fallen by 20% per year, which means it has not declined as severely as earnings. Declared Dividend • Jul 05
Dividend of NT$2.00 announced Shareholders will receive a dividend of NT$2.00. Ex-date: 21st July 2025 Payment date: 18th August 2025 Dividend yield will be 6.6%, which is higher than the industry average of 3.4%. Sustainability & Growth Dividend is being paid despite the company being loss-making over the last 12 months and having 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 46 years, indicating a lack of growth and stability in payments. Reported Earnings • May 17
First quarter 2025 earnings released: NT$0.92 loss per share (vs NT$0.15 profit in 1Q 2024) First quarter 2025 results: NT$0.92 loss per share (down from NT$0.15 profit in 1Q 2024). Revenue: NT$531.1m (down 33% from 1Q 2024). Net loss: NT$75.9m (down NT$88.1m from profit in 1Q 2024). Over the last 3 years on average, earnings per share has fallen by 53% per year but the company’s share price has only fallen by 19% per year, which means it has not declined as severely as earnings. Duyuru • May 06
Yonggu Group Inc. to Report Q1, 2025 Results on May 13, 2025 Yonggu Group Inc. announced that they will report Q1, 2025 results on May 13, 2025 New Risk • Apr 12
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 82% 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 Risks Debt is not well covered by operating cash flow (19% operating cash flow to total debt). Dividend is not well covered by earnings and cash flows. Dividend per share is over 12x earnings per share. Cash payout ratio: 310% Earnings have declined by 59% per year over the past 5 years. Minor Risks Large one-off items impacting financial results. Market cap is less than US$100m (NT$2.31b market cap, or US$71.3m). Reported Earnings • Apr 04
Full year 2024 earnings released: EPS: NT$0.17 (vs NT$4.58 loss in FY 2023) Full year 2024 results: EPS: NT$0.17 (up from NT$4.58 loss in FY 2023). Revenue: NT$2.82b (down 26% from FY 2023). Net income: NT$13.7m (up NT$391.2m from FY 2023). Profit margin: 0.5% (up from net loss in FY 2023). The move to profitability was driven by lower expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 51 percentage points per year, which is a significant difference in performance. Duyuru • Mar 17
Yonggu Group Inc., Annual General Meeting, Jun 25, 2025 Yonggu Group Inc., Annual General Meeting, Jun 25, 2025. Location: 15 floor no,99, fu hsing n. rd., songshan district, taipei city Taiwan Duyuru • Mar 07
Yonggu Group Inc. to Report Fiscal Year 2024 Results on Mar 14, 2025 Yonggu Group Inc. announced that they will report fiscal year 2024 results on Mar 14, 2025 New Risk • Nov 17
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 45% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 56% per year over the past 5 years. Minor Risks High level of debt (45% net debt to equity). Paying a dividend despite being loss-making. Market cap is less than US$100m (NT$2.43b market cap, or US$74.7m). Reported Earnings • Nov 17
Third quarter 2024 earnings released: EPS: NT$0.26 (vs NT$0.33 in 3Q 2023) Third quarter 2024 results: EPS: NT$0.26 (down from NT$0.33 in 3Q 2023). Revenue: NT$583.0m (down 39% from 3Q 2023). Net income: NT$21.6m (down 21% from 3Q 2023). Profit margin: 3.7% (up from 2.9% in 3Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 69 percentage points per year, which is a significant difference in performance. Duyuru • Nov 06
Yonggu Group Inc. to Report Q3, 2024 Results on Nov 13, 2024 Yonggu Group Inc. announced that they will report Q3, 2024 results on Nov 13, 2024 Duyuru • Aug 16
Yonggu Group Inc. to Report Q2, 2024 Results on Aug 26, 2024 Yonggu Group Inc. announced that they will report Q2, 2024 results on Aug 26, 2024 Buy Or Sell Opportunity • Jul 22
Now 24% undervalued after recent price drop Over the last 90 days, the stock has fallen 6.5% to NT$30.00. The fair value is estimated to be NT$39.43, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 12% over the last 3 years. Meanwhile, the company became loss making. Upcoming Dividend • Jul 15
Upcoming dividend of NT$2.00 per share Eligible shareholders must have bought the stock before 22 July 2024. Payment date: 19 August 2024. Trailing yield: 5.0%. Within top quartile of Taiwanese dividend payers (4.2%). Higher than average of industry peers (3.8%). Board Change • Jul 12
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 7 experienced directors. No highly experienced directors. 3 independent directors (4 non-independent directors). Independent Director Shih Ying Chen was the last independent director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. New Risk • May 31
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended September 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. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 38% per year over the past 5 years. Minor Risks High level of debt (49% net debt to equity). Latest financial reports are more than 6 months old (reported September 2023 fiscal period end). Paying a dividend despite being loss-making. Market cap is less than US$100m (NT$2.71b market cap, or US$83.3m). Duyuru • May 08
Yonggu Group Inc. to Report Q1, 2024 Results on May 13, 2024 Yonggu Group Inc. announced that they will report Q1, 2024 results on May 13, 2024 Duyuru • Mar 16
Yonggu Group Inc., Annual General Meeting, Jun 27, 2024 Yonggu Group Inc., Annual General Meeting, Jun 27, 2024. Location: 15th Floor, No. 99, Fuxing North Road, SongshanDistrict, Taipei City Niu Niu Niu Asia International Conference Center Conference Room Taipei City Taiwan Agenda: To approve 2023 Annual Business Report; to approve 2023 Audit Committee review report; to report on the distribution of directors' remuneration and employee remuneration in 2023; and to discuss other matters. New Risk • Nov 16
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 49% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 38% per year over the past 5 years. Minor Risks High level of debt (49% net debt to equity). Paying a dividend despite being loss-making. Share price has been volatile over the past 3 months (6.5% average weekly change). Market cap is less than US$100m (NT$2.55b market cap, or US$80.0m). Reported Earnings • Nov 15
Third quarter 2023 earnings released: EPS: NT$0.33 (vs NT$0.51 loss in 3Q 2022) Third quarter 2023 results: EPS: NT$0.33 (up from NT$0.51 loss in 3Q 2022). Revenue: NT$948.0m (down 17% from 3Q 2022). Net income: NT$27.4m (up NT$69.0m from 3Q 2022). Profit margin: 2.9% (up from net loss in 3Q 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 74 percentage points per year, which is a significant difference in performance. New Risk • Nov 06
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 Taiwanese stocks, typically moving 5.9% 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: Major Risk Earnings have declined by 34% per year over the past 5 years. Minor Risks High level of debt (53% net debt to equity). Paying a dividend despite being loss-making. Share price has been volatile over the past 3 months (5.9% average weekly change). Market cap is less than US$100m (NT$3.19b market cap, or US$99.1m). New Risk • Sep 03
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 53% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 34% per year over the past 5 years. Minor Risks High level of debt (53% net debt to equity). Paying a dividend despite being loss-making. Market cap is less than US$100m (NT$2.30b market cap, or US$72.1m). Reported Earnings • Aug 31
Second quarter 2023 earnings released: EPS: NT$0.05 (vs NT$0.49 in 2Q 2022) Second quarter 2023 results: EPS: NT$0.05 (down from NT$0.49 in 2Q 2022). Revenue: NT$1.05b (down 13% from 2Q 2022). Net income: NT$4.16m (down 90% from 2Q 2022). Profit margin: 0.4% (down from 3.4% in 2Q 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 64 percentage points per year, which is a significant difference in performance. New Risk • Aug 02
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: NT$3.14b (US$99.0m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.7x net interest cover). Earnings have declined by 27% per year over the past 5 years. Minor Risks Paying a dividend despite being loss-making. Market cap is less than US$100m (NT$3.14b market cap, or US$99.0m). Upcoming Dividend • Aug 01
Upcoming dividend of NT$1.50 per share at 3.9% yield Eligible shareholders must have bought the stock before 08 August 2023. Payment date: 04 September 2023. The company is not currently making a profit and there are not enough cash flows to support it either. Trailing yield: 3.9%. Lower than top quartile of Taiwanese dividend payers (5.4%). Higher than average of industry peers (3.2%). New Risk • Jul 21
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 2.7x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.7x net interest cover). Earnings have declined by 27% per year over the past 5 years. Minor Risk Paying a dividend despite being loss-making. Duyuru • Jul 12
Yonggu Group Inc. Approves Cash Dividend, Payable on September 4, 2023 Yonggu Group Inc. approved cash dividend TWD 123,530,103 (TWD 1.5 per share) was distributed from the public reserve. The dividend is payable on September 4, 2023. Ex-rights (ex-dividend) trading date of August 8, 2023 and Ex-rights (ex-dividend) record date of August 14, 2023. Reported Earnings • Nov 18
Third quarter 2022 earnings released: NT$0.51 loss per share (vs NT$0.26 profit in 3Q 2021) Third quarter 2022 results: NT$0.51 loss per share (down from NT$0.26 profit in 3Q 2021). Revenue: NT$1.14b (down 22% from 3Q 2021). Net loss: NT$41.6m (down 292% from profit in 3Q 2021). Reported Earnings • Sep 01
Second quarter 2022 earnings released: EPS: NT$0.49 (vs NT$0.95 in 2Q 2021) Second quarter 2022 results: EPS: NT$0.49 (down from NT$0.95 in 2Q 2021). Revenue: NT$1.20b (down 13% from 2Q 2021). Net income: NT$40.4m (down 49% from 2Q 2021). Profit margin: 3.4% (down from 5.7% in 2Q 2021). The decrease in margin was driven by lower revenue. Upcoming Dividend • Jul 15
Upcoming dividend of NT$5.00 per share Eligible shareholders must have bought the stock before 22 July 2022. Payment date: 19 August 2022. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 9.1%. Within top quartile of Taiwanese dividend payers (6.8%). Higher than average of industry peers (4.6%). Duyuru • Jun 01
Yonggu Group Inc. Appoints Lian Yuanfu as Member of the Audit Committee Yonggu Group Inc. announced the appointment of Lian Yuanfu as member of the audit committee of the company. Date of occurrence of the change is May 30, 2022. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Independent Director Jinwen Wu 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 01
Full year 2021 earnings released: EPS: NT$3.18 (vs NT$10.05 in FY 2020) Full year 2021 results: EPS: NT$3.18 (down from NT$10.05 in FY 2020). Revenue: NT$5.91b (up 10% from FY 2020). Net income: NT$260.2m (down 65% from FY 2020). Profit margin: 4.4% (down from 14% in FY 2020). The decrease in margin was driven by higher expenses. Valuation Update With 7 Day Price Move • Feb 18
Investor sentiment improved over the past week After last week's 16% share price gain to NT$65.30, the stock trades at a trailing P/E ratio of 14.4x. Average trailing P/E is 13x in the Basic Materials industry in Taiwan. Total loss to shareholders of 16% over the past year. Board Change • Feb 11
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Independent Director Jinwen Wu 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. Duyuru • Feb 10
Yonggu Group Inc. Announces Resignation of Jiang Zhenfu as Independent Director with Effect from February 9, 2022 Yonggu Group Inc. announced resignation of Jiang Zhenfu as independent director with effect from February 9, 2022. Reported Earnings • Nov 15
Third quarter 2021 earnings released: EPS NT$0.26 (vs NT$2.07 in 3Q 2020) The company reported a soft third quarter result with weaker earnings and profit margins, although revenues improved. Third quarter 2021 results: Revenue: NT$1.46b (up 6.4% from 3Q 2020). Net income: NT$21.7m (down 86% from 3Q 2020). Profit margin: 1.5% (down from 12% in 3Q 2020). The decrease in margin was driven by higher expenses. Valuation Update With 7 Day Price Move • Sep 24
Investor sentiment improved over the past week After last week's 17% share price gain to NT$70.00, the stock trades at a trailing P/E ratio of 11.3x. Average trailing P/E is 11x in the Basic Materials industry in Taiwan. Total returns to shareholders of 8.7% over the past year. Board Change • Sep 13
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. 8 experienced directors. No highly experienced directors. Director Hung-Chung Hsiao was the last director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Board Change • Sep 04
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. 8 experienced directors. No highly experienced directors. Director Hung-Chung Hsiao was the last director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Reported Earnings • Sep 03
Second quarter 2021 earnings released: EPS NT$0.95 (vs NT$4.04 in 2Q 2020) The company reported a poor second quarter result with weaker earnings, revenues and profit margins. Second quarter 2021 results: Revenue: NT$1.38b (down 13% from 2Q 2020). Net income: NT$78.6m (down 73% from 2Q 2020). Profit margin: 5.7% (down from 19% in 2Q 2020). The decrease in margin was primarily driven by lower revenue. Upcoming Dividend • Aug 02
Upcoming dividend of NT$5.83 per share Eligible shareholders must have bought the stock before 09 August 2021. Payment date: 13 September 2021. Trailing yield: 7.8%. Within top quartile of Taiwanese dividend payers (5.0%). Higher than average of industry peers (6.5%). Executive Departure • Jul 06
Director Chieh-Yuan Ueng has left the company On the 1st of July, Chieh-Yuan Ueng's tenure as Director ended after 3.4 years in the role. We don't have any record of a personal shareholding under Chieh-Yuan's name. Chieh-Yuan is the only executive to leave the company over the last 12 months. Reported Earnings • May 18
First quarter 2021 earnings released: EPS NT$0.54 (vs NT$0.85 in 1Q 2020) The company reported a mediocre first quarter result with weaker earnings and profit margins, although revenues improved. First quarter 2021 results: Revenue: NT$1.14b (up 66% from 1Q 2020). Net income: NT$43.8m (down 25% from 1Q 2020). Profit margin: 3.9% (down from 8.5% in 1Q 2020). The decrease in margin was driven by higher expenses. Reported Earnings • Mar 27
Full year 2020 earnings released: EPS NT$10.05 (vs NT$7.14 in FY 2019) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2020 results: Revenue: NT$5.37b (down 12% from FY 2019). Net income: NT$738.3m (up 59% from FY 2019). Profit margin: 14% (up from 7.6% in FY 2019). The increase in margin was driven by lower expenses. Is New 90 Day High Low • Mar 16
New 90-day high: NT$88.50 The company is up 10.0% from a price of NT$80.50 on 16 December 2020. Underperformed the Taiwanese market, which is up 15% over the last 90 days. Exceeded the Basic Materials industry, which is up 1.0% over the same period. Is New 90 Day High Low • Jan 22
New 90-day high: NT$84.90 The company is up 13% from its price of NT$74.90 on 23 October 2020. The Taiwanese market is up 23% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Basic Materials industry, which is flat over the same period. Is New 90 Day High Low • Nov 26
New 90-day high: NT$81.40 The company is up 14% from its price of NT$71.10 on 28 August 2020. The Taiwanese market is up 7.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Basic Materials industry, which is up 1.0% over the same period. Is New 90 Day High Low • Oct 29
New 90-day high: NT$80.80 The company is up 19% from its price of NT$68.00 on 31 July 2020. The Taiwanese market is up 1.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Basic Materials industry, which is flat over the same period. 
