Upcoming Dividend • Jun 19
Upcoming dividend of NT$0.80 per share Eligible shareholders must have bought the stock before 26 June 2026. Payment date: 27 July 2026. Payout ratio is a comfortable 24% but the company is not cash flow positive. Trailing yield: 1.2%. Lower than top quartile of Taiwanese dividend payers (4.8%). Lower than average of industry peers (2.7%). Valuation Update With 7 Day Price Move • Jun 05
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to NT$79.80, the stock trades at a trailing P/E ratio of 23.6x. Average trailing P/E is 25x in the Tech industry in Taiwan. Total returns to shareholders of 239% over the past three years. Reported Earnings • Apr 29
First quarter 2026 earnings released: EPS: NT$1.00 (vs NT$0.016 loss in 1Q 2025) First quarter 2026 results: EPS: NT$1.00 (up from NT$0.016 loss in 1Q 2025). Net income: NT$113.8m (up NT$115.1m from 1Q 2025). Over the last 3 years on average, earnings per share has increased by 122% per year but the company’s share price has only increased by 52% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Apr 14
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$70.80, the stock trades at a trailing P/E ratio of 36.1x. Average trailing P/E is 23x in the Tech industry in Taiwan. Total returns to shareholders of 273% over the past three years. Valuation Update With 7 Day Price Move • Mar 19
Investor sentiment improves as stock rises 29% After last week's 29% share price gain to NT$85.00, the stock trades at a trailing P/E ratio of 43.3x. Average trailing P/E is 24x in the Tech industry in Taiwan. Total returns to shareholders of 350% over the past three years. New Risk • Mar 02
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 7.1% 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 (46% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (7.1% average weekly change). Revenue is less than US$5m (NT$126m revenue, or US$4.0m). New Risk • Feb 26
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 46% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (46% accrual ratio). Minor Risks Revenue is less than US$5m (NT$126m revenue, or US$4.0m). Market cap is less than US$100m (NT$3.06b market cap, or US$98.0m). Reported Earnings • Feb 26
Full year 2025 earnings released: EPS: NT$1.96 (vs NT$0.40 loss in FY 2024) Full year 2025 results: EPS: NT$1.96 (up from NT$0.40 loss in FY 2024). Net income: NT$158.1m (up NT$190.2m from FY 2024). Over the last 3 years on average, earnings per share has increased by 110% per year but the company’s share price has only increased by 26% per year, which means it is significantly lagging earnings growth. Duyuru • Feb 26
LIWANLI Innovation Co., Ltd., Annual General Meeting, May 27, 2026 LIWANLI Innovation Co., Ltd., Annual General Meeting, May 27, 2026. Location: 3 floor no,539, t`an mei st., neihu district, taipei city Taiwan Valuation Update With 7 Day Price Move • Feb 26
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to NT$37.95, the stock trades at a trailing P/E ratio of 60.8x. Average trailing P/E is 23x in the Tech industry in Taiwan. Total returns to shareholders of 102% over the past three years. Valuation Update With 7 Day Price Move • Dec 31
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$32.50, the stock trades at a trailing P/E ratio of 52.1x. Average trailing P/E is 21x in the Tech industry in Taiwan. Total returns to shareholders of 68% over the past three years. Reported Earnings • Nov 03
Third quarter 2025 earnings released: EPS: NT$0.66 (vs NT$0.29 loss in 3Q 2024) Third quarter 2025 results: EPS: NT$0.66 (up from NT$0.29 loss in 3Q 2024). Revenue: NT$51.5m (up 119% from 3Q 2024). Net income: NT$53.1m (up NT$76.2m from 3Q 2024). Over the last 3 years on average, earnings per share has increased by 85% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Duyuru • May 28
LIWANLI Innovation Co., Ltd. Approves Election of Ching-Ju Li as Independent Director LIWANLI Innovation Co., Ltd. announced that at its AGM held on May 27, 2025, the shareholders approved election of CHING-JU LI as independent director of the company. Duyuru • Apr 22
LIWANLI Innovation Co., Ltd. to Report Q1, 2025 Results on Apr 29, 2025 LIWANLI Innovation Co., Ltd. announced that they will report Q1, 2025 results on Apr 29, 2025 Reported Earnings • Mar 03
Full year 2024 earnings released: NT$0.40 loss per share (vs NT$0.063 profit in FY 2023) Full year 2024 results: NT$0.40 loss per share (down from NT$0.063 profit in FY 2023). Revenue: NT$99.2m (up 155% from FY 2023). Net loss: NT$32.1m (down NT$37.2m from profit in FY 2023). Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Duyuru • Feb 26
LIWANLI Innovation Co., Ltd., Annual General Meeting, May 27, 2025 LIWANLI Innovation Co., Ltd., Annual General Meeting, May 27, 2025. Location: 2 floor building. i no,258, lien ch`eng rd., jhonghe district, new taipei city Taiwan Duyuru • Feb 18
LIWANLI Innovation Co., Ltd. to Report Q4, 2024 Results on Feb 25, 2025 LIWANLI Innovation Co., Ltd. announced that they will report Q4, 2024 results on Feb 25, 2025 Duyuru • Feb 14
LIWANLI Innovation Co., Ltd. Announces Resignation of Ko Tsung Yuan as Independent Director from the Functional Committee LIWANLI Innovation Co., Ltd. announced that Ko Tsung Yuan the independent director resignation from the functional committee. Date of occurrence of the change: February 13, 2025 . Name of the functional committees: Audit Committee and Remuneration Committee. Resume of the previous position holder: CEO, Albatron Technology Co. Ltd. Reason for the change: Due to busy business. Original term: from May 30, 2023 to May 29, 2026. The Company received the resignation letter on February 13, 2025, and the independent director resignation will take effect on February 13 2025. New Risk • Dec 16
New major risk - Financial data availability The company has not reported any financial data. This is considered a major risk. With no or incomplete audited reported financial data, it is virtually impossible to assess the company's investment potential. Currently, the following risks have been identified for the company: Major Risk No financial data reported. Minor Risk Market cap is less than US$100m (NT$1.87b market cap, or US$57.6m). Reported Earnings • Nov 04
Third quarter 2024 earnings released: NT$0.29 loss per share (vs NT$0.18 loss in 3Q 2023) Third quarter 2024 results: NT$0.29 loss per share (further deteriorated from NT$0.18 loss in 3Q 2023). Revenue: NT$23.5m (up 231% from 3Q 2023). Net loss: NT$23.2m (loss widened 58% from 3Q 2023). Over the last 3 years on average, earnings per share has fallen by 4% per year whereas the company’s share price has fallen by 5% per year. Duyuru • Oct 22
LIWANLI Innovation Co., Ltd. to Report Q3, 2024 Results on Oct 29, 2024 LIWANLI Innovation Co., Ltd. announced that they will report Q3, 2024 results on Oct 29, 2024 Duyuru • Jul 18
LIWANLI Innovation Co., Ltd. to Report Q2, 2024 Results on Jul 25, 2024 LIWANLI Innovation Co., Ltd. announced that they will report Q2, 2024 results on Jul 25, 2024 Reported Earnings • May 07
First quarter 2024 earnings released: NT$0.11 loss per share (vs NT$0.20 profit in 1Q 2023) First quarter 2024 results: NT$0.11 loss per share (down from NT$0.20 profit in 1Q 2023). Revenue: NT$35.1m (up 368% from 1Q 2023). Net loss: NT$9.13m (down 158% from profit in 1Q 2023). Over the last 3 years on average, earnings per share has fallen by 48% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Duyuru • Apr 28
LIWANLI Innovation Co., Ltd. to Report Q1, 2024 Results on May 03, 2024 LIWANLI Innovation Co., Ltd. announced that they will report Q1, 2024 results at 9:00 AM, Taipei Standard Time on May 03, 2024 New Risk • Mar 13
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 123% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 32% per year over the past 5 years. Minor Risks Large one-off items impacting financial results. Revenue is less than US$5m (NT$39m revenue, or US$1.2m). Market cap is less than US$100m (NT$1.66b market cap, or US$52.8m). Duyuru • Feb 28
LIWANLI Innovation Co., Ltd., Annual General Meeting, May 30, 2024 LIWANLI Innovation Co., Ltd., Annual General Meeting, May 30, 2024. Location: 2F., No.258, Liencheng Rd., Zhonghe Dist New Taipei City Taiwan Agenda: To consider the 2023 Business Report; to consider the 2023 Audit Committee’s Review Report; to consider the report for the compensation of 2023 to employees and directors; to consider the cause for convening the meeting Acknowledged matters: 2023 Business Report and Financial Statements; Proposal for Distribution of 2023 Profits; and to consider the other resolutions. Reported Earnings • Oct 29
Third quarter 2023 earnings released: NT$0.18 loss per share (vs NT$0.15 loss in 3Q 2022) Third quarter 2023 results: NT$0.18 loss per share (further deteriorated from NT$0.15 loss in 3Q 2022). Net loss: NT$14.6m (loss widened 24% from 3Q 2022). Over the last 3 years on average, earnings per share has fallen by 59% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. Reported Earnings • Aug 08
Second quarter 2023 earnings released: NT$0.11 loss per share (vs NT$0.97 loss in 2Q 2022) Second quarter 2023 results: NT$0.11 loss per share (improved from NT$0.97 loss in 2Q 2022). Net loss: NT$9.01m (loss narrowed 89% from 2Q 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 63 percentage points per year, which is a significant difference in performance. Reported Earnings • Mar 01
Full year 2022 earnings released: NT$1.50 loss per share (vs NT$0.55 profit in FY 2021) Full year 2022 results: NT$1.50 loss per share (down from NT$0.55 profit in FY 2021). Net loss: NT$120.9m (down 365% from profit in FY 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 57 percentage points per year, which is a significant difference in performance. Reported Earnings • Nov 06
Third quarter 2022 earnings released: NT$0.15 loss per share (vs NT$1.04 loss in 3Q 2021) Third quarter 2022 results: NT$0.15 loss per share (improved from NT$1.04 loss in 3Q 2021). Net loss: NT$11.8m (loss narrowed 86% from 3Q 2021). Over the last 3 years on average, earnings per share has fallen by 51% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings. Reported Earnings • Aug 06
Second quarter 2022 earnings released: NT$0.97 loss per share (vs NT$1.32 profit in 2Q 2021) Second quarter 2022 results: NT$0.97 loss per share (down from NT$1.32 profit in 2Q 2021). Net loss: NT$78.5m (down 171% from profit in 2Q 2021). Over the last 3 years on average, earnings per share has fallen by 24% 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. Reported Earnings • May 02
First quarter 2022 earnings released: NT$0.23 loss per share (vs NT$0.14 profit in 1Q 2021) First quarter 2022 results: NT$0.23 loss per share (down from NT$0.14 profit in 1Q 2021). Revenue: NT$8.25m (down 39% from 1Q 2021). Net loss: NT$18.5m (down 262% from profit in 1Q 2021). Over the last 3 years on average, earnings per share has increased by 75% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Reported Earnings • Mar 01
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: NT$0.55 (up from NT$0.16 loss in FY 2020). Revenue: NT$47.8m (down 83% from FY 2020). Net income: NT$45.6m (up NT$59.2m from FY 2020). Profit margin: 95% (up from net loss in FY 2020). The move to profitability was driven by lower expenses. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 84% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Duyuru • Feb 25
LIWANLI Innovation Co., Ltd., Annual General Meeting, Jun 15, 2022 LIWANLI Innovation Co., Ltd., Annual General Meeting, Jun 15, 2022. Reported Earnings • Nov 05
Third quarter 2021 earnings released: NT$1.04 loss per share (vs NT$0.26 loss in 3Q 2020) The company reported a poor third quarter result with increased losses, weaker revenues and weaker control over costs. Third quarter 2021 results: Revenue: NT$7.88m (down 84% from 3Q 2020). Net loss: NT$86.4m (loss widened 304% from 3Q 2020). Over the last 3 years on average, earnings per share has increased by 70% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Oct 12
Investor sentiment deteriorated over the past week After last week's 20% share price decline to NT$26.70, the stock trades at a trailing P/E ratio of 21x. Average trailing P/E is 15x in the Tech industry in Taiwan. Total returns to shareholders of 16% over the past three years. Valuation Update With 7 Day Price Move • Sep 27
Investor sentiment improved over the past week After last week's 15% share price gain to NT$29.40, the stock trades at a trailing P/E ratio of 23.1x. Average trailing P/E is 15x in the Tech industry in Taiwan. Total returns to shareholders of 13% over the past three years. Valuation Update With 7 Day Price Move • Aug 27
Investor sentiment improved over the past week After last week's 23% share price gain to NT$27.20, the stock trades at a trailing P/E ratio of 21.4x. Average trailing P/E is 14x in the Tech industry in Taiwan. Total returns to shareholders of 20% over the past three years. Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment improved over the past week After last week's 24% share price gain to NT$28.65, the stock trades at a trailing P/E ratio of 22.5x. Average trailing P/E is 16x in the Tech industry in Taiwan. Total returns to shareholders of 28% over the past three years. Reported Earnings • Jul 28
Second quarter 2021 earnings released: EPS NT$1.32 (vs NT$0.21 in 2Q 2020) Second quarter 2021 results: Net income: NT$110.1m (up NT$92.4m from 2Q 2020). Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Reported Earnings • May 04
First quarter 2021 earnings released: EPS NT$0.14 (vs NT$0.19 loss in 1Q 2020) The company reported a decent first quarter result with improved earnings and profit margins, although revenues were weaker. First quarter 2021 results: Revenue: NT$13.6m (down 87% from 1Q 2020). Net income: NT$11.4m (up NT$27.3m from 1Q 2020). Profit margin: 84% (up from net loss in 1Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 89 percentage points per year, which is a significant difference in performance. Duyuru • Mar 06
LIWANLI Innovation Co., Ltd., Annual General Meeting, Jun 16, 2021 LIWANLI Innovation Co., Ltd., Annual General Meeting, Jun 16, 2021. Reported Earnings • Mar 05
Full year 2020 earnings released: NT$0.16 loss per share (vs NT$0.033 profit in FY 2019) The company reported a decent full year result with improved revenues, although earnings and control over costs were weaker. Full year 2020 results: Revenue: NT$276.9m (up 113% from FY 2019). Net loss: NT$13.6m (down NT$16.4m from profit in FY 2019). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 113 percentage points per year, which is a significant difference in performance. Is New 90 Day High Low • Mar 03
New 90-day low: NT$22.30 The company is down 6.0% from its price of NT$23.80 on 03 December 2020. The Taiwanese market is up 13% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Tech industry, which is up 10.0% over the same period. Is New 90 Day High Low • Oct 30
New 90-day low: NT$22.50 The company is down 4.0% from its price of NT$23.55 on 31 July 2020. The Taiwanese market is flat over the last 90 days, indicating the company underperformed over that time. It also underperformed the Tech industry, which is down 3.0% over the same period. 
