The pandemic stalled performance growth; Kalete’s last-minute dividend payout before its IPO raised skepticism.

The author’s comparative analysis reveals that the year-on-year net profit growth rates of three comparable companies—Chunzhong Technology, Shiyuan Co., Ltd., and Glorytech—in 2019 were 34.44%, 60.41%, and 5.36%, respectively; by 2020, however, these figures had dropped sharply to 12.33%, 18.04%, and −38.94%, with Glorytech even reporting negative net profit growth. In fact, Kalete’s slowdown in net profit growth from 2019 to 2020 was not an isolated case but rather reflected broader industry conditions. As is widely known, the COVID-19 pandemic—which began at the end of 2019 and escalated in early 2020—spurred the rise of the ‘stay-at-home economy,’ yet LED display control systems serve application areas such as night-tourism economies, giant cinema screens, security command centers, large-scale conferences, and live sports broadcasts—settings inherently involving mass gatherings. Following the outbreak, China imposed strict controls on crowd gatherings in such venues, thereby significantly curtailing demand for LED displays. Naturally, LED display control systems—closely tied to these applications—were adversely affected. According to data from GGII (Gao Gong Industry Intelligence), China’s LED display industry had grown rapidly in previous years, expanding from RMB 33.4 billion in 2015 to RMB 65.9 billion in 2019; however, due to the impact of the pandemic, the market size contracted to RMB 53.2 billion in 2020 and is projected to remain below pre-pandemic levels through at least 2022. China’s LED Display Market Size, 2015–2025 (Unit: RMB billion; Source: GGII) Currently, the global pandemic remains ongoing, with over 400,000 new cases reported daily. Although domestic epidemic control in China has been effective, stringent public health measures—including those implemented during the initial outbreak—continue to be enforced as a routine practice. Consequently, Kalete—whose core business centers on LED display control systems—continues to face persistent pandemic-related headwinds, rendering its profitability outlook uncertain. Last-Minute Dividend Payout Before IPO Raises Skepticism Against the backdrop of stagnant profitability,常态化 pandemic prevention and control, and urgent capital needs for scaling operations, Kalete chose not to retain liquidity—but instead distributed a substantial dividend. As analyzed above, Kalete’s recent net profit growth has stagnated; moreover, its net cash flow from operating activities has declined continuously, standing at RMB 3.7998 million, RMB 5.202 million, −RMB 12.3326 million, and −RMB 57.4828 million for 2018–2020 and Q1 2021, respectively. Clearly, Kalete’s operating cash flow is under severe strain. Yet puzzlingly, in 2020 Kalete declared a dividend totaling RMB 90.85 million—a sum exceeding the net profit for any single year over the preceding three years. Notably, Zhou Jinzhi—the company’s chairman, general manager, and actual controller—holds 63.09% of Kalete’s shares indirectly, making him the largest beneficiary of this dividend. Immediately following this dividend distribution, Kalete launched its IPO. According to its prospectus, the company’s Fourth Meeting of the First Board of Directors and its Third Extraordinary General Meeting of Shareholders in 2021 approved a plan to issue no more than 17 million ordinary A-shares. The proceeds—totaling RMB 830 million—will fund three major projects: expansion of LED display control systems and video processing equipment production capacity; construction of marketing service and product demonstration centers; and establishment of the Kalete R&D Center. Additionally, RMB 150 million will be allocated to supplement working capital.

Backtest Replication | Ametek Okamos’ Concentrated Investment Principle

from backtest.analyzer import StrategyAnalyzer from backtest.visualizer import Visualizer def screen_stocks(self, date): """ Parameters: date: Date used to filter data for a specific trading day Returns: List of stock codes meeting the screening criteria """ qualified_stocks = [] data_strategy = self.data_strategy.copy() if data_strategy is None: return qualified_stocks data_strategy['trade_date'] = pd.to_datetime( data_strategy['trade_date'], format='%Y%m%d' ) data_strategy = data_strategy[data_strategy['trade_date'] == date] if len(data_strategy) == 0: print(f'Error: Rebalancing date: {date}, no data available!') return qualified_stocks data_strategy.fillna(0, inplace=True) # Force numeric conversion for specified columns and handle outliers numeric_cols = [ 'pe', 'pb', 'roe', 'revenue_growth_5y', 'net_profit_growth_5y', 'free_cashflow_growth_5y', 'book_value_growth_5y', 'close_ratio_to_year_high', 'market_avg_roe', 'market_avg_rev', 'market_avg_npr', 'market_avg_fcf', 'market_avg_bv' ] data_strategy[numeric_cols] = data_strategy[numeric_cols].apply(pd.to_numeric, errors='coerce')

HC Wainwright Forecasts Calumet Q1 Earnings

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HC Wainwright forecasts Calumet Specialty Products Partners to earn $0.20 per share in Q1 2027, contrasting with a recent significant earnings miss. Analysts maintain an average 'Hold' rating with a price target of $36.75.

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