MeritValue

Baosheng Media Group Holdings Ltd

BAOSdata completeness 88%8 fiscal years on file
The thesis, from the filings

Baosheng Media Group Holdings Ltd earns about -138% on invested capital, but has diluted owners by 5% over 5 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$3.91M1$2.42M2$921,8343$624,0873$568,9933
Net income−$6.75M4−$23.7M5−$1.85M6−$26.9M6−$12M6
Operating cash flow−$31.2M7$1.6M8$2.26M9−$1.52M9−$2.26M9
Capital expenditure$1.1M10$1.51M11$7,41212$479,76412$2,64412
Free cash flow (derived)−$32.3M7$87,0678$2.25M9−$2M9−$2.26M9
Total debt—————
Cash & equivalents$4.75M13$6.68M13$3.32M14$1.48M15$1.27M15
Diluted shares1.5M1.5M1.5M1.5M1.5M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$21.42
your share of equity
Profit it earned you last year
−$78.34
Free cash flow it threw off
−$14.75
Debt you’d be carrying
—

10 shares is a claim on $21.42 of net worth that earned you −$78.34 and generated −$14.75 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-138% avg · 5y
FY21 -8%FY22 -48%FY23 -4%FY24 -159%FY25 -470%

It earned an average -138% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+5% shares · 5y

Share count is up 5% over 5 years — owners have been diluted. Worth asking what they got for it.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 20-F · period ending 2021-12-31 · accession 0001410578-24-000864 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 20-F · period ending 2022-12-31 · accession 0001410578-25-000994 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 20-F · period ending 2023-12-31 · accession 0001104659-26-053161 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 20-F · period ending 2021-12-31 · accession 0001410578-24-000864 (NetIncomeLoss)
  5. 20-F · period ending 2022-12-31 · accession 0001410578-25-000994 (NetIncomeLoss)
  6. 20-F · period ending 2023-12-31 · accession 0001104659-26-053161 (NetIncomeLoss)
  7. 20-F · period ending 2021-12-31 · accession 0001410578-24-000864 (NetCashProvidedByUsedInOperatingActivities)
  8. 20-F · period ending 2022-12-31 · accession 0001410578-25-000994 (NetCashProvidedByUsedInOperatingActivities)
  9. 20-F · period ending 2023-12-31 · accession 0001104659-26-053161 (NetCashProvidedByUsedInOperatingActivities)
  10. 20-F · period ending 2021-12-31 · accession 0001410578-24-000864 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 20-F · period ending 2022-12-31 · accession 0001410578-25-000994 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 20-F · period ending 2023-12-31 · accession 0001104659-26-053161 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 20-F · period ending 2021-12-31 · accession 0001410578-24-000864 (CashAndCashEquivalentsAtCarryingValue)
  14. 20-F · period ending 2023-12-31 · accession 0001410578-25-000994 (CashAndCashEquivalentsAtCarryingValue)
  15. 20-F · period ending 2024-12-31 · accession 0001104659-26-053161 (CashAndCashEquivalentsAtCarryingValue)