MeritValue

China Foods Holdings Ltd.

CFOOdata completeness 75%23 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

China Foods Holdings Ltd. earns about -1073% on equity, with a roughly flat share count. 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$361,1161$354,0962$158,4753$233,3394$327,8714
Net income−$455,4095−$354,0786−$403,7007−$455,5718−$398,6728
Operating cash flow−$438,6209−$171,59810−$316,91611−$353,81212−$389,25112
Capital expenditure$27,35813—$74614$23,45415—
Free cash flow (derived)−$465,9789—−$317,66211−$377,26612—
Total debt—————
Cash & equivalents$609,43416$381,70917$174,87718$39,19219$9,89319
Diluted shares20.3M20.3M20.3M20.3M20.3M

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
−$0.63
your share of equity
Profit it earned you last year
−$0.2
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on −$0.63 of net worth that earned you −$0.2 last year.

iii. Is this a good business?
Moat signal · return on equity
-1073% avg · 5y
FY21 -114%FY22 -2032%FY23 —FY24 —FY25 —

It earned an average -1073% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−0% shares · 5y

Share count is roughly flat over 5 years — little dilution, little buyback.

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. 10-K · period ending 2021-12-31 · accession 0001493152-23-010092 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001493152-24-014708 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001641172-25-003945 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001493152-26-016902 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0001493152-23-010092 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001493152-24-014708 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001641172-25-003945 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001493152-26-016902 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001493152-23-010092 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001493152-24-014708 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001641172-25-003945 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001493152-26-016902 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001493152-23-010092 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2023-12-31 · accession 0001641172-25-003945 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2024-12-31 · accession 0001493152-26-016902 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2021-12-31 · accession 0001493152-23-010092 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2022-12-31 · accession 0001493152-24-014708 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2023-12-31 · accession 0001641172-25-003945 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2024-12-31 · accession 0001493152-26-016902 (CashAndCashEquivalentsAtCarryingValue)