MeritValue

CHINA NATURAL RESOURCES INC

CHNRdata completeness 75%4 fiscal years on file

Data notes: no data for concept 'totalDebt'; no data for concept 'interestExpense'

The thesis, from the filings

CHINA NATURAL RESOURCES INC earns about -13% on invested capital, and has bought back 80% of its shares over 4 years. 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 2024
Revenue$2.95M1$2.94M2——
Net income−$7.58M3−$3.57M4−$1.76M5−$432,0006
Operating cash flow−$1.9M7−$1.85M8$1.88M9−$1.03M10
Capital expenditure$4,00011$2,00012$2,00013$1,00014
Free cash flow (derived)−$1.9M7−$1.86M8$1.88M9−$1.03M10
Total debt————
Cash & equivalents$8.46M15$4.48M16$671,00017$422,00017
Diluted shares40.9M40.9M8.4M8.4M

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
$14.4
your share of equity
Profit it earned you last year
−$0.52
Free cash flow it threw off
−$1.22
Debt you’d be carrying
—

10 shares is a claim on $14.4 of net worth that earned you −$0.52 and generated −$1.22 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-13% avg · 4y
FY21 -33%FY22 -9%FY23 -9%FY24 -3%

It earned an average -13% on invested capital over 4 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−80% shares · 4y

Share count is down 80% over 4 years — management has been buying back stock, quietly handing owners a bigger slice.

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 0001553350-22-000485 (Revenue)
  2. 20-F · period ending 2022-12-31 · accession 0001079973-23-000705 (Revenue)
  3. 20-F · period ending 2021-12-31 · accession 0001553350-22-000485 (ProfitLossAttributableToOwnersOfParent)
  4. 20-F · period ending 2022-12-31 · accession 0001079973-23-000705 (ProfitLossAttributableToOwnersOfParent)
  5. 20-F · period ending 2023-12-31 · accession 0001079973-24-000619 (ProfitLoss)
  6. 20-F · period ending 2024-12-31 · accession 0001079973-25-000827 (ProfitLoss)
  7. 20-F · period ending 2021-12-31 · accession 0001553350-22-000485 (CashFlowsFromUsedInOperatingActivities)
  8. 20-F · period ending 2022-12-31 · accession 0001079973-23-000705 (CashFlowsFromUsedInOperatingActivities)
  9. 20-F · period ending 2023-12-31 · accession 0001079973-24-000619 (CashFlowsFromUsedInOperatingActivities)
  10. 20-F · period ending 2024-12-31 · accession 0001079973-25-000827 (CashFlowsFromUsedInOperatingActivities)
  11. 20-F · period ending 2021-12-31 · accession 0001553350-22-000485 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  12. 20-F · period ending 2022-12-31 · accession 0001079973-23-000705 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  13. 20-F · period ending 2023-12-31 · accession 0001079973-24-000619 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  14. 20-F · period ending 2024-12-31 · accession 0001079973-25-000827 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  15. 20-F · period ending 2021-12-31 · accession 0001079973-23-000705 (CashAndCashEquivalents)
  16. 20-F · period ending 2022-12-31 · accession 0001079973-24-000619 (CashAndCashEquivalents)
  17. 20-F · period ending 2023-12-31 · accession 0001079973-25-000827 (CashAndCashEquivalents)