MeritValue

DDC Enterprise Ltd

DDCdata completeness 88%3 fiscal years on file

Data notes: no data for concept 'dilutedShares'; no data for concept 'epsDiluted'

The thesis, from the filings

DDC Enterprise Ltd earns about -162% on invested capital. 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 2023FY 2024FY 2025
Revenue$28.9M1$37.4M2$39.2M3
Net income−$22.8M4−$21.5M5−$48.3M6
Operating cash flow−$12.6M7−$15.5M8−$39.7M9
Capital expenditure$28,40910$52,15511$4,57512
Free cash flow (derived)−$12.6M7−$15.5M8−$39.7M9
Total debt$3.03M13$7.03M14$5.43M15
Cash & equivalents$11.1M16$8.35M17$3.02M17
Diluted shares———

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

iii. Is this a good business?
Moat signal · return on invested capital
-162% avg · 3y
FY23 —FY24 -278%FY25 -46%

It earned an average -162% on invested capital over 3 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
— shares · 3y

Total debt has risen 79% over the same window.

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 2023-12-31 · accession 0001213900-25-007160 (Revenues)
  2. 20-F · period ending 2024-12-31 · accession 0001213900-25-043916 (Revenues)
  3. 20-F · period ending 2025-12-31 · accession 0001213900-26-045881 (Revenues)
  4. 20-F · period ending 2023-12-31 · accession 0001213900-25-007160 (ProfitLoss)
  5. 20-F · period ending 2024-12-31 · accession 0001213900-25-043916 (ProfitLoss)
  6. 20-F · period ending 2025-12-31 · accession 0001213900-26-045881 (ProfitLoss)
  7. 20-F · period ending 2023-12-31 · accession 0001213900-25-007160 (NetCashProvidedByUsedInOperatingActivities)
  8. 20-F · period ending 2024-12-31 · accession 0001213900-25-043916 (NetCashProvidedByUsedInOperatingActivities)
  9. 20-F · period ending 2025-12-31 · accession 0001213900-26-045881 (NetCashProvidedByUsedInOperatingActivities)
  10. 20-F · period ending 2023-12-31 · accession 0001213900-25-007160 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 20-F · period ending 2024-12-31 · accession 0001213900-25-043916 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 20-F · period ending 2025-12-31 · accession 0001213900-26-045881 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 20-F · period ending 2023-12-31 · accession 0001213900-25-007160 (LongTermDebtCurrent)
  14. 20-F · period ending 2024-12-31 · accession 0001213900-25-043916 (LongTermDebtCurrent)
  15. 20-F · period ending 2025-12-31 · accession 0001213900-26-045881 (LongTermDebtCurrent)
  16. 20-F · period ending 2023-12-31 · accession 0001213900-25-043916 (CashAndCashEquivalentsAtCarryingValue)
  17. 20-F · period ending 2024-12-31 · accession 0001213900-26-045881 (CashAndCashEquivalentsAtCarryingValue)