MeritValue

UTime Ltd

FXHOdata completeness 88%5 fiscal years on file
The thesis, from the filings

UTime Ltd earns about -82% on invested capital, and has bought back 20% of its shares over 5 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 2024FY 2025
Revenue$37.6M1$43.4M2$29.2M3$24.3M4$34.6M5
Net income−$2.53M6−$6.12M7−$12.8M8−$8.58M9−$92.3M10
Operating cash flow−$385,00011−$3.29M12−$2.2M13−$53M14−$4.37M15
Capital expenditure—$923,00016$377,00017$137,00018—
Free cash flow (derived)—−$4.21M12−$2.58M13−$53.2M14—
Total debt$5.54M19$5.76M20$8.01M21$8.03M22$8.76M23
Cash & equivalents$1.44M24$9.78M25$10.2M26$10.8M27$15.1M28
Diluted shares4.5M8.2M54,2711.7M3.6M

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
−$50.73
your share of equity
Profit it earned you last year
−$256.22
Free cash flow it threw off
—
Debt you’d be carrying
$24.32

10 shares is a claim on −$50.73 of net worth that earned you −$256.22 last year, against $24.32 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-82% avg · 5y
FY21 -22%FY22 -69%FY23 -229%FY24 -7%FY25 —

It earned an average -82% 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
−20% shares · 5y

Share count is down 20% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has risen 58% 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 2021-03-31 · accession 0001213900-21-037961 (Revenues)
  2. 20-F · period ending 2022-03-31 · accession 0001213900-22-067293 (Revenues)
  3. 20-F · period ending 2023-03-31 · accession 0001213900-23-064327 (Revenues)
  4. 20-F · period ending 2024-03-31 · accession 0001013762-24-002659 (Revenues)
  5. 20-F · period ending 2025-03-31 · accession 0001213900-25-074295 (Revenues)
  6. 20-F · period ending 2021-03-31 · accession 0001213900-21-037961 (ProfitLoss)
  7. 20-F · period ending 2022-03-31 · accession 0001213900-22-067293 (NetIncomeLoss)
  8. 20-F · period ending 2023-03-31 · accession 0001213900-23-064327 (NetIncomeLoss)
  9. 20-F · period ending 2024-03-31 · accession 0001013762-24-002659 (NetIncomeLoss)
  10. 20-F · period ending 2025-03-31 · accession 0001213900-25-074295 (NetIncomeLoss)
  11. 20-F · period ending 2021-03-31 · accession 0001213900-21-037961 (NetCashProvidedByUsedInOperatingActivities)
  12. 20-F · period ending 2022-03-31 · accession 0001213900-22-067293 (NetCashProvidedByUsedInOperatingActivities)
  13. 20-F · period ending 2023-03-31 · accession 0001213900-23-064327 (NetCashProvidedByUsedInOperatingActivities)
  14. 20-F · period ending 2024-03-31 · accession 0001013762-24-002659 (NetCashProvidedByUsedInOperatingActivities)
  15. 20-F · period ending 2025-03-31 · accession 0001213900-25-074295 (NetCashProvidedByUsedInOperatingActivities)
  16. 20-F · period ending 2022-03-31 · accession 0001213900-22-067293 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 20-F · period ending 2023-03-31 · accession 0001213900-23-064327 (PaymentsToAcquirePropertyPlantAndEquipment)
  18. 20-F · period ending 2024-03-31 · accession 0001013762-24-002659 (PaymentsToAcquirePropertyPlantAndEquipment)
  19. 20-F · period ending 2021-03-31 · accession 0001213900-21-037961 (LongTermDebtCurrent)
  20. 20-F · period ending 2022-03-31 · accession 0001213900-22-067293 (LongTermDebtCurrent)
  21. 20-F · period ending 2023-03-31 · accession 0001213900-23-064327 (LongTermDebtCurrent)
  22. 20-F · period ending 2024-03-31 · accession 0001013762-24-002659 (ShortTermBorrowings)
  23. 20-F · period ending 2025-03-31 · accession 0001213900-25-074295 (LongTermDebtNoncurrent)
  24. 20-F · period ending 2021-03-31 · accession 0001213900-21-037961 (CashAndCashEquivalentsAtCarryingValue)
  25. 20-F · period ending 2022-03-31 · accession 0001213900-23-064327 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  26. 20-F · period ending 2023-03-31 · accession 0001013762-24-002659 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  27. 20-F · period ending 2024-03-31 · accession 0001013762-24-002659 (CashAndCashEquivalentsAtCarryingValue)
  28. 20-F · period ending 2025-03-31 · accession 0001213900-25-074295 (CashAndCashEquivalentsAtCarryingValue)