MeritValue

GD Culture Group Ltd

GDCdata completeness 63%10 fiscal years on file
The thesis, from the filings

GD Culture Group Ltd earns about -104% on invested capital, but has diluted owners by 2190% 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$25M1$153,3042———
Net income−$27M3−$30.8M4−$12.5M5−$13.8M6−$186.9M6
Operating cash flow−$5.51M7−$886,2118−$13.2M9−$5.68M10−$6.84M10
Capital expenditure$308,77811—$14,19012——
Free cash flow (derived)−$5.82M7—−$13.3M9——
Total debt—————
Cash & equivalents$14.6M13$389,10814$5.18M15$22,53816$456,04116
Diluted shares1.3M1.5M3.2M9.6M30.3M

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
$220.09
your share of equity
Profit it earned you last year
−$61.59
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $220.09 of net worth that earned you −$61.59 last year.

iii. Is this a good business?
Moat signal · return on invested capital
-104% avg · 5y
FY21 -88%FY22 -11%FY23 -296%FY24 —FY25 -22%

It earned an average -104% 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
+2190% shares · 5y

Share count is up 2190% 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. 10-K · period ending 2021-12-31 · accession 0001213900-22-016836 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0001213900-23-025481 (Revenues)
  3. 10-K · period ending 2021-12-31 · accession 0001213900-23-025481 (NetIncomeLoss)
  4. 10-K/A · period ending 2022-12-31 · accession 0001013762-24-000473 (NetIncomeLoss)
  5. 10-K · period ending 2023-12-31 · accession 0001213900-25-024635 (NetIncomeLoss)
  6. 10-K · period ending 2024-12-31 · accession 0001213900-26-035630 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001213900-23-025481 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K/A · period ending 2022-12-31 · accession 0001013762-24-000473 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001213900-25-024635 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2024-12-31 · accession 0001213900-26-035630 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2021-12-31 · accession 0001213900-22-016836 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0001213900-25-024635 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0001213900-23-025481 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K/A · period ending 2022-12-31 · accession 0001013762-24-000473 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2023-12-31 · accession 0001213900-25-024635 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2024-12-31 · accession 0001213900-26-035630 (CashAndCashEquivalentsAtCarryingValue)