MeritValue

Haoxi Health Technology Ltd

HAOdata completeness 88%4 fiscal years on file
The thesis, from the filings

Haoxi Health Technology Ltd earns about 48% on invested capital, and has bought back 90% of its shares over 4 years. The applicable estimate puts fair value near $4.89 a share.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 2022FY 2023FY 2024FY 2025
Revenue$16.2M1$28.2M2$1.19M3$537,6463
Net income$244,5874$969,7525$1.29M5$3.88M5
Operating cash flow−$675,3616−$872,1327−$747,5767−$3.36M7
Capital expenditure$8,6988$45,5009$55,3679—
Free cash flow (derived)−$684,0596−$917,6327−$802,9437—
Total debt—$787,86010$1.44M10$1.92M11
Cash & equivalents$293,51112$1.2M13$6.66M13$8.62M12
Diluted shares25.0M1.1M1.2M2.4M

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
$72.49
your share of equity
Profit it earned you last year
$16.17
Free cash flow it threw off
—
Debt you’d be carrying
$7.99

10 shares is a claim on $72.49 of net worth that earned you $16.17 last year, against $7.99 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
48% avg · 4y
FY22 —FY23 86%FY24 22%FY25 37%

It earned an average 48% 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
−90% shares · 4y

Share count is down 90% over 4 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has risen 143% 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
$4.89
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$1.13M
  • growthAssumed0.0%
Graham Number
$14.67
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 20-F · period ending 2022-06-30 · accession 0001213900-24-091443 (Revenues)
  2. 20-F · period ending 2023-06-30 · accession 0001213900-25-100369 (Revenues)
  3. 20-F · period ending 2024-06-30 · accession 0001213900-25-100369 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 20-F · period ending 2022-06-30 · accession 0001213900-24-091443 (NetIncomeLoss)
  5. 20-F · period ending 2023-06-30 · accession 0001213900-25-100369 (NetIncomeLoss)
  6. 20-F · period ending 2022-06-30 · accession 0001213900-24-091443 (NetCashProvidedByUsedInOperatingActivities)
  7. 20-F · period ending 2023-06-30 · accession 0001213900-25-100369 (NetCashProvidedByUsedInOperatingActivities)
  8. 20-F · period ending 2022-06-30 · accession 0001213900-24-091443 (PaymentsToAcquirePropertyPlantAndEquipment)
  9. 20-F · period ending 2023-06-30 · accession 0001213900-25-100369 (PaymentsToAcquirePropertyPlantAndEquipment)
  10. 20-F · period ending 2023-06-30 · accession 0001213900-24-091443 (LongTermDebtNoncurrent)
  11. 20-F · period ending 2025-06-30 · accession 0001213900-25-100369 (LongTermDebtNoncurrent)
  12. 20-F · period ending 2022-06-30 · accession 0001213900-25-100369 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  13. 20-F · period ending 2023-06-30 · accession 0001213900-24-091443 (CashAndCashEquivalentsAtCarryingValue)