MeritValue

High Templar Tech Ltd

HTTdata completeness 88%9 fiscal years on file

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

The thesis, from the filings

High Templar Tech Ltd earns about 3% 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 2021FY 2022FY 2023FY 2024FY 2025
Revenue$259.6M1$83.7M2$17.8M3$29.7M4$5.86M5
Net income$92.4M6−$52.5M7$5.51M8$12.6M9$101.3M10
Operating cash flow$144.7M11$37.8M12$49.6M13−$15.2M14$98.2M15
Capital expenditure$75.1M16$39.7M17$79.6M18$43.6M19$16.7M20
Free cash flow (derived)$69.6M11−$1.85M12−$30M13−$58.8M14$81.6M15
Total debt———$98.6M21$225.4M22
Cash & equivalents$324.1M23$505.5M24$1.02B25$584.1M26$791.1M27
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
3% avg · 5y
FY21 6%FY22 -2%FY23 1%FY24 1%FY25 9%

It earned an average 3% 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
— shares · 5y

Total debt has risen 128% 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
no diluted share count
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 0001193125-22-133595 (Revenues)
  2. 20-F · period ending 2022-12-31 · accession 0001104659-23-051973 (Revenues)
  3. 20-F · period ending 2023-12-31 · accession 0001104659-24-053259 (Revenues)
  4. 20-F · period ending 2024-12-31 · accession 0001410578-25-000822 (Revenues)
  5. 20-F · period ending 2025-12-31 · accession 0001104659-26-041728 (Revenues)
  6. 20-F · period ending 2021-12-31 · accession 0001193125-22-133595 (NetIncomeLoss)
  7. 20-F · period ending 2022-12-31 · accession 0001104659-23-051973 (NetIncomeLoss)
  8. 20-F · period ending 2023-12-31 · accession 0001104659-24-053259 (NetIncomeLoss)
  9. 20-F · period ending 2024-12-31 · accession 0001410578-25-000822 (NetIncomeLoss)
  10. 20-F · period ending 2025-12-31 · accession 0001104659-26-041728 (NetIncomeLoss)
  11. 20-F · period ending 2021-12-31 · accession 0001193125-22-133595 (NetCashProvidedByUsedInOperatingActivities)
  12. 20-F · period ending 2022-12-31 · accession 0001104659-23-051973 (NetCashProvidedByUsedInOperatingActivities)
  13. 20-F · period ending 2023-12-31 · accession 0001104659-24-053259 (NetCashProvidedByUsedInOperatingActivities)
  14. 20-F · period ending 2024-12-31 · accession 0001410578-25-000822 (NetCashProvidedByUsedInOperatingActivities)
  15. 20-F · period ending 2025-12-31 · accession 0001104659-26-041728 (NetCashProvidedByUsedInOperatingActivities)
  16. 20-F · period ending 2021-12-31 · accession 0001193125-22-133595 (PaymentsToAcquireProductiveAssets)
  17. 20-F · period ending 2022-12-31 · accession 0001104659-23-051973 (PaymentsToAcquireProductiveAssets)
  18. 20-F · period ending 2023-12-31 · accession 0001104659-24-053259 (PaymentsToAcquireProductiveAssets)
  19. 20-F · period ending 2024-12-31 · accession 0001410578-25-000822 (PaymentsToAcquireProductiveAssets)
  20. 20-F · period ending 2025-12-31 · accession 0001104659-26-041728 (PaymentsToAcquireProductiveAssets)
  21. 20-F · period ending 2024-12-31 · accession 0001410578-25-000822 (ShortTermBorrowings)
  22. 20-F · period ending 2025-12-31 · accession 0001104659-26-041728 (ShortTermBorrowings)
  23. 20-F · period ending 2021-12-31 · accession 0001193125-22-133595 (CashAndCashEquivalentsAtCarryingValue)
  24. 20-F · period ending 2022-12-31 · accession 0001104659-23-051973 (CashAndCashEquivalentsAtCarryingValue)
  25. 20-F · period ending 2023-12-31 · accession 0001104659-24-053259 (CashAndCashEquivalentsAtCarryingValue)
  26. 20-F · period ending 2024-12-31 · accession 0001410578-25-000822 (CashAndCashEquivalentsAtCarryingValue)
  27. 20-F · period ending 2025-12-31 · accession 0001104659-26-041728 (CashAndCashEquivalentsAtCarryingValue)