MeritValue

Huize Holding Ltd

HUIZdata completeness 100%7 fiscal years on file
The thesis, from the filings

Huize Holding Ltd earns about -2% on invested capital, below its ~9% cost of capital, with a roughly flat share count — no moat visible in the numbers. The applicable estimate puts fair value near $0.05 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 2021FY 2022FY 2023FY 2024FY 2025
Revenue$352.3M1$167.9M2$168.4M3$171.1M4$226.3M5
Net income−$16.9M6−$4.52M7$9.89M8−$89,0009$578,00010
Operating cash flow−$27.6M11−$12.3M12$19.3M13−$2.59M14$2.56M15
Capital expenditure$5.97M16$2.44M17$4.3M18$587,00019$1.18M20
Free cash flow (derived)−$33.6M11−$14.8M12$15M13−$3.18M14$1.38M15
Total debt$37.1M21$21.7M22$4.23M23$6.85M24$8.58M25
Cash & equivalents$59.8M26$40.2M27$35.1M28$31.9M29$35.9M30
Diluted shares1.02B1.02B1.00B997.2M1.01B

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
$0.58
your share of equity
Profit it earned you last year
$0.01
Free cash flow it threw off
$0.01
Debt you’d be carrying
$0.09

10 shares is a claim on $0.58 of net worth that earned you $0.01 and generated $0.01 of cash last year, against $0.09 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-2% avg · 5y
FY21 -42%FY22 -14%FY23 39%FY24 1%FY25 3%

It earned about -2% on invested capital against a ~9% cost of capital — below the cost of funding. The numbers show no moat.

seeing a moat in the numbers →
Management signal · capital allocation
−1% shares · 5y

Share count is roughly flat over 5 years — little dilution, little buyback. Total debt has fallen 77% — deleveraging.

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
$0.05
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth5.0%
  • fcfBase$1.38M
DCF · Growth Exit 5Y
$0.05
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth5.0%
  • fcfBase$1.38M
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 →

v. The price question — last, on purpose
Is today’s price fair?
See live price ↗
Type a price. The ledger answers.
Or set your own belief
FCF growth, next 5 years5.0%
Discount rate (WACC)8.93%
Terminal growth2.5%
At your growth, a share is worth $0.05
The three cases
Bear0.0%$0.05
Base5.0%$0.05
Bull10.0%$0.06

Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.

Default growth 5.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.

Sources — the receipts
  1. 20-F · period ending 2021-12-31 · accession 0001193125-22-121891 (Revenues)
  2. 20-F · period ending 2022-12-31 · accession 0001193125-23-105776 (Revenues)
  3. 20-F · period ending 2023-12-31 · accession 0001193125-24-101610 (Revenues)
  4. 20-F · period ending 2024-12-31 · accession 0001193125-25-091356 (Revenues)
  5. 20-F · period ending 2025-12-31 · accession 0001193125-26-175067 (Revenues)
  6. 20-F · period ending 2021-12-31 · accession 0001193125-22-121891 (NetIncomeLoss)
  7. 20-F · period ending 2022-12-31 · accession 0001193125-23-105776 (NetIncomeLoss)
  8. 20-F · period ending 2023-12-31 · accession 0001193125-24-101610 (NetIncomeLoss)
  9. 20-F · period ending 2024-12-31 · accession 0001193125-25-091356 (NetIncomeLoss)
  10. 20-F · period ending 2025-12-31 · accession 0001193125-26-175067 (NetIncomeLoss)
  11. 20-F · period ending 2021-12-31 · accession 0001193125-22-121891 (NetCashProvidedByUsedInOperatingActivities)
  12. 20-F · period ending 2022-12-31 · accession 0001193125-23-105776 (NetCashProvidedByUsedInOperatingActivities)
  13. 20-F · period ending 2023-12-31 · accession 0001193125-24-101610 (NetCashProvidedByUsedInOperatingActivities)
  14. 20-F · period ending 2024-12-31 · accession 0001193125-25-091356 (NetCashProvidedByUsedInOperatingActivities)
  15. 20-F · period ending 2025-12-31 · accession 0001193125-26-175067 (NetCashProvidedByUsedInOperatingActivities)
  16. 20-F · period ending 2021-12-31 · accession 0001193125-22-121891 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 20-F · period ending 2022-12-31 · accession 0001193125-23-105776 (PaymentsToAcquirePropertyPlantAndEquipment)
  18. 20-F · period ending 2023-12-31 · accession 0001193125-24-101610 (PaymentsToAcquirePropertyPlantAndEquipment)
  19. 20-F · period ending 2024-12-31 · accession 0001193125-25-091356 (PaymentsToAcquirePropertyPlantAndEquipment)
  20. 20-F · period ending 2025-12-31 · accession 0001193125-26-175067 (PaymentsToAcquirePropertyPlantAndEquipment)
  21. 20-F · period ending 2021-12-31 · accession 0001193125-22-121891 (LongTermDebtNoncurrent)
  22. 20-F · period ending 2022-12-31 · accession 0001193125-23-105776 (LongTermDebtNoncurrent)
  23. 20-F · period ending 2023-12-31 · accession 0001193125-24-101610 (ShortTermBorrowings)
  24. 20-F · period ending 2024-12-31 · accession 0001193125-25-091356 (ShortTermBorrowings)
  25. 20-F · period ending 2025-12-31 · accession 0001193125-26-175067 (LongTermDebtNoncurrent)
  26. 20-F · period ending 2021-12-31 · accession 0001193125-22-121891 (CashAndCashEquivalentsAtCarryingValue)
  27. 20-F · period ending 2022-12-31 · accession 0001193125-23-105776 (CashAndCashEquivalentsAtCarryingValue)
  28. 20-F · period ending 2023-12-31 · accession 0001193125-24-101610 (CashAndCashEquivalentsAtCarryingValue)
  29. 20-F · period ending 2024-12-31 · accession 0001193125-25-091356 (CashAndCashEquivalentsAtCarryingValue)
  30. 20-F · period ending 2025-12-31 · accession 0001193125-26-175067 (CashAndCashEquivalentsAtCarryingValue)