MeritValue

LakeShore Biopharma Co., Ltd.

LSBCFdata completeness 100%3 fiscal years on file
The thesis, from the filings

LakeShore Biopharma Co., Ltd. earns about -24% on invested capital, but has diluted owners by 210% over 3 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 2023FY 2024FY 2025
Revenue$100M1$80.8M2$85.7M3
Net income−$21.2M4−$61.1M5−$13.9M6
Operating cash flow−$26.6M7−$41.6M8−$16.9M9
Capital expenditure$7.68M10$6.24M11$1.77M12
Free cash flow (derived)−$34.2M7−$47.8M8−$18.6M9
Total debt$70.9M13$72.8M14$60.9M15
Cash & equivalents$53.9M16$34.3M17$15M17
Diluted shares6.2M10.7M19.2M

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
$36.34
your share of equity
Profit it earned you last year
−$7.27
Free cash flow it threw off
−$9.72
Debt you’d be carrying
$31.81

10 shares is a claim on $36.34 of net worth that earned you −$7.27 and generated −$9.72 of cash last year, against $31.81 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-24% avg · 3y
FY23 -16%FY24 -46%FY25 -11%

It earned an average -24% on invested capital over 3 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+210% shares · 3y

Share count is up 210% over 3 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 14% — 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 —

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 20-F · period ending 2023-03-31 · accession 0001213900-23-060012 (Revenues)
  2. 20-F · period ending 2024-03-31 · accession 0001213900-24-069344 (Revenues)
  3. 20-F · period ending 2025-03-31 · accession 0001213900-25-069880 (Revenues)
  4. 20-F · period ending 2023-03-31 · accession 0001213900-23-060012 (NetIncomeLoss)
  5. 20-F · period ending 2024-03-31 · accession 0001213900-24-069344 (NetIncomeLoss)
  6. 20-F · period ending 2025-03-31 · accession 0001213900-25-069880 (NetIncomeLoss)
  7. 20-F · period ending 2023-03-31 · accession 0001213900-23-060012 (NetCashProvidedByUsedInOperatingActivities)
  8. 20-F · period ending 2024-03-31 · accession 0001213900-24-069344 (NetCashProvidedByUsedInOperatingActivities)
  9. 20-F · period ending 2025-03-31 · accession 0001213900-25-069880 (NetCashProvidedByUsedInOperatingActivities)
  10. 20-F · period ending 2023-03-31 · accession 0001213900-23-060012 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 20-F · period ending 2024-03-31 · accession 0001213900-24-069344 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 20-F · period ending 2025-03-31 · accession 0001213900-25-069880 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 20-F · period ending 2023-03-31 · accession 0001213900-23-060012 (LongTermDebtNoncurrent)
  14. 20-F · period ending 2024-03-31 · accession 0001213900-24-069344 (LongTermDebtNoncurrent)
  15. 20-F · period ending 2025-03-31 · accession 0001213900-25-069880 (LongTermDebtNoncurrent)
  16. 20-F · period ending 2023-03-31 · accession 0001213900-23-060012 (CashAndCashEquivalentsAtCarryingValue)
  17. 20-F · period ending 2024-03-31 · accession 0001213900-25-069880 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)