MeritValue

TANCHENG GROUP CO., LTD.

QSJCdata completeness 75%9 fiscal years on file

Data notes: no data for concept 'totalDebt'; no data for concept 'investmentsAtFairValue'; no data for concept 'gainsOnRealEstateSales'; no data for concept 'realEstateImpairment'; no data for concept 'dividendsPaid'; no data for concept 'interestExpense'

i. The business — what you’d actually own
FigureFY 2022FY 2022FY 2023FY 2024FY 2025
Revenue—$590,3061$1.97M2$502,5503$217,0193
Net income−$63,7034−$1.01M5−$289,6666−$288,1607−$371,1877
Operating cash flow$11,1818−$2.75M9−$635,03710−$586,59711−$449,13711
Capital expenditure—$90012$012——
Free cash flow (derived)—−$2.76M9−$635,03710——
Total debt—————
Cash & equivalents$1,88913$71,20714$412,15415$100,65315$17,23815
Diluted shares4.4M4.4M4.4M4.4M4.4M

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
−$4.29
your share of equity
Profit it earned you last year
−$0.85
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on −$4.29 of net worth that earned you −$0.85 last year.

iii. Is this a good business?
Moat signal · return on equity
— avg · 5y

Not enough data in the filings for a return-on-capital reading.

seeing a moat in the numbers →
Management signal · capital allocation
−0% shares · 5y

Share count is roughly flat over 5 years — little dilution, little buyback.

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 v0.5.0
DCF · Growth Exit 10Y
not applicable
only 2 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 2 years of FCF (need ≥3) — model not applicable
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 2022-12-31 · accession 0001683168-24-001846 (Revenues)
  2. 10-K · period ending 2023-12-31 · accession 0001683168-25-001892 (Revenues)
  3. 10-K · period ending 2024-12-31 · accession 0001683168-26-002488 (Revenues)
  4. 10-K · period ending 2022-07-31 · accession 0001753391-22-000019 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001683168-24-001846 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001683168-25-001892 (NetIncomeLoss)
  7. 10-K · period ending 2024-12-31 · accession 0001683168-26-002488 (NetIncomeLoss)
  8. 10-K · period ending 2022-07-31 · accession 0001753391-22-000019 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2022-12-31 · accession 0001683168-24-001846 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2023-12-31 · accession 0001683168-25-001892 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2024-12-31 · accession 0001683168-26-002488 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2022-12-31 · accession 0001683168-24-001846 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2022-07-31 · accession 0001753391-22-000019 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2022-12-31 · accession 0001683168-25-001892 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  15. 10-K · period ending 2023-12-31 · accession 0001683168-26-002488 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)