MeritValue

Origin Agritech LTD

SEEDdata completeness 100%15 fiscal years on file
i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$7.16M1$7.41M2$13M3$16.2M4$12.8M5
Net income−$14.1M6−$882,0007$7.71M8$2.96M9−$7.51M10
Operating cash flow−$3.87M11$465,00012−$759,00013−$2.14M14−$3.22M15
Capital expenditure$110,00016$88,00017$1.24M18$710,00019$1.58M20
Free cash flow (derived)−$3.98M11$377,00012−$2M13−$2.85M14−$4.79M15
Total debt$21.2M21$21.4M22$860,00023$1.54M24$2.6M25
Cash & equivalents$2.37M26$2.49M27$3.3M28$1.2M29$2.23M30
Diluted shares5.6M5.8M6.6M6.5M7.5M

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
−$4.39
your share of equity
Profit it earned you last year
−$10.02
Free cash flow it threw off
−$6.4
Debt you’d be carrying
$3.46

10 shares is a claim on −$4.39 of net worth that earned you −$10.02 and generated −$6.4 of cash last year, against $3.46 of debt.

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
+33% shares · 5y

Share count is up 33% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 88% — 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
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
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. 20-F/A · period ending 2021-09-30 · accession 0001410578-22-002871 (Revenues)
  2. 20-F · period ending 2022-09-30 · accession 0001410578-23-000111 (Revenues)
  3. 20-F · period ending 2023-09-30 · accession 0001104659-24-024556 (Revenues)
  4. 20-F/A · period ending 2024-09-30 · accession 0001410578-25-000691 (Revenues)
  5. 20-F · period ending 2025-09-30 · accession 0001104659-26-008700 (Revenues)
  6. 20-F/A · period ending 2021-09-30 · accession 0001410578-22-002871 (NetIncomeLoss)
  7. 20-F · period ending 2022-09-30 · accession 0001410578-23-000111 (NetIncomeLoss)
  8. 20-F · period ending 2023-09-30 · accession 0001104659-24-024556 (NetIncomeLoss)
  9. 20-F/A · period ending 2024-09-30 · accession 0001410578-25-000691 (NetIncomeLoss)
  10. 20-F · period ending 2025-09-30 · accession 0001104659-26-008700 (NetIncomeLoss)
  11. 20-F/A · period ending 2021-09-30 · accession 0001410578-22-002871 (NetCashProvidedByUsedInOperatingActivities)
  12. 20-F · period ending 2022-09-30 · accession 0001410578-23-000111 (NetCashProvidedByUsedInOperatingActivities)
  13. 20-F · period ending 2023-09-30 · accession 0001104659-24-024556 (NetCashProvidedByUsedInOperatingActivities)
  14. 20-F/A · period ending 2024-09-30 · accession 0001410578-25-000691 (NetCashProvidedByUsedInOperatingActivities)
  15. 20-F · period ending 2025-09-30 · accession 0001104659-26-008700 (NetCashProvidedByUsedInOperatingActivities)
  16. 20-F/A · period ending 2021-09-30 · accession 0001410578-22-002871 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 20-F · period ending 2022-09-30 · accession 0001410578-23-000111 (PaymentsToAcquirePropertyPlantAndEquipment)
  18. 20-F · period ending 2023-09-30 · accession 0001104659-24-024556 (PaymentsToAcquirePropertyPlantAndEquipment)
  19. 20-F/A · period ending 2024-09-30 · accession 0001410578-25-000691 (PaymentsToAcquirePropertyPlantAndEquipment)
  20. 20-F · period ending 2025-09-30 · accession 0001104659-26-008700 (PaymentsToAcquirePropertyPlantAndEquipment)
  21. 20-F/A · period ending 2021-09-30 · accession 0001410578-22-002871 (LongTermDebtCurrent)
  22. 20-F · period ending 2022-09-30 · accession 0001410578-23-000111 (LongTermDebtNoncurrent)
  23. 20-F · period ending 2023-09-30 · accession 0001104659-24-024556 (LongTermDebtNoncurrent)
  24. 20-F/A · period ending 2024-09-30 · accession 0001410578-25-000691 (LongTermDebtNoncurrent)
  25. 20-F · period ending 2025-09-30 · accession 0001104659-26-008700 (LongTermDebtNoncurrent)
  26. 20-F/A · period ending 2021-09-30 · accession 0001410578-22-002871 (CashAndCashEquivalentsAtCarryingValue)
  27. 20-F · period ending 2022-09-30 · accession 0001410578-23-000111 (CashAndCashEquivalentsAtCarryingValue)
  28. 20-F · period ending 2023-09-30 · accession 0001104659-24-024556 (CashAndCashEquivalentsAtCarryingValue)
  29. 20-F/A · period ending 2024-09-30 · accession 0001410578-25-000691 (CashAndCashEquivalentsAtCarryingValue)
  30. 20-F · period ending 2025-09-30 · accession 0001104659-26-008700 (CashAndCashEquivalentsAtCarryingValue)