MeritValue

SAMFINE CREATION HOLDINGS GROUP Ltd

SFHGdata completeness 88%2 fiscal years on file

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

The thesis, from the filings

SAMFINE CREATION HOLDINGS GROUP Ltd earns about -16% on invested capital, but has diluted owners by 10% over 2 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 2024FY 2025
Revenue——
Net income−$342,4941−$2.55M2
Operating cash flow−$1.54M3−$2.71M4
Capital expenditure$3,0385$518,1566
Free cash flow (derived)−$1.54M3−$3.22M4
Total debt$2.21M7$4.41M8
Cash & equivalents$5.73M9$4.01M9
Diluted shares18.5M20.3M

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
$3.28
your share of equity
Profit it earned you last year
−$1.25
Free cash flow it threw off
−$1.59
Debt you’d be carrying
$2.17

10 shares is a claim on $3.28 of net worth that earned you −$1.25 and generated −$1.59 of cash last year, against $2.17 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-16% avg · 2y
FY24 -3%FY25 -28%

It earned an average -16% on invested capital over 2 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+10% shares · 2y

Share count is up 10% over 2 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 99% 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
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
only 2 years of net income (need ≥3)
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 2024-12-31 · accession 0001213900-25-032249 (NetIncomeLoss)
  2. 20-F · period ending 2025-12-31 · accession 0001213900-26-035532 (NetIncomeLoss)
  3. 20-F · period ending 2024-12-31 · accession 0001213900-25-032249 (NetCashProvidedByUsedInOperatingActivities)
  4. 20-F · period ending 2025-12-31 · accession 0001213900-26-035532 (NetCashProvidedByUsedInOperatingActivities)
  5. 20-F · period ending 2024-12-31 · accession 0001213900-25-032249 (PaymentsToAcquirePropertyPlantAndEquipment)
  6. 20-F · period ending 2025-12-31 · accession 0001213900-26-035532 (PaymentsToAcquirePropertyPlantAndEquipment)
  7. 20-F · period ending 2024-12-31 · accession 0001213900-25-032249 (LongTermDebt)
  8. 20-F · period ending 2025-12-31 · accession 0001213900-26-035532 (LongTermDebt)
  9. 20-F · period ending 2024-12-31 · accession 0001213900-26-035532 (CashAndCashEquivalentsAtCarryingValue)