MeritValue

Sound Group Inc.

SOGPdata completeness 88%7 fiscal years on file
The thesis, from the filings

Sound Group Inc. earns about -10% on equity, and has bought back 5% of its shares over 5 years. 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 2021FY 2022FY 2023FY 2024FY 2025
Revenue$332.6M1$316.8M2$291.8M3$278.4M4$443.7M5
Net income−$20M6$12.5M7−$18.9M8−$11.1M9$31.6M10
Operating cash flow−$6.34M11$19.8M12−$16.5M13−$3.63M14$40M15
Capital expenditure$3.15M16$1.7M17$840,00018$1.52M19$493,00020
Free cash flow (derived)−$9.49M11$18.1M12−$17.3M13−$5.14M14$39.6M15
Total debt$10.8M21$10.7M22—$985,00023—
Cash & equivalents$83.7M24$82.4M25$69.7M26$60.5M27$93.7M28
Diluted shares991.7M1.04B1.08B1.03B943.6M

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
$0.61
your share of equity
Profit it earned you last year
$0.33
Free cash flow it threw off
$0.42
Debt you’d be carrying
—

10 shares is a claim on $0.61 of net worth that earned you $0.33 and generated $0.42 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
-10% avg · 5y
FY21 -50%FY22 22%FY23 -45%FY24 -34%FY25 55%

It earned an average -10% on equity over 5 years. Compare that to what it costs to fund the business.

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

Share count is down 5% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has fallen 91% — 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
$0.2
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 20-F · period ending 2021-12-31 · accession 0001193125-22-123622 (Revenues)
  2. 20-F · period ending 2022-12-31 · accession 0001104659-23-051892 (Revenues)
  3. 20-F · period ending 2023-12-31 · accession 0001410578-24-001728 (Revenues)
  4. 20-F · period ending 2024-12-31 · accession 0001410578-25-000976 (Revenues)
  5. 20-F · period ending 2025-12-31 · accession 0001493152-26-019716 (RevenueFromContractWithCustomerExcludingAssessedTax)
  6. 20-F · period ending 2021-12-31 · accession 0001193125-22-123622 (NetIncomeLoss)
  7. 20-F · period ending 2022-12-31 · accession 0001104659-23-051892 (ProfitLoss)
  8. 20-F · period ending 2023-12-31 · accession 0001410578-24-001728 (ProfitLoss)
  9. 20-F · period ending 2024-12-31 · accession 0001410578-25-000976 (ProfitLoss)
  10. 20-F · period ending 2025-12-31 · accession 0001493152-26-019716 (ProfitLoss)
  11. 20-F · period ending 2021-12-31 · accession 0001193125-22-123622 (NetCashProvidedByUsedInOperatingActivities)
  12. 20-F · period ending 2022-12-31 · accession 0001104659-23-051892 (NetCashProvidedByUsedInOperatingActivities)
  13. 20-F · period ending 2023-12-31 · accession 0001410578-24-001728 (NetCashProvidedByUsedInOperatingActivities)
  14. 20-F · period ending 2024-12-31 · accession 0001410578-25-000976 (NetCashProvidedByUsedInOperatingActivities)
  15. 20-F · period ending 2025-12-31 · accession 0001493152-26-019716 (NetCashProvidedByUsedInOperatingActivities)
  16. 20-F · period ending 2021-12-31 · accession 0001193125-22-123622 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 20-F · period ending 2022-12-31 · accession 0001104659-23-051892 (PaymentsToAcquirePropertyPlantAndEquipment)
  18. 20-F · period ending 2023-12-31 · accession 0001410578-24-001728 (PaymentsToAcquirePropertyPlantAndEquipment)
  19. 20-F · period ending 2024-12-31 · accession 0001410578-25-000976 (PaymentsToAcquirePropertyPlantAndEquipment)
  20. 20-F · period ending 2025-12-31 · accession 0001493152-26-019716 (PaymentsToAcquirePropertyPlantAndEquipment)
  21. 20-F · period ending 2021-12-31 · accession 0001193125-22-123622 (ShortTermBorrowings)
  22. 20-F · period ending 2022-12-31 · accession 0001104659-23-051892 (ShortTermBorrowings)
  23. 20-F · period ending 2024-12-31 · accession 0001410578-25-000976 (ShortTermBorrowings)
  24. 20-F · period ending 2021-12-31 · accession 0001193125-22-123622 (CashAndCashEquivalentsAtCarryingValue)
  25. 20-F · period ending 2022-12-31 · accession 0001104659-23-051892 (CashAndCashEquivalentsAtCarryingValue)
  26. 20-F · period ending 2023-12-31 · accession 0001410578-24-001728 (CashAndCashEquivalentsAtCarryingValue)
  27. 20-F · period ending 2024-12-31 · accession 0001410578-25-000976 (CashAndCashEquivalentsAtCarryingValue)
  28. 20-F · period ending 2025-12-31 · accession 0001493152-26-019716 (CashAndCashEquivalentsAtCarryingValue)