MeritValue

SUNRISE REAL ESTATE GROUP INC

SRREdata completeness 75%16 fiscal years on file
The thesis, from the filings

SUNRISE REAL ESTATE GROUP INC earns about -6% on invested capital, with a roughly flat share count. 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$54.1M1$80M2$24.8M3$15.6M4$13.3M4
Net income$35M5−$8.43M6−$10.1M7−$9.05M8−$8.31M8
Operating cash flow−$19M9−$13.2M10−$4.06M11−$4.18M12−$15.9M12
Capital expenditure$109,04713$190,14814$6,03215$18,71616—
Free cash flow (derived)−$19.2M9−$13.4M10−$4.06M11−$4.2M12—
Total debt—————
Cash & equivalents$24.9M17$77.1M18$23.2M19$21.1M19$16.9M19
Diluted shares68.7M68.7M68.7M68.7M68.7M

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
$15
your share of equity
Profit it earned you last year
−$1.21
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $15 of net worth that earned you −$1.21 last year.

iii. Is this a good business?
Moat signal · return on invested capital
-6% avg · 5y
FY21 36%FY22 -7%FY23 -21%FY24 -16%FY25 -20%

It earned an average -6% on invested capital over 5 years. Compare that to what it costs to fund the business.

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 v0.1.0
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. 10-K · period ending 2021-12-31 · accession 0001410578-23-000806 (Revenues)
  2. 10-K/A · period ending 2022-12-31 · accession 0001410578-24-001694 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0001410578-25-000979 (Revenues)
  4. 10-K · period ending 2024-12-31 · accession 0001104659-26-044877 (Revenues)
  5. 10-K · period ending 2021-12-31 · accession 0001410578-23-000806 (NetIncomeLoss)
  6. 10-K/A · period ending 2022-12-31 · accession 0001410578-24-001694 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001410578-25-000979 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001104659-26-044877 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001410578-23-000806 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K/A · period ending 2022-12-31 · accession 0001410578-24-001694 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001410578-25-000979 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001104659-26-044877 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001410578-23-000806 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K/A · period ending 2022-12-31 · accession 0001410578-24-001694 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0001410578-25-000979 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-12-31 · accession 0001104659-26-044877 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2021-12-31 · accession 0001410578-23-000806 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  18. 10-K · period ending 2022-12-31 · accession 0001410578-25-000979 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  19. 10-K · period ending 2023-12-31 · accession 0001104659-26-044877 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)