MeritValue

Star Fashion Culture Holdings Ltd

STFSdata completeness 88%1 fiscal years on file

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

The thesis, from the filings

Star Fashion Culture Holdings Ltd earns about -206% 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 2025
Revenue$16.9M1
Net income−$18.3M2
Operating cash flow−$3.96M3
Capital expenditure—
Free cash flow (derived)—
Total debt$597,0464
Cash & equivalents$65,4305
Diluted shares10.0M

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
$6.41
your share of equity
Profit it earned you last year
−$18.26
Free cash flow it threw off
—
Debt you’d be carrying
$0.6

10 shares is a claim on $6.41 of net worth that earned you −$18.26 last year, against $0.6 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-206% avg · 1y
FY25 -206%

It earned an average -206% on invested capital over 1 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−0% shares · 1y

Share count is roughly flat over 1 years — little dilution, little buyback. Total debt has held roughly steady.

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 0 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
Earnings Power Value
not applicable
only 1 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 2025-06-30 · accession 0001213900-25-109038 (Revenues)
  2. 20-F · period ending 2025-06-30 · accession 0001213900-25-109038 (NetIncomeLoss)
  3. 20-F · period ending 2025-06-30 · accession 0001213900-25-109038 (NetCashProvidedByUsedInOperatingActivities)
  4. 20-F · period ending 2025-06-30 · accession 0001213900-25-109038 (ShortTermBorrowings)
  5. 20-F · period ending 2025-06-30 · accession 0001213900-25-109038 (CashAndCashEquivalentsAtCarryingValue)