MeritValue

Top KingWin Ltd

WAIdata completeness 88%6 fiscal years on file

Data notes: no data for concept 'pretaxIncome'

The thesis, from the filings

Top KingWin Ltd earns about -19% on equity, and has bought back 93% 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$6.29M1$3.12M1$5.45M2$4.47M3$8.04M3
Net income$2.31M4−$771,4835−$2.55M6−$8.68M6−$24M6
Operating cash flow$3.77M7−$1.4M8−$1.65M9−$39.4M9−$1.3M9
Capital expenditure$131,57710$32,19911$76,35612$12,37412$10,05212
Free cash flow (derived)$3.64M7−$1.43M8−$1.72M9−$39.4M9−$1.31M9
Total debt———$2.03M13—
Cash & equivalents$3.82M14$2.65M15$4.59M16$2.81M16$13.1M16
Diluted shares12.0M12.0M22,317209,822892,314

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
$339.9
your share of equity
Profit it earned you last year
−$269.2
Free cash flow it threw off
−$14.64
Debt you’d be carrying
—

10 shares is a claim on $339.9 of net worth that earned you −$269.2 and generated −$14.64 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
-19% avg · 5y
FY21 83%FY22 -41%FY23 -34%FY24 -24%FY25 -79%

It earned an average -19% 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
−93% shares · 5y

Share count is down 93% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. 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
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 · period ending 2021-12-31 · accession 0001213900-24-037834 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 20-F · period ending 2023-12-31 · accession 0001213900-25-033010 (RevenueFromContractWithCustomerIncludingAssessedTax)
  3. 20-F · period ending 2024-12-31 · accession 0001213900-26-041488 (RevenueFromContractWithCustomerIncludingAssessedTax)
  4. 20-F · period ending 2021-12-31 · accession 0001213900-24-037834 (NetIncomeLoss)
  5. 20-F · period ending 2022-12-31 · accession 0001213900-25-033010 (NetIncomeLoss)
  6. 20-F · period ending 2023-12-31 · accession 0001213900-26-041488 (NetIncomeLoss)
  7. 20-F · period ending 2021-12-31 · accession 0001213900-24-037834 (NetCashProvidedByUsedInOperatingActivities)
  8. 20-F · period ending 2022-12-31 · accession 0001213900-25-033010 (NetCashProvidedByUsedInOperatingActivities)
  9. 20-F · period ending 2023-12-31 · accession 0001213900-26-041488 (NetCashProvidedByUsedInOperatingActivities)
  10. 20-F · period ending 2021-12-31 · accession 0001213900-24-037834 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 20-F · period ending 2022-12-31 · accession 0001213900-25-033010 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 20-F · period ending 2023-12-31 · accession 0001213900-26-041488 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 20-F · period ending 2024-12-31 · accession 0001213900-26-041488 (ShortTermBorrowings)
  14. 20-F · period ending 2021-12-31 · accession 0001213900-24-037834 (CashAndCashEquivalentsAtCarryingValue)
  15. 20-F · period ending 2022-12-31 · accession 0001213900-25-033010 (CashAndCashEquivalentsAtCarryingValue)
  16. 20-F · period ending 2023-12-31 · accession 0001213900-26-041488 (CashAndCashEquivalentsAtCarryingValue)