MeritValue

WiMi Hologram Cloud Inc.

WIMIdata completeness 100%9 fiscal years on file
The thesis, from the filings

WiMi Hologram Cloud Inc. earns about -40% on invested capital, below its ~9% cost of capital, and has bought back 88% of its shares over 5 years — no moat visible in the numbers. The estimate methods put fair value between $17.08 and $17.73 a share.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$146.5M1$98M2$82.6M3$75.4M4$60.1M5
Net income−$37M6−$51.4M7−$59.5M8$9.97M9$44M10
Operating cash flow$9.12M11−$34.2M12$12.5M13$74.1M14$16.7M15
Capital expenditure$3.95M16$158,78917$9.61M18$3,98419$8.36M20
Free cash flow (derived)$5.18M11−$34.4M12$2.89M13$74.1M14$8.39M15
Total debt——$1.91M21$2.09M22$4.27M23
Cash & equivalents$117.9M24$82.2M25$47.7M26$148.9M27$186.9M28
Diluted shares167.1M8.6M8.7M9.8M19.4M

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
$161.86
your share of equity
Profit it earned you last year
$22.66
Free cash flow it threw off
$4.32
Debt you’d be carrying
$2.2

10 shares is a claim on $161.86 of net worth that earned you $22.66 and generated $4.32 of cash last year, against $2.2 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-40% avg · 5y
FY21 -40%FY22 -63%FY23 -95%FY24 —FY25 38%

It earned about -40% on invested capital against a ~9% cost of capital — below the cost of funding. The numbers show no moat.

seeing a moat in the numbers →
Management signal · capital allocation
−88% shares · 5y

Share count is down 88% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has risen 124% 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

The 2 estimate methods that apply put fair value between $17.08 and $17.73 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.

DCF · Growth Exit 10Y
$17.73
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth5.0%
  • fcfBase$8.39M
DCF · Growth Exit 5Y
$17.08
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth5.0%
  • fcfBase$8.39M
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
$28.75
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

v. The price question — last, on purpose
Is today’s price fair?
See live price ↗
Type a price. The ledger answers.
Or set your own belief
FCF growth, next 5 years5.0%
Discount rate (WACC)8.93%
Terminal growth2.5%
At your growth, a share is worth $17.08
The three cases
Bear0.0%$15.58
Base5.0%$17.08
Bull10.0%$18.87

Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.

Default growth 5.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.

Sources — the receipts
  1. 20-F · period ending 2021-12-31 · accession 0001213900-22-027209 (Revenues)
  2. 20-F · period ending 2022-12-31 · accession 0001213900-23-029538 (Revenues)
  3. 20-F · period ending 2023-12-31 · accession 0001213900-24-036124 (Revenues)
  4. 20-F · period ending 2024-12-31 · accession 0001213900-25-033934 (Revenues)
  5. 20-F · period ending 2025-12-31 · accession 0001213900-26-047255 (Revenues)
  6. 20-F · period ending 2021-12-31 · accession 0001213900-22-027209 (NetIncomeLoss)
  7. 20-F · period ending 2022-12-31 · accession 0001213900-23-029538 (NetIncomeLoss)
  8. 20-F · period ending 2023-12-31 · accession 0001213900-24-036124 (NetIncomeLoss)
  9. 20-F · period ending 2024-12-31 · accession 0001213900-25-033934 (NetIncomeLoss)
  10. 20-F · period ending 2025-12-31 · accession 0001213900-26-047255 (NetIncomeLoss)
  11. 20-F · period ending 2021-12-31 · accession 0001213900-22-027209 (NetCashProvidedByUsedInOperatingActivities)
  12. 20-F · period ending 2022-12-31 · accession 0001213900-23-029538 (NetCashProvidedByUsedInOperatingActivities)
  13. 20-F · period ending 2023-12-31 · accession 0001213900-24-036124 (NetCashProvidedByUsedInOperatingActivities)
  14. 20-F · period ending 2024-12-31 · accession 0001213900-25-033934 (NetCashProvidedByUsedInOperatingActivities)
  15. 20-F · period ending 2025-12-31 · accession 0001213900-26-047255 (NetCashProvidedByUsedInOperatingActivities)
  16. 20-F · period ending 2021-12-31 · accession 0001213900-22-027209 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 20-F · period ending 2022-12-31 · accession 0001213900-23-029538 (PaymentsToAcquirePropertyPlantAndEquipment)
  18. 20-F · period ending 2023-12-31 · accession 0001213900-24-036124 (PaymentsToAcquirePropertyPlantAndEquipment)
  19. 20-F · period ending 2024-12-31 · accession 0001213900-25-033934 (PaymentsToAcquirePropertyPlantAndEquipment)
  20. 20-F · period ending 2025-12-31 · accession 0001213900-26-047255 (PaymentsToAcquirePropertyPlantAndEquipment)
  21. 20-F · period ending 2023-12-31 · accession 0001213900-24-036124 (ShortTermBorrowings)
  22. 20-F · period ending 2024-12-31 · accession 0001213900-25-033934 (ShortTermBorrowings)
  23. 20-F · period ending 2025-12-31 · accession 0001213900-26-047255 (ShortTermBorrowings)
  24. 20-F · period ending 2021-12-31 · accession 0001213900-22-027209 (CashAndCashEquivalentsAtCarryingValue)
  25. 20-F · period ending 2022-12-31 · accession 0001213900-23-029538 (CashAndCashEquivalentsAtCarryingValue)
  26. 20-F · period ending 2023-12-31 · accession 0001213900-24-036124 (CashAndCashEquivalentsAtCarryingValue)
  27. 20-F · period ending 2024-12-31 · accession 0001213900-25-033934 (CashAndCashEquivalentsAtCarryingValue)
  28. 20-F · period ending 2025-12-31 · accession 0001213900-26-047255 (CashAndCashEquivalentsAtCarryingValue)