MeritValue

Meiwu Technology Co Ltd

WNWdata completeness 75%8 fiscal years on file

Data notes: no data for concept 'interestExpense'

The thesis, from the filings

Meiwu Technology Co Ltd earns about -52% on equity, but has diluted owners by 2893% over 5 years — worth asking whether the growth reaches owners. 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$12.3M1$11M2$11M3$158,4853$7.08M3
Net income−$1.08M4−$11.1M5−$16.1M6$5.11M6−$18.6M6
Operating cash flow−$8.69M7−$5.52M8−$502,8309−$13.6M9$9.04M9
Capital expenditure$81,19710$25,91611$5,53912——
Free cash flow (derived)−$8.77M7−$5.55M8−$508,3699——
Total debt$922,25213$1.1M14$418,31515——
Cash & equivalents$26.6M16$23.7M17$16.1M18$43.4M18$17.9M18
Diluted shares738,6131.3M2.6M11.3M22.1M

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
$22.35
your share of equity
Profit it earned you last year
−$8.41
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $22.35 of net worth that earned you −$8.41 last year.

iii. Is this a good business?
Moat signal · return on equity
-52% avg · 5y
FY21 -6%FY22 -55%FY23 -171%FY24 9%FY25 -38%

It earned an average -52% 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
+2893% shares · 5y

Share count is up 2893% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 55% — 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
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 0001493152-24-026357 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 20-F · period ending 2022-12-31 · accession 0001641172-25-010279 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 20-F · period ending 2023-12-31 · accession 0001493152-26-017159 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 20-F · period ending 2021-12-31 · accession 0001493152-24-026357 (NetIncomeLoss)
  5. 20-F · period ending 2022-12-31 · accession 0001641172-25-010279 (NetIncomeLoss)
  6. 20-F · period ending 2023-12-31 · accession 0001493152-26-017159 (NetIncomeLoss)
  7. 20-F · period ending 2021-12-31 · accession 0001493152-24-026357 (NetCashProvidedByUsedInOperatingActivities)
  8. 20-F · period ending 2022-12-31 · accession 0001641172-25-010279 (NetCashProvidedByUsedInOperatingActivities)
  9. 20-F · period ending 2023-12-31 · accession 0001493152-26-017159 (NetCashProvidedByUsedInOperatingActivities)
  10. 20-F · period ending 2021-12-31 · accession 0001493152-24-026357 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 20-F · period ending 2022-12-31 · accession 0001641172-25-010279 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 20-F · period ending 2023-12-31 · accession 0001493152-26-017159 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 20-F/A · period ending 2021-12-31 · accession 0001493152-23-046260 (LongTermDebtNoncurrent)
  14. 20-F · period ending 2022-12-31 · accession 0001493152-24-026357 (LongTermDebtNoncurrent)
  15. 20-F · period ending 2023-12-31 · accession 0001641172-25-010279 (ShortTermBorrowings)
  16. 20-F/A · period ending 2021-12-31 · accession 0001493152-23-046260 (CashAndCashEquivalentsAtCarryingValue)
  17. 20-F · period ending 2022-12-31 · accession 0001641172-25-010279 (CashAndCashEquivalentsAtCarryingValue)
  18. 20-F · period ending 2023-12-31 · accession 0001493152-26-017159 (CashAndCashEquivalentsAtCarryingValue)