MeritValue

Wenyuan Group Corp.

WYGCdata completeness 75%14 fiscal years on file
The thesis, from the filings

Wenyuan Group Corp. earns about -682% on equity, but has diluted owners by 145% 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—$41,1371$21,0862$60,2852$24,6273
Net income−$15.6M4−$746,4265−$1.03M6−$1.17M7−$639,0437
Operating cash flow—−$342,1868−$338,6099−$453,51610−$197,57110
Capital expenditure—$7,53111—$28,84912—
Free cash flow (derived)—−$349,7178—−$482,36510—
Total debt—————
Cash & equivalents—$68,12113$18,44914$27,20815$14415
Diluted shares33.1M67.2M79.2M80.1M81.1M

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
−$0
your share of equity
Profit it earned you last year
−$0.08
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on −$0 of net worth that earned you −$0.08 last year.

iii. Is this a good business?
Moat signal · return on equity
-682% avg · 5y
FY21 —FY22 -275%FY23 —FY24 -1088%FY25 —

It earned an average -682% 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
+145% shares · 5y

Share count is up 145% over 5 years — owners have been diluted. Worth asking what they got for it.

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 2 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 2 years of FCF (need ≥3) — model not applicable
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 2022-12-31 · accession 0001017386-24-000060 (Revenues)
  2. 10-K · period ending 2023-12-31 · accession 0001641172-25-004790 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2025-12-31 · accession 0001493152-26-021866 (Revenues)
  4. 10-K · period ending 2021-12-31 · accession 0001017386-23-000130 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001017386-24-000060 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001641172-25-004790 (NetIncomeLoss)
  7. 10-K · period ending 2024-12-31 · accession 0001493152-26-021866 (NetIncomeLoss)
  8. 10-K · period ending 2022-12-31 · accession 0001017386-24-000060 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001641172-25-004790 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2024-12-31 · accession 0001493152-26-021866 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2022-12-31 · accession 0001017386-24-000060 (PaymentsToAcquireProductiveAssets)
  12. 10-K · period ending 2024-12-31 · accession 0001493152-26-021866 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2022-12-31 · accession 0001017386-24-000060 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2023-12-31 · accession 0001641172-25-004790 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2024-12-31 · accession 0001493152-26-021866 (CashAndCashEquivalentsAtCarryingValue)