MeritValue

XINXU COPPER INDUSTRY TECHNOLOGY Ltd

XXCdata completeness 100%3 fiscal years on file

Data notes: no data for concept 'interestExpense'

The thesis, from the filings

XINXU COPPER INDUSTRY TECHNOLOGY Ltd earns about 1% on invested capital, with a roughly flat share count. The applicable estimate puts fair value near $0.44 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 2023FY 2024FY 2025
Revenue$24.1M1$6.37M1$25.2M1
Net income−$273,0992$841,3012$1.31M2
Operating cash flow−$1.44M3$3.3M3−$4.88M3
Capital expenditure$971,7234$2.09M4$640,4804
Free cash flow (derived)−$2.41M3$1.21M3−$5.52M3
Total debt—$9.75M5$14M5
Cash & equivalents$24,6216$573,8397$188,5507
Diluted shares20.0M20.0M20.0M

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
$2.56
your share of equity
Profit it earned you last year
$0.65
Free cash flow it threw off
−$2.76
Debt you’d be carrying
$7.02

10 shares is a claim on $2.56 of net worth that earned you $0.65 and generated −$2.76 of cash last year, against $7.02 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
1% avg · 3y
FY23 -7%FY24 5%FY25 5%

It earned an average 1% on invested capital over 3 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−0% shares · 3y

Share count is roughly flat over 3 years — little dilution, little buyback. Total debt has risen 44% 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
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
$0.44
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$841,301
  • growthAssumed0.0%
Graham Number
$0.63
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 20-F · period ending 2023-06-30 · accession 0001213900-25-111691 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 20-F · period ending 2023-06-30 · accession 0001213900-25-111691 (NetIncomeLoss)
  3. 20-F · period ending 2023-06-30 · accession 0001213900-25-111691 (NetCashProvidedByUsedInOperatingActivities)
  4. 20-F · period ending 2023-06-30 · accession 0001213900-25-111691 (PaymentsToAcquirePropertyPlantAndEquipment)
  5. 20-F · period ending 2024-06-30 · accession 0001213900-25-111691 (ShortTermBorrowings)
  6. 20-F · period ending 2023-06-30 · accession 0001213900-25-111691 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  7. 20-F · period ending 2024-06-30 · accession 0001213900-25-111691 (CashAndCashEquivalentsAtCarryingValue)