MeritValue

Zhibao Technology Inc.

ZBAOdata completeness 88%2 fiscal years on file

Data notes: no data for concept 'interestExpense'

The thesis, from the filings

Zhibao Technology Inc. earns about -63% on invested capital, but has diluted owners by 5% over 2 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 2024FY 2025
Revenue$25.3M1$276.9M2
Net income$1.82M3−$8.66M4
Operating cash flow−$524,1855−$2.89M6
Capital expenditure$37,9937—
Free cash flow (derived)−$562,1785—
Total debt$3.69M8$3.04M9
Cash & equivalents$330,45710$1.44M11
Diluted shares30.4M32.0M

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
$1.08
your share of equity
Profit it earned you last year
−$2.71
Free cash flow it threw off
—
Debt you’d be carrying
$0.95

10 shares is a claim on $1.08 of net worth that earned you −$2.71 last year, against $0.95 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-63% avg · 2y
FY24 15%FY25 -141%

It earned an average -63% on invested capital over 2 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+5% shares · 2y

Share count is up 5% over 2 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 18% — 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
only 1 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 1 years of FCF (need ≥3) — model not applicable
Earnings Power Value
not applicable
only 2 years of net income (need ≥3)
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 2024-06-30 · accession 0001213900-24-092990 (Revenues)
  2. 20-F · period ending 2025-06-30 · accession 0001213900-26-003011 (RevenueFromContractWithCustomerIncludingAssessedTax)
  3. 20-F · period ending 2024-06-30 · accession 0001213900-24-092990 (NetIncomeLoss)
  4. 20-F · period ending 2025-06-30 · accession 0001213900-26-003011 (NetIncomeLoss)
  5. 20-F · period ending 2024-06-30 · accession 0001213900-24-092990 (NetCashProvidedByUsedInOperatingActivities)
  6. 20-F · period ending 2025-06-30 · accession 0001213900-26-003011 (NetCashProvidedByUsedInOperatingActivities)
  7. 20-F · period ending 2024-06-30 · accession 0001213900-24-092990 (PaymentsToAcquirePropertyPlantAndEquipment)
  8. 20-F · period ending 2024-06-30 · accession 0001213900-24-092990 (ShortTermBorrowings)
  9. 20-F · period ending 2025-06-30 · accession 0001213900-26-003011 (ShortTermBorrowings)
  10. 20-F · period ending 2024-06-30 · accession 0001213900-24-092990 (CashAndCashEquivalentsAtCarryingValue)
  11. 20-F · period ending 2025-06-30 · accession 0001213900-26-003011 (CashAndCashEquivalentsAtCarryingValue)