Sichuan Baicha Baidao Industrial Co., Ltd. (2555.HK)

Industry: Packaged Foods Sector: Consumer Defensive Currency Used: CN Live Price: $6.42

Enterprise Value

Metric	2024	2023
Stock Price	10.30	11.72
Market Capitalization	14,529.12M	13,607.34M
(-) Cash & Equivalents	3,347.45M	357.99M
(+) Total Debt	100.99M	41.76M
Enterprise Value	11,282.66M	13,291.11M

Income Statement

Metric	TTM	TTM-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31
Revenue	10,461M	—	4,918M	5,704M	4,232M	3,644M
Cost of Revenue	7,082M	—	3,383M	3,741M	2,775M	2,343M
Gross Profit	3,379M	—	1,535M	1,964M	1,456M	1,301M
Gross Profit Margin	32.3%	—	31.2%	34.4%	34.4%	35.7%
R&D Expenses	59M	—	34M	16M	4M	2M
SG&A Expenses	1,634M	—	905M	551M	148M	142M
Operating Expenses	1,693M	—	878M	523M	356M	383M
Operating Income (EBIT)	1,687M	—	657M	1,441M	1,100M	918M
Operating Income Margin	16.1%	—	13.4%	25.3%	26.0%	25.2%
Interest Income	60M	—	44M	7M	2M	1M
Interest Expense	0M	—	4M	4M	5M	3M
Net Interest Income	60M	—	40M	3M	-3M	-1M
Unusual Items	-51M	—	-75M	-78M	54M	5M
EBT Excluding Unusual Items	1,747M	—	697M	1,444M	1,097M	917M
Pre-Tax Income	1,696M	—	622M	1,366M	1,151M	922M
Pre-Tax Margin	16.2%	—	12.6%	23.9%	27.2%	25.3%
Income Tax Expense	328M	—	142M	215M	186M	143M
Net Income	1,349M	—	472M	1,139M	954M	756M
Net Income Margin	12.9%	—	9.6%	20.0%	22.6%	20.7%
Depreciation & Amortization	41M	—	89M	67M	6M	26M
EBITDA	1,728M	—	747M	1,508M	1,106M	944M
EBITDA Margin	16.5%	—	15.2%	26.4%	26.1%	25.9%
NOPAT	1,361M	—	507M	1,214M	922M	776M
NOPAT Margin	13.0%	—	10.3%	21.3%	21.8%	21.3%
Owner's Earnings	1,246M	—	431M	1,103M	855M	710M
Owner's Earnings Margin	11.9%	—	8.8%	19.3%	20.2%	19.5%
EPS (Basic)	1.00	—	0.34	0.98	0.95	0.76
EPS (Diluted)	0.97	—	0.34	0.98	0.95	0.76
Shares (Basic)	1,387M	—	1,404M	1,161M	1,000M	992M
Shares (Diluted)	1,386M	—	1,408M	1,161M	1,000M	992M

Balance Sheet

Metric	MRQ	MRQ-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31
Cash & Cash Equivalents	3,417.54M	3,559.92M	3,559.92M	945.99M	226.03M	128.14M
Short-Term Investments	0.00M	171.47M	171.47M	1,391.56M	772.80M	387.73M
Cash & Short-Term Investments	3,417.54M	3,731.38M	3,731.38M	2,337.55M	998.84M	515.87M
Net Receivables	17.91M	9.27M	9.27M	7.19M	101.19M	158.68M
Inventory	239.11M	237.95M	237.95M	201.17M	192.48M	113.08M
Other Current Assets	103.46M	35.27M	35.27M	26.81M	15.91M	2.74M
Total Current Assets	3,778.02M	4,013.88M	4,013.88M	2,572.72M	1,308.41M	790.37M
Property, Plant & Equipment	342.84M	356.44M	356.44M	346.59M	250.70M	118.53M
Goodwill	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Intangible Assets	99.96M	98.83M	98.83M	51.20M	16.45M	6.90M
Long-Term Investments	564.85M	720.89M	720.89M	-1,389.06M	0.00M	0.00M
Tax Assets	0.00M	0.00M	0.00M	83.37M	66.48M	74.87M
Other Non-Current Assets	203.89M	180.11M	180.11M	1,391.56M	0.00M	0.00M
Other Assets	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Total Non-Current Assets	1,211.54M	1,356.27M	1,356.27M	483.65M	333.63M	200.30M
Total Assets	4,989.56M	5,370.15M	5,370.15M	3,056.37M	1,642.04M	990.67M
Accounts Payable	287.81M	295.02M	295.02M	354.67M	351.15M	116.22M
Short-Term Debt	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Tax Payables	0.00M	0.00M	0.00M	77.86M	31.17M	52.79M
Deferred Revenue	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Current Liabilities	594.98M	927.95M	927.95M	185.48M	160.86M	116.78M
Total Current Liabilities	882.78M	1,222.97M	1,222.97M	618.02M	543.17M	285.79M
Long-Term Debt	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Capital Lease Obligations	85.25M	105.51M	105.51M	83.52M	76.08M	57.74M
Deferred Tax Liabilities	0.00M	0.00M	1.87M	1.29M	0.56M	0.02M
Other Non-Current Liabilities	54.28M	84.30M	0.00M	1,021.00M	0.00M	0.00M
Total Non-Current Liabilities	139.53M	189.80M	107.38M	1,105.82M	76.63M	57.76M
Total Liabilities	1,022.31M	1,412.77M	1,330.35M	1,723.83M	619.81M	343.55M
Preferred Stock	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Common Stock	147.76M	147.76M	147.76M	125.64M	100.00M	100.00M
Retained Earnings	390.03M	494.00M	494.00M	553.77M	435.74M	81.42M
Accumulated OCI	-157.85M	-153.53M	-153.53M	143.67M	114.88M	114.88M
Minority Interest	33.68M	24.51M	24.51M	23.57M	12.00M	4.73M
Total Shareholders’ Equity	379.95M	488.23M	488.23M	823.08M	650.62M	296.30M
Total Equity	413.63M	512.75M	512.75M	846.65M	662.62M	301.03M
Total Liabilities & Equity	1,435.94M	1,925.52M	1,843.09M	2,570.48M	1,282.42M	644.58M
Tangible Assets	4,889.60M	5,271.32M	5,271.32M	3,005.17M	1,625.59M	983.76M
Tangible Equity	313.67M	413.91M	413.91M	795.45M	646.17M	294.12M
Tangible Book Value	313.67M	413.91M	413.91M	795.45M	646.17M	294.12M
Total Investments	564.85M	892.35M	892.35M	2.50M	772.80M	387.73M
Net Debt	-3,417.54M	-3,559.92M	-3,559.92M	-945.99M	-226.03M	-128.14M

Capital Metrics

Metric	MRQ	MRQ-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31
Working Capital	2,722.6M	2,726.5M	2,726.5M	1,575.4M	521.4M	316.1M
Total Capital	3,886.1M	4,014.7M	4,014.7M	906.6M	726.7M	354.0M
Capital Employed	3,934.2M	4,082.8M	4,082.8M	2,059.0M	855.0M	516.4M
Invested Capital	468.6M	454.8M	454.8M	-39.4M	500.7M	225.9M

Cash Flow Statement

Metric	TTM	TTM-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31
Net Income	1,349.15M	—	621.84M	1,365.85M	954.32M	755.82M
Depreciation & Amortization	88.37M	—	89.47M	67.01M	47.88M	25.85M
Deferred Income Tax	0.00M	—	0.00M	0.00M	0.00M	0.00M
Stock-Based Compensation	20.26M	—	12.83M	0.00M	0.00M	114.88M
Change in Working Capital	-336.68M	—	-299.91M	132.74M	-70.79M	-98.66M
Accounts Receivable	-142.79M	—	-156.23M	5.19M	8.04M	-90.51M
Inventory	-14.35M	—	-5.65M	-8.69M	-79.40M	-24.48M
Accounts Payable	0.00M	—	0.00M	0.00M	0.00M	0.00M
Other Working Capital	-179.54M	—	-138.02M	136.24M	0.57M	16.34M
Other Non-Cash Items	165.26M	—	-80.20M	-177.63M	254.53M	472.21M
Net Cash from Operating Activities	1,286.36M	—	344.02M	1,387.97M	1,185.94M	1,270.09M
Capital Expenditures (PPE)	-144.31M	—	-64.66M	-85.03M	-64.25M	-71.93M
Acquisitions (Net)	0.00M	—	-52.00M	-2.00M	0.00M	0.00M
Purchases of Investments	0.00M	—	-5,331.59M	-7,050.88M	-4,925.14M	-1,478.02M
Sales / Maturities of Investments	0.00M	—	5,727.19M	6,204.84M	4,541.41M	1,259.93M
Other Investing Activities	-148.61M	—	7.94M	10.52M	32.47M	-401.13M
Net Cash from Investing Activities	-292.92M	—	286.87M	-922.54M	-415.52M	-691.14M
Net Debt Issuance	0.00M	—	-55.83M	-45.22M	-43.00M	-19.41M
Long-Term Debt Issuance	0.00M	—	-55.83M	-45.22M	-43.00M	-19.41M
Short-Term Debt Issuance	0.00M	—	0.00M	0.00M	0.00M	0.00M
Net Stock Issuance	0.00M	—	2,345.04M	1,024.43M	0.00M	108.07M
Common Stock Issuance	0.00M	—	2,345.04M	1,024.43M	0.00M	108.07M
Common Stock Repurchased	0.00M	—	0.00M	0.00M	0.00M	0.00M
Preferred Stock Issuance	0.00M	—	0.00M	0.00M	0.00M	0.00M
Net Dividends Paid	-1,027.98M	—	-13.20M	-949.50M	-603.17M	-408.36M
Common Dividends Paid	-1,027.98M	—	-13.20M	-949.50M	-603.17M	-408.36M
Preferred Dividends Paid	0.00M	—	0.00M	0.00M	0.00M	0.00M
Other Financing Activities	2,210.83M	—	-62.98M	-5.18M	-26.36M	-259.36M
Net Cash from Financing Activities	1,182.85M	—	2,213.03M	24.54M	-672.52M	-579.05M
Effect of FX on Cash	0.00M	—	0.00M	0.00M	0.00M	0.00M
Net Change in Cash	3,134.98M	—	2,843.93M	489.96M	97.89M	-0.10M
Cash at Beginning of Period	0.00M	—	715.99M	226.03M	128.14M	128.24M
Cash at End of Period	3,134.98M	—	3,559.92M	715.99M	226.03M	128.14M
Operating Cash Flow	1,286.36M	—	344.02M	1,387.97M	1,185.94M	1,270.09M
Capital Expenditure	-144.31M	—	-130.93M	-103.53M	-105.70M	-71.93M
Free Cash Flow	1,142.05M	—	213.09M	1,284.44M	1,080.24M	1,198.17M

Free Cash Flow

Metric	TTM	TTM-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31
EBITDA	1,728.00M	—	685.00M	1,462.92M	1,310.65M	1,183.30M
(-) Tax Adjustment	334.03M	—	156.54M	230.35M	211.83M	183.79M
(-) Change In Working Capital	-336.68M	—	-299.91M	132.74M	-70.79M	-98.66M
(-) Capital Expenditure	-144.31M	—	-130.93M	-103.53M	-105.70M	-71.93M
Unlevered Free Cash Flow	1,586.34M	—	697.44M	996.30M	1,063.92M	1,026.24M
(-) Net Interest Income After Taxes	48.66M	—	30.51M	2.75M	-2.49M	-1.11M
Net Debt Issuance	0.00M	—	-55.83M	-45.22M	-43.00M	-19.41M
Levered Free Cash Flow	1,537.67M	—	611.10M	948.33M	1,023.41M	1,007.95M