Cheerwin Group Limited (6601.HK)

Industry: Household & Personal Products Sector: Consumer Defensive Currency Used: CN Live Price: $2.44

Enterprise Value

Metric	2024	2023	2022	2021	2020	2019
Stock Price	1.59	1.42	1.83	4.68	7.00	7.07
Market Capitalization	2,119.08M	1,881.37M	2,437.15M	5,810.29M	8,087.02M	9,427.67M
(-) Cash & Equivalents	1,052.23M	1,216.65M	892.41M	1,814.89M	186.87M	255.52M
(+) Total Debt	41.74M	21.98M	18.15M	15.38M	153.44M	5.05M
Enterprise Value	1,108.60M	686.69M	1,562.88M	4,010.78M	8,053.60M	9,177.20M

Income Statement

Metric	TTM	TTM-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31
Revenue	3,642M	3,077M	1,820M	1,616M	1,442M	1,769M	1,702M	1,383M	1,350M	1,346M
Cost of Revenue	1,837M	1,778M	926M	897M	842M	982M	960M	784M	848M	862M
Gross Profit	1,805M	1,299M	894M	718M	600M	787M	743M	600M	502M	484M
Gross Profit Margin	49.6%	42.2%	49.1%	44.5%	41.6%	44.5%	43.6%	43.4%	37.2%	35.9%
R&D Expenses	61M	46M	30M	0M	32M	0M	0M	0M	0M	0M
SG&A Expenses	1,491M	1,253M	502M	541M	541M	715M	467M	376M	275M	245M
Operating Expenses	1,538M	1,199M	706M	585M	632M	705M	458M	374M	275M	257M
Operating Income (EBIT)	267M	100M	188M	133M	-32M	82M	284M	226M	227M	227M
Operating Income Margin	7.3%	3.3%	10.3%	8.2%	-2.2%	4.7%	16.7%	16.3%	16.8%	16.8%
Interest Income	134M	150M	94M	91M	48M	20M	5M	1M	12M	9M
Interest Expense	0M	5M	2M	1M	1M	2M	3M	0M	0M	0M
Net Interest Income	134M	146M	93M	90M	47M	18M	2M	1M	12M	8M
Unusual Items	117M	-17M	-38M	-6M	71M	20M	7M	6M	3M	-6M
EBT Excluding Unusual Items	401M	246M	281M	224M	15M	100M	286M	227M	238M	235M
Pre-Tax Income	517M	229M	243M	217M	86M	120M	293M	232M	242M	229M
Pre-Tax Margin	14.2%	7.4%	13.3%	13.4%	6.0%	6.8%	17.2%	16.8%	17.9%	17.0%
Income Tax Expense	114M	56M	47M	44M	21M	30M	60M	48M	65M	58M
Net Income	415M	175M	203M	175M	66M	92M	224M	185M	177M	170M
Net Income Margin	11.4%	5.7%	11.2%	10.8%	4.6%	5.2%	13.1%	13.4%	13.1%	12.6%
Depreciation & Amortization	50M	51M	26M	36M	32M	25M	12M	12M	8M	5M
EBITDA	317M	151M	214M	169M	0M	107M	296M	238M	235M	232M
EBITDA Margin	8.7%	4.9%	11.8%	10.5%	0.0%	6.1%	17.4%	17.2%	17.4%	17.2%
NOPAT	208M	76M	151M	106M	-24M	62M	226M	179M	166M	169M
NOPAT Margin	5.7%	2.5%	8.3%	6.6%	-1.7%	3.5%	13.3%	13.0%	12.3%	12.5%
Owner's Earnings	444M	180M	215M	196M	86M	68M	200M	167M	154M	148M
Owner's Earnings Margin	12.2%	5.9%	11.8%	12.1%	6.0%	3.8%	11.7%	12.1%	11.4%	11.0%
EPS (Basic)	0.31	0.13	0.15	0.13	0.05	0.07	0.17	0.14	0.13	0.13
EPS (Diluted)	0.31	0.13	0.15	0.13	0.05	0.07	0.17	0.14	0.13	0.13
Shares (Basic)	1,333M	1,334M	1,333M	1,333M	1,333M	1,270M	1,333M	1,333M	1,333M	1,333M
Shares (Diluted)	1,333M	1,334M	1,333M	1,333M	1,333M	1,270M	1,333M	1,333M	1,333M	1,333M

Balance Sheet

Metric	MRQ	MRQ-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31
Cash & Cash Equivalents	935.69M	891.43M	891.43M	890.97M	903.50M	1,952.83M	884.77M	511.04M	209.90M	114.92M
Short-Term Investments	1,702.12M	1,983.23M	1,983.23M	1,881.79M	1,813.90M	715.33M	0.00M	0.00M	25.00M	0.00M
Cash & Short-Term Investments	2,637.81M	2,874.66M	2,874.66M	2,772.76M	2,717.40M	2,668.16M	884.77M	511.04M	234.90M	114.92M
Net Receivables	134.27M	46.49M	46.49M	32.30M	36.69M	18.95M	64.22M	66.75M	23.27M	55.16M
Inventory	167.25M	328.49M	328.49M	268.03M	319.18M	340.44M	359.79M	373.27M	484.82M	378.66M
Other Current Assets	34.24M	64.42M	64.42M	53.32M	66.95M	60.07M	73.32M	68.24M	107.75M	524.81M
Total Current Assets	2,973.56M	3,314.06M	3,314.06M	3,126.41M	3,140.21M	3,087.62M	1,382.10M	1,019.30M	850.73M	1,073.54M
Property, Plant & Equipment	197.29M	200.85M	200.85M	190.85M	187.57M	197.93M	172.84M	159.19M	127.30M	104.90M
Goodwill	0.00M	0.00M	0.00M	6.28M	3.93M	0.00M	0.00M	0.00M	0.00M	0.00M
Intangible Assets	0.00M	0.00M	0.00M	9.70M	11.65M	0.00M	0.00M	0.00M	0.00M	0.00M
Long-Term Investments	423.64M	218.37M	218.37M	410.09M	-1,667.87M	-648.43M	0.00M	0.00M	0.00M	0.00M
Tax Assets	0.00M	0.00M	0.00M	76.99M	68.06M	54.13M	37.31M	29.03M	19.83M	24.15M
Other Non-Current Assets	64.04M	60.81M	60.81M	0.17M	1,814.51M	715.33M	0.00M	3.03M	3.02M	3.01M
Other Assets	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Total Non-Current Assets	684.97M	480.03M	480.03M	694.09M	417.85M	318.97M	210.16M	191.25M	150.14M	132.05M
Total Assets	3,658.53M	3,794.08M	3,794.08M	3,820.49M	3,558.06M	3,406.59M	1,592.26M	1,210.54M	1,000.88M	1,205.59M
Accounts Payable	192.76M	189.91M	189.91M	170.20M	243.79M	292.90M	321.54M	283.02M	402.31M	493.88M
Short-Term Debt	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	300.00M	0.00M	0.00M	0.00M
Tax Payables	0.00M	0.00M	0.00M	22.59M	9.88M	18.70M	49.22M	5.79M	21.87M	31.98M
Deferred Revenue	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	21.87M	31.98M
Other Current Liabilities	161.28M	288.88M	288.88M	328.48M	254.41M	186.02M	568.31M	799.91M	415.28M	278.42M
Total Current Liabilities	354.04M	478.79M	478.79M	521.26M	508.08M	497.61M	1,239.07M	1,088.72M	861.34M	836.27M
Long-Term Debt	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Capital Lease Obligations	50.57M	49.48M	49.48M	28.02M	16.61M	14.91M	6.88M	10.11M	4.41M	7.46M
Deferred Tax Liabilities	0.00M	0.00M	0.00M	11.41M	8.27M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Non-Current Liabilities	0.00M	0.00M	0.00M	2.71M	8.27M	0.00M	0.00M	0.00M	0.00M	0.00M
Total Non-Current Liabilities	50.57M	49.48M	49.48M	42.14M	33.15M	14.91M	6.88M	10.11M	4.41M	7.46M
Total Liabilities	404.61M	528.27M	528.27M	563.40M	541.24M	512.52M	1,245.95M	1,098.83M	865.75M	843.73M
Preferred Stock	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Common Stock	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	28.50M	80.60M	50.60M
Retained Earnings	0.00M	355.12M	355.12M	308.81M	222.83M	270.47M	237.04M	13.26M	44.77M	291.99M
Accumulated OCI	3,056.68M	170.45M	170.45M	153.24M	129.13M	-2.02M	9.09M	-28.53M	0.40M	0.40M
Minority Interest	-4.10M	-1.65M	-1.65M	10.11M	7.30M	1.50M	2.85M	0.70M	0.00M	0.00M
Total Shareholders’ Equity	3,056.68M	525.57M	525.57M	462.05M	351.96M	268.45M	246.13M	13.23M	125.77M	342.99M
Total Equity	3,052.58M	523.92M	523.92M	472.16M	359.26M	269.95M	248.98M	13.93M	125.77M	342.99M
Total Liabilities & Equity	3,457.18M	1,052.20M	1,052.20M	1,035.56M	900.50M	782.47M	1,494.93M	1,112.76M	991.52M	1,186.71M
Tangible Assets	3,658.53M	3,794.08M	3,794.08M	3,804.51M	3,542.49M	3,406.59M	1,592.26M	1,210.54M	1,000.88M	1,205.59M
Tangible Equity	3,052.58M	523.92M	523.92M	456.18M	343.69M	269.95M	248.98M	13.93M	125.77M	342.99M
Tangible Book Value	3,052.58M	523.92M	523.92M	456.18M	343.69M	269.95M	248.98M	13.93M	125.77M	342.99M
Total Investments	2,125.76M	2,201.60M	2,201.60M	2,291.88M	146.03M	66.90M	0.00M	0.00M	25.00M	0.00M
Net Debt	-935.69M	-891.43M	-891.43M	-890.97M	-903.50M	-1,952.83M	-584.77M	-511.04M	-209.90M	-114.92M

Capital Metrics

Metric	MRQ	MRQ-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31
Working Capital	2,396.8M	2,539.7M	2,539.7M	2,274.3M	2,420.6M	2,425.7M	45.5M	-170.4M	-21.5M	216.6M
Total Capital	3,107.3M	3,040.4M	3,040.4M	2,955.4M	2,829.1M	2,748.7M	554.6M	23.3M	130.2M	350.4M
Capital Employed	3,081.7M	3,019.7M	3,019.7M	2,968.4M	2,838.5M	2,744.7M	255.6M	20.8M	128.6M	348.6M
Invested Capital	2,171.6M	2,148.9M	2,148.9M	2,064.4M	1,925.6M	795.8M	-330.2M	-487.7M	-79.7M	235.5M

Cash Flow Statement

Metric	TTM	TTM-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31
Net Income	415.46M	174.67M	242.52M	217.27M	85.05M	120.29M	251.46M	232.22M	241.56M	228.63M
Depreciation & Amortization	40.02M	66.30M	39.16M	35.97M	32.10M	30.55M	12.55M	12.23M	8.46M	5.17M
Deferred Income Tax	0.00M	61.51M	0.00M	0.00M	0.00M	-100.30M	0.00M	0.00M	0.00M	0.00M
Stock-Based Compensation	1.36M	15.86M	2.06M	5.48M	4.34M	7.10M	0.00M	0.00M	0.00M	0.00M
Change in Working Capital	-65.05M	87.75M	-141.49M	169.28M	47.31M	-234.50M	97.06M	298.07M	-270.68M	415.14M
Accounts Receivable	24.72M	-14.59M	-8.89M	14.00M	-26.53M	31.48M	-10.17M	-30.29M	-27.99M	57.17M
Inventory	-168.27M	35.98M	-49.62M	50.69M	20.65M	18.98M	-7.03M	109.75M	-107.96M	-65.77M
Accounts Payable	0.00M	-57.45M	0.00M	0.00M	26.53M	-31.48M	91.48M	30.29M	0.00M	0.00M
Other Working Capital	78.51M	66.36M	-82.98M	104.59M	26.66M	-253.49M	22.79M	188.32M	-162.72M	480.92M
Other Non-Cash Items	18.43M	-220.21M	-132.90M	-101.08M	-102.05M	-15.04M	77.26M	-69.89M	-93.00M	-73.59M
Net Cash from Operating Activities	410.22M	124.36M	9.35M	326.92M	66.76M	-191.90M	438.33M	472.62M	-113.65M	575.35M
Capital Expenditures (PPE)	-21.22M	-44.89M	-14.65M	-15.31M	-11.80M	-49.45M	-35.84M	-30.14M	-31.31M	-27.32M
Acquisitions (Net)	-2.25M	-9.43M	-0.57M	-8.78M	-4.40M	0.00M	-110.22M	61.20M	456.02M	0.00M
Purchases of Investments	0.00M	-1,043.26M	-3,328.39M	-2,763.41M	-8,098.00M	-1,862.90M	-1,425.49M	-1,761.00M	-591.00M	0.00M
Sales / Maturities of Investments	0.00M	1,307.11M	3,076.58M	2,691.19M	6,794.85M	1,692.79M	1,428.89M	1,789.73M	567.78M	0.00M
Other Investing Activities	-461.08M	-209.75M	76.79M	52.39M	29.93M	19.64M	0.00M	-0.01M	-0.01M	-467.77M
Net Cash from Investing Activities	-484.54M	-264.07M	-190.25M	-43.93M	-1,289.42M	-199.92M	-142.67M	59.79M	401.48M	-495.09M
Net Debt Issuance	0.00M	0.00M	-15.88M	-8.63M	-7.07M	-5.01M	337.11M	-2.39M	0.00M	0.00M
Long-Term Debt Issuance	0.00M	0.00M	-15.88M	-8.63M	-7.07M	-5.01M	0.00M	-2.39M	0.00M	0.00M
Short-Term Debt Issuance	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	337.11M	0.00M	0.00M	0.00M
Net Stock Issuance	0.00M	0.00M	0.00M	0.00M	0.00M	2,463.76M	-5.87M	0.00M	30.00M	0.00M
Common Stock Issuance	0.00M	0.00M	0.00M	0.00M	0.00M	2,463.76M	-5.87M	0.00M	30.00M	0.00M
Common Stock Repurchased	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Preferred Stock Issuance	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Net Dividends Paid	-241.07M	-96.13M	-157.07M	-84.00M	-96.13M	-58.67M	-248.69M	-220.95M	-218.91M	0.00M
Common Dividends Paid	-241.07M	-96.13M	-157.07M	-84.00M	-96.13M	-58.67M	-248.69M	-220.95M	-218.91M	0.00M
Preferred Dividends Paid	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Financing Activities	-33.04M	-19.76M	-12.68M	-1.00M	-2.34M	-316.65M	41.87M	-7.93M	-3.94M	-1.63M
Net Cash from Financing Activities	-274.11M	-115.90M	-185.63M	-93.63M	-105.54M	2,083.44M	124.42M	-231.27M	-192.85M	-1.63M
Effect of FX on Cash	-13.53M	120.69M	9.25M	13.09M	105.81M	-18.23M	57.29M	0.00M	0.00M	0.00M
Net Change in Cash	-164.65M	478.80M	-357.28M	202.44M	-1,222.39M	1,673.39M	373.73M	301.14M	94.98M	78.63M
Cash at Beginning of Period	-164.65M	1,895.80M	1,543.42M	1,340.98M	2,558.16M	884.77M	511.04M	209.90M	114.92M	36.29M
Cash at End of Period	-164.65M	2,374.61M	1,186.15M	1,543.42M	1,335.77M	2,558.16M	884.77M	511.04M	209.90M	114.92M
Operating Cash Flow	410.22M	124.36M	9.35M	326.92M	66.76M	-191.90M	438.33M	472.62M	-113.65M	575.35M
Capital Expenditure	-21.22M	-44.89M	-14.65M	-15.31M	-11.80M	-49.45M	-35.84M	-30.14M	-31.31M	-27.32M
Free Cash Flow	389.00M	79.48M	-5.30M	311.60M	54.96M	-241.35M	402.49M	442.49M	-144.97M	548.03M

Free Cash Flow

Metric	TTM	TTM-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31
EBITDA	303.08M	49.59M	388.03M	212.88M	58.57M	96.87M	287.40M	236.23M	235.69M	244.04M
(-) Tax Adjustment	66.74M	12.15M	75.63M	43.55M	14.20M	23.77M	59.20M	48.68M	62.96M	62.40M
(-) Change In Working Capital	-65.05M	87.75M	-141.49M	169.28M	47.31M	-234.50M	97.06M	298.07M	-270.68M	415.14M
(-) Capital Expenditure	-21.22M	-44.89M	-14.65M	-15.31M	-11.80M	-49.45M	-35.84M	-30.14M	-31.31M	-27.32M
Unlevered Free Cash Flow	280.17M	-95.20M	439.23M	-15.26M	-14.75M	258.15M	95.29M	-140.66M	412.10M	-260.82M
(-) Net Interest Income After Taxes	104.45M	109.85M	74.53M	71.87M	35.76M	13.58M	1.61M	0.71M	8.61M	6.27M
Net Debt Issuance	0.00M	0.00M	-15.88M	-8.63M	-7.07M	-5.01M	337.11M	-2.39M	0.00M	0.00M
Levered Free Cash Flow	175.73M	-205.04M	348.82M	-95.76M	-57.57M	239.56M	430.79M	-143.76M	403.49M	-267.10M