Changjiu Holdings Limited (6959.HK)

Industry: Software - Application Sector: Technology Currency Used: CN Live Price: $5.80

Enterprise Value

Metric	2024	2023	2022
Stock Price	29.97	6.33	6.00
Market Capitalization	6,043.66M	958.43M	899.89M
(-) Cash & Equivalents	374.87M	106.16M	59.67M
(+) Total Debt	3.67M	38.99M	40.71M
Enterprise Value	5,672.46M	891.26M	880.93M

Income Statement

Metric	TTM	TTM-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31
Revenue	1,706M	—	678M	642M	637M	576M	484M
Cost of Revenue	1,107M	—	380M	359M	382M	360M	297M
Gross Profit	599M	—	298M	283M	255M	216M	187M
Gross Profit Margin	35.1%	—	44.0%	44.0%	40.1%	37.5%	38.6%
R&D Expenses	35M	—	17M	14M	9M	9M	10M
SG&A Expenses	232M	—	112M	150M	84M	18M	11M
Operating Expenses	272M	—	115M	163M	94M	86M	58M
Operating Income (EBIT)	327M	—	183M	120M	161M	130M	129M
Operating Income Margin	19.2%	—	27.0%	18.7%	25.3%	22.5%	26.6%
Interest Income	9M	—	11M	0M	0M	0M	0M
Interest Expense	0M	—	1M	3M	3M	3M	1M
Net Interest Income	9M	—	10M	-2M	-3M	-3M	-1M
Unusual Items	3M	—	0M	0M	-30M	-33M	-18M
EBT Excluding Unusual Items	336M	—	193M	118M	158M	127M	128M
Pre-Tax Income	339M	—	193M	118M	128M	93M	110M
Pre-Tax Margin	19.9%	—	28.5%	18.4%	20.0%	16.2%	22.7%
Income Tax Expense	53M	—	32M	16M	32M	9M	-4M
Net Income	295M	—	161M	102M	96M	84M	114M
Net Income Margin	17.3%	—	23.8%	15.9%	15.0%	14.5%	23.6%
Depreciation & Amortization	2M	—	1M	9M	1M	5M	5M
EBITDA	329M	—	184M	129M	162M	135M	134M
EBITDA Margin	19.3%	—	27.1%	20.1%	25.5%	23.4%	27.7%
NOPAT	276M	—	153M	104M	121M	116M	134M
NOPAT Margin	16.2%	—	22.6%	16.2%	19.0%	20.2%	27.6%
Owner's Earnings	296M	—	158M	107M	96M	87M	118M
Owner's Earnings Margin	17.3%	—	23.4%	16.6%	15.1%	15.2%	24.4%
EPS (Basic)	1.57	—	0.80	0.67	0.64	0.56	0.76
EPS (Diluted)	1.56	—	0.80	0.68	0.64	0.56	0.76
Shares (Basic)	191M	—	203M	152M	150M	150M	150M
Shares (Diluted)	189M	—	202M	150M	150M	150M	150M

Balance Sheet

Metric	MRQ	MRQ-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31
Cash & Cash Equivalents	131.01M	372.27M	372.27M	134.23M	133.99M	1.88M	0.11M
Short-Term Investments	0.57M	27.38M	27.38M	0.57M	-14.65M	0.00M	0.00M
Cash & Short-Term Investments	131.58M	399.65M	399.65M	134.80M	119.34M	1.88M	0.11M
Net Receivables	269.45M	198.58M	198.58M	159.88M	101.31M	59.86M	39.96M
Inventory	239.62M	-0.36M	-0.36M	0.00M	0.00M	0.00M	0.00M
Other Current Assets	32.59M	12.58M	12.58M	13.82M	26.36M	144.95M	148.64M
Total Current Assets	673.23M	610.45M	610.45M	308.50M	247.02M	206.69M	188.71M
Property, Plant & Equipment	13.30M	2.92M	2.92M	9.78M	9.68M	9.40M	5.23M
Goodwill	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Intangible Assets	11.63M	9.64M	9.64M	8.21M	3.41M	4.20M	5.06M
Long-Term Investments	0.00M	-26.67M	-26.67M	0.00M	0.00M	0.00M	0.00M
Tax Assets	0.00M	0.00M	0.40M	0.57M	1.70M	0.40M	5.21M
Other Non-Current Assets	0.49M	27.06M	26.67M	0.00M	0.42M	0.94M	0.94M
Other Assets	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Total Non-Current Assets	25.42M	12.95M	12.95M	18.55M	15.21M	14.94M	16.44M
Total Assets	698.65M	623.40M	623.40M	327.05M	262.22M	221.63M	205.14M
Accounts Payable	46.06M	29.67M	29.67M	29.60M	28.51M	25.47M	25.74M
Short-Term Debt	221.65M	0.00M	0.00M	20.00M	75.00M	50.00M	50.00M
Tax Payables	0.00M	0.00M	0.00M	8.56M	24.90M	4.54M	15.76M
Deferred Revenue	0.00M	0.00M	0.00M	0.00M	66.16M	84.93M	62.43M
Other Current Liabilities	102.63M	78.76M	78.76M	109.67M	46.28M	36.32M	29.44M
Total Current Liabilities	370.33M	108.43M	108.43M	167.83M	240.85M	201.25M	183.37M
Long-Term Debt	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Capital Lease Obligations	10.66M	0.01M	0.01M	7.31M	0.07M	2.89M	0.47M
Deferred Tax Liabilities	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Non-Current Liabilities	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Total Non-Current Liabilities	10.66M	0.01M	0.01M	7.31M	0.07M	2.89M	0.47M
Total Liabilities	380.99M	108.45M	108.45M	175.13M	240.92M	204.14M	183.84M
Preferred Stock	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
Retained Earnings	0.00M	275.82M	275.82M	114.41M	12.09M	-83.79M	-66.86M
Accumulated OCI	440.38M	224.07M	224.07M	31.83M	0.04M	100.00M	100.00M
Minority Interest	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Total Shareholders’ Equity	440.38M	499.89M	499.89M	146.24M	12.13M	16.21M	33.14M
Total Equity	440.38M	499.89M	499.89M	146.24M	12.13M	16.21M	33.14M
Total Liabilities & Equity	821.37M	608.33M	608.33M	321.37M	253.04M	220.35M	216.98M
Tangible Assets	687.02M	613.76M	613.76M	318.84M	258.81M	217.43M	200.08M
Tangible Equity	428.75M	490.25M	490.25M	138.03M	8.71M	12.01M	28.07M
Tangible Book Value	428.75M	490.25M	490.25M	138.03M	8.71M	12.01M	28.07M
Total Investments	0.57M	0.36M	0.36M	0.57M	0.29M	0.00M	0.00M
Net Debt	90.65M	-372.27M	-372.27M	-114.23M	-58.99M	48.12M	49.89M

Capital Metrics

Metric	MRQ	MRQ-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31
Working Capital	417.6M	482.6M	482.6M	123.4M	-1.4M	6.4M	19.7M
Total Capital	671.6M	495.6M	495.6M	183.6M	93.5M	70.9M	83.8M
Capital Employed	443.0M	495.6M	495.6M	142.0M	44.2M	67.4M	71.2M
Invested Capital	540.6M	123.3M	123.3M	49.3M	-40.4M	69.0M	83.6M

Cash Flow Statement

Metric	TTM	TTM-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31
Net Income	295.52M	—	192.94M	102.32M	111.49M	102.72M	109.83M
Depreciation & Amortization	9.14M	—	9.10M	9.01M	6.51M	5.00M	5.24M
Deferred Income Tax	0.00M	—	0.00M	0.00M	0.00M	0.00M	0.00M
Stock-Based Compensation	24.08M	—	8.44M	27.65M	0.00M	0.00M	0.00M
Change in Working Capital	-27.98M	—	-76.29M	-59.32M	-35.17M	6.45M	8.41M
Accounts Receivable	-16.52M	—	-39.07M	-66.16M	-50.77M	-23.87M	3.66M
Inventory	0.00M	—	0.00M	0.00M	0.00M	0.00M	0.00M
Accounts Payable	0.00M	—	0.00M	1.21M	3.53M	-0.33M	2.48M
Other Working Capital	-11.47M	—	-37.22M	5.63M	-2.33M	30.65M	2.28M
Other Non-Cash Items	-98.35M	—	-27.88M	-4.31M	-0.80M	0.56M	0.74M
Net Cash from Operating Activities	202.42M	—	106.31M	75.35M	82.03M	114.73M	124.23M
Capital Expenditures (PPE)	-1.76M	—	-0.85M	-1.06M	-1.19M	-1.34M	-1.08M
Acquisitions (Net)	0.00M	—	0.00M	0.00M	1.17M	0.00M	0.00M
Purchases of Investments	0.00M	—	-27.00M	0.00M	0.00M	0.00M	0.00M
Sales / Maturities of Investments	0.00M	—	0.00M	0.00M	0.00M	0.00M	0.00M
Other Investing Activities	-35.31M	—	-0.55M	4.79M	118.60M	-51.59M	-73.43M
Net Cash from Investing Activities	-37.07M	—	-28.40M	3.74M	118.58M	-52.94M	-74.51M
Net Debt Issuance	0.00M	—	-20.00M	-55.00M	25.00M	-2.50M	50.00M
Long-Term Debt Issuance	0.00M	—	0.00M	0.00M	0.00M	-2.50M	0.00M
Short-Term Debt Issuance	0.00M	—	-20.00M	-55.00M	25.00M	0.00M	50.00M
Net Stock Issuance	0.00M	—	266.58M	4.33M	0.00M	0.00M	0.00M
Common Stock Issuance	0.00M	—	266.58M	4.33M	-117.46M	0.00M	0.00M
Common Stock Repurchased	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
Net Dividends Paid	-79.40M	—	-79.40M	0.00M	0.00M	-26.51M	-115.23M
Common Dividends Paid	-79.40M	—	-79.40M	0.00M	0.00M	-22.00M	-115.23M
Preferred Dividends Paid	0.00M	—	0.00M	0.00M	0.00M	-4.51M	0.00M
Other Financing Activities	211.26M	—	-9.98M	-13.43M	-107.81M	-31.34M	-2.75M
Net Cash from Financing Activities	131.87M	—	157.20M	-64.10M	-82.81M	-60.35M	-67.98M
Effect of FX on Cash	0.42M	—	2.93M	-0.10M	0.00M	0.00M	0.00M
Net Change in Cash	-72.40M	—	238.04M	14.89M	117.81M	1.44M	-18.25M
Cash at Beginning of Period	206.22M	—	134.23M	119.34M	1.88M	0.11M	18.35M
Cash at End of Period	137.47M	—	372.27M	134.23M	133.99M	1.88M	0.11M
Operating Cash Flow	202.42M	—	106.31M	75.35M	91.90M	135.01M	138.67M
Capital Expenditure	-1.76M	—	-4.16M	-4.52M	-1.19M	-1.34M	-1.08M
Free Cash Flow	200.66M	—	102.16M	70.84M	90.71M	133.67M	137.60M

Free Cash Flow

Metric	TTM	TTM-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31
EBITDA	333.60M	—	169.43M	128.67M	163.38M	192.75M	170.30M
(-) Tax Adjustment	52.15M	—	27.69M	16.99M	40.60M	19.49M	0.00M
(-) Change In Working Capital	-27.98M	—	-76.29M	-59.32M	-35.17M	6.45M	8.41M
(-) Capital Expenditure	-1.76M	—	-4.16M	-4.52M	-1.19M	-1.34M	-1.08M
Unlevered Free Cash Flow	307.67M	—	213.87M	166.48M	156.75M	165.47M	160.81M
(-) Net Interest Income After Taxes	7.99M	—	8.73M	-1.96M	-2.46M	-2.75M	-0.96M
Net Debt Issuance	0.00M	—	-20.00M	-55.00M	25.00M	-2.50M	50.00M
Levered Free Cash Flow	299.68M	—	185.14M	113.44M	184.21M	165.72M	211.77M