Hongchang International Co., Ltd
HCIL · Healthcare · FY2025 filings · No moat ·
Doesn't clear the bar
The five investor questions
2011–2024: revenue 1701657.00 to 2867102.00, increasing; diluted EPS -0.02 to 0.00, increasing. 4 fiscal years were not jointly reported; CAGR uses the full 13-year elapsed span. Latest-filed diluted EPS remains usable for Business Trend, but an integer share-count change lacks enough evidence to confirm a comparable EPS basis; valuation growth therefore stays at 0%.
Median gross margin 48.9% over 7y, variable.
Median ROIC -0.8%, above the 12% hurdle in 0% of years.
Insufficient leverage/coverage inputs to score the balance sheet.
Owner earnings trend unclear, share count n/a.
The balanceSheet component abstained: Insufficient leverage/coverage inputs to score the balance sheet. The other four 20% weights were renormalized over the scored 80%.
Price vs. owner-earnings value range
- Owner earnings (normalized)
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- Value range / share
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- Conservative high estimate / share
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- Recent price
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- Price vs. high estimate
- No price data
Conservative range under moat-index@2.0.0: low end 11.1×, high end capped at 18×; 9% discount rate; high-end growth 0% (capped at 4%) using min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%; maintenance capex uses min(capex, D&A); abstain when D&A is unavailable. This is a disclosed model range, not intrinsic value as fact.
17 years of fundamentals
The business, in plain English
Hongchang International Co., Ltd booked $2.9M of revenue in FY2024 in the Healthcare sector and kept 6.3% of it as gross profit — a thin-margin business by that measure. After every other cost, −16.5% of each revenue dollar reached the bottom line.
Across the filed record, revenue grew from $1.7M (FY2011) to $2.9M (FY2024) — about 4.1% a year compounded over 13 years.
It earned −0.7% on invested capital in FY2024, with a median of −13.0% across 7 filed years. The Returns on Capital filter above scores it 0/100.
The balance sheet carried $6.9M of total debt in FY2025.
The share count rose 943.6% between FY2010 and FY2025 — existing owners have been diluted over the record. Capital Discipline scores it 44/100.
This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.
Gaps in a line mean that item isn’t in HCIL’s filings for that year — the series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.
Moat Score history
Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars
- Methodology upgraded moat-index@1.2.0tomoat-index@2.0.0 — readings across versions aren’t comparedJul 20, 2026
Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.
Track record
How Hongchang International Co., Ltd’s moat rated in each of the years we can reconstruct from its filings — scored only on what was knowable at the time — and what its price and returns did afterward. The score never saw a price; the two are joined only in hindsight, for education, not as a signal.
How to read this: each dot is what the engine would have scored HCIL on that December 31; the line below is its total-return price path (dividends reinvested) in the years since.
Two tracks, one timeline: the score has its own 0–100 scale (top), the price its own 100-based scale (bottom) — never a shared axis. The indexed price path isn't available for this company yet; gaps in the score line are years with no reconstructed rating (see the table for why). The Table view carries every value.
What followed, in the years it rated Wide
In the reconstructed history shown, HCIL did not rate Wide-moat in any year, so there is no wide-moat track record to report. That absence is itself the honest answer — we don’t manufacture a comparison where the rating never earned one.
Healthcare context
#478 of 736 scored Healthcare companies, ranked by Moat Score.
Nearest peers by Moat Score
- #476PTGX PROTAGONIST THERAPEUTICS, INC.35.1 out of 100, No moatNo moat
- #477TCRX TSCAN THERAPEUTICS, INC.35.0 out of 100, No moatNo moat
- #479LAB STANDARD BIOTOOLS INC.34.9 out of 100, No moatNo moat
- #480HSCS HEARTSCIENCES INC.34.9 out of 100, No moatNo moat
Compare HCIL with its nearest peers →All Healthcare companies on the Index →
Common questions about HCIL
- Does Hongchang International Co., Ltd have an economic moat?
- Based on its FY2025 SEC filings, the Moat Index scores Hongchang International Co., Ltd (HCIL) 34.9 out of 100 — below the Shallow-moat bar, so no moat. The five questions behind that score begin at 20% each; if exactly one genuinely lacks data, the other four weights are renormalized and disclosed. revenue and EPS trend 43, pricing power 53, returns on capital 0, balance-sheet safety not measurable from the filings, capital discipline 44.
- How has HCIL's Moat Score changed over time?
- The record logs 8 readings since Jul 17, 2026; the latest reads 34.9 out of 100 (no moat). No tier changes on record yet. (A methodology upgrade on Jul 20, 2026 re-based the score; readings across engine versions aren't compared.) The history is append-only — readings are only ever added, never rewritten.