Also trades as: ZHIXF (OTC) · $vol 0M

HK$0.47 ($0.06)

+0.00 (+0.00%)

HKSE · Basic Materials · Construction Materials · Tech Score Buy · Power 63 · HK$355.3M mcap · 342M float · 0.142% daily turnover

Overview Chart Financials Income Statement Cash Flow Balance Sheet Earnings

Analysis Technicals Weather Peers

Financial Rating

Composite financial health rating (A+ to F) based on discounted cash flow valuation, return on equity, return on assets, debt-to-equity leverage, and relative P/E and P/B multiples.

C-

Sep 30, 2026

DCF

ROE

ROA

D/E

P/E

P/B

The Financial Rating evaluates six fundamental factors — discounted cash flow (DCF) valuation, return on equity (ROE), return on assets (ROA), debt-to-equity leverage (D/E), and relative price-to-earnings (P/E) and price-to-book (P/B) multiples — each scored 1–5. 2187.HK receives an overall rating of C-. Strongest factors: P/B (4/5). Areas of concern: DCF (1/5), ROE (1/5), ROA (1/5), D/E (1/5), P/E (1/5).

Rating Change History

Date	From	To
2026-04-08	None	ADDED
2026-04-07	EXISTED	None

InsiderStreet Scorecard

Proprietary multi-factor scorecard rating companies across seven fundamental dimensions — profitability, balance sheet strength, earnings quality, growth, value, momentum, and safety — each scored 0–100.

★ ★ ★ ★ ★ — Grade D

Profitability

Balance Sheet

Earnings Quality

Growth

Value

—

Momentum

Safety

—

Cash Flow

Risk & Quality Signals

Academic financial models used by institutional investors to assess bankruptcy risk, earnings manipulation, financial strength, and credit quality.

Altman Z-Score

—

Piotroski F-Score

2/9

✗ ✓ ✗ ✓ ✗ ✗ ✗ ✗ ✗

Beneish M-Score

-3.51

Unlikely Manipulator

Ohlson O-Score

-4.61

Bankruptcy prob: 1.0%

Low Risk

Credit Rating

B+

Score: 32.2/100

Trend: Deteriorating

Earnings Quality

—

OCF/NI: -0.08x

Accruals: -11.2%

The Piotroski F-Score (2000) is a 9-point binary checklist — four profitability tests (positive ROA, positive cash flow, improving ROA, cash flow exceeding net income), three leverage tests (declining debt ratio, improving current ratio, no share dilution), and two efficiency tests (improving gross margin, improving asset turnover). Each pass scores 1 point. 2187.HK scores 2/9, suggesting weak financial fundamentals — the company fails the majority of these accounting tests. The Beneish M-Score (1999) is an 8-variable model that detects earnings manipulation by comparing year-over-year changes in receivables, gross margins, asset quality, sales growth, depreciation, SG&A, leverage, and accruals. Scores above −1.78 statistically resemble past manipulators. 2187.HK's score of -3.51 falls below this threshold, suggesting earnings are unlikely to be manipulated. The Ohlson O-Score (1980) is a 9-variable logistic regression that estimates bankruptcy probability using firm size, leverage, working capital, current ratio, profitability (ROA), cash flow coverage, negative equity flag, consecutive losses flag, and earnings trajectory. The raw score is converted to a probability via logistic transformation. 2187.HK's implied 1.0% bankruptcy probability is well within safe territory. Our Credit Rating model scores companies on five weighted components — solvency (30%), earning power (25%), leverage (20%), liquidity (15%), and cash flow quality (10%) — then blends the absolute score with sector and industry peer rankings. For companies with large buyback programs, equity is adjusted by adding back cumulative 5-year repurchases (capped at 80% of FCF generated) to avoid penalizing shareholder-friendly capital allocation. 2187.HK receives an estimated rating of B+ (score: 32.2/100), with a deteriorating trend.

Valuation

Key valuation multiples comparing the stock's market price to its earnings, revenue, book value, and cash flows. Lower multiples may indicate relative undervaluation versus peers.

P/E

-18.77x

PEG

-0.12x

P/S

0.72x

P/B

0.84x

P/FCF

—

P/OCF

—

EV/EBITDA

—

EV/Revenue

—

EV/EBIT

—

EV/FCF

—

Earnings Yield

—

FCF Yield

—

Shareholder Yield

—

Graham Number

—

Equity-based multiples (P/E, P/B, P/FCF) compare the stock price to per-share fundamentals and are affected by capital structure. Enterprise value multiples (EV/EBITDA, EV/Revenue, EV/FCF) strip out debt and cash, making them more useful for cross-company comparisons regardless of how companies are financed. The Graham Number — √(22.5 × EPS × Book Value) — is Benjamin Graham's formula for the maximum price a defensive investor should pay. 2187.HK currently has negative earnings — the P/E ratio is not meaningful.

DuPont Decomposition (5-Factor)

The 5-factor DuPont framework breaks Return on Equity into its component drivers — tax efficiency, interest burden, operating profitability, asset utilization, and financial leverage — to reveal what truly drives shareholder returns.

Tax Burden

1.027

NI / EBT

Interest Burden

2.397

EBT / EBIT

EBIT Margin

-0.065

EBIT / Rev

Asset Turnover

0.648

Rev / Assets

Equity Multiplier

3.186

Assets / Equity

ROE

-33.2%

The 5-factor DuPont identity decomposes ROE as: Tax Burden × Interest Burden × EBIT Margin × Asset Turnover × Equity Multiplier = ROE. This reveals whether returns are driven by operating performance, financial leverage, or tax efficiency — three very different sources of profitability. 2187.HK's ROE of -33.2% is driven by financial leverage (equity multiplier: 3.19x). Note: high leverage means ROE is amplified by debt rather than operational performance. A tax burden ratio of 1.03 indicates minimal tax leakage — the company retains over 90% of pre-tax earnings.

Graham-Dodd Adjusted Valuation

Our adaptation of Graham's growth formula (Fair P/E = 8.5 + 2g) from The Intelligent Investor. The classic version relies on analyst growth projections, which can be unreliable. This adjusted model substitutes the company's realized 3-year EPS CAGR — a backward-looking, verifiable measure of actual earnings power — grounding the valuation in demonstrated performance rather than forecasts.

Two adjustments we make, and why. Growth is capped at 15%. Graham defined g as expected growth over the next seven to ten years, not last year's rate. Across US companies since 1994 the median realized 7-year EPS growth is 5–8% regardless of how fast a company grew beforehand, and of 4,457 company-quarters that grew faster than 200%, none sustained it. Uncapped, the formula assigned fair multiples in the hundreds to companies that had never held that rate — and scored worse than simply reading the P/E. Capped, it carries real information. The verdict has three states, not two. Tested over 377,249 stock-months, this ratio only separates outcomes at its extremes: below 0.25 beat the universe by 1.3 points a year, above 3.0 lagged by 2.7, and everything in between sat inside a one-point band. Rather than call two-thirds of the market "undervalued" on a threshold of 1.0, we say Neutral where the model cannot tell — which is most of the time.

Adj. Growth Rate

0.00%

Fair P/E

8.50x

Intrinsic Value

—

Price/Value

—

Margin of Safety

—

Premium

—

Profitability Trends

Historical profitability ratios tracking how efficiently the company converts revenue into returns for shareholders over time.

Leverage & Solvency Trends

Debt and liquidity metrics showing the company's financial leverage and ability to meet short-term and long-term obligations.

Efficiency & Working Capital Trends

Operating efficiency metrics measuring how quickly the company converts inventory to sales, collects receivables, and manages its cash conversion cycle.

Growth Trends (YoY %)

Year-over-year growth rates for key financial metrics, showing the trajectory of revenue, earnings, and cash flow generation.

Earnings Stability

R-squared of linear regression measuring how predictably revenue, earnings, and margins follow a trend over the trailing 5 years. 1.0 = perfectly predictable; lower values indicate erratic or cyclical behavior.

Monte Carlo Price Simulation

Geometric Brownian Motion with 1,000 antithetic paths over 1 year, seeded from 1330 days of historical volatility. Percentile bands show the range of statistically plausible outcomes — this is a statistical model, not a forecast.

Current Price

$0.47

Median 1Y

$0.25

5th Pctile

$0.05

95th Pctile

$1.24

Ann. Volatility

98.1%

25th–75th percentile 5th–95th percentile Median path Historical

All Ratios & Metrics

Complete fundamental data with up to 20 periods of history, sparkline trends, and current values across 13 categories and 130+ financial metrics.

Profitability

Metric	Q2'21	Q4'21	Q2'22	Q4'22	Q2'23	Q4'23	Q2'24	Q4'24	Q2'25	Q4'25	Q2'26	Current
ROE	2.4%	4.6%	4.7%	4.9%	5.0%	2.5%	2.7%	-15.9%	-25.6%	-34.6%	-33.2%	-33.24%
ROA	1.1%	1.6%	1.7%	1.6%	1.9%	0.9%	1.0%	-5.2%	-7.9%	-10.1%	-10.4%	-10.43%
ROIC	3.5%	5.3%	5.4%	5.5%	4.0%	3.0%	3.6%	-4.3%	-8.0%	-10.2%	-9.2%	-9.21%
ROCE	6.9%	11.0%	11.7%	10.8%	9.5%	8.4%	7.0%	2.4%	-4.8%	-7.6%	-6.5%	-6.54%
Gross Margin	16.9%	11.3%	11.8%	6.5%	14.2%	25.4%	18.6%	10.5%	3.0%	10.5%	15.9%	15.86%
Operating Margin	10.4%	5.6%	2.5%	1.0%	5.3%	1.5%	4.1%	-19.7%	-15.1%	-8.4%	-4.4%	-4.38%
Net Margin	3.2%	2.3%	0.2%	0.2%	4.6%	-0.2%	0.5%	-22.7%	-18.9%	-11.6%	-6.0%	-6.03%
EBITDA Margin	12.9%	7.5%	5.8%	4.0%	14.0%	12.8%	6.1%	-5.5%	-8.9%	2.4%	6.4%	6.44%
FCF Margin	-43.9%	-14.8%	-15.5%	-22.8%	-13.4%	-15.9%	-9.7%	7.9%	5.1%	-3.8%	-31.7%	-31.69%
OCF Margin	-40.4%	-13.2%	-9.2%	-9.9%	2.4%	5.0%	7.6%	16.5%	14.6%	14.1%	1.2%	1.22%
ROE 3Y Avg	snapshot only											-9.33%
ROA 3Y Avg	snapshot only											-2.38%
ROIC 3Y Avg	snapshot only											-2.18%
ROIC Economic	snapshot only											-9.21%
Cash ROA	snapshot only											0.74%
Cash ROIC	snapshot only											1.09%
CROIC	snapshot only											-28.22%
NOPAT Margin	snapshot only											-10.34%
Pretax Margin	snapshot only											-15.68%
R&D / Revenue	snapshot only											0.00%
SGA / Revenue	snapshot only											19.31%
SBC / Revenue	snapshot only											0.00%

Valuation

Metric	Q2'21	Q4'21	Q2'22	Q4'22	Q2'23	Q4'23	Q2'24	Q4'24	Q2'25	Q4'25	Q2'26	Current
P/E Ratio	—	—	—	—	—	—	—	—	—	—	—	-18.767
P/S Ratio	—	—	—	—	—	—	—	—	—	—	—	0.725
P/B Ratio	—	—	—	—	—	—	—	—	—	—	—	0.838
P/FCF	—	—	—	—	—	—	—	—	—	—	—	—
P/OCF	—	—	—	—	—	—	—	—	—	—	—	—
EV/EBITDA	—	—	—	—	—	—	—	—	—	—	—	—
EV/Revenue	—	—	—	—	—	—	—	—	—	—	—	—
EV/EBIT	—	—	—	—	—	—	—	—	—	—	—	—
EV/FCF	—	—	—	—	—	—	—	—	—	—	—	—
Earnings Yield	—	—	—	—	—	—	—	—	—	—	—	—
FCF Yield	—	—	—	—	—	—	—	—	—	—	—	—

Leverage & Solvency

Metric	Q2'21	Q4'21	Q2'22	Q4'22	Q2'23	Q4'23	Q2'24	Q4'24	Q2'25	Q4'25	Q2'26	Current
Current Ratio	1.67	1.12	1.13	1.05	0.99	1.03	1.01	0.88	0.93	0.84	0.81	0.814
Quick Ratio	1.45	1.08	1.03	1.02	0.89	0.98	0.89	0.85	0.86	0.82	0.76	0.763
Debt/Equity	0.50	0.76	0.78	1.00	1.00	0.96	0.98	0.97	1.21	1.57	1.49	1.490
Net Debt/Equity	0.31	0.52	0.71	0.96	0.97	0.90	0.92	0.92	1.16	1.44	1.47	1.465
Debt/Assets	0.24	0.27	0.28	0.32	0.32	0.32	0.35	0.33	0.35	0.39	0.41	0.411
Debt/EBITDA	5.26	4.52	3.73	4.21	4.69	4.38	4.61	5.67	18.99	-61.85	-40.05	-40.046
Net Debt/EBITDA	3.28	3.08	3.40	4.04	4.55	4.12	4.34	5.38	18.24	-56.57	-39.37	-39.371
Interest Coverage	—	—	—	5.27	2.01	1.84	1.52	0.55	-2.38	-3.09	-2.52	-2.519
Equity Multiplier	2.10	2.83	2.82	3.13	3.12	2.98	2.80	3.00	3.44	4.04	3.63	3.625
Cash Ratio	snapshot only											0.018
Debt Service Coverage	snapshot only											-0.653
Cash to Debt	snapshot only											0.017
FCF to Debt	snapshot only											-0.467
Defensive Interval	snapshot only											620.4 days

Efficiency & Turnover

Metric	Q2'21	Q4'21	Q2'22	Q4'22	Q2'23	Q4'23	Q2'24	Q4'24	Q2'25	Q4'25	Q2'26	Current
Asset Turnover	0.35	0.61	0.86	1.01	1.13	0.88	0.86	0.87	0.78	0.76	0.65	0.648
Inventory Turnover	2.96	22.09	14.67	54.83	13.14	31.38	13.35	43.69	13.78	39.66	15.44	15.443
Receivables Turnover	0.65	1.21	1.75	2.02	2.32	1.86	1.93	1.91	1.90	2.02	2.29	2.294
Payables Turnover	1.23	2.01	2.60	3.55	3.88	3.00	2.87	2.80	2.36	2.62	3.14	3.137
DSO	558	303	209	181	158	196	190	191	192	180	159	159.1 days
DIO	123	17	25	7	28	12	27	8	26	9	24	23.6 days
DPO	296	181	141	103	94	122	127	130	155	140	116	116.4 days
Cash Conversion Cycle	385	138	93	85	91	86	90	69	64	50	66	66.4 days
Fixed Asset Turnover	snapshot only											0.977
Operating Cycle	snapshot only											182.7 days
Cash Velocity	snapshot only											87.342
Capital Intensity	snapshot only											1.651

Growth (YoY)

Metric	Q2'21	Q4'21	Q2'22	Q4'22	Q2'23	Q4'23	Q2'24	Q4'24	Q2'25	Q4'25	Q2'26	Current
Revenue	—	—	—	—	3.1%	49.9%	1.2%	-21.9%	-24.3%	-12.5%	-18.4%	-18.43%
Net Income	—	—	—	—	1.2%	-44.5%	-42.8%	-4.0%	-5.5%	-12.8%	-12.9%	-12.90%
EPS	—	—	—	—	90.7%	-44.4%	-42.8%	-4.0%	-5.5%	-12.8%	-11.7%	-11.68%
FCF	—	—	—	—	-24.2%	-61.9%	36.4%	1.3%	1.3%	79.4%	-1.7%	-1.66%
EBITDA	—	—	—	—	1.3%	33.2%	4.8%	-38.4%	-78.3%	-1.1%	-1.2%	-1.16%
Op. Income	—	—	—	—	43.4%	-53.2%	-55.5%	-1.6%	-2.5%	-4.7%	-4.9%	-4.94%
OCF Growth	snapshot only											-86.82%
Asset Growth	snapshot only											14.94%
Equity Growth	snapshot only											-11.33%
Debt Growth	snapshot only											34.77%
Shares Change	snapshot only											11.38%

Growth Quality

Metric	Q2'21	Q4'21	Q2'22	Q4'22	Q2'23	Q4'23	Q2'24	Q4'24	Q2'25	Q4'25	Q2'26	Current
Revenue Stability	—	—	—	—	—	—	—	—	0.44	0.38	0.70	0.700
Earnings Stability	—	—	—	—	—	—	—	—	0.67	0.79	0.79	0.791
Margin Stability	—	—	—	—	—	—	—	—	0.77	0.90	0.79	0.785
Rev. Growth Consistency	0.00	0.00	0.00	0.00	0.50	0.50	0.50	0.00	0.00	0.00	0.00	0.000
Earn. Growth Consistency	0.00	0.00	0.00	0.00	0.50	0.00	0.00	0.00	0.00	0.00	0.00	0.000
FCF Positive Streak	0	0	0	0	0	0	0	0	0	0	0	0
Earnings Persistence	—	—	—	—	—	—	—	—	0.20	0.20	0.20	0.200
Earnings Smoothness	—	—	—	—	0.27	0.43	0.46	—	—	—	—	—
ROE Trend	—	—	—	—	—	—	—	—	-0.34	-0.45	-0.39	-0.390
Gross Margin Trend	—	—	—	—	—	—	—	—	0.02	-0.02	-0.04	-0.042
FCF Margin Trend	—	—	—	—	—	—	—	—	0.34	0.12	-0.19	-0.191
Sustainable Growth Rate	2.4%	4.6%	4.7%	4.9%	5.0%	2.5%	2.7%	—	—	—	—	—
Internal Growth Rate	1.1%	1.7%	1.7%	1.6%	1.9%	0.9%	1.0%	—	—	—	—	—

Cash Flow Quality

Metric	Q2'21	Q4'21	Q2'22	Q4'22	Q2'23	Q4'23	Q2'24	Q4'24	Q2'25	Q4'25	Q2'26	Current
OCF/Net Income	-12.68	-4.94	-4.72	-6.41	1.40	5.03	6.86	-2.78	-1.44	-1.05	-0.08	-0.076
FCF/OCF	1.09	1.12	1.68	2.30	-5.67	-3.20	-1.28	0.48	0.35	-0.27	-25.90	-25.902
FCF/Net Income	snapshot only											1.968
CapEx/Revenue	3.5%	1.6%	6.2%	12.9%	15.7%	20.9%	19.8%	11.1%	12.2%	20.5%	32.9%	32.91%
CapEx/Depreciation	snapshot only											6.794
Accruals Ratio	0.15	0.10	0.10	0.12	-0.01	-0.04	-0.06	-0.20	-0.19	-0.21	-0.11	-0.112
Sloan Accruals	snapshot only											-0.113
Cash Flow Adequacy	snapshot only											0.037

Dividends & Buybacks

Metric	Q2'21	Q4'21	Q2'22	Q4'22	Q2'23	Q4'23	Q2'24	Q4'24	Q2'25	Q4'25	Q2'26	Current
Dividend Yield	—	—	—	—	—	—	—	—	—	—	—	0.00%
Dividend/Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Payout Ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	—	—	—	—	—
FCF Payout Ratio	—	—	—	—	—	—	—	0.0%	0.0%	—	—	—
Total Payout Ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	—	—	—	—	—
Div. Increase Streak	—	—	—	—	—	—	—	—	—	—	—	—
Chowder Number	—	—	—	—	—	—	—	—	—	—	—	—
Buyback Yield	—	—	—	—	—	—	—	—	—	—	—	—
Net Buyback Yield	—	—	—	—	—	—	—	—	—	—	—	—
Total Shareholder Return	—	—	—	—	—	—	—	—	—	—	—	—

DuPont Factors

Metric	Q2'21	Q4'21	Q2'22	Q4'22	Q2'23	Q4'23	Q2'24	Q4'24	Q2'25	Q4'25	Q2'26	Current
Tax Burden (NI/EBT)	0.60	0.61	0.62	0.69	0.74	0.95	1.06	1.08	1.00	1.01	1.03	1.027
Interest Burden (EBT/EBIT)	0.51	0.57	0.51	0.45	0.51	0.22	0.26	-4.68	3.42	2.47	2.40	2.397
EBIT Margin	0.10	0.08	0.06	0.05	0.04	0.05	0.04	0.01	-0.03	-0.05	-0.07	-0.065
Asset Turnover	0.35	0.61	0.86	1.01	1.13	0.88	0.86	0.87	0.78	0.76	0.65	0.648
Equity Multiplier	2.10	2.83	2.82	3.13	2.62	2.91	2.81	3.07	3.25	3.42	3.19	3.186

Per Share

Metric	Q2'21	Q4'21	Q2'22	Q4'22	Q2'23	Q4'23	Q2'24	Q4'24	Q2'25	Q4'25	Q2'26	Current
EPS (Diluted TTM)	$0.02	$0.03	$0.03	$0.03	$0.03	$0.02	$0.02	$-0.09	$-0.13	$-0.18	$-0.17	$-0.17
Book Value/Share	$0.65	$0.59	$0.59	$0.59	$0.61	$0.61	$0.61	$0.51	$0.44	$0.43	$0.48	$0.48
Tangible Book/Share	$0.65	$0.39	$0.54	$0.40	$0.55	$0.55	$0.55	$0.45	$0.39	$0.37	$0.44	$0.44
Revenue/Share	$0.49	$1.02	$1.43	$1.87	$1.75	$1.53	$1.45	$1.46	$1.33	$1.34	$1.06	$0.50
FCF/Share	$-0.21	$-0.15	$-0.22	$-0.43	$-0.23	$-0.24	$-0.14	$0.11	$0.07	$-0.05	$-0.34	$-0.34
OCF/Share	$-0.20	$-0.13	$-0.13	$-0.19	$0.04	$0.08	$0.11	$0.24	$0.19	$0.19	$0.01	$-0.06
Cash/Share	$0.12	$0.14	$0.04	$0.02	$0.02	$0.03	$0.04	$0.03	$0.02	$0.06	$0.01	$0.01
EBITDA/Share	$0.06	$0.10	$0.12	$0.14	$0.13	$0.13	$0.13	$0.09	$0.03	$-0.01	$-0.02	$-0.02
Debt/Share	$0.33	$0.45	$0.46	$0.59	$0.61	$0.58	$0.60	$0.49	$0.53	$0.67	$0.72	$0.72
Net Debt/Share	$0.20	$0.31	$0.42	$0.57	$0.59	$0.55	$0.56	$0.47	$0.51	$0.61	$0.71	$0.71

Academic Models

Metric	Q2'21	Q4'21	Q2'22	Q4'22	Q2'23	Q4'23	Q2'24	Q4'24	Q2'25	Q4'25	Q2'26	Current
Altman Z-Score	—	—	—	—	—	—	—	—	—	—	—	—
Piotroski F-Score	2	2	2	2	5	6	6	4	3	3	2	2
Beneish M-Score	—	—	—	—	-1.34	-2.84	-3.09	-4.38	-2.00	-3.41	-3.51	-3.514
Ohlson O-Score	snapshot only											-4.611
ROIC (Greenblatt)	snapshot only											-7.25%
Net-Net WC	snapshot only											$-0.71
EVA	snapshot only											$-190788124.97

Credit

Metric	Q2'21	Q4'21	Q2'22	Q4'22	Q2'23	Q4'23	Q2'24	Q4'24	Q2'25	Q4'25	Q2'26	Current
Credit Rating	snapshot only											B+
Credit Score	51.95	50.21	52.61	45.63	37.97	36.95	38.14	36.35	28.46	34.29	32.23	32.232
Credit Grade	snapshot only											14
Credit Trend	snapshot only											-5.903
Implied Spread (bps)	snapshot only											650.000
Industry Credit Rank	snapshot only											21
Sector Credit Rank	snapshot only											20

2187.HK HKSE

Financial Rating

InsiderStreet Scorecard

Risk & Quality Signals

Valuation

DuPont Decomposition (5-Factor)

Graham-Dodd Adjusted Valuation

Profitability Trends

Leverage & Solvency Trends

Efficiency & Working Capital Trends

Growth Trends (YoY %)

Earnings Stability

Monte Carlo Price Simulation

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