olivLaw · US equity research
Meiwu Technology Company Limited WNW
Soap, Detergents, Cleang Preparations, Perfumes, Cosmetics · SIC 2840 · Vertical: Soap, Detergents, Cleang Preparations, Perfumes, Cosmetics (SIC 2840)
Meiwu Technology Company Limited is a China-based company that in 2025 operated a single business line, functional skincare products, after its legacy online businesses were stopped. For a company in transition, the key question is whether the new model can sustain revenue and margins, given a large reported net loss for 2025.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Meiwu Technology Company Limited (WNW) stock was 1.97 USD (−0.25% on the day), with market capitalisation 30.8 m USD, beta 0.80, 52-week range 1.95–215.00 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 35.3
- weak (30–45)
- Bollinger (20, 2)
- 1.93 – 2.28
- in the lower half of the band · %B 0.12 · band width 16.9%
- SMA 50 / 200
- 2.30 / 33.01
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.09 / -0.09
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −16.5% | −1.1% | −15.4 pp | — |
| 3 months | −25.1% | −0.5% | −24.6 pp | — |
| 6 months | −47.7% | +4.4% | −52.1 pp | — |
| Year to date | −98.6% | +12.3% | −110.9 pp | — |
| 1 year | −98.7% | +13.5% | −112.3 pp | +13.7% |
| 3 years | −100.0% | +76.4% | −176.4 pp | +15.9% |
| 5 years | −100.0% | +63.7% | −163.7 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1.1 m | 7.7 m | 22.1 m | 12.3 m | 11.0 m | 11.0 m | 158.5 k | 7.1 m |
| Revenue YoY | unavailable | +613.4% | +188.0% | −44.6% | −10.4% | −0.0% | −98.6% | +4,368.0% |
| Net income | -1.1 m | -1.8 m | -2.2 m | -1.1 m | -11.1 m | -16.1 m | 5.1 m | -18.6 m |
| Net income YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | −463.5% |
| Diluted EPS | unavailable | -0.11 | -0.12 | -0.97 | -10.04 | -6.28 | 0.45 | -0.82 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | −282.2% |
| net % | -102.2% | -22.8% | -10.0% | -8.8% | -100.9% | -146.4% | 3,227.2% | -262.5% |
| Free cash flow | -562.9 k | -489.6 k | 4.8 m | -8.8 m | -5.5 m | -508.4 k | unavailable | unavailable |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 17.9 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 49.4 m USD
- Total assets
- 50.7 m USD
- Debt / equity
- unavailable
- Current ratio
- 15.81x
- ROE
- -34.3%
- ROA
- -33.3%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 22.1 m | 12.3 m | 11.0 m | 11.0 m | 158.5 k | 7.1 m | SEC (XBRL)· 17 Apr 2026verified |
| Cost of revenue | 18.0 m | 9.4 m | 9.8 m | 8.4 m | 91.4 k | 6.4 m | SEC (XBRL)· 17 Apr 2026verified |
| Gross profit | 4.2 m | 2.8 m | 1.2 m | 2.6 m | 67.1 k | 714.3 k | SEC (XBRL)· 17 Apr 2026verified |
| Research & development | 528.0 k | 452.6 k | 1.0 m | 107.2 k | 689 | 2.7 m | SEC (XBRL)· 17 Apr 2026verified |
| Operating income | -2.2 m | -1.1 m | -3.7 m | -1.5 m | -2.0 m | -8.8 m | SEC (XBRL)· 17 Apr 2026verified |
| Depreciation & amortisation | 307.6 k | 388.3 k | 88.0 k | 183.1 k | 127.1 k | 2.9 m | SEC (XBRL)· 17 Apr 2026verified |
| EBITDA | -1.9 m ≈ | -713.4 k ≈ | -3.7 m ≈ | -1.3 m ≈ | -1.9 m ≈ | -5.9 m ≈ | SEC (XBRL)· 17 Apr 2026derived |
| Pre-tax income | -2.2 m | -1.1 m | -11.0 m | -16.1 m | 4.7 m | -18.2 m | SEC (XBRL)· 17 Apr 2026verified |
| Income tax | — | — | 211.1 k | 207.2 k | -372.6 k | — | SEC (XBRL)· 14 May 2025verified |
| Net income | -2.2 m | -1.1 m | -11.1 m | -16.1 m | 5.1 m | -18.6 m | SEC (XBRL)· 17 Apr 2026verified |
| Diluted EPS | -0.12 | -0.97 | -10.04 | -6.28 | 0.45 | -0.82 | SEC (XBRL)· 17 Apr 2026verified |
| Weighted average diluted shares | 20.2 m | 738.6 k | 1.3 m | 2.6 m | 11.3 m | 22.1 m | SEC (XBRL)· 17 Apr 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 7.0 m | 26.6 m | 23.7 m | 16.1 m | 43.4 m | 17.9 m | SEC (XBRL)· 17 Apr 2026verified |
| Receivables | 439.9 k | 433.0 k | 4.0 m | 2.9 m | — | 990.9 k | SEC (XBRL)· 17 Apr 2026verified |
| Inventories | 1.5 m | 433.0 k | 344.8 k | 95.1 k | — | 82.8 k | SEC (XBRL)· 17 Apr 2026verified |
| Current assets | 36.4 m | 28.0 m | 29.9 m | 20.4 m | 60.9 m | 20.8 m | SEC (XBRL)· 17 Apr 2026verified |
| Property, plant & equipment, net | 301.0 k | 279.5 k | 183.4 k | 76.5 k | — | — | SEC (XBRL)· 05 Jul 2024verified |
| Goodwill | — | — | 7.7 m | — | — | — | SEC (XBRL)· 18 Oct 2023verified |
| Intangibles (excl. goodwill) | — | — | — | — | — | 29.9 m | SEC (XBRL)· 17 Apr 2026verified |
| Total assets | 37.5 m | 28.3 m | 38.0 m | 20.6 m | 60.9 m | 50.7 m | SEC (XBRL)· 17 Apr 2026verified |
| Accounts payable | 5.7 m | 1.7 m | 5.0 m | 2.5 m | 17.5 k | 866.9 k | SEC (XBRL)· 17 Apr 2026verified |
| Short-term debt | — | 47.1 k | 332.3 k | 418.3 k | — | — | SEC (XBRL)· 05 Jul 2024verified |
| Long-term debt | — | 414.1 k | 218.7 k | — | — | — | SEC (XBRL)· 12 May 2023verified |
| Current liabilities | 13.0 m | 3.8 m | 8.3 m | 7.6 m | 676.2 k | 1.3 m | SEC (XBRL)· 17 Apr 2026verified |
| Total liabilities | 20.6 m | 10.7 m | 17.9 m | 11.6 m | 2.0 m | 1.3 m | SEC (XBRL)· 17 Apr 2026verified |
| Equity | 16.9 m | 17.6 m | 20.1 m | 9.0 m | 59.0 m | 49.4 m | SEC (XBRL)· 17 Apr 2026verified |
| Shares outstanding at year end | 25.0 m | 33.0 m | 60.9 m | 2.9 m | 63.4 m | 15.6 m | SEC (XBRL)· 17 Apr 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 4.9 m | -8.7 m | -5.5 m | -502.8 k | -13.6 m | 9.0 m | SEC (XBRL)· 17 Apr 2026verified |
| Capex | 27.7 k | 81.2 k | 25.9 k | 5.5 k | — | — | SEC (XBRL)· 05 Jul 2024verified |
| Free cash flow | 4.8 m ≈ | -8.8 m ≈ | -5.5 m ≈ | -508.4 k ≈ | — | — | SEC (XBRL)· 17 Apr 2026derived |
| Investing cash flow | -26.5 m | 26.4 m | -25.9 k | -6.9 m | -943.4 k | -41.0 m | SEC (XBRL)· 17 Apr 2026verified |
| Financing cash flow | 27.7 m | 1.1 m | 2.9 m | 276.8 k | 45.5 m | 6.4 m | SEC (XBRL)· 17 Apr 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 3 of at least 6
- score weight coverage: 18.8% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 30.8 m USD
Key indicators
Coverage and freshness
Score by group
19% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · the input exists, but its latest figure is far older than the latest reported period: not used
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 3 of at least 6; score weight coverage: 18.8% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -262.5% | 17 (vs peers) | 33% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | -13.6% | 0 (on a fixed band) | 44% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 15.8x | 100 (on a fixed band) | 22% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial100/100 · 1/3 factors with a value
- Growth· partial0/100 · 1/2 factors with a value
- Quality· partial17/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Meiwu Technology Company Limited (WNW). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 7.1 m USD in 2025; YoY growth 4,368.0%; net margin -262.5%; ROE -34.2%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 3 of at least 6; score weight coverage: 18.8% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 15.8x
What contradicts it
- Net margin: -262.5%
- Revenue CAGR 3Y: -13.6%
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Soap, Detergents, Cleang Preparations, Perfumes, Cosmetics (SIC 2840) · same industry (4-digit SIC) · compared with 6 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| PGPROCTER & GAMBLE Co | 387.8 bn | 25.2 | 29.4% | 18.2% | +3.3% | +13% / +9% |
| ECLEcolab Inc. | 88.4 bn | 42.9 | 20.7% | 12.0% | +2.2% | +14% / +64% |
| CHDChurch & Dwight Co., Inc. | 26.4 bn | 34.5 | 17.8% | 12.4% | +1.6% | +32% / +16% |
| SCLStepan Company | 1.6 bn | 374.7 | 0.4% | 0.2% | +7.0% | +56% / −14% |
| BYAHPark Ha Biological Technology Co., Ltd. | 56.5 m | — | -885.8% | -965.0% | +6.0% | −98% / unavailable |
| WNWMeiwu Technology Company Limited | 30.8 m | — | -34.2% | -262.5% | +4,368.0% | −99% / −100% |
| ULUnilever PLC | — | — | 53.3% | 18.7% | −3.8% | −2% / +25% |
1- and 3-year price returns: for WNW from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 17 Apr 2026; since then the company filed 6-K (04 Nov 2026), 6-K (23 Sept 2026), 6-K (15 Sept 2026), 6-K (26 Aug 2026), 6-K (11 Aug 2026), 6-K (29 Jul 2026).
In brief
Meiwu Technology Company Limited is a China-based company that in 2025 operated a single business line, functional skincare products, after its legacy online businesses were stopped. For a company in transition, the key question is whether the new model can sustain revenue and margins, given a large reported net loss for 2025.
SWOT
Strengths
- Revenue grew rapidly after the shift to functional skincare, showing the ability to build a new business line.
- The company attracted funding through primary offerings and private placements, giving it a capital base for development.
- The training services line carries very high gross margins, which can partly offset the main segment's low margins.
Weaknesses
- The operating history is relatively short, which makes it difficult to estimate future performance from past data.
- The gross margin of the main segment is low, and the net loss reported for 2025 is significant.
- The company relies on formulas supplied by third parties that it does not own, which limits control over its products.
Opportunities
- If the functional skincare brand gains popularity, the company could expand sales and improve margins.
- Expansion into physical stores offering beauty experiences could open new sales channels.
- Growing operating scale could reduce the pressure of general expenses, if volumes increase.
Threats
- Intense competition in the beauty industry could lead to lost market share and price pressure.
- Uncertainties in China's regulatory environment could limit access to capital and business growth.
- Rapid changes in consumer preferences could make existing products less attractive.
Risks
- Significant net losshigh
The net loss attributable to shareholders for 2025 is large relative to revenue, and the company has not yet demonstrated sustainable profitability in its new business.
- Asset impairmenthigh
The asset impairment losses recorded in 2025 indicate that some earlier investments did not reach their expected value, which could affect future results.
- Dependence on external formulasmedium
The company does not own its product formulas, which could expose the business if agreements with third parties are not enforced or if competitors gain access to the same formulas.
- Regulatory risk in Chinamedium
Uncertainties about the interpretation of Chinese law and requirements for overseas offerings could limit the company's ability to raise capital.
- Dependence on subsidiary distributionsmedium
The company relies on distributions from its Chinese subsidiaries to fund its cash needs, and any restriction could affect operations.
Investment thesis
What would need to be true (bull case)
- If the functional skincare segment sustains its growth and margins improve with scale, the company could turn the transition into a viable business model.
- Access to funding through public offerings and private placements could support the investment needed to expand the brand.
- The high-margin training services line could add stability to results, if it keeps its share of total revenue.
What would break the thesis
- If segment margins stay low, losses could continue and require new financing that dilutes existing shareholders.
- Intense competition and pricing pressure could limit the company's ability to grow its market share.
- Uncertainties in China's regulatory environment could affect access to capital and growth plans.
What to watch
- Trend in the gross margin of the functional skincare segmentQ1 2027
- Level of sales, marketing and R&D expenses relative to revenue2027
- Any new asset impairments and the trend in net lossnext 10-K
- New capital raises or dilution for shareholders2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 17 Apr 2026; since then the company filed 6-K (04 Nov 2026), 6-K (23 Sept 2026), 6-K (15 Sept 2026), 6-K (26 Aug 2026), 6-K (11 Aug 2026), 6-K (29 Jul 2026).
The business
According to its Form 20-F for the year ended December 31, 2025, Meiwu Technology is a British Virgin Islands company that conducts its business in China through subsidiaries, including Xiamen Chunshang. The company is listed on the Nasdaq Capital Market under the symbol WNW and currently operates as a holding company with no business operations of its own. Net revenue rose from «US$0.2 million» to «US$7.1 million», yet the net loss attributable to owners was «(18,590,749)» dollars.
The company stopped its legacy online and mobile commerce lines, after the SMS business operated by Code Beating was discontinued. The report also describes recent financing transactions, including a 2024 primary public offering and a 2025 private placement, which shows reliance on investor capital to develop the newly built business.
The company describes a structure in which operations in China are controlled through contractual arrangements and subsidiaries, while the parent company has no material operations of its own. The company's financial position therefore depends on the performance of its Chinese subsidiaries and their ability to distribute funds.
Segments
Functional skincare products
The main business line in 2025, operated by Chunshang Xiamen, which generated practically all revenue. The reported average selling price is «$ 1.09» per unit, and the gross margin of this segment remains low, which indicates that entry prices were set low.
Training services
A secondary business line that brought in small revenue but at a very high gross margin. Its share of total revenue is only a few percent, and for this part the report gives revenue rather than sales volumes.
Market context
The market in which the company operates is that of beauty and care products with functional components in China, a sector the report describes as highly competitive, with pressure from domestic players and large multinational companies. The report does not provide total market size, but stresses that success depends on product popularity and on responding quickly to shifts in consumer preferences.
The business environment in China is described in the report as carrying uncertainties in the interpretation and enforcement of laws, and compliance requirements for overseas securities offerings may limit investor access. These factors could affect both growth in the local market and the company's financing options.
Trends
- Shift to functional skincaremixed
The company moved its activity from online food sales to functional skincare products, a change that drove rapid revenue growth but also cost and margin pressure. If the transition succeeds, it could support sustainable growth.
- Rising marketing and R&D spendingheadwind
Sales and marketing costs, as well as research and development expenses, rose considerably with the launch of the new business line, which could limit operating improvement in the coming period.
- Demand for personal care productstailwind
Consumer interest in beauty products with functional benefits could support sales over the medium term, especially if the company manages to strengthen its brand.
- Regulation and legal environment in Chinaheadwind
Uncertainties about rule interpretation and requirements for overseas offerings could create additional compliance costs and limit capital options, which could affect expansion plans.
Competitive position
The report describes competition in the beauty industry as intense, both from domestic companies and large international groups. The company states that if it cannot compete effectively it could lose market share.
Reliance on formulas supplied by third parties is itself a competitive factor, because competitors working with the same suppliers could launch similar products at lower prices.
- Large multinational beauty groups
The report mentions competition with large international players in China without naming specific companies.
- Local skincare companies in China
Domestic competitors active in the same market, not explicitly identified in the report.
- Competitors using the same formula providers
Companies that could access the same third-party formulas and offer similar products at lower prices.
- New entrants in functional products
New market entrants that could reduce the company's market share, given the dynamic nature of the industry.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report (foreign issuer)04 Nov 2026
- Current report (foreign issuer)23 Sept 2026
- Current report (foreign issuer)15 Sept 2026
- Current report (foreign issuer)26 Aug 2026
- Current report (foreign issuer)11 Aug 2026
- Current report (foreign issuer)29 Jul 2026
- Current report (foreign issuer)09 Jul 2026
- Current report (foreign issuer)08 May 2026
- Annual report (foreign issuer)17 Apr 2026
- Current report (foreign issuer)19 Mar 2026
Sources
- [1] Form 20-F, fiscal year ended 2025-12-31 · SEC / Meiwu Technology Company Limited · 17 Apr 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.