Chanson International Holding
CHSN · Food and Kindred Products · EDGAR filings ↗
Grade
D51Small China/US bakery chain with a high gross margin but negative operating margin and sharply falling comparable sales.
Strengths
- High gross margin (45%, 90th pct) and 100th-pct operating cash margin; low leverage (D/E 0.08)
- Positive (if thin) net income and FCF
Risks
- Negative operating margin (-10%, 39th pct), near-zero ROE (0.3%), net income -75% (17th pct)
- Comp-store sales down 17% (China) / 29% (US); sub-1.0 current ratio and China micro-cap/VIE risk
Notable findings
- Weak liquidityCurrent ratio 0.81 (<1)
- Customer concentration~83% of revenue from one customer/distributor — 5%, and 82
Key metrics
Gross margin
45.0%
Operating margin
-10.3%
Net margin
1.0%
Return on equity
0.3%
Return on assets
0.2%
ROIC
-2.4%
Revenue growth (QoQ)
0.2%
Net-income growth
-75.2%
Debt / equity
0.1×
Current ratio
0.8×
Free cash flow
$469K
EBITDA
-$997K
Tangible book value
$56M
Cash & investments
$62M
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 20-F | 2026-04-20 | 2025-12-31 | 0001213900-26-045625 ↗ |
| 20-F | 2025-04-04 | 2024-12-31 | 0001213900-25-028989 ↗ |
| 20-F | 2024-04-30 | 2023-12-31 | 0001213900-24-037819 ↗ |
| 20-F | 2023-05-01 | 2022-12-31 | 0001213900-23-034610 ↗ |