Cogobuy Group (0400) AI Stock Analysis

• Market Cap: HK$6.40B
• Dividend Yield: N/A
• Average Volume (3M): 6.09M
• Price to Earnings (P/E): 26.5
• Beta (1Y): 0.68
• Revenue Growth: 33.59%
• EPS Growth: -15.98%
• Country: HK
• Employees: 562
• Sector: Technology
• Sector Strength: 88
• Industry: Technology Distributors
• EPS (TTM): 0.10
• Shares Outstanding: 1,644,262,700
• 10 Day Avg. Volume: 6,284,405
• 30 Day Avg. Volume: 6,093,818
• PEG Ratio: -1.23
• Price to Book (P/B): 0.40
• Price to Sales (P/S): 0.15
• P/FCF Ratio: 15.42
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 60 Neutral
• Price Target: HK$4.00 ▲(32.89% Upside)

The score is held back primarily by weak cash generation (zero operating and free cash flow) and declining margins despite solid revenue growth. Technicals show an established uptrend but are heavily overbought, adding near-term risk. Valuation is relatively high (P/E ~25.3) given thin profitability and no stated dividend yield.

Positive Factors

Platform and network effects

Cogobuy’s e-commerce procurement platform connects suppliers and buyers across electronics supply chains, creating network effects and data advantages. This structural link to customers and suppliers supports durable scale, supplier access and stickiness that underpin long-term competitive positioning.

Diversified revenue streams

Multiple monetization channels (transaction fees, commissions, listing and logistics services) reduce dependence on single revenue sources. Durable service offerings and partnerships enable higher customer lifetime value and cross-sell potential, supporting more resilient revenue even through industry cycles.

Sustained revenue growth

Consistent top-line growth demonstrates ongoing demand for the platform’s offerings and successful customer acquisition. Sustained revenue expansion helps amortize fixed costs, supports investment in platform features, and underpins longer-term market share gains if growth is maintained.

Negative Factors

Weak cash generation

Zero operating and free cash flow is a structural concern: it constrains the firm’s ability to fund capex, scale logistics, or absorb shocks without external financing. Over months, persistently weak cash generation limits strategic flexibility and increases refinancing or liquidity risk.

Declining and thin margins

Low and falling gross and net margins indicate limited pricing power or rising costs. Thin profitability provides little buffer against input cost inflation or competitive pricing, restricting reinvestment capacity and making long-term earnings volatility and operational leverage more likely.

Moderate leverage and slipping ROE

Moderate leverage combined with declining ROE signals weakening capital efficiency. If returns on capital continue to fall, debt servicing reduces free cash available for growth, and shareholder returns may be constrained, pressuring long-term investment and competitiveness.

Cogobuy Group Business Overview & Revenue Model

Company Description

Ingdan, Inc. operates as an e-commerce company serving the integrated circuit chips (ICs) and artificial intelligence of things (AIoT) industry in China and Hong Kong. It sells digital signal processing, microcontroller, field programmable gate array, sensor/converter, memory, signal/interface, data converters, wireless, radio frequency, processor, and toolkit related products. The company also offers amplifier, capacitance, inductor, resistors, light-emitting diode, timer, clock, connector, switch, relays, filter, and power management related products. In addition, the company provides development tools/system, multimedia IC, dedicated IC, and motor control IC, as well as circuit protection, complex programmable logic, optoelectronic, and discrete devices. Further, the company offers its products through its e-commerce platform, cogobuy.com, as well as supply chain financing services. Additionally, it operates the INGDAN.com platform, which develops and sells proprietary AIoT products, hardware, software, and services. It serves electronics manufacturers. The company was formerly known as Cogobuy Group and changed its name to Ingdan, Inc. in June 2022. The company was founded in 2000 and is headquartered in Shenzhen, the People's Republic of China. Ingdan, Inc. is a subsidiary of Envision Global Investments Limited.

How the Company Makes Money

Cogobuy Group generates revenue through several key streams, including transaction fees from its e-commerce platform, where it facilitates the buying and selling of electronic components and products. The company earns commissions on sales made through its platform, as well as service fees from suppliers for listing their products. Additionally, Cogobuy has developed partnerships with various manufacturers and distributors, enabling it to offer a wide array of products, thereby increasing its market reach and revenue potential. The company's revenue model is bolstered by its focus on providing value-added services, such as logistics and supply chain management, which further enhance customer satisfaction and loyalty.

Cogobuy Group Financial Statement Overview

Summary

The company shows moderate financial performance with stable revenue growth but faces challenges in profitability and cash flow management. The balance sheet is stable with moderate leverage, but declining profit margins and cash flow issues pose risks.

Income Statement

The company shows moderate financial performance with a gross profit margin of approximately 8.8% and a net profit margin of 1.9% in 2024. Revenue growth rate from 2023 to 2024 was 14.3%, indicating a positive trend. However, there was a decrease in gross profit margin and net profit margin compared to the previous year, suggesting a potential reduction in operational efficiency or increased costs.

Balance Sheet

The balance sheet reflects a stable equity position with a debt-to-equity ratio of 0.49, indicating moderate leverage. The equity ratio is around 40%, suggesting a reasonable proportion of assets financed by equity. Return on Equity (ROE) decreased from 5.3% in 2023 to 4.9% in 2024, which is a concern for profitability.

Cash Flow

The cash flow statement reveals challenges, with free cash flow being zero in 2024. The operating cash flow to net income ratio is not calculable due to zero operating cash flow. Previously, the company faced negative free cash flow, indicating cash constraints, which could impact future operations if not managed.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	12.48B	10.13B	8.86B	9.54B	9.45B	6.19B
Gross Profit	1.02B	889.46M	1.03B	1.11B	933.38M	698.63M
EBITDA	445.51M	467.32M	475.95M	564.91M	830.75M	459.62M
Net Income	209.24M	189.85M	210.70M	314.41M	296.15M	123.20M
Balance Sheet
Total Assets	12.23B	9.61B	10.20B	9.71B	7.78B	5.49B
Cash, Cash Equivalents and Short-Term Investments	903.91M	618.23M	437.78M	682.42M	137.29M	428.70M
Total Debt	2.58B	1.90B	1.63B	918.65M	448.54M	189.03M
Total Liabilities	7.42B	5.20B	5.68B	5.25B	3.24B	1.27B
Stockholders Equity	4.26B	3.85B	3.99B	4.03B	4.15B	3.94B
Cash Flow
Free Cash Flow	94.87M	101.02M	-741.37M	387.98M	-579.66M	12.62M
Operating Cash Flow	97.84M	132.01M	-573.34M	658.47M	-444.97M	305.33M
Investing Cash Flow	-36.95M	-60.54M	-244.21M	-422.62M	-196.49M	-283.27M
Financing Cash Flow	36.46M	86.55M	574.82M	271.91M	395.99M	276.25M

Cogobuy Group Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 3.01
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Negative
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:0400, the sentiment is Positive. The current price of 3.01 is below the 20-day moving average (MA) of 3.20, above the 50-day MA of 2.99, and above the 200-day MA of 2.18, indicating a bullish trend. The MACD of 0.22 indicates Negative momentum. The RSI at 79.30 is Negative, neither overbought nor oversold. The STOCH value of 80.61 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for HK:0400.

Cogobuy Group Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
1184	76 Outperform	HK$2.75B	6.38	14.95%	8.89%	-0.06%	-6.11%
2166	66 Neutral	HK$1.49B	12.40	11.96%	6.74%	-5.58%	22.50%
3991	65 Neutral	HK$2.85B	7.27	13.40%	4.42%	6.01%	9.76%
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
0400	60 Neutral	HK$6.40B	26.53	5.41%	―	33.59%	-15.98%
0595	58 Neutral	HK$358.92M	6.07	3.38%	4.94%	17.39%	-55.26%
6036	53 Neutral	HK$451.55M	30.22	5.11%	―	14.50%	247.50%

Cogobuy Group Corporate Events

Ingdan Renews Connected Party Property Leasing Framework with Envision China Through 2028

Ingdan, Inc. has renewed its property leasing and complementary services framework arrangement with Envision China, an entity wholly owned by its chairman and controlling shareholder, by signing a new 2026 Property Leasing and Complementary Services Framework Agreement effective from 1 January 2026 to 31 December 2028. The agreement governs the continuation and potential expansion of related-party leases and property management services needed for the group’s operations and sets annual caps on these transactions through 2028; under Hong Kong listing rules, the deal is classified as a continuing connected transaction that requires reporting, announcement and annual review, but is exempt from circular and independent shareholders’ approval due to its size, highlighting ongoing reliance on a key connected landlord while remaining within regulatory thresholds.

The most recent analyst rating on (HK:0400) stock is a Hold with a HK$3.00 price target. To see the full list of analyst forecasts on Cogobuy Group stock, see the HK:0400 Stock Forecast page.

Ingdan, Inc. Advances Spin-Off and A-Share Listing Plans for Shenzhen Comtech

Ingdan, Inc. has announced that it has received approval from the Stock Exchange to proceed with the proposed spin-off and A-share listing of its subsidiary, Shenzhen Comtech Limited, on a stock exchange in the PRC. This move will reduce Ingdan’s equity interest in Comtech and is considered a major transaction under the Listing Rules, requiring further disclosures and approvals. The spin-off and listing are subject to regulatory approvals and market conditions, and the company advises caution to shareholders and potential investors.

The most recent analyst rating on (HK:0400) stock is a Hold with a HK$3.00 price target. To see the full list of analyst forecasts on Cogobuy Group stock, see the HK:0400 Stock Forecast page.

Ingdan, Inc. Reports Strong Q3 2025 Performance Amid AI Expansion

Ingdan, Inc. reported a strong financial performance in the third quarter of 2025, with a 22.1% increase in revenue and a 34.7% rise in profit from operations compared to the same period in 2024. The company is capitalizing on the AI-driven industrial transformation by providing comprehensive AI solutions across various industries, including partnerships with prominent companies and institutions. Looking forward, Ingdan anticipates continued growth and expansion by enhancing its core capabilities and exploring new business opportunities, supported by national policies.

The most recent analyst rating on (HK:0400) stock is a Hold with a HK$3.00 price target. To see the full list of analyst forecasts on Cogobuy Group stock, see the HK:0400 Stock Forecast page.