Tien Liang Biotech Co Ltd

Tien Liang Biotech's capital structure is characterized by a debt-to-equity ratio of 1.26, indicating a moderate reliance on debt financing. The company's liquidity position is weak, as evidenced by a current ratio of 0.4, which is below the typical threshold of 1.0 for healthy liquidity. The company's cash and equivalents amount to TWD 122.3 million, but this is insufficient to cover its long-term debt of TWD 59.8 million, resulting in a net cash position that is negative after subtracting total debt. Profitability metrics are concerning, with a return on equity (ROE) of -2.16% and a return on assets (ROA) of -0.87%, both of which are negative and significantly below the industry median for pharmaceutical companies. The company reported a net loss of TWD 10.25 million and an operating loss of TWD 16.14 million, indicating operational inefficiencies and declining margins. The company's revenue is concentrated in its domestic market, with no disclosed international operations. This lack of geographic diversification increases exposure to local economic and regulatory risks. The company's business is segmented into health food products, western medicines, traditional Chinese medicines, and APIs/biopharmaceuticals, but no specific revenue contributions by segment are provided in the latest financial data. Growth trajectory appears to be negative, with no disclosed revenue growth in the most recent period. The company's operating cash flow is positive at TWD 19.23 million, but this is offset by a negative free cash flow of TWD -23.37 million due to capital expenditures of TWD -23.19 million. This suggests that the company is investing in its operations but is not generating sufficient cash to sustain or expand its activities. Risk factors include a weak liquidity position and a high debt load, which could limit the company's ability to respond to market changes or invest in growth opportunities. The risk assessment indicates a medium liquidity risk and a low dilution risk, but the company's negative net income and operating income raise concerns about its long-term viability. No recent events or filings have been disclosed in the provided data.