Associated Industries China, Inc. (9912) AI Stock Analysis

Associated Industries China, Inc.

(TWSE:9912)

Select Model

Rating:41Neutral

Price Target:TWD 12.50▼(-5.30% Downside)

Action:initiatedcoverage

Date:11/09/26

The score is held down primarily by weak fundamentals: a third consecutive year of widening net losses, shrinking equity alongside rising debt (debt-to-equity of 0.87), and continued negative operating and free cash flow. Valuation offers no cushion, with a negative P/E and no dividend. Partially offsetting these risks, the share price trades above all key moving averages with neutral, non-extended momentum, and the business shows early turnaround signals — a six-year-high gross margin of 41.5%, stabilizing revenue, and a materially smaller cash burn than in 2024. Sustained positive operating cash flow and operating expense discipline would be the key catalysts for a higher score.

Positive Factors

Revenue Stability and Modest GrowthRevenue stability, followed by modest growth in 2025, indicates the company continues to retain an established demand base despite weak profitability. Maintaining the top line provides a foundation for operational improvements and gives management an opportunity to convert existing sales into stronger earnings over time.

Negative Factors

Persistent Losses and Deteriorating MarginsRepeated annual losses and a worsening net margin indicate that revenue is not currently translating into sustainable shareholder returns. Continued operating losses can erode equity, restrict internal funding for growth, and make any improvement in gross margin insufficient unless operating expenses are structurally reduced.

Associated Industries China, Inc. (9912) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 710.41M
Dividend Yield: ―
Average Volume (3M): 86.02K
Price to Earnings (P/E): -20.0
Beta (1Y): 0.10
Revenue Growth: 2.36%
EPS Growth: 54.38%
Country: TW
Employees: 40
Sector: General
Sector Strength: 55
Industry: Hardware, Equipment & Parts

Associated Industries China, Inc. Business Overview & Revenue Model

Company Description

Associated Industries China, Inc. (AIC) specializes in the creation, advancement, and global distribution of LCD display units and their complementary components. The company's diverse product portfolio features a range of monitors tailored for speci...

Associated Industries China, Inc. Financial Statement Overview

Summary

Weak across all three statements. Revenue has fallen from roughly NT$632 million in 2021 to about NT$506 million in 2025 and is essentially flat year-over-year, while net losses have widened for three straight years to around NT$60 million (-11.8% margin). Gross margin improvement to a six-year high of 41.5% is a genuine positive, but operating costs still overwhelm gross profit, leaving EBITDA negative. The balance sheet is deteriorating: equity has eroded to about NT$388 million while debt climbed to NT$336 million, pushing debt-to-equity to 0.87 from 0.49 two years ago, with return on equity at roughly -15%. Cash flow remains negative (operating cash flow of -NT$36 million, free cash flow of -NT$39 million), though the burn narrowed sharply from 2024 — the clearest sign of operational progress.

Income Statement

27Negative

Balance Sheet

40Negative

Cash Flow

30Negative

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	500.08M	506.37M	504.53M	510.59M	594.42M	632.26M
Gross Profit	210.24M	210.36M	197.82M	198.48M	188.98M	215.59M
EBITDA	-14.99M	-38.45M	-37.94M	-28.19M	-2.37M	46.46M
Net Income	-35.95M	-59.68M	-51.65M	-29.82M	-30.93M	18.24M
Balance Sheet
Total Assets	808.86M	817.20M	835.06M	720.52M	770.95M	764.08M
Cash, Cash Equivalents and Short-Term Investments	98.34M	93.24M	76.58M	112.67M	101.58M	91.37M
Total Debt	360.67M	336.45M	283.47M	198.35M	274.85M	217.45M
Total Liabilities	445.47M	420.78M	383.67M	314.12M	339.77M	343.50M
Stockholders Equity	352.70M	387.64M	440.92M	401.72M	419.44M	420.58M
Cash Flow
Free Cash Flow	-17.30M	-38.83M	-121.73M	63.30M	-42.63M	-48.02M
Operating Cash Flow	-15.29M	-36.02M	-111.66M	68.21M	-33.67M	-47.31M
Investing Cash Flow	-4.77M	-5.60M	-10.63M	-5.40M	-8.08M	-2.50M
Financing Cash Flow	-2.26M	41.83M	83.35M	-59.40M	42.85M	48.13M

Associated Industries China, Inc. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:9912 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
TW:4702	48Neutral	TWD 676.32M	3.56	―	5.36%	-30.82%	387.63%
TW:2073	46Neutral	TWD 710.88M	-36.76	―	1.16%	9.64%	-632.75%
TW:9912	41Neutral	TWD 650.08M	-19.95	―	―	2.36%	54.38%
TW:1340	40Underperform	TWD 730.97M	-2.13	―	―	-84.09%	50.07%
TW:2064	32Underperform	TWD 766.23M	562.50	―	―	8.38%	―
TW:3018	29Underperform	TWD 745.49M	-2.58	―	―	-56.49%	-244.54%

* General Sector Average

Performance Comparison

TW:9912 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:9912	Associated Industries China, Inc.	13.20	1.20	10.00%
TW:1340	Victory New Materials Ltd. Co.	4.83	-2.28	-32.07%
TW:2064	Camellia Metal Co., Ltd.	11.25	-1.25	-10.00%
TW:2073	Syong Shun Metal CO., Ltd.	25.85	-1.36	-4.98%
TW:3018	Lung Ming Green Energy Technology Engineering Co Ltd.	9.15	-3.05	-25.00%
TW:4702	Allied Industrial Corp., Ltd.	9.32	-0.19	-2.02%

Glossary

BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.

Date of analysis: Nov 09, 2026

Associated Industries China, Inc. AI Stock Analysis