Aviso de Eagle Eye: Los ingresos operativos de Yunnan Energy Holdings disminuyen

Sina Finance Research Institute for Listed Companies|Financial Report Hawk-Eye Early Warning

On March 30, Henan Energy Holding Group Co., Ltd. released its 2025 annual report.

The report shows that the company’s operating revenue for the full year of 2025 was 11.23 billion yuan, down 7.61% year over year; net profit attributable to shareholders was 390 million yuan, up 421.54% year over year; net profit after deducting non-recurring items attributable to shareholders was 375 million yuan, up 329.29% year over year; and basic earnings per share were 0.2558 yuan/share.

Since the company went public in January 1998, it has paid cash dividends 7 times, with cumulative cash dividends already implemented of 447 million yuan.

The listed-company financial report hawk-eye early warning system conducts intelligent, quantitative analysis of Henan Energy Holding Group’s 2025 annual report across four major dimensions: performance quality, profitability, capital pressure and safety, and operating efficiency.

I. Performance Quality

During the reporting period, the company’s operating revenue was 11.23 billion yuan, down 7.61% year over year; net profit was 416 million yuan, up 450.7% year over year; and net cash flow from operating activities was 3.518 billion yuan, up 48.47% year over year.

From an overall performance perspective, it is necessary to pay close attention to:

• Operating revenue declines. During the reporting period, operating revenue was 11.23 billion yuan, down 7.62% year over year.

• Operating revenue and net profit move in opposite directions. During the reporting period, operating revenue declined 7.62% year over year, while net profit increased 450.7% year over year; operating revenue and net profit moved in opposite directions.

• Operating revenue declines while net profit turns from negative to positive. During the reporting period, the company’s operating revenue declined 7.62% year over year, and net profit was 420 million yuan. While revenue growth was weak, net profit turned a loss into a profit.

• Net profit turned from loss to profit for the first time after two consecutive years of losses. In the past three consecutive periods’ annual reports, net profit was -6 billion yuan, -1.2 billion yuan, and 4.2 billion yuan, showing considerable fluctuations.

| 项目 | 20231231 | 20241231 | 20251231 | | Net profit (yuan) | -6 billion | -1.19 billion | 416 million |

Combining cash-flow quality, it is necessary to pay close attention to:

• Operating revenue and net cash flow from operating activities move in opposite directions. During the reporting period, operating revenue declined 7.62% year over year, net cash flow from operating activities increased 48.47% year over year, and operating revenue and net cash flow from operating activities moved in opposite directions.

II. Profitability

During the reporting period, the company’s gross profit margin was 13.69%, up 92.25% year over year; net profit margin was 3.7%, up 479.61% year over year; and return on equity (weighted) was 11.82%, up 407.01% year over year.

Regarding whether there are impairment-risk factors, it is necessary to pay close attention to:

• The year-over-year change rate of asset impairment losses exceeds 30%. During the reporting period, asset impairment losses were -200 million yuan, down 598.8% year over year.

| 项目 | 20231231 | 20241231 | 20251231 | | Asset impairment losses (yuan) | -8.3009 million | -28.5389 million | -199 million |

III. Capital Pressure and Safety

During the reporting period, the company’s asset-liability ratio was 86.8%, down 2.49% year over year; the current ratio was 0.47, and the quick ratio was 0.4; total debt was 22.906 billion yuan, including short-term debt of 5.984 billion yuan; short-term debt as a proportion of total debt was 26.12%.

From the perspective of short-term capital pressure, it is necessary to pay close attention to:

• The cash ratio is less than 0.25. During the reporting period, the cash ratio was 0.16, and it was below 0.25.

From the perspective of capital management and control, it is necessary to pay close attention to:

• Interest income / monetary funds is less than 1.5%. During the reporting period, monetary funds were 1.63 billion yuan, short-term debt was 0 yuan, and the company’s average ratio of interest income / monetary funds was 0.336%, below 1.5%.

IV. Operating Efficiency

During the reporting period, the company’s accounts receivable turnover was 6.41, up 20.31% year over year; inventory turnover was 11.41, down 9.2% year over year; and total asset turnover was 0.35, down 8.33% year over year.

From long-term assets, it is necessary to pay close attention to:

• Construction in progress changes are relatively large. During the reporting period, construction in progress was 6.06 billion yuan, up 54.68% from the beginning of the period.

Click Henan Energy Holding Group’s hawk-eye early warning to view the latest warning details and a visual preview of the financial report.

Sina Finance listed-company financial report hawk-eye early warning introduction: The listed-company financial report hawk-eye early warning is an intelligent professional analysis system for listed-company financial reports. Through aggregating a large number of authoritative financial experts such as accounting firms and listed companies, Hawk-Eye Early Warning tracks and interprets listed companies’ latest financial reports across multiple dimensions including company performance growth, earnings quality, capital pressure and safety, and operating efficiency, and presents potentially existing financial risk points in the form of text and images. It provides professional, efficient, and convenient technical solutions for identifying and issuing early warnings on financial risks of listed companies for financial institutions, listed companies, regulatory authorities, and others.

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