Zhejiang Shibao en 2025 tendrá ingresos de 3,549 millones de yuanes, con un flujo de caja operativo que se disparará un 19,982%

Blue Whale News April 1, according to March 30, Zhejiang Shibao disclosed its 2025 annual report. The data show that the company achieved operating revenue of 3.55B yuan, up 31.76% year-on-year; non-recurring profit (after deducting) was 155 million yuan, up 12.95% year-on-year; the total amount of non-recurring gains and losses for the full year was 25.9634 million yuan, accounting for 14.38% of net profit attributable to shareholders; net cash flow from operating activities was 234 million yuan, a同比 large increase of 19982.62%.

By quarter, the fourth-quarter single-quarter revenue reached 1.09B yuan, accounting for 30.63% of the full year, the highest among all quarters. However, in the same period, non-recurring profit (after deducting) was 26 million yuan, only 16.77% of the full-year non-recurring profit of 155 million yuan; it fell quarter-on-quarter from the third quarter, indicating that the fourth-quarter revenue growth was not converted into corresponding profit growth increments.

Gross margin for the full year was 18.54%, down 2.40 percentage points year-on-year; net profit margin was 5.09%, down 1.29 percentage points year-on-year. The financial report clearly points out that the main reason for the decline in gross margin was the decrease in product sales prices, and that the extent of price concessions exceeded the effects of cost optimization. Against the backdrop of high revenue growth, selling expenses were 55 million yuan, up 5.26%, far lower than the revenue growth rate; the selling expense ratio decreased from about 1.87% in the previous year to about 1.55%, providing some support for the net profit margin, but it was unable to fully offset the gross margin pressure caused by the price downturn.

Cash flow performance was significantly better than profit growth. Net cash flow from operating activities increased from 1.1664 million yuan last year to 234 million yuan this year. The financial report explains that this change is mainly due to an increase in cash received from sales of products, indicating stronger collections and a significant improvement in operating cash generation capability. This created a mismatch with profit growth, highlighting room for improvement in profitability quality.

The company’s business structure further converged toward core system integration. In 2024, the revenue proportion from systems and components reached 95.91%, while spare parts and other revenue accounted for only 1.77%; the revenue concentration from the top two products continued to rise, further strengthening the dominance of systems and components in overall operating revenue. In terms of regional distribution, the proportion of revenue from the domestic market was 97.32%, while the proportion from overseas markets was 2.68%, continuing the pattern of deep reliance on the domestic market, with no substantial increase in the share of overseas revenue.

R&D investment increased significantly. Full-year R&D expenses were 216 million yuan, up 35.05%, higher than the 31.76% growth rate of revenue; the proportion of R&D expenses to revenue rose to 6.08%, up from the previous year.

Regarding dividends, the company plans to distribute cash dividends of 0.60 yuan (tax included) for every 10 shares, totaling 49.3579 million yuan, accounting for 27.34% of net profit attributable to shareholders.

In terms of fundraising projects, progress lagged; all three projects were delayed to 2026. As of the end of 2025, cumulative investment was 224 million yuan, and the remaining unutilized募集资金 balance of 52.4882 million yuan has not yet been used and is stored in special accounts; an additional 70 million yuan has been used to temporarily supplement working capital.