Ojo de halcón de advertencia: La rentabilidad del patrimonio neto promedio de Shanghai Jahwa en los últimos tres años ha sido inferior al 7%

Sina Finance Listed Company Research Institute | Financial Report Eagle Eye Warning

On March 25th, Shanghai Jahwa released its 2025 annual report.

The report shows that the company’s total operating revenue for 2025 is 6.317 billion yuan, an increase of 11.25% year-on-year; net profit attributable to parent company is 268 million yuan, an increase of 132.12%; non-recurring net profit attributable to parent is 44.62 million yuan, an increase of 105.32%; basic earnings per share are 0.4 yuan/share.

Since its listing in March 2001, the company has paid cash dividends 25 times, with a total cash dividend of 3.595 billion yuan.

The listed company financial report Eagle Eye warning system conducts intelligent quantitative analysis of Shanghai Jahwa’s 2025 annual report from four dimensions: performance quality, profitability, capital pressure and safety, and operational efficiency.

1. Performance Quality Layer

During the reporting period, the company’s revenue was 6.317 billion yuan, an increase of 11.25% year-on-year; net profit was 268 million yuan, an increase of 132.12%; net cash flow from operating activities was 801 million yuan, an increase of 193.33%.

From the overall performance perspective, key points to focus on:

• Net profit is quite volatile. In the past three annual reports, net profits were 500 million, -830 million, and 270 million yuan, with year-on-year changes of 5.93%, -266.6%, and 132.12%, respectively, indicating significant fluctuation.

From revenue, cost, and period expenses ratio perspective, key points to focus on:

• Divergence between operating revenue and operating costs. During the reporting period, operating revenue increased by 11.25% year-on-year, operating costs decreased by 1.86%, showing a divergence in their changes.

2. Profitability Layer

During the reporting period, the company’s gross profit margin was 62.59%, an increase of 8.67% year-on-year; net profit margin was 4.24%, an increase of 128.87%; return on equity (weighted) was 3.96%, an increase of 134.2%.

From the company’s asset side, focusing on returns:

• The average return on net assets over the past three years is below 7%. During the reporting period, the weighted average return on net assets was 3.96%, and the weighted average over the last three fiscal years was below 7%.

• Return on invested capital is below 7%. During the reporting period, the company’s return on invested capital was 4.21%, with an average below 7% over three periods.

From the perspective of unconventional gains and losses, focus on:

• The proportion of unconventional income is high. During the reporting period, the ratio of unconventional income to net profit was 63.3%. (Note: Unconventional income = investment net income + fair value change net income + non-operating income + loss on disposal of non-current assets).

3. Capital Pressure and Safety Layer

During the reporting period, the company’s asset-liability ratio was 32.76%, an increase of 0.14%; current ratio was 1.69, quick ratio was 1.47; total debt was 562 million yuan, all short-term debt, accounting for 100% of total debt.

From short-term capital pressure perspective, focus on:

• The ratio of short-term to long-term debt continues to grow. In the past three annual reports, short-term debt / long-term debt ratios were 0.6, 7.08, and 10.83, showing an increasing trend.

From capital management perspective, focus on:

• The growth rate of prepayments exceeds that of operating costs. During the period, prepayments increased by 22.43% from the beginning of the period, while operating costs decreased by 1.86%, indicating prepayments grew faster than costs.

From capital coordination, focus on:

• Capital is relatively abundant. During the period, the company’s working capital demand was -580 million yuan, working capital was 1.96 billion yuan, and operating and investing activities provided ample funds. The company’s cash payment capacity is 2.53 billion yuan, further attention to capital efficiency is needed.

4. Operating Efficiency Layer

During the reporting period, the company’s accounts receivable turnover was 9.45, an increase of 61.66%; inventory turnover was 3.65, an increase of 9.89%; total asset turnover was 0.63, an increase of 19.37%.

From long-term assets perspective, focus on:

• The proportion of other non-current assets is relatively high. During the reporting period, the ratio of other non-current assets to total assets was 10.74%.

• Large fluctuations in other non-current assets. During the period, other non-current assets reached 1.1 billion yuan, nearly doubling from the beginning of the period.

From the perspective of the three expenses (selling, administrative, R&D), focus on:

• The ratio of selling expenses to operating revenue continues to grow. In the past three annual reports, ratios were 41.98%, 46.69%, and 48%, showing a steady increase.

Click on Shanghai Jahwa Eagle Eye Warning to view the latest warning details and visualized financial report preview.

Sina Finance Listed Company Financial Report Eagle Eye Warning Introduction: The Eagle Eye Warning system is an intelligent professional analysis system for listed company financial reports. It gathers authoritative financial experts from accounting firms and listed companies to track and interpret the latest financial reports from multiple dimensions such as performance growth, earnings quality, capital pressure and safety, and operational efficiency, providing visual alerts of potential financial risks. It offers professional, efficient, and convenient technical solutions for financial institutions, listed companies, and regulatory authorities to identify and warn of financial risks.

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