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

March 25th, Nanya New Material released the 2025 annual report.

The report shows that the company’s total operating revenue for 2025 is 5.228 billion yuan, an increase of 55.52% year-on-year; net profit attributable to parent is 240 million yuan, up 377.6%; non-recurring net profit attributable to parent is 218 million yuan, up 677.46%; basic earnings per share are 1.07 yuan/share.

Since listing in July 2020, the company has paid cash dividends 5 times, with a total of 205 million yuan distributed.

The Listed Company Financial Report Eagle Eye Warning System conducts intelligent quantitative analysis of Nanya New Material’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 5.228 billion yuan, an increase of 55.52% year-on-year; net profit was 240 million yuan, up 377.6%; net cash flow from operating activities was -83.1846 million yuan, down 125.57% year-on-year.

From revenue, cost, and period expense ratio analysis, key points to focus on:

• The change in sales expenses differs greatly from the change in operating income. During the reporting period, operating income increased by 55.52% year-on-year, sales expenses increased by 25.87%, showing a significant difference.

Considering operational asset quality, focus on:

• The growth rate of accounts receivable notes exceeds that of operating income. During the period, accounts receivable notes increased by 67.52% from the beginning of the period, while operating income grew by 55.52%, indicating a higher growth rate.

• The growth rate of accounts receivable exceeds that of operating income. During the period, accounts receivable increased by 68.59% from the beginning, while operating income increased by 55.52%.

• The ratio of accounts receivable to operating income continues to grow. In the last three annual reports, the ratios are 36.69%, 43.52%, and 47.18%, showing a continuous increase.

• Inventory growth exceeds that of operating costs. During the period, inventory increased by 66.29% from the beginning, while operating costs grew by 50.15%, indicating inventory growth outpaces costs.

• Inventory growth exceeds that of operating income. Inventory increased by 66.29% from the beginning, while operating income increased by 55.52%.

Considering cash flow quality, focus on:

• Divergence between operating income and net cash flow from operating activities. During the period, operating income increased by 55.52%, but net cash flow from operating activities decreased by 125.57%, showing divergence.

• Divergence between net profit and net cash flow from operating activities. During the period, net profit was 240 million yuan, and net cash flow was -80.186 million yuan, indicating divergence.

• The ratio of net cash flow from operating activities to net profit is below 1. During the period, this ratio was -0.346, indicating weak earnings quality.

2. Profitability Layer

During the reporting period, the company’s gross profit margin was 11.8%, an increase of 36.47% year-on-year; net profit margin was 4.6%, up 207.1%; return on equity (weighted) was 9.12%, up 342.72%.

From operational profit perspective, focus on:

• Significant increase in gross profit margin. During the period, gross profit margin was 11.8%, a large increase of 36.47%.

3. Capital Pressure and Safety Layer

During the period, the company’s asset-liability ratio was 52.14%, an increase of 11.26% year-on-year; current ratio was 1.46, quick ratio was 1.25; total debt was 1.159 billion yuan, with short-term debt of 1.159 billion yuan, accounting for 100% of total debt.

Overall financial status, key points to monitor:

• Asset-liability ratio continues to grow. In the last three annual reports, ratios are 45.55%, 46.86%, and 52.14%, showing an upward trend.

Regarding short-term capital pressure, focus on:

• The ratio of short-term to long-term debt increased significantly to 39.84.

• Cash ratio continues to decline. In the last three annual reports, ratios are 0.56, 0.55, and 0.36.

From capital management perspective, focus on:

• Large fluctuations in prepayment accounts. During the period, prepayment was 9.128 million yuan, with a change rate of 61.02% from the beginning.

• The ratio of prepayment to current assets continues to grow. In the last three annual reports, ratios are 0.19%, 0.2%, and 0.22%.

• Prepayment growth exceeds that of operating costs. During the period, prepayment increased by 61.02% from the beginning, while operating costs grew by 50.15%.

• Significant change in accounts payable notes. During the period, accounts payable notes were 810 million yuan, a 32.04% change from the beginning.

From capital coordination perspective, focus on:

• Capital coordination but with payment difficulties. During the period, working capital was 1.32 billion yuan, the company’s working capital needs were 1.44 billion yuan, and funds from investment and financing activities could not fully cover operational needs, with cash payment capacity at -120 million yuan.

4. Operating Efficiency Layer

During the period, accounts receivable turnover was 2.66, up 1.21%; inventory turnover was 9.88, up 32.02%; total asset turnover was 0.99, up 33.23%.

Considering operating assets, focus on:

• The proportion of accounts receivable to total assets continues to grow. In the last three annual reports, ratios are 24.35%, 32%, and 41.03%, showing a steady increase.

Considering long-term assets, focus on:

• Significant change in intangible assets. During the period, intangible assets were 10 million yuan, an increase of 76.59% from the beginning.

Click on Nanya New Material 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 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 risk identification and early warning for financial institutions, listed companies, and regulatory authorities.

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