Eagle Eye Warning: Qide New Materials Accounts Receivable/Operating Revenue Ratio Continues to Grow

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

On March 12, Qide New Material released its 2025 annual report, with an audit opinion of standard unqualified audit opinion.

The report shows that the company’s total operating revenue for 2025 was 375 million yuan, an increase of 8.33% year-over-year; net profit attributable to shareholders was 19.63 million yuan, up 125.99%; net profit after deducting non-recurring gains and losses was 18.37 million yuan, up 112.37%; basic earnings per share were 0.2349 yuan.

Since listing in April 2021, the company has paid cash dividends 6 times, totaling 80.75 million yuan. The announcement states that the company plans to distribute a cash dividend of 1.2 yuan (tax included) for every 10 shares to all shareholders.

The Listed Company Financial Report Eagle Eye Warning System conducts intelligent quantitative analysis of Qide New Material’s 2025 annual report from four dimensions: performance quality, profitability, capital pressure and safety, and operational efficiency.

1. Performance Quality

During the reporting period, the company’s revenue was 375 million yuan, an 8.33% increase; net profit was 19.63 million yuan, up 122.63%; net cash flow from operating activities was 49.96 million yuan, up 94.97%.

Overall performance analysis to focus on:

• Slowing revenue growth. During the reporting period, revenue was 370 million yuan, up 8.33%, compared to 22.2% growth in the same period last year, indicating a slowdown.

Regarding asset quality, key points include:

• Accounts receivable to operating revenue ratio continues to rise. Over the past three annual reports, the ratios are 31.38%, 31.44%, and 32.29%, respectively, showing a continuous increase.

2. Profitability

During the reporting period, gross profit margin was 25.68%, an increase of 12.66% year-over-year; net profit margin was 5.24%, up 105.51%; return on equity (weighted) was 3.12%, up 126.09%.

Key points to monitor regarding profitability:

• Fluctuations in gross profit margin. Over the past three annual reports, gross profit margins were 26.65%, 22.8%, and 25.68%, with year-over-year changes of 14.03%, -14.46%, and 12.66%, indicating abnormal volatility.

Gross profit margin growth coupled with declining accounts receivable turnover:

During the period, gross profit margin increased from 22.8% to 25.68%, while accounts receivable turnover decreased from 3.5 times to 3.26 times.

Regarding asset-side profitability:

• The average return on net assets over the past three years has been below 7%. The weighted average return on net assets during the period was 3.12%, with an average below 7% over the last three fiscal years.

• Return on invested capital is below 7%. During the period, the company’s return on invested capital was 3.03%, with an average below 7% over the three periods.

Assessment of impairment risk:

• Asset impairment losses changed by more than 30% year-over-year. During the period, impairment losses were -4.83 million yuan, a decrease of 82.94% year-over-year.

3. Capital Pressure and Safety

During the period, the company’s asset-liability ratio was 27.15%, up 14.85% year-over-year; current ratio was 2.11, quick ratio 1.65; total debt was 131 million yuan, with short-term debt of 59.28 million yuan, accounting for 45.33% of total debt.

Short-term liquidity concerns:

• Cash ratio continues to decline. Over the past three annual reports, cash ratios were 0.65, 0.64, and 0.57, respectively.

Long-term capital pressure:

• Total debt to net assets ratio continues to rise. Over the past three reports, ratios are 9.34%, 11.36%, and 16.95%.

• Broadly defined monetary funds can cover short-term debt, but long-term debt cannot. The ratio of broad monetary funds to total debt was 0.87, with funds below total debt.

• Cash coverage of total debt is decreasing. The ratio of broad monetary funds to total debt over the past three reports was 2.3, 1.28, and 0.87.

Funding management focus:

• Prepaid accounts show significant fluctuations. During the period, prepaid accounts were 3.064 million yuan, a 61.34% change from the beginning of the period.

• Prepaid accounts growth rate exceeds that of operating costs. During the period, prepaid accounts increased by 61.34% from the beginning, while operating costs grew by 4.28%.

Funding coordination:

• Capital expenditures have consistently exceeded net cash inflows from operating activities. Over the past three periods, payments for fixed assets, intangible assets, and other long-term assets were 100 million, 100 million, and 50 million yuan, respectively, while net cash flows from operating activities were -30.46 million, 25.63 million, and 49.96 million yuan.

4. Operating Efficiency

During the period, accounts receivable turnover was 3.26, down 6.84% year-over-year; inventory turnover was 4.17, up 3.07%; total asset turnover was 0.44, up 3.92%.

Asset management focus:

• The proportion of accounts receivable to total assets continues to grow. Over the past three reports, ratios are 11.08%, 13.27%, and 13.9%.

Long-term assets:

• Construction in progress fluctuates significantly. During the period, construction in progress was 10.5 million yuan, a 212.12% increase from the beginning.

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Sina Finance Listed Company Financial Report Eagle Eye Warning Introduction: The Eagle Eye Warning system is an intelligent professional analysis platform 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 for 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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