Eagle Eye Warning: Qingdao Beer’s Accounts Receivable to Operating Income Ratio Continues to Rise

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

On March 26, Qingdao Beer released its annual report for 2025.

The report shows that the company’s total operating revenue for 2025 was 32.473 billion yuan, a year-on-year increase of 1.04%; net profit attributable to the parent company was 4.588 billion yuan, a year-on-year increase of 5.6%; net profit attributable to the parent company excluding non-recurring gains and losses was 4.13 billion yuan, a year-on-year increase of 4.53%; basic earnings per share was 3.363 yuan/share.

Since its listing in August 1993, the company has paid cash dividends 30 times, with a cumulative cash dividend of 18.578 billion yuan.

The listed company financial report eagle eye warning system conducts intelligent quantitative analysis of Qingdao Beer’s 2025 annual report from four dimensions: performance quality, profitability, funding pressure and safety, and operational efficiency.

1. Performance Quality Aspect

During the reporting period, the company’s revenue was 32.473 billion yuan, a year-on-year increase of 1.04%; net profit was 4.717 billion yuan, a year-on-year increase of 5.02%; net cash flow from operating activities was 4.593 billion yuan, a year-on-year decrease of 10.91%.

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

• The growth rate of net profit attributable to the parent company excluding non-recurring gains and losses continues to decline. In the past three annual reports, the year-on-year changes in net profit attributable to the parent company excluding non-recurring gains and losses were 15.95%, 6.19%, and 4.53%, showing a continuous declining trend.

From the perspective of income cost and period expense ratio, key points to focus on:

• Operating revenue and operating cost changes are diverging. During the reporting period, operating revenue increased by 1.04% year-on-year, while operating costs decreased by 1.69%, indicating a divergence between revenue and cost changes.

From the perspective of operating asset quality, key points to focus on:

• The ratio of accounts receivable to operating revenue continues to rise. In the past three annual reports, the ratio of accounts receivable to operating revenue was 0.3%, 0.32%, and 0.39%, showing a continuous increase.

From the perspective of cash flow quality, key points to focus on:

• Changes in operating revenue and net cash flow from operating activities are diverging. During the reporting period, operating revenue increased by 1.04% year-on-year, while net cash flow from operating activities decreased by 10.91%, indicating a divergence between operating revenue and net cash flow from operating activities.

2. Profitability Aspect

During the reporting period, the company’s gross profit margin was 41.84%, a year-on-year increase of 4.02%; net profit margin was 14.53%, a year-on-year increase of 3.94%; return on equity (weighted) was 15.5%, a year-on-year increase of 0.78%.

3. Funding Pressure and Safety Aspect

During the reporting period, the company’s asset-liability ratio was 39.55%, a year-on-year decrease of 5.67%; current ratio was 1.46, quick ratio was 1.26; total debt was 162 million yuan, of which short-term debt was 162 million yuan, accounting for 100% of total debt.

From the perspective of funding coordination, key points to focus on:

• Funding is relatively abundant. During the reporting period, the company’s working capital requirement was -11.36 billion yuan, working capital was 7.6 billion yuan, and both operating activities and investment financing activities provided the company with relatively abundant funds. The company’s cash payment capability was 18.96 billion yuan, and the efficiency of fund utilization deserves further attention.

4. Operational Efficiency Aspect

During the reporting period, the company’s accounts receivable turnover rate was 283.11, a year-on-year decrease of 10.67%; inventory turnover rate was 5.54, a year-on-year increase of 2.68%; total asset turnover rate was 0.63, a year-on-year decrease of 1.76%.

From the perspective of long-term assets, key points to focus on:

• The total asset turnover rate continues to decline. In the past three annual reports, the total asset turnover rates were 0.68, 0.64, and 0.63, indicating a weakening total asset turnover capacity.

• The revenue generated per unit of fixed assets has been declining year by year. In the past three annual reports, the ratio of operating revenue to the original value of fixed assets was 3.04, 2.72, and 2.52, showing a continuous decline.

• Other non-current assets account for a high proportion. During the reporting period, the ratio of other non-current assets to total assets was 10.51%.

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

Introduction to the Sina Finance Listed Company Financial Report Eagle Eye Warning: The listed company financial report eagle eye warning is an intelligent professional analysis system for listed company financial reports. The eagle eye warning gathers a large number of authoritative financial experts from accounting firms and listed companies to track and interpret the latest financial reports of listed companies from multiple dimensions, including company performance growth, revenue quality, funding pressure and safety, and operational efficiency, and provides alerts on potential financial risk points in graphic form. It provides financial risk identification and warning technical solutions that are professional, efficient, and convenient for financial institutions, listed companies, regulatory agencies, and others.

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Editor: Xiao Lang Quick Report