Eagle Eye Warning: Century Dingli's Sales Gross Profit Margin Shows Significant Increase

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

On March 17, Century Dingli released its 2025 annual report.

The report shows that the company’s total revenue for 2025 was 291 million yuan, a year-on-year increase of 3.33%; net profit attributable to the parent company was 15.4991 million yuan, a year-on-year increase of 120.83%; net profit excluding non-recurring gains and losses was 4.6291 million yuan, a year-on-year increase of 105.52%; basic earnings per share was 0.03 yuan/share.

Since being listed in December 2009, the company has issued cash dividends nine times, with a cumulative cash dividend of 208 million yuan.

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

1. Performance Quality Aspect

During the reporting period, the company’s revenue was 291 million yuan, a year-on-year increase of 3.33%; net profit was 15.9973 million yuan, a year-on-year increase of 121.57%; net cash flow from operating activities was 32.5737 million yuan, a year-on-year increase of 147.44%.

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

• The net profit loss turned profitable for the first time in two years. In the last three annual reports, net profits were -210 million yuan, -70 million yuan, and 20 million yuan, showing significant volatility.

| Item | 20231231 | 20241231 | 20251231 | | Net Profit (yuan) | -215 million | -74.1651 million | 15.9973 million |

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

• There is a divergence between revenue and operating cost changes. During the reporting period, revenue increased by 3.34% year-on-year, while operating costs decreased by 1.39%, indicating a divergence between income and cost changes.

2. Profitability Aspect

During the reporting period, the company’s gross margin was 27.89%, a year-on-year increase of 14.14%; net profit margin was 5.49%, a year-on-year increase of 120.87%; return on equity (weighted) was 3.86%, a year-on-year increase of 122.39%.

From the perspective of the company’s operations, key points to focus on:

• Significant increase in sales gross margin. During the reporting period, the sales gross margin was 27.89%, a significant year-on-year increase of 14.14%.

From the perspective of the company’s asset side, key points to focus on:

• The average return on equity over the past three years was below 7%. During the reporting period, the weighted average return on equity was 3.86%, and the average weighted average return on equity over the last three accounting years was below 7%.

| Item | 20231231 | 20241231 | 20251231 | | Return on Equity | -37.17% | -17.24% | 3.86% | | Return on Equity Growth Rate | 14.43% | 53.62% | 122.39% |

• Return on invested capital below 7%. During the reporting period, the company’s return on invested capital was 3.85%, with an average below 7% over the three reporting periods.

| Item | 20231231 | 20241231 | 20251231 | | Return on Invested Capital | -32.4% | -15.31% | 3.85% |

From the perspective of non-recurring gains and losses, key points to focus on:

• Significant cash inflow from the disposal of equity or assets. During the reporting period, the cash net inflow from the disposal of subsidiary equity or real estate accounted for 198.31% of net profit.

| Item | 20231231 | 20241231 | 20251231 | | Cash Inflow from Asset or Equity Disposal (yuan) | 44.2432 million | - | 31.7241 million | | Net Profit (yuan) | -215 million | -74.1651 million | 15.9973 million | | Cash Inflow from Asset or Equity Disposal/Net Profit | -20.61% | - | 198.31% |

From the perspective of customer concentration and minority shareholders, key points to focus on:

• The revenue share of the top five customers is relatively large. During the reporting period, the ratio of sales from the top five customers to total sales was 61.69%, indicating excessive concentration of customers.

3. Funding Pressure and Security Aspect

During the reporting period, the company’s debt-to-asset ratio was 31.74%, a year-on-year decrease of 11.44%; current ratio was 3.19, quick ratio was 3.17; total debt was 1.1776 million yuan, with short-term debt at 1.1776 million yuan, making short-term debt 100% of total debt.

From a funding management perspective, key points to focus on:

• The interest income/cash ratio is less than 1.5%. During the reporting period, cash funds were 250 million yuan, short-term debt was 1.178 million yuan, and the average interest income/cash ratio was 0.466%, which is below 1.5%.

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

• Free cash flow is negative. In the last three annual reports, free cash flow was -130 million yuan, -10 million yuan, and -30 million yuan, consistently negative.

| Item | 20231231 | 20241231 | 20251231 | | Free Cash Flow (yuan) | -127 million | -10.4342 million | -31.0515 million |

4. Operational Efficiency Aspect

During the reporting period, the company’s accounts receivable turnover ratio was 1.6, a year-on-year increase of 7.96%; inventory turnover ratio was 18.69, a year-on-year increase of 198.89%; total asset turnover ratio was 0.48, a year-on-year increase of 20.35%.

Click on Century Dingli Eagle Eye Warning to view the latest warning details and visual financial report preview.

Introduction to 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. 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, quality of earnings, funding pressure and security, and operational efficiency, and highlights potential financial risk points in a graphical format. It provides 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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Editor: Xiao Lang Quick Report