Anjie Technology (002635) 2025 Annual Report Brief Analysis: Net profit down 57.56% year-over-year, the company's accounts receivable are relatively large.

According to publicly available data compiled by Securities Star, Anjie Technology (002635) recently released its 2025 annual report. As of the end of this reporting period, the company’s total operating revenue was 4.749 billion yuan, a year-on-year decrease of 0.97%, with a net profit attributable to shareholders of 111 million yuan, a year-on-year decrease of 57.56%. Looking at quarterly data, the total operating revenue for the fourth quarter was 1.266 billion yuan, a year-on-year increase of 5.26%, while the net profit attributable to shareholders for the fourth quarter was 10.6993 million yuan, a year-on-year decrease of 73.59%. During this reporting period, Anjie Technology had a large amount of accounts receivable, with accounts receivable for the period accounting for 1203.19% of the net profit attributable to shareholders in the latest annual report.

This data is below the expectations of most analysts, who previously anticipated a net profit of around 456 million yuan for 2025.

The various data indicators released in this financial report were not satisfactory. Among them, the gross profit margin was 20.37%, a year-on-year decrease of 9.88%, the net profit margin was 2.14%, a year-on-year decrease of 60.3%, and total selling, administrative, and financial expenses amounted to 444 million yuan, accounting for 9.36% of revenue, a year-on-year increase of 16.34%. The net asset value per share was 8.83 yuan, a year-on-year increase of 0.07%, the operating cash flow per share was 1.13 yuan, a year-on-year decrease of 13.02%, and the earnings per share were 0.17 yuan, a year-on-year decrease of 56.41%.

The Securities Star value investment circle financial report analysis tool shows:

• Business Evaluation: The company’s ROIC last year was 1.71%, indicating weak capital returns. The net profit margin last year was 2.14%, and after accounting for all costs, the added value of the company’s products or services is not high. Historical annual report data shows that the median ROIC over the past 10 years is 4.43%, indicating weak median investment returns, with the worst year being 2019, where the ROIC was -10.41%, showing extremely poor investment returns. The company’s historical financial reports are relatively average, having released 14 annual reports since its IPO, with one year of losses, necessitating careful examination for any special reasons.

• Business Model: The company’s performance primarily relies on R&D and marketing. It is necessary to carefully study the actual circumstances behind these driving forces.

• Business Breakdown: The company’s return on net operating assets over the past three years (2023/2024/2025) was 7.3%/6.1%/2.7%, with net operating profits of 305 million/258 million/101 million yuan, and net operating assets of 4.149 billion/4.211 billion/3.796 billion yuan.

  The company’s working capital/revenue over the past three years (2023/2024/2025) (i.e., the funds the company needs to front for each yuan of revenue generated in the production and operation process) have been 0.12/0.12/0.05, with working capital (the money the company spends in its production and operation process) being 535 million/574 million/243 million yuan, and revenue being 4.517 billion/4.796 billion/4.749 billion yuan.

The financial health check tool shows:

1. It is recommended to pay attention to the company’s cash flow situation (monetary funds/current liabilities are only 95.98%).
2. It is recommended to pay attention to the company’s accounts receivable situation (accounts receivable/profit has reached 1203.19%).

The fund with the largest holding in Anjie Technology is Dacheng Jingheng Mixed A, currently with a size of 628 million yuan and a latest net value of 3.6771 (March 27), up 1.74% from the previous trading day, and up 33.65% over the past year. The current fund manager is Su Bingyi.

The above content is compiled by Securities Star based on publicly available information, generated by AI algorithms (Internet Information Bureau No. 310104345710301240019), and does not constitute investment advice.