Shanghai Energy (600508) 2025 Annual Report Summary: Net profit down 69.2% year-over-year, the company's accounts receivable are relatively large.

According to publicly available data organized by Securities Star, Shanghai Energy (600508) recently released its 2025 annual report. By the end of this reporting period, the company’s total operating revenue was 7.677 billion yuan, a year-on-year decrease of 19.09%, and the net profit attributable to shareholders was 220 million yuan, a year-on-year decrease of 69.2%. Looking at the quarterly data, the total operating revenue in the fourth quarter was 2.037 billion yuan, a year-on-year decrease of 9.66%, and the net profit attributable to shareholders in the fourth quarter was -34.6971 million yuan, a year-on-year decrease of 138.59%. During this reporting period, Shanghai Energy had a large volume of accounts receivable, with accounts receivable accounting for 190.34% of the net profit attributable to shareholders as reported in the latest annual report.

This data fell below the expectations of most analysts, who had anticipated a net profit of around 507 million yuan for 2025.

The various data indicators released in this financial report were not satisfactory. Among them, the gross profit margin was 14.05%, a year-on-year decrease of 34.69%, the net profit margin was 2.06%, a year-on-year decrease of 70.55%, and the total of selling expenses, administrative expenses, and financial expenses was 663 million yuan, accounting for 8.64% of revenue, a year-on-year increase of 4.99%. The net asset value per share was 17.48 yuan, a year-on-year decrease of 1.37%, the operating cash flow per share was 0.69 yuan, a year-on-year decrease of 60.76%, and the earnings per share were 0.31 yuan, a year-on-year decrease of 68.69%.

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

• Business Evaluation: The company’s ROIC last year was 1.5%, indicating a weak capital return rate. The net profit margin last year was 2.06%, and after accounting for all costs, the added value of the company’s products or services is not high. According to historical annual report data, the median ROIC over the past 10 years has been 5.26%, indicating weak median investment returns, with the worst year being 2025, where the ROIC was 1.5%, and investment returns were average. The company’s historical financial reports have been relatively average.

• Debt Repayment Ability: The company’s interest-bearing liabilities are not insignificant compared to the current profit level.

• Business Model: The company’s performance mainly relies on capital expenditure, and it is crucial to focus on whether the company’s capital expenditure projects are cost-effective and whether capital spending faces rigid financial pressures. A detailed study of the actual circumstances behind these driving forces is necessary.

• Business Breakdown: The company’s net operating asset returns over the past three years (2023/2024/2025) were 7.3%/4.9%/1.1%, with net operating profits of 978 million/665 million/158 million yuan and net operating assets of 13.357 billion/13.585 billion/14.213 billion yuan.

  The company’s working capital/revenue over the past three years (2023/2024/2025) was -0.08/-0.08/-0.04, where working capital (the money the company spends during its operations) was -885 million/-713 million/-313 million yuan, and revenues were 10.978 billion/9.488 billion/7.677 billion yuan.

The financial report health check tool shows:

1. It is recommended to pay attention to the company’s accounts receivable situation (accounts receivable/profit has reached 190.34%).

The above content is organized by Securities Star based on public information and generated by AI algorithms (Internet Information Office Record No. 310104345710301240019), and does not constitute investment advice.