Yueda Investment 2025 Annual Report Analysis: Total Profit Increased by 3944.17% Year-over-Year, Financial Expenses Rose by 38.88%

Operating Revenue: Year-over-Year Decline of 15.89%, Clear Divergence in Business Mix

During the reporting period, the company recorded operating revenue of 2,556,057,626.75 yuan, representing a year-over-year decrease of 15.89%. Judging by business segments, traditional operations faced clear pressure: operating revenue in the commodity distribution segment fell sharply by 77.32% year over year, while the manufacturing segment’s revenue declined by 12.65% year over year; however, businesses related to new energy performed remarkably—revenue from power, heat production and supply rose by 426.28% year over year, service segment revenue increased by 45.02% year over year—indicating that the effectiveness of the company’s transition to new energy is beginning to show, though the decline in traditional businesses has imposed a significant drag on overall revenue.

Key Profitability Indicators: Total Profit Up Sharply, Non-GAAP Profit Still Needs Improvement

Total Profit and Net Profit

In 2025, the company’s total profit was 77,379,999.63 yuan, up 3944.17% year over year; net profit attributable to shareholders of listed companies was 36,871,542.06 yuan, up 37.94% year over year. The surge in total profit was mainly driven by gains from asset disposal (this period: 84,214,067.00 yuan, up 39.70% year over year) and improvements in earnings from operating activities; however, the growth rate of net profit was far lower than that of total profit, mainly due to the impact of income tax expenses and profit or loss attributable to minority shareholders.

Net Profit Excluding Non-Recurring Items

Net profit attributable to shareholders of listed companies after deducting non-recurring gains and losses was -2,043,583.92 yuan. Although it remains a loss, it represents a significant improvement versus the -73,188,245.21 yuan loss in the same period last year, indicating that the profitability of the company’s main business is gradually recovering, but it has not yet turned profitable.

Earnings Per Share

Basic earnings per share was 0.04 yuan per share, up 37.94% year over year; non-GAAP earnings per share was -0.002 yuan per share, compared with -0.09 yuan per share in the same period last year, similarly reflecting an improving trend in the company’s non-recurring profitability, but still not achieving positive earnings.

Expense Analysis: Sales and R&D Expenses Drop, Financial Expenses Surge

In 2025, the company’s total selling, general, and administrative expenses were 419,952,784.56 yuan, down 10.12% year over year. The performance by sub-item is as follows:

R&D Personnel Profile: Stable Team Size, Optimized Degree Structure

During the reporting period, the number of the company’s R&D personnel was 224, accounting for 8.35% of the company’s total workforce. The team size remained stable. From the education-degree structure, there were 19 master’s degree holders and 188 bachelor’s degree holders, totaling 92.41% of the total R&D personnel. Overall, the R&D team has a relatively high level of education, providing talent support for the company’s technological innovation.

Cash Flows: Operating Cash Flow Improves, Investment and Financing Cash Flow Scales Contract

Cash Flow from Operating Activities

Net cash flow generated from operating activities was 125,224,843.26 yuan, up 59.05% year over year. The main reason is that during the reporting period, cash paid for purchases of goods and acceptance of labor services decreased; at the same time, cash received from sales of goods remained stable, improving the quality of cash flow from operating activities.

Cash Flow from Investing Activities

Net cash flow from investing activities was -788,544,270.52 yuan, decreasing by 28.65% year over year. The main reason is that during the reporting period, investments in new energy enterprises were slowed down, and the cash paid for purchasing or constructing fixed assets, intangible assets, and other long-term assets decreased year over year.

Cash Flow from Financing Activities

Net cash flow from financing activities was 746,301,395.70 yuan, down 37.86% year over year. The main reason is that during the reporting period, project investment progress slowed, cash paid for debt repayment increased year over year, and meanwhile the scale of cash received from borrowings contracted somewhat.

Risks the Company May Face

Market Risk

YueDazhiTextile has a lower market share and influence in its differentiated product market; the product structure constrains market order intake and profitability. The logistics services industry is affected by factors such as a slowdown in auto sales growth, intensifying industry competition, which raises higher requirements for logistics service companies’ ability to acquire customers and provide services.

Operating Risk

YueDa Intelligent Agricultural Equipment is in the stage of new product development, and whether it can meet expectations involves uncertainty. YueDa Special Vehicles is affected by fluctuations in upstream raw material steel prices and the decline in government procurement spending, creating risks of a decline in gross margin.

Investment Risk

Although the company’s transformation has begun to show early results, projects in newly invested related fields such as new energy and new materials require some time to cultivate, making it difficult to contribute stable profitability in the short term. In addition, competition in the new energy industry is fierce, and there is uncertainty regarding project profitability.

Compensation of Executives and Supervisors

During the reporting period, the company’s high compensation for directors, supervisors, and senior management was mainly concentrated among the management layer:

• Chairman Zhang Naiwen did not receive compensation from the company; compensation is obtained from related parties;
• Former general manager Wang Shengjie’s total pre-tax remuneration received from the company during the reporting period was 610,000 yuan (0.61 million yuan);
• Deputy general managers Liu Zhongmin, Qin Dagang, Ma Xiuhua, Chen Bin, and Zhang Jiansong’s total pre-tax remuneration during the reporting period were 570,500 yuan, 560,300 yuan, 576,300 yuan, 578,200 yuan, and 585,200 yuan, respectively;
• Financial Controller Li Zhengming’s total pre-tax remuneration during the reporting period was 557,700 yuan;
• Independent directors Cai Bailiang, Jiang Shuyun, Lu Xinguo, and Zhang Jiujun’s total pre-tax remuneration during the reporting period was 95,200 yuan each.

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