Eagle Eye Warning: Jikeco Shares' Accounts Receivable Growth Rate exceeds Revenue Growth Rate

Sina Finance Listed Company Research Institute | Earnings Eye Warning

On March 31, Keji Stock released its 2025 annual report.

The report shows that the company’s operating revenue for 2025 was 473 million yuan, an increase of 2.8% year over year; net profit attributable to shareholders was -38.0388 million yuan, down 424.84% year over year; net profit attributable to shareholders after non-recurring items was -49.0828 million yuan, down 799.04% year over year; and basic earnings per share were -0.29 yuan per share.

Since the company went public in November 2023, it has paid cash dividends 2 times, with cumulative cash dividends already implemented of 33.9238 million yuan.

The Listed Company Earnings Eye Warning system conducts intelligent quantitative analysis of Keji Stock’s 2025 annual report from four major dimensions: performance quality, profitability, capital pressure and safety, as well as operating efficiency.

1. Performance quality

During the reporting period, the company’s revenue was 473 million yuan, an increase of 2.8% year over year; net profit was -41.2441 million yuan, down 535.08% year over year; and net cash flow from operating activities was -94.1112 million yuan, down 1129.29% year over year.

From the overall performance perspective, it is necessary to focus on:

• Net profit attributable to shareholders fell sharply. During the reporting period, net profit attributable to shareholders was -0.4 billion yuan, down significantly by 424.84% year over year.

| Item | 20231231 | 20241231 | 20251231 | | Net profit attributable to shareholders (yuan) | - | 11.7101 million | -38.0388 million | | Growth rate of net profit attributable to shareholders | - | -71.53% | -424.84% |

• Net profit attributable to shareholders after non-recurring items fell sharply. During the reporting period, net profit attributable to shareholders after non-recurring items was -0.5 billion yuan, down significantly by 799.04% year over year.

| Item | 20231231 | 20241231 | 20251231 | | Net profit after non-recurring items attributable to shareholders (yuan) | - | 7.0215 million | -49.0828 million | | Growth rate of net profit after non-recurring items attributable to shareholders | - | -78.73% | -799.04% |

• Operating revenue and net profit moved in opposite directions. During the reporting period, operating revenue increased by 2.8% year over year, while net profit decreased by 535.08% year over year—indicating a divergence between changes in operating revenue and net profit.

| Item | 20231231 | 20241231 | 20251231 | | Operating revenue (yuan) | - | 460 million | 473 million | | Net profit (yuan) | - | 9.4797 million | -41.2441 million | | Growth rate of operating revenue | - | -14.95% | 2.8% | | Growth rate of net profit | - | -76.98% | -535.08% |

From the matching of revenue, cost, and period expenses, it is necessary to focus on:

• A divergence between operating revenue and taxes and surcharges. During the reporting period, operating revenue changed by 2.8% year over year, while taxes and surcharges changed by -6.26% year over year—showing a divergence between operating revenue and taxes and surcharges.

| Item | 20231231 | 20241231 | 20251231 | | Operating revenue (yuan) | - | 460 million | 473 million | | Growth rate of operating revenue | - | -14.95% | 2.8% | | Growth rate of taxes and surcharges | - | -2.8% | -6.26% |

Considering the quality of operating assets, it is necessary to focus on:

• The growth rate of accounts receivable is higher than the growth rate of operating revenue. During the reporting period, accounts receivable increased by 23.09% from the beginning of the period, operating revenue grew by 2.8% year over year, and the accounts receivable growth rate was higher than the operating revenue growth rate.

| Item | 20231231 | 20241231 | 20251231 | | Growth rate of operating revenue | - | -14.95% | 2.8% | | Growth rate of accounts receivable from the beginning of the period | - | - | 23.09% |

Considering the quality of cash flows, it is necessary to focus on:

• A divergence between operating revenue and net cash flow from operating activities. During the reporting period, operating revenue increased by 2.8% year over year, net cash flow from operating activities decreased by 1129.29% year over year, and there is a divergence between changes in operating revenue and net cash flow from operating activities.

| Item | 20231231 | 20241231 | 20251231 | | Operating revenue (yuan) | - | 460 million | 473 million | | Net cash flow from operating activities (yuan) | - | 9.1434 million | -94.1112 million | | Growth rate of operating revenue | - | -14.95% | 2.8% | | Growth rate of net cash flow from operating activities | - | -51.57% | -1129.29% |

2. Profitability

During the reporting period, the company’s gross margin was 10.4%, down 44.13% year over year; net margin was -8.73%, down 523.24% year over year; and return on net assets (weighted) was -7.57%, down 442.53% year over year.

Based on the company’s operating side and returns, it is necessary to focus on:

• A significant decline in the sales gross margin. During the reporting period, the sales gross margin was 10.4%, down significantly by 44.13% year over year.

| Item | 20231231 | 20241231 | 20251231 | | Sales gross margin | - | 18.62% | 10.4% | | Growth rate of sales gross margin | - | -21.66% | -44.13% |

Regarding whether there are impairment risks, it is necessary to focus on:

• The year-over-year change rate of asset impairment losses exceeded 30%. During the reporting period, asset impairment losses were -4.055 million yuan, down 6330.28% year over year.

| Item | 20231231 | 20241231 | 20251231 | | Asset impairment losses (yuan) | - | 65.1 thousand | -4.0551 million |

3. Capital pressure and safety

During the reporting period, the company’s asset-liability ratio was 60.73%, up 10.87% year over year; the current ratio was 1.91 and the quick ratio was 1.38; total debt was 239 million yuan, of which short-term debt was 58.9001 million yuan, and short-term debt accounted for 24.65% of total debt.

From the perspective of capital control, it is necessary to focus on:

• The ratio of interest income to cash and cash equivalents is less than 1.5%. During the reporting period, cash and cash equivalents were 250 million yuan, short-term debt was 2.462 million yuan, and the company’s average ratio of interest income to cash and cash equivalents was 0.301%, which is below 1.5%.

| Item | 20231231 | 20241231 | 20251231 | | Cash and cash equivalents (yuan) | - | 353 million | 253 million | | Short-term debt (yuan) | - | 43.3429 million | 2.4616 million | | Interest income / average cash and cash equivalents | - | - | 0.3% |

• Other receivables changed significantly. During the reporting period, other receivables were 6.726 million yuan, and the change rate from the beginning of the period was 32.19%.

4. Operating efficiency

During the reporting period, the company’s accounts receivable turnover ratio was 1.63, down 7.46% year over year; the inventory turnover ratio was 1.35, up 18.68% year over year; and the total asset turnover ratio was 0.4, up 1.43% year over year.

For long-term assets, it is necessary to focus on:

• Intangible assets changed significantly. During the reporting period, intangible assets were 110 million yuan, up 2664.38% from the beginning of the period.

Click Keji Stock’s Earnings Eye Warning to view the latest warning details and a visual preview of the financial report.

Introduction to Sina Finance Listed Company Earnings Eye Warning: The Listed Company Earnings Eye Warning is an intelligent professional analytical system for listed company financial reports. Through gathering large numbers of authoritative financial experts such as accounting firms and listed companies, Earnings Eye Warning tracks and interprets the latest financial reports of listed companies across multiple dimensions, including company performance growth, earnings quality, capital pressure and safety, as well as operating efficiency, and it uses charts and images to flag potential financial risk points. It provides professional, efficient, and convenient technical solution for identifying and issuing early warnings on financial risks of listed companies for financial institutions, listed companies, regulatory authorities, and others.

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