Eagle Eye Warning: Shenghui Integrated Accounts Receivable Growth Rate exceeds Revenue Growth Rate

Sina Finance Listed Companies Research Institute | Financial Report Hawk-Eye Early Warning

On March 27, Shenghui Integration released its 2025 annual report.

The report shows that the company’s operating revenue for the full year of 2025 was 2.989 billion yuan, up 48.85% year over year; net profit attributable to the parent was 155 million yuan, up 35.09%; net profit after deducting non-recurring gains and losses attributable to the parent was 154 million yuan, up 35.05%; basic earnings per share were 1.55 yuan per share.

Since listing in August 2022, the company has delivered cash dividends 4 times, with total cash dividends implemented to date amounting to 235 million yuan.

The Hawk-Eye Early Warning System for listed-company financial reports conducts intelligent quantitative analysis of Shenghui Integration’s 2025 annual report from four major dimensions: performance quality, profitability, capital pressure and safety, and operating efficiency.

I. Performance Quality

During the reporting period, the company’s operating revenue was 2.989 billion yuan, up 48.85%; net profit was 160 million yuan, up 36.63%; net cash flow from operating activities was 144 million yuan, up 3987.79%.

From the overall performance perspective, the following should be given key attention:

• Net profit is subject to relatively significant fluctuations. In the past three annual reports, net profit was 140 million yuan, 120 million yuan, and 160 million yuan respectively; the year-over-year changes were 13.86%, -16.39%, and 36.63% respectively—net profit has been relatively volatile.

From the matching of revenue, costs, and period expenses, the following should be given key attention:

• The change in selling expenses differs significantly from the change in operating revenue. During the reporting period, operating revenue changed by +48.85% year over year, selling expenses changed by -21.83% year over year, and the difference between the changes in selling expenses and operating revenue is large.

In light of the quality of operating assets, the following should be given key attention:

• The growth rate of accounts receivable is higher than the growth rate of operating revenue. During the reporting period, accounts receivable increased 57.97% compared with the beginning of the period; operating revenue increased 48.85% year over year; the accounts receivable growth rate is higher than the operating revenue growth rate.

• Inventory growth is higher than the growth rate of cost of sales. During the reporting period, inventory increased 95.33% compared with the beginning of the period; cost of sales increased 52.82% year over year; inventory growth is higher than the growth rate of cost of sales.

• Inventory growth is higher than the growth rate of operating revenue. During the reporting period, inventory increased 95.33% compared with the beginning of the period; operating revenue increased 48.85% year over year; inventory growth is higher than the growth rate of operating revenue.

In light of cash flow quality, the following should be given key attention:

• The ratio of net cash flow from operating activities to net profit is below 1. During the reporting period, the ratio was 0.901, below 1, indicating weaker profitability quality.

II. Profitability

During the reporting period, the company’s gross margin was 10.25%, down 18.52% year over year; net profit margin was 5.35%, down 8.21% year over year; return on equity (weighted) was 13.66%, up 29.36% year over year.

In light of the company’s operating-side earnings, the following should be given key attention:

• Selling gross margin continues to decline. In the past three annual reports, selling gross margin was 13.44%, 12.59%, and 10.25% respectively; the trend of change has continued to decline.

• Selling net profit margin continues to decline. In the past three annual reports, selling net profit margin was 6.97%, 5.83%, and 5.35% respectively; the trend of change has continued to decline.

III. Capital Pressure and Safety

During the reporting period, the company’s asset-liability ratio was 49.6%, up 17.21% year over year; the current ratio was 1.98 and the quick ratio was 1.97; total debt was 48.0009 million yuan, of which short-term debt was 48.0009 million yuan; the ratio of short-term debt to total debt was 100%.

From short-term capital pressure, the following should be given key attention:

• The ratio of short-term to long-term debt increases significantly. During the reporting period, the ratio of short-term debt to long-term debt increased significantly to 32.

• The cash ratio continues to decline. In the past three annual reports, the cash ratio was 1.01, 0.99, and 0.7 respectively, showing a continuous decline.

From long-term capital pressure, the following should be given key attention:

• The ratio of total debt to net assets continues to rise. In the past three annual reports, the ratio of total debt to net assets was 0.16%, 2.47%, and 4.16% respectively, showing continuous growth.

• The cash coverage ratio of total debt gradually becomes smaller. In the past three annual reports, the ratio of broad monetary funds to total debt was 493.85, 27.78, and 18.66 respectively, continuing to decline.

From the perspective of capital management and control, the following should be given key attention:

• The ratio of interest income to monetary funds is less than 1.5%. During the reporting period, monetary funds were 780 million yuan, short-term debt was 50 million yuan. The company’s average ratio of interest income to monetary funds was 1.452%, which is below 1.5%.

IV. Operating Efficiency

During the reporting period, the company’s accounts receivable turnover was 6.4, up 20.92%; inventory turnover was 506.55; total asset turnover was 1.39, up 33.13%.

Click Shenghui Integration’s Hawk-Eye Early Warning to view the latest early warning details and a visual preview of the financial report.

Brief introduction to Sina Finance’s Hawk-Eye Early Warning for listed-company financial reports: Hawk-Eye Early Warning for listed-company financial reports is an intelligent professional analysis system for listed-company financial reports. By pooling a large number of authoritative financial experts such as accounting firms and listed companies, Hawk-Eye Early Warning tracks and interprets the latest financial reports of listed companies from multiple dimensions including growth in company performance, earnings quality, capital pressure and safety, and operating efficiency, and provides alerts to potentially existing financial risk points in the form of text and graphics. It provides professional, efficient, and convenient technical solution for financial institutions, listed companies, regulatory authorities, and others to identify and give early warnings on financial risks.

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Editor: Xiao Lang Express