Eagle Eye Warning: Hopu Co., Ltd. Sales Gross Profit Margin Significantly Increased

Sina Finance Listed Company Research Institute | Financial Report Eagle Eye Early Warning

On March 30, Houpu Co., Ltd. released its 2025 annual report.

The report shows that the company’s operating revenue for the full year of 2025 was 1.079 billion yuan, up 71.15%; net profit attributable to shareholders was 7.8448 million yuan, up 109.52%; net profit after deducting non-recurring items attributable to shareholders was 43.0722 million yuan, up 158.36%; basic earnings per share was 0.0186 yuan/share.

Since listing in May 2015, the company has issued cash dividends 4 times, with cumulative cash dividends implemented totaling 149 million yuan.

The Eagle Eye early warning system for listed company financial reports conducts intelligent quantitative analysis of Houpu Co., Ltd.’s 2025 annual report across four major dimensions: performance quality, profitability, capital pressure and safety, and operating efficiency.

I. Performance Quality

During the reporting period, the company’s revenue was 1.079 billion yuan, up 71.15%; net profit was 9.1619 million yuan, up 109.46%; net cash flow from operating activities was 212 million yuan, up 82.27%.

From an overall performance standpoint, it is important to focus on:

• Fourth-quarter net profit fluctuations. During the reporting period, net profit was 9.162 million yuan, and the first three quarters were -1.216 million yuan; the fourth quarter turned from negative to positive.

| Item | 20250331 | 20250630 | 20250930 | 20251231 | | Net profit (yuan) | 764.44 million | -1822.43 million | -121.59 million | 916.19 million |

• Net profit swung to profitability for the first time in two years with losses. In the past three periods of annual reports, net profit was -0.6 billion yuan, -1 billion yuan, and 9.162 million yuan respectively, showing significant volatility.

| Item | 20231231 | 20241231 | 20251231 | | Net profit (yuan) | -56.4572 million | -96.8126 million | 9.1619 million |

• Net profit is relatively volatile. In the past three periods of annual reports, net profit was -0.6 billion yuan, -1 billion yuan, and 9.162 million yuan; the year-over-year changes were 60.26%, -71.48%, and 109.46% respectively, indicating relatively volatile net profit.

| Item | 20231231 | 20241231 | 20251231 | | Net profit (yuan) | -56.4572 million | -96.8126 million | 9.1619 million | | Net profit growth rate | 60.26% | -71.48% | 109.46% |

II. Profitability

During the reporting period, the company’s gross margin was 29.44%, up 20.03% year over year; net profit margin was 0.85%, up 105.53% year over year; return on net assets (weighted) was 0.63%, up 109.04% year over year.

Combining the company’s operating performance, it is important to focus on:

• Sales gross margin rose significantly. During the reporting period, sales gross margin was 29.44%, up significantly by 20.03% year over year.

Combining the company’s asset base for returns, it is important to focus on:

• The average return on net assets for the past three years is below 7%. During the reporting period, the weighted average return on net assets was 0.63%, and the weighted average return on net assets for the most recent three accounting years was, on average, below 7%.

From non-recurring gains/losses, it is important to focus on:

• Non-recurring gains account for a high proportion. During the reporting period, the ratio of non-recurring gains to net profit was 79.7%. (Note: Non-recurring gains = investment net gains + net gains from fair value changes + non-operating income + losses from disposal of non-current assets).

III. Capital Pressure and Safety

During the reporting period, the company’s asset-liability ratio was 43.14%, down 7.95% year over year; current ratio was 1.51, quick ratio was 1.11; total debt was 300 million yuan, of which short-term debt was 300 million yuan; short-term debt as a proportion of total debt was 100%.

From the perspective of capital management and control, it is important to focus on:

• The ratio of interest income to cash is less than 1.5%. During the reporting period, cash and cash equivalents were 780 million yuan, short-term debt was 200 million yuan, and the company’s average ratio of interest income to cash was 1.005%, which is below 1.5%.

• Accounts payable notes (bills payable) changed significantly. During the reporting period, bills payable were 100 million yuan, with a period-beginning change rate of 1515.24%.

From the perspective of capital coordination, it is important to focus on:

• The company has relatively abundant funds. During the reporting period, the company’s working capital requirement was -0.6 billion yuan, and working capital was 560 million yuan. Operating activities and investing/financing activities both brought the company relatively ample funds, and the company’s cash payment ability was 620 million yuan. The efficiency of capital utilization is worth further attention.

IV. Operating Efficiency

During the reporting period, the company’s accounts receivable turnover ratio was 3.97, up 76.54% year over year; inventory turnover ratio was 1.76, up 59.74% year over year; total asset turnover ratio was 0.43, up 56.16% year over year.

From long-term assets, it is important to focus on:

• Long-term prepaid expenses changed significantly compared with the beginning of the period. During the reporting period, long-term prepaid expenses were 2.449 million yuan, up 330.59% from the beginning of the period.

Click Houpu Co., Ltd. Eagle Eye early warning to view the latest details and a visual preview of the financial report.

Sina Finance Listed Company Financial Report Eagle Eye Early Warning introduction: The Listed Company Financial Report Eagle Eye Early Warning is a professional intelligent analysis system for listed company financial reports. By pooling a large number of authoritative financial experts from accounting firms and listed companies, among others, the Eagle Eye early warning tracks and interprets a listed company’s latest financial reports across multiple dimensions—including company performance growth, earnings quality, capital pressure and safety, and operating efficiency—and uses text and images to flag potential financial risk points. It provides professional, efficient, and convenient technical solution for financial institutions, listed companies, regulatory authorities, and others to identify and provide early warnings for financial risks.

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Editor: Xiaolang Quick News