Eagle Eye Warning: Xintian Technology's Operating Revenue and Net Profit Diverge

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

On March 31, XinTian Technology released its 2025 annual report. The audit opinion is a standard unqualified audit opinion.

The report shows that the company’s operating revenue for all of 2025 was 474 million yuan, up 70.9% year over year; net profit attributable to shareholders was -8.6488 million yuan, up 52.82% year over year; non-recurring profit attributable to shareholders was -12.0329 million yuan, up 48.07% year over year; and basic earnings per share were -0.04 yuan per share.

Since the company was listed in January 2017, it has paid cash dividends 9 times, with a cumulative cash dividend implementation of 131 million yuan. The announcement shows that the company plans to distribute cash dividends of 0.5 yuan for every 10 shares to all shareholders (including tax).

The listed company financial report eagle-eye early warning system conducts intelligent quantitative analysis of XinTian Technology’s 2025 annual report from four major dimensions: performance quality, profitability, funding pressure and safety, and operating efficiency.

I. Performance Quality

In the reporting period, the company’s revenue was 474 million yuan, up 70.9%; net profit was -31.0748 million yuan, down 69.5% year over year; and net cash flow from operating activities was 19.7396 million yuan, up 2,197.23%.

From the overall performance perspective, attention should be paid to:

• The growth rate of operating revenue for the last three quarters has been continuously declining. In the reporting period, operating revenue increased 25.06% year over year; over the last three quarters, the growth rate continued to decline.

• Operating revenue and net profit moved in opposite directions. In the reporting period, operating revenue increased 70.9% year over year, while net profit decreased 69.51% year over year; operating revenue and net profit diverged in their movements.

• Net profit has been negative for two consecutive years. In the last three reporting periods’ annual reports, net profits were 0.7 billion, -0.2 billion, and -0.3 billion respectively, representing losses for two consecutive years.

| Item | 20231231 | 20241231 | 20251231 | | Net profit (yuan) | 72.4279 million | -18.3327 million | -31.0748 million |

From the matching of revenue costs and period expenses, attention should be paid to:

• The change in selling expenses differs significantly from the change in operating revenue. In the reporting period, operating revenue changed 70.9% year over year, selling expenses changed 8.52% year over year, and the difference between selling expenses and operating revenue changes is significant.

结合现金流质量看，需要重点关注：

• The ratio of net cash flow from operating activities to net profit continues to decline. In the last three interim reports, the ratio of net cash flow from operating activities to net profit was 1.91, 0.05, and -0.64 respectively, showing a continuous decline and a downward trend in earnings quality.

| Item | 20231231 | 20241231 | 20251231 | | Operating net cash flow (yuan) | 139 million | -941,200 | 19.7396 million | | Net profit (yuan) | 72.4279 million | -18.3327 million | -31.0748 million | | Operating net cash flow / net profit | 1.91 | 0.05 | -0.64 |

II. Profitability

In the reporting period, the company’s gross margin was 22.53%, up 3.97% year over year; the net profit margin was -6.56%, up 0.82% year over year; and return on net assets (weighted) was -1.68%, up 51.16% year over year.

结合公司资产端看收益，需要重点关注：

• The average return on net assets over the last three years is below 7%. In the reporting period, the weighted average return on net assets was -1.68%, and the weighted average return on net assets for the last three accounting years is on average below 7%.

| Item | 20231231 | 20241231 | 20251231 | | Return on net assets | 10.93% | -3.44% | -1.68% | | Return on net assets growth rate | 22.95% | -131.47% | 51.16% |

• Return on invested capital is below 7%. In the reporting period, the company’s return on invested capital was -1.11%, and the average value across the three reporting periods was below 7%.

| Item | 20231231 | 20241231 | 20251231 | | Return on invested capital | 10.59% | -2.82% | -1.11% |

From non-recurring gains and losses, attention should be paid to:

• Non-recurring gains account for a high proportion. In the reporting period, the ratio of non-recurring gains to net profit was 49.6%. (Note: Non-recurring gains = investment net gains + net gains from fair value changes + non-operating income + losses from disposal of non-current assets).

| Item | 20231231 | 20241231 | 20251231 | | Non-recurring gains (yuan) | 6.5551 million | 6.5912 million | -15.4244 million | | Net profit (yuan) | 72.4279 million | -18.3327 million | -31.0748 million | | Non-recurring gains / net profit | -35.76% | -35.95% | 49.6% |

From whether there is impairment risk, attention should be paid to:

• The year-over-year change rate of asset impairment losses exceeds 30%. In the reporting period, asset impairment losses were -0.4 billion yuan, down 3,730.15% year over year.

| Item | 20231231 | 20241231 | 20251231 | | Asset impairment losses (yuan) | -5.1858 million | -1.006 million | -38.5307 million |

From dimensions such as customer concentration and minority shareholders, attention should be paid to:

• Revenue from the top five customers accounts for a relatively large share. In the reporting period, the ratio of sales to the top five customers / total sales was 66.41%, indicating that customers are overly concentrated.

III. Funding Pressure and Safety

In the reporting period, the company’s asset-liability ratio was 45.28%, up 131.81% year over year; the current ratio was 1.56, and the quick ratio was 1.23; total debt was 156 million yuan, including short-term debt of 153 million yuan; the proportion of short-term debt to total debt was 97.88%.

From the overall financial position, attention should be paid to:

• Asset-liability ratio increased significantly. In the reporting period, the asset-liability ratio changed by 131.81% compared with the beginning of the period, and the asset-liability ratio grew to 45.28%.

• The current ratio declined significantly. In the reporting period, the current ratio declined significantly to 1.56.

From short-term funding pressure, attention should be paid to:

• The ratio of short-term to long-term debt increased significantly. In the reporting period, short-term debt / long-term debt grew significantly to 4.08.

From long-term funding pressure, attention should be paid to:

• The ratio of total debt / net assets continues to rise. In the last three annual reports, the ratios of total debt / net assets were 2.43%, 7.4%, and 35.81% respectively, showing continuous growth.

• Short-term debt can be covered by broad money funds, but long-term debt cannot be covered. In the reporting period, the ratio of broad monetary funds / total debt was 0.97, and broad monetary funds were lower than total debt.

• The cash coverage ratio of total debt is gradually getting smaller. In the last three annual reports, the ratio of broad monetary funds / total debt was 21.04, 4.62, and 0.97 respectively, showing a continuous decline.

From the perspective of funding control, attention should be paid to:

• Interest income / monetary funds ratio is less than 1.5%. In the reporting period, monetary funds were 140 million yuan, and short-term debt was 140 million yuan. The company’s average interest income / monetary funds ratio was 0.176%, which is lower than 1.5%.

• Prepayments have changed substantially. In the reporting period, prepayments were 0.4 billion yuan, with a period-beginning change rate of 2,973.3%.

• The ratio of prepayments / current assets continues to grow. In the last three annual reports, the ratio of prepayments / current assets was 0.26%, 0.29%, and 6.88% respectively, showing continuous growth.

• Prepayments growth rate is higher than the growth rate of operating costs. In the reporting period, prepayments increased by 2,973.3% compared with the beginning of the period; operating costs grew 69.03% year over year. The prepayments growth rate is higher than the operating costs growth rate.

| Item | 20231231 | 20241231 | 20251231 | | Prepayments growth rate vs. beginning of period | -0.61% | -2.15% | 2,973.3% | | Operating cost growth rate | 17.98% | -50.36% | 69.03% |

• Other receivables have changed substantially. In the reporting period, other receivables were 0.3 billion yuan, with a period-beginning change rate of 307.16%.

• The ratio of other receivables / current assets continues to grow. In the last three annual reports, the ratio of other receivables / current assets was 1.08%, 1.68%, and 5.2% respectively, showing continuous upward trend.

• Accounts payable bills have changed substantially. In the reporting period, accounts payable bills were 0.1 billion yuan, with a period-beginning change rate of 2,988.33%.

• Other payables have changed substantially. In the reporting period, other payables were 0.3 billion yuan, with a period-beginning change rate of 177.06%.

IV. Operating Efficiency

In the reporting period, the company’s accounts receivable turnover rate was 2.95, up 30.26% year over year; inventory turnover rate was 3.81, up 38.22% year over year; and total asset turnover rate was 0.62, up 50.38% year over year.

From long-term assets, attention should be paid to:

• Construction in progress has changed significantly. In the reporting period, construction in progress was 0.6 billion yuan, up 698.55% compared with the beginning of the period.

• Intangible assets have changed significantly. In the reporting period, intangible assets were 0.4 billion yuan, up 123.43% compared with the beginning of the period.

Click XinTian Technology’s eagle-eye early warning to view the latest early warning details and a visual preview of the financial report.

Sina Finance Listed Company Financial Report Eagle-Eye Early Warning Overview: The listed company financial report eagle-eye early warning is a specialized intelligent analytical system for listed company financial reports. By gathering a large number of authoritative financial experts such as accounting firms and listed companies, the eagle-eye early warning tracks and interprets the latest financial reports of listed companies across multiple dimensions—such as companies’ performance growth, earnings quality, funding pressure and safety, and operating efficiency—and highlights possible financial risk points in the form of charts and text. It provides professional, efficient, and convenient technical solutions for financial institutions, listed companies, regulatory authorities, and others to identify and issue early warnings on financial risks of listed companies.

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