Eagle Eye Warning: BlueDai Technology's accounts receivable to operating income ratio continues to increase

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

On March 29, Landa Technology released its 2025 annual report. The audit opinion was a standard unqualified audit opinion.

The report shows that the company’s operating revenue for 2025 totaled RMB 3.853 billion, up 8.96% year over year; net profit attributable to shareholders was RMB 185 million, up 48.7% year over year; net profit after deducting non-recurring items attributable to shareholders was RMB 141 million, up 114.92% year over year; and basic earnings per share were RMB 0.28 per share.

Since the company went public in May 2015, it has distributed cash dividends 6 times, with cumulative cash dividends already implemented totaling RMB 189 million. The announcement shows that the company plans to distribute cash dividends of RMB 0.5 per 10 shares to all shareholders (including tax).

The Listed Company Financial Report Eagle Eye Early Warning System conducts intelligent quantitative analysis of Landa Technology’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 RMB 3.853 billion, up 8.96%; net profit was RMB 187 million, up 49.14%; and net cash flow from operating activities was RMB 280 million, up 7.58%.

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

• Operating revenue growth has slowed down. During the reporting period, operating revenue was RMB 3.85 billion, up 8.96%. In the same period last year, the growth rate was 25.93%, which was slower than the previous year.

In combination with the quality of operating assets, it is necessary to focus on:

• The accounts receivable / operating revenue ratio continues to rise. In the past three annual reports, the accounts receivable / operating revenue ratio was 31.54%, 32.05%, and 32.7% respectively, showing continuous growth.

II. Profitability

During the reporting period, the company’s gross margin was 16.55%, up 19.87% year over year; net profit margin was 4.85%, up 36.87% year over year; and return on net assets (weighted) was 6.98%, up 40.16% year over year.

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

• Gross margin on sales increased significantly. During the reporting period, the gross margin on sales was 16.55%, up significantly by 19.87% year over year.

• Gross margin on sales continues to grow, while the accounts receivable turnover ratio continues to decline. In the past three annual reports, the gross margin on sales was 11.99%, 13.8%, and 16.55%, showing continuous growth; the accounts receivable turnover ratio was 3.62 times, 3.5 times, and 3.22 times, showing continuous decline.

In combination with the company’s asset side and returns, it is necessary to focus on:

• Average return on net assets over the last three years is below 7%. During the reporting period, the weighted average return on net assets was 6.98%; the weighted average return on net assets over the most recent three accounting years averaged below 7%.

• Return on invested capital is below 7%. During the reporting period, the company’s return on invested capital was 5.86%; the average value across the three reporting periods was below 7%.

III. Capital Pressure and Safety

During the reporting period, the company’s asset-liability ratio was 55.93%, up 2.56% year over year; the current ratio was 1.33, and the quick ratio was 0.98; total debt was RMB 1.994 billion, of which short-term debt was RMB 1.469 billion, and short-term debt as a percentage of total debt was 73.67%.

From the overall financial condition, it is necessary to focus on:

• The asset-liability ratio continues to rise. In the past three annual reports, the asset-liability ratio was 52.8%, 54.53%, and 55.93% respectively, showing an upward trend.

• The current ratio continues to decline. In the past three annual reports, the current ratio was 1.45, 1.34, and 1.33 respectively, indicating weakening short-term solvency.

From short-term capital pressure, it is necessary to focus on:

• The cash ratio continues to decline. In the past three annual reports, the cash ratio was 0.47, 0.39, and 0.35 respectively, showing continuous decline.

From long-term capital pressure, it is necessary to focus on:

• Short-term debt can be covered by broad monetary funds, but long-term debt cannot be covered. During the reporting period, the ratio of broad monetary funds to total debt was 0.71, and broad monetary funds were lower than total debt.

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

• Prepayments change significantly. During the reporting period, prepayments were RMB 20 million, with a period-beginning change rate of 30.91%.

• The growth rate of prepayments is higher than the growth rate of operating costs. During the reporting period, prepayments increased by 30.91% compared with the beginning of the period, while operating costs increased by 5.5% year over year; the growth rate of prepayments was higher than that of operating costs.

• Other receivables change significantly. During the reporting period, other receivables were RMB 20 million, with a period-beginning change rate of 74.38%.

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

• Capital expenditures continue to be higher than net cash inflow from operating activities. In the past three annual reports, cash paid for purchases of fixed assets, intangible assets, and other long-term assets was RMB 560 million, RMB 410 million, and RMB 420 million respectively; net cash flow from operating activities was RMB 160 million, RMB 260 million, and RMB 280 million respectively.

• Capital coordination is present, but there are payment difficulties. During the reporting period, working capital was RMB 780 million. The company’s working capital requirement was RMB 1.21 billion; the operating funds generated by investing and financing activities could not fully cover the company’s funding requirement for operating activities. The company’s cash payment capability was RMB -430 million.

IV. Operating Efficiency

During the reporting period, the company’s accounts receivable turnover ratio was 3.22, down 8.09% year over year; inventory turnover ratio was 4.11, up 0.39%; and total asset turnover ratio was 0.67, up 0.25%.

From operating assets, it is necessary to focus on:

• The accounts receivable turnover ratio continues to decline. In the past three annual reports, the accounts receivable turnover ratio was 3.62, 3.5, and 3.22, indicating weakening accounts receivable turnover capability.

• The proportion of accounts receivable / total assets continues to rise. In the past three annual reports, the accounts receivable / total assets ratio was 17.44%, 20.7%, and 21.01% respectively, showing continuous growth.

From the “three expenses” perspective, it is necessary to focus on:

• Administrative expense growth exceeds 20%. During the reporting period, administrative expenses were RMB 130 million, up 22.95% year over year.

• Administrative expense growth exceeds revenue growth. During the reporting period, administrative expenses grew 22.95% year over year, while operating revenue grew 8.96% year over year; administrative expense growth was higher than revenue growth.

Click Landa Technology 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 Introduction: The Listed Company Financial Report Eagle Eye Early Warning is an intelligent professional analytical system for listed company financial reports. The Eagle Eye Early Warning uses the aggregation of a large number of authoritative financial experts, including accounting firms and listed companies, to track and interpret the latest financial reports of listed companies across multiple dimensions such as company performance growth, earnings quality, capital pressure and safety, and operating efficiency, and to use text and graphics to flag potential financial risk points. It provides technical solutions for professional, efficient, and convenient identification and early warning of financial risks for financial institutions, listed companies, regulatory authorities, and others.

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