Eagle Eye Warning: Juxin Technology's net cash flow from operating activities to net profit ratio continues to decline

Sina Finance Listed Company Research Institute | Earnings Hawk-Eye Early Warning

On March 29, Juxin 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 the full year of 2025 was 922 million yuan, up 41.5% year over year; net profit attributable to the parent was 205 million yuan, up 91.95% year over year; net profit after deducting non-recurring gains and losses attributable to the parent was 192 million yuan, up 144.73% year over year; and basic earnings per share were 1.18 yuan per share.

Since the company’s listing in November 2021, it has issued cash dividends 4 times, with cumulative cash dividends already implemented of 99.35 million yuan. The announcement shows that the company plans to distribute a cash dividend of 2.6 yuan (including tax) to all shareholders for every 10 shares.

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

I. Performance Quality

During the reporting period, the company’s revenue was 922 million yuan, up 41.5%; net profit was 205 million yuan, up 91.95%; and net cash flow from operating activities was 254 million yuan, up 64.45%.

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

• The year-over-year growth rate of operating revenue has continued to decline for the past three quarters. In the reporting period, operating revenue increased by 8.12% year over year, and the growth rate has continued to decline over the past three quarters.

From the perspective of the cost of revenue and period expense mix, 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 by 41.5% year over year, selling expenses changed by 8.58% year over year, and the gap between selling expenses and operating revenue changes is large.

Based on cash flow quality, attention should be paid to:

• The ratio of net cash flow from operating activities to net profit continues to decline. In the last three half-year reports, the ratios were 2.38, 1.45, and 1.24, showing a continuous decline, and the trend in earnings quality is deteriorating.

II. Profitability

During the reporting period, the company’s gross margin was 51.18%, up 6.14% year over year; net profit margin was 22.18%, up 35.66% year over year; and return on net assets (weighted) was 10.46%, up 79.42% year over year.

From the perspective of customer concentration and minority shareholders, attention should be paid to:

• The procurement share of the top five suppliers is relatively large. In the reporting period, the ratio of purchases from the top five suppliers to total purchases was 79.9%. Be alert to the risk of over-reliance on suppliers.

III. Funding Pressure and Safety

During the reporting period, the company’s asset-liability ratio was 13.19%, up 0.92% year over year; the current ratio was 6.98, and the quick ratio was 5.95; total debt was 138 million yuan, of which short-term debt was 138 million yuan. The ratio of short-term debt to total debt was 100%.

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

• The current ratio continues to decline. In the last three annual reports, the current ratios were 17.06, 7.21, and 6.98 respectively; short-term debt repayment capacity is weakening.

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

• The cash ratio continues to decline. In the last three annual reports, the cash ratios were 15.04, 5.88, and 5.45 respectively, showing a continuous decline.

From the perspective of capital management and control, attention should be paid to:

• Prepaid accounts are changing significantly. During the reporting period, prepaid accounts receivable were 4.457 million yuan, with a period-beginning change rate of 800.74%.

• The growth rate of prepaid accounts is higher than the growth rate of operating costs. In the reporting period, prepaid accounts increased by 800.74% compared with the beginning of the period, while operating costs grew 33.4% year over year; the growth rate of prepaid accounts is higher than that of operating costs.

• Accounts payable bills change significantly. During the reporting period, accounts payable bills were 50 million yuan, with a period-beginning change rate of 180.58%.

• Other payables change significantly. During the reporting period, other payables were 40 million yuan, with a period-beginning change rate of 35.88%.

IV. Operating Efficiency

During the reporting period, the company’s accounts receivable turnover was 14.03, up 33.45% year over year; inventory turnover was 1.6, up 10.39% year over year; and total asset turnover was 0.41, up 28.03% year over year.

From operating assets, attention should be paid to:

• The ratio of inventory to total assets continues to grow. In the last three annual reports, the ratio of inventory to total assets was 10.32%, 12.41%, and 12.57% respectively, showing continuous growth.

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

• Other non-current assets change significantly. During the reporting period, other non-current assets were 160 million yuan, up 456.57% compared with the beginning of the period.

From the three expense dimensions, attention should be paid to:

• The growth rate of administrative expenses exceeds 20%. During the reporting period, administrative expenses were 50 million yuan, up 20.73% year over year.

Click the Juxin Technology hawk-eye early warning to view the latest early warning details and a visual financial report preview.

Introduction to Sina Finance listed company earnings hawk-eye early warning: The listed company earnings hawk-eye early warning is an intelligent, specialized analytical system for listed company financial reports. The hawk-eye early warning gathers a large number of authoritative financial experts from accounting firms and listed companies, and tracks and interprets a listed company’s latest financial reports across multiple dimensions, including company performance growth, earnings quality, funding pressure and safety, and operating efficiency, and uses text and graphics to highlight potential financial risk points. It provides professional, efficient, and convenient technical solutions 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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