Eagle Eye Warning: Beikuang detects that the funds are relatively abundant

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

On April 3, Beikuang Testing released its 2025 annual report.

The report shows that the company’s total operating revenue for the full year of 2025 was 187 million yuan, up 26.6%; net profit attributable to shareholders was 77.2229 million yuan, up 40.07%; net profit after deducting non-recurring items attributable to shareholders was 75.6097 million yuan, up 49.34%; basic earnings per share were 0.88 yuan/share.

Since listing in October 2025, the company has made 0 cash dividends and has implemented cumulative cash dividends of 0 yuan.

The listed-company financial report eagle-eye early warning system conducts intelligent quantitative analysis of Beikuang Testing’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 revenue was 187 million yuan, up 26.6%; net profit was 77.2229 million yuan, up 40.07%; net cash flow from operating activities was 102 million yuan, up 58.56%.

II. Profitability

During the reporting period, the company’s gross profit margin was 58.98%, down 3.98% year over year; net profit margin was 41.21%, up 10.64% year over year; return on equity (weighted) was 22.42%, up 15.15% year over year.

Combined with the company’s operating end, on the earnings side, it is necessary to pay close attention to:

• Gross profit margin from sales declines, while net profit margin from sales increases. During the reporting period, the gross profit margin from sales fell from 61.43% in the same period last year to 58.98%, and the net profit margin from sales rose from 37.25% in the same period last year to 41.21%.

| Item | 20231231 | 20241231 | 20251231 | | Gross profit margin from sales | - | 61.43% | 58.98% | | Net profit margin from sales | - | 37.25% | 41.21% |

III. Capital Pressure and Safety

During the reporting period, the company’s asset-liability ratio was 12.5%, down 1.64% year over year; the current ratio was 10.02, and the quick ratio was 10; total debt was 6.9079 million yuan, of which short-term debt was 6.9079 million yuan, and the ratio of short-term debt to total debt was 100%.

From the standpoint of capital coordination, it is necessary to pay close attention to:

• The company has relatively ample funds. During the reporting period, the company’s working capital demand was -0.4 billion yuan, and working capital was 460 million yuan. Both operating and investing/financing activities brought the company relatively ample capital. The company’s ability to pay cash was 500 million yuan, and the efficiency of capital utilization is worth further attention.

IV. Operating Efficiency

During the reporting period, the company’s accounts receivable turnover ratio was 21.58, down 24.72% year over year; inventory turnover ratio was 31.95, up 182.02%; total asset turnover ratio was 0.39, down 12.41% year over year.

From long-term assets, it is necessary to pay close attention to:

• Construction in progress has changed significantly. During the reporting period, construction in progress was 968k yuan, up 76.98% from the beginning of the period.

• Other non-current assets have changed significantly. During the reporting period, other non-current assets were 0.5 billion yuan, up 6333.59% from the beginning of the period.

Click the Beikuang Testing eagle-eye early warning to view the latest early-warning details and a visual preview of the financial report.

Introduction to Sina Finance’s listed-company financial report eagle-eye early warning: The listed-company financial report eagle-eye early warning is an intelligent professional analysis 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, including company performance growth, earnings quality, capital pressure and safety, and operating efficiency, and uses text and graphics to flag potential financial risk points. It provides professional, efficient, and convenient technical solution support for financial institutions, listed companies, regulatory authorities, and others in identifying and issuing early warnings for financial risks of listed companies.

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